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.

Bank

Savings APYMin Balance
Ally Bank1.85%$0.00
Bank of America0.01%$0.00
Capital One 3601.00%$0.00
Chase Bank0.01%$25.00
Citibank0.04%$0.00
Citizens Bank0.01%$0.00
Fifth Third Bank0.01%$0.00
HSBC0.01%$1.00
KeyBank0.02%$2,500.00
M&T Bank0.02%$1.00
PNC0.10%$2,500.00
Regions0.01%$0.00
SunTrust0.01%$0.00
Synchrony1.90%$1.00
TD Bank0.05%$0.00
U.S. Bank0.01%$0.00
Wells Fargo0.01%$0.00

The type of basic savings account you hold may have a slight impact on the interest rate you earn. However, our research consistently found that rates at traditional banks almost never offer the best return for your savings, especially when compared to newer online savings accounts. Considering that the annual inflation rate lands around 2% or 3% depending on how you measure it, finding a decent savings rate is important to preserving the buying power of your emergency fund. If you're looking to switch savings accounts, take a look at some examples of current online savings rates.

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 tier of interest rates at major banks. 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 banks.

BankSavings APYMin Balance

Chase Bank

0.11%$250,000.00

Citizens Bank

0.05%$0.00
0.07%$250,000.00

Fifth Third Bank

0.04%$50,000.00

HSBC

0.05%$15,000.00
0.10%$25,000.00
0.15%$100,000.00

PNC Bank

0.03%$10,000
0.04%$25,000
0.05%$50,000
0.07%$100,000

TD Bank

0.20%$15,000.00
0.35%$50,000.00
1.30%$100,000.00

Wells Fargo

0.05%$100,000.00

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.

Bank

Savings Account APYMin 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

While there are a few ways to eke out slightly higher interest rates at a traditional bank, we've found that opening an online savings account may be the easiest way to boost your savings APY. Such accounts usually charge no monthly fee and offer ready access through convenient mobile apps and websites. Most importantly, money held in online banks is just as safe as it is in your old savings account, since all institutions make a point of offering FDIC deposit insurance.

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