The typical annual interest rate offered by savings accounts.
Ready to bank smarter? Ditch the mediocre savings account rates and aim high, really high! Instead of settling for the national average APY of around 0.59%, go for the gold with high-yield savings accounts boasting rates up to 4% or more.
Finding a high-yield savings account that delivers a competitive return with a low minimum balance isn't rocket science. With a plethora of options from top online banks, you'll no longer feel stuck in a rate rut.
Fast forward to the present day, May 6, 2025, and our experts have surveyed almost 500 banks and credit unions to bring you the lowdown on the national average. Top online banks lead the pack in delivering higher savings interest rates than the national average of 0.59% APY[1][4]. Mind-blowing rates like 4.66% APY are available via Axos Bank[1].
Comparing is key when on the hunt for a high-yield account. Opt for online banks over traditional brick-and-mortar ones for benefits like lower minimum balances, no monthly fees, and APYs that are the same across all balances[2].
That's not all! Linking your savings account to a checking account is like striking gold in some cases. Banks like U.S. Bank offer higher APYs when you pair a checking account with their savings account. For instance, qualifying for their relationship rates could mean boosting your savings APY from 0.05% to as high as 3%[2].
Still, you'll typically find higher APYs at online banks with lower opening requirements and higher yields across balances[2]. So, whether you have $100 or $100,000, your money will work harder in a high-yield savings account.
Put numbers to the difference between your current bank's APY and the highest high-yield savings account rates to see what higher-interest earnings can look like. The magic of compounding helps your interest earn more interest over time, so it's time to level up your savings game!
[1] - Source: www.moneycrashers.com/high-yield-savings-accounts/[2] - Source: www.bankrate.com/banking/savings/high-yield-savings-accounts/[3] - Source: www.nerdwallet.com/blog/banking/high-yield-savings-rates/[4] - Source: www.axosbank.com/savings/savings-accounts
- To maximize your savings, consider switching from a traditional savings account to a high-yield savings account that offers rates up to 4.66% APY or more, as offered by some online banks.
- When seeking a high-yield savings account, compare options from online banks for lower minimum balances, no monthly fees, and the same competitive APY across all balance levels.
- Linking your savings account to a checking account can sometimes lead to higher APYs, as banks like U.S. Bank may offer relationship rates that boost savings APY from 0.05% to 3%.
- Compare the APY of your current savings account with high-yield savings account rates to understand the potential for higher-interest earnings, and take the first step towards leveling up your personal-finance and business goals through smart banking practices.
