Savings Account Interest Rates Today
As of June 11, the national average rate for savings accounts was 0.08% APY. Until January 2018, the national average had remained unchanged at 0.06% for nearly five years. However, the largest banks continue to offer even lower interest rates. The standard savings accounts at Chase, Bank of America and Wells Fargo still offer just 0.01% APY.
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Even if you have a very high savings account balance, most brick-and-mortar savings accounts will only yield a few percentage points of interest on your deposit. Although interest rates are likely to go up due to changes in the Federal Reserve's monetary policy, savings account rates will continue to be among the lowest-earning financial products in the market.
If you want to increase your savings account rate, consider trying one of the online banks we feature above. These newer banks minimize fees and maximize return by eliminating physical branch services. Online interest rates currently range from 1.50% up to 2.00% APY. If you feel comfortable banking entirely through digital tools such as mobile apps and websites, an online option will significantly boost your savings yield.
At the same time, you should also make sure to choose an online bank that guarantees FDIC deposit insurance as well as convenient tranfers in and out of the account. Savings accounts aren't primarily designed to grow your wealth. Instead, you should treat your main savings balance as a financial cushion that will protect you in times of unemployment or sudden emergencies.
More Banking Resources
If you're interested in finding out more about deposit accounts and how to get the most out of your bank, read through our topic guides and reviews of banks and bank accounts.