The typical interest rate paid on savings deposits in institutions.
Swap out that ho-hum savings rate and aim for a sizzling annual percentage yield (APY) that'll make your funds grow like wildfire. Ditch the humdrum national average and set your sights on high-yield savings accounts dishing out returns many times greater than the norm. These high-rollin' accounts are within reach, offering competitive rates with low minimum balance requirements.
Savings Account Rates: The New Benchmark
Many of the best online banks are winning the savings race with interest rates exceeding the national average savings account rates. The higher the rate, the more you'll earn on your hard-earned money! The national average savings account yield currently sits at around 0.42% APY, according to our site's June 2025 survey. But the top high-yield savings accounts are offering rates upwards of 5.00% APY!
How we Determine the National Average
We keep tabs on nearly 500 banks and credit unions weekly to crunch the national averages. We include broadly accessible institutions offering high yields, as well as some of the country's biggest banks.
Checking and Savings Linkage
Pairing your savings account with a checking account can help you earn a higher yield at some banks. Often called relationship rates, they're more common among brick-and-mortar banks.
Take U.S. Bank, for example.keeps a Bank Smartly savings account can fetch you a higher APY by linking it to a qualifying checking account. Here's a sneak peek at what you could earn based on your account balance:
- The standard APY on Bank Smartly savings is 0.05% APY on any balance.*
- With another qualifying U.S. Bank account and $5,000 or less across accounts, you'll earn a whopping 1% APY.*
- With at least $25,000 in combined balances across accounts, you'll bank a minimum of 3% APY or more.*
But you'll often find higher APYs at online-only banks, which demand minimal account opening funds and reward all balances with high rates. Many online banks require as little as $100 to open an account and dish out high APYs on all balances.
*Annual percentage yields (APYs) shown are as of May 29, 2025. Our editorial team updates this information weekly. APYs may have changed since they were last updated and may vary by region for some products.
The Takeaway
Compare online banks to traditional ones when shopping for a high-yield account. Online banks typically offer lower minimum balances, no monthly fees, and pay the same APY on all balances. In many cases, these savings account interest rates will outshine what you'll earn from a savings account at a brick-and-mortar bank, even with a relationship rate.
Use the national average savings rate as your gauge. Aim to easily find a bank offering an APY multiple times higher than the national average.
Calculate the difference between the APY at a mainstream bank compared with the yield at an online bank to see just how much more interest those higher rates can generate. Over time, those extra pennies can really stack up!
In the realm of high-yield savings accounts, several online banks are surpassing traditional banks with competitive rates. To maximize your earnings, consider opting for a savings account that offers an annual percentage yield (APY) significantly higher than the national average savings account yield. Personal-finance management is essential when choosing a bank, as the best options may not be limited to the largest financial institutions. Business owners might also find value in high-yield savings accounts for their personal-finance needs.
