Average Yield for Savings Deposit Accounts Inquiry
Making do with the airy national average savings account rate isn't the smartest move. Instead, aim higher! Hunt for an annual percentage yield (APY) that's several times greater than that average, like the ones offered by high-yield savings accounts. Setting your sights on such higher returns is a piece of cake – high-yield savings accounts with low minimum balance requirements abound.
What's the deal with the national average savings account interests?
Many top-tier online banks offer savings interest rates that exceed the national average. A higher rate means more money in your pocket through increased earnings on your savings. As of May 04, 2025, our data shows the national average savings account yield is 0.6 percent APY. But the best high-yield savings accounts are dishing out rates upwards of 4 percent APY.
How we gather our data:
Our experts meticulously survey nearly 500 banks and credit unions every week to determine national averages. We include broadly accessible banks with high yields and some of the nation's biggest institutions in our review.
Checking and Savings: A Match Made in Money Heaven
Linking a savings account to a checking account might boost your earnings at some banks. Often referred to as "relationship rates," this arrangement is more common with brick-and-mortar banks.
Take U.S. Bank as an example. If you couple a qualifying checking account with a Bank Smartly savings account, you could nab a higher APY, depending on the balance you keep with the bank:
- Standard APY on Bank Smartly savings accounts: 0.05 percent APY on any balance.*
- With another qualifying U.S. Bank account and a balance of $5,000 or less across accounts, you score a 1 percent APY.*
- With at least $25,000 in combined balances across accounts, you'll rake in 3 percent APY or more.*
Yet, you'll typically find higher APYs at online banks, with low minimum opening requirements and high APYs across all balances.
*Annual percentage yields (APYs) shown are as of April 24, 2025. Our editorial team updates these figures weekly. Rates may have changed since the last update and may differ by region for some products.
The Bottom Line
Explore online banks when scoping out a high-yield account. They usually require lower minimum deposits, shell out monthly fees, and offer APYs on all balances. In many cases, their savings account rates will eclipse what brick-and-mortar banks offer, even with a relationship rate.
Use the national average savings rate as your benchmark. You should be able to easily find a bank that dishes out an APY multiple times greater than the national average.
Calculate the gap between the APY at a traditional bank versus an online bank to witness the benefits of higher-interest earnings. Compound interest helps your interest earn interest over time.
Bonus Insights:
- Current National Average APY for Savings Accounts: The current national average APY for savings accounts fluctuates slightly based on the source. Fortune reports a national average of 0.41% APY as of early May 2025. Alternatively, Bankrate reports a slightly higher average of 0.6% APY as of May 11, 2025.
- Online Banks With Sky-High APYs: Several online banks outdo the national average with APYs that would make Scrooge McDuck green with envy. Varo Money, Axos Bank, My Banking Direct, Openbank, and Bread Savings all provide APYs in the 4 to 5% range.
- To maximize your personal-finance growth, consider opening a high-yield savings account with an online bank that offers APYs significantly higher than the national average.
- As you navigate the world of business finance, it's essential to compare savings accounts from various financial institutions to find ones offering greater returns on your savings, such as high-yield accounts from top-tier online banks.
