Average Savings Account Interest Rates for 2018: Compared Across Banks

When reporting the interest rates for their savings accounts, banks list the Annualized Percentage Yield (APY), a figure that includes the effect of compounding. Most banks offer a variety of savings accounts, each offering a different interest rate. Rates can also change for the same savings account, depending on the balance or the status of your other accounts with the bank. We've listed a range of interest rates for standard savings accounts at the largest banks in the U.S. While the most common interest rate on savings accounts is 0.01%, some credit unions and online bank accounts will offer higher rates.

Savings APYAPY Minimum Balance
Ally Bank 1.45% $0
Bank of America 0.01% $0
Barclays 1.00%-1.05% $0
Capital One 0.75% $0
Chase Bank 0.01% $0
Citibank 0.01% $0
Citizens Bank 0.01%-0.05% $0
Fifth Third Bank 0.01% $0.01
HSBC 0.01% $0
Huntington National Bank 0.02%-0.05% $0.01
KeyBank 0.01%-0.02% $0.01-$2,500
M&T Bank 0.02% $1
PNC Bank 0.01%-0.03% $0
Radius 0.05% $50
Regions  0.01% $0
SunTrust 0.01% $0
Synchrony 1.05% $0
TD Bank 0.05% $0
US Bank 0.01% $0
Wells Fargo 0.01%-0.03% $0
Woodforest National Bank 0.05% $0

The type of basic savings account you hold may have a slight impact on the interest rate you earn. These are some of the examples that we found for the banks listed above:

Barclays: Barclays’ Online Savings account earns a 1.00% interest rate whereas the Dream Accounts earns 1.05%. However, the Dream Account limits monthly deposits to $1,000.

Citizens Bank: Citizens Bank offers 0.01% on Citizens Bank Green Savings, 0.02% on Platinum Savings, 0.03% on Platinum Plus Savings and 0.05% on the HomeBuyer Savings Account.

Huntington National Bank: Premier Savings earns 0.02% APY while Relationship Savings earns 0.05%.

Key Bank: Key Bank’s Key Saver Account holders can earn either 0.01% or 0.02% APY with a minimum balance of $2,500.

PNC Bank: The PNC Regular Savings Account yields 0.01% APY and the PNC Savings Max Account yields 0.03%.

Wells Fargo: Wells Fargo’s Way2Save Savings and Opportunity Savings Account comes with 0.01% APY. The Platinum Savings account has an 0.03% APY.

Average Interest Rates for High Balance Savings Accounts

Approximately 15% of Americans have over $10,000 tucked away in their savings accounts, enough to qualify for the higher interest rates. These increases are divided across multiple tiers. Here are some examples of interest rate increases for differing minimum balances that we found in America's top bank.

Savings Account APYMin Balance
Chase Bank 0.08% $1,000,000
Citizens Bank 0.05% $25,000
0.07% $250,000
Fifth Third Bank 0.02% $50,000
HSBC 0.05% $15,000
0.10% $25,000
0.15% $100,000
PNC Bank 0.03% $10,000
0.04% $25,000
0.05% $50,000
0.07% $100,000
TD Bank 0.15% $15,000
0.20% $25,000
0.25% $50,000
0.30% $100,000
Wells Fargo 0.05% $100,000
Woodforest National Bank 0.10% $10,000

Average Interest Rates for Linked Checking and Savings Accounts 

Some of the highest savings account interest rates require you to link another type of account at the same bank. The following chart lists the interest rates at different minimum balances for linked savings and checking accounts.

Savings Account APY Min Balance
Chase Bank 0.03% $0
0.08% $250,000
Citibank 0.04% $10,000
0.08% $500,000
Fifth Third Bank 0.02% $0.01
0.04% $50,000
Huntington Bank 0.15% $0.01
0.20% $0.01
PNC Bank 0.05% $0
0.10% $2,500
TD Bank 0.10% $0.01
0.35% $15,000
0.45% $25,000
0.50% $50,000
0.45% $10,000,000
Wells Fargo 0.08% $0
0.10% $100,000

Shopping For Savings Account Interest Rates

Occasionally, banks will run promotions that increase the amount of interest you can earn, even if your minimum balance remains the same. For example, banks will often offer their customers higher interest rates on their savings accounts for the first year. At other times, they may offer additional bonuses to customers who make consecutive monthly deposits or avoid withdrawals for a certain length of time. This makes it important to stay on the lookout for any special programs that your bank may be running.

Also, keep in mind that some savings accounts attach requirements to the maximum interest rate. While minimum balance is the most common prerequisite, other factors can also affect your rate. For example, some savings accounts require a minimum monthly deposit or automatic transfer. Not every account has these rules, but it's good practice to be aware of the fine print in your bank agreement. This will ensure that you don't lose out on any interest. Finally, you can take a look at our savings account comparison tool for a current list of the best rates available.

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