The typical interest rate offered on savings accounts.
Looking for a better return on your savings? Forget about the national average savings account rate, it's time to aim high! Aim for an annual percentage yield (APY) that's way ahead of the competition, similar to what you'd find with high-yield savings accounts. Don't worry, you can find one easily! These accounts offer impressive returns with low minimum balance requirements.
Take a peek at the best online banks, their savings interest rates often surpass national average savings account interest rates. The higher the rate, the more money you'll accumulate in interest. The current national average savings account yield hovers around a dismal 0.41% APY, but the best high-yield savings accounts have rates shooting up to a whopping 5.00% APY, though most are in the region of 4% APY[4].
Online banks are the way to go when compared to traditional banks. Online banks offer higher APYs with minimal or no minimum balance requirements to open and maintain accounts. For example, Varo Bank and Fitness Bank provide 5.00% APY, while Axos Bank dishes out a respectable 4.66% APY[4]. On the other hand, traditional banks generally offer lower APYs, and rates closer to the national average unless they have a specific high-yield product.
Don't settle for less, find a high-yield account that will help you grow your savings faster. Compare online banks with traditional banks to find the best deal. Keep the national average savings rate as your gauge, and you'll have no trouble locating an account offering an APY multiple times higher than the national average.
Calculate the difference in APY between a big bank and an online bank to see the potential gains from higher interest rates. Let the power of compounding help your interest grow over time.
*APY data as of April 2025
**Synonyms used: interest-rate environment → interest landscape, financial landscape; aim for → go for, strive for, target; annual percentage yield (APY) → annual percent yield, annual percentage return, effective interest rate; high-yield savings accounts → high-interest savings accounts, high-performing savings accounts, high-earning savings accounts; best online banks → top online banks, leading online banks, premiere online banks; savings interest rates → savings yields, savings returns, interest on savings; national average savings account interest rates → average savings account interest rates, typical savings account interest rates, standard savings account interest rates; included in the survey → part of the survey, encompassed in the survey, considered in the survey; pairing a qualifying checking account with a Bank Smartly savings account → linking, connecting, associating; relationship rates → tiered rates, escalating rates, escalating tiers; banking products → financial products, banking services; minimum opening requirements → minimum initial deposit, initial deposit requirement, opening balance; upwards of 4 percent APY → greater than 4%, higher than 4%, over 4%, more than 4%; survey of institutions → poll of institutions, census of institutions, analysis of institutions; incorporated naturally → seamlessly integrated, subtly integrated, in a way that feels natural.*
- To boost your savings, consider opening a high-interest savings account that offers an annual percentage yield (APY) significantly higher than the national average.
- With online banks, you can find savings accounts that offer impressive returns, even with low minimum balance requirements, exceeding the average savings account interest rates.
- By comparing the best online banks to traditional banks, you may discover banking products that offer annual percent yields (APYs) multiple times higher than the national average.
- To maximize your earnings, smartly manage your finances by pairing a qualifying checking account with a high-performing savings account, taking advantage of higher interest rates and a favorable interest landscape.
