Average Savings Account Interest Rates for 2019: Compared Across Banks
Average Savings Account Interest Rates for 2019: Compared Across Banks
The most common interest rate on savings accounts is 0.01%, some credit unions and online bank accounts will offer higher rates of 1.00% or more. 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.
|
Bank | Savings APY | Min Balance |
|---|---|---|
| Ally Bank | 1.25% | $0 |
| Bank of America | 0.01% | $0 |
| Capital One 360 | 1.30% | $0 |
| Chase Bank | 0.01% | $0 |
| Citibank | 0.04% | $0 |
| Citizens Bank | 0.01% | $0 |
| Fifth Third Bank | 0.01% | $0 |
| HSBC | 0.01% | $1 |
| KeyBank | 0.20% | $25,000 |
| M&T Bank | 0.02% | $1 |
| PNC | 0.10% | $2,500 |
| Regions | 0.01% | $0 |
| SunTrust | 0.01% | $0 |
| Synchrony | 1.30% | $1 |
| TD Bank | 0.05% | $0 |
| U.S. Bank | 0.01% | $0 |
| Wells Fargo | 0.01% | $0 |
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.
| Bank | Savings APY | Min Balance |
|---|---|---|
|
Chase Bank | 0.11% | $250,000 |
|
Citizens Bank | 0.05% | $0 |
| 0.07% | $250,000 | |
|
Fifth Third Bank | 0.05% | $25,000 |
|
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 | 1.15% | $20,000 |
| 1.25% | $50,000 | |
| 1.50% | $100,000 | |
|
Wells Fargo | 2.10% | $24,999.99 |
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 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
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.
Chris is a Product Manager for ValuePenguin with years of experience in addressing critical questions about mortgages and homeowners insurance. He spends his time evaluating insurance providers and policy features to understand where consumers might find the most cost-effective coverage. Chris has contributed insights to the New York Times and many other publications.