The typical percentage charged for saving money in deposit accounts.
Hey there! Maybe you're looking to up your savings game, huh? The national average savings account rate ain't gonna cut it - it's typically 0.59% APY or less, according to our data from May 2025. But, don't settle!
You can aim for a competitive return with a high-yield savings account, offering upwards of 4% APY. And the best part? It's not hard to find one with a low minimum balance! Many of the best online banks have APYs higher than the national average.
When it comes to our survey of institutions, we combine data from over 500 banks and credit unions every week. We include broadly available banks with high yields, as well as some of the nation's largest banks.
Now, linking your savings account with a checking account can earn you a higher yield at some banks, a concept known as relationship rates. Banks like U.S. Bank offer higher APYs for the right combo of checking and savings accounts. But don't forget - online banks are where it's at! They usually have lower minimum requirements, no monthly fees, and pay high APYs across all balances.
So, when you're hunting for a high-yield account, compare online banks with the big guys. You'll likely find that online banks have lower minimum balances, no fees, and higher APYs. Even with relationship rates, the interest you'll earn from an online bank might still be way higher than what you could get from a regular ol' bank.
Lastly, use the national average savings rate as your benchmark. You should be able to find an account with an APY multiple times higher! Put that extra cash to work with the power of compounding. Check out Axos Bank with a 4.66% APY or Openbank with a 4.40% APY - we hear they're pretty swell options!
- In the realm of personal-finance, you can find high-yield savings accounts in both the banking-and-insurance industry and online banks, offering competitive returns that surpass the national average of 0.59% APY, such as the 4.66% APY from Axos Bank.
- To maximize your savings, consider linking your savings account with a checking account to earn higher yields at some banks, a practice known as relationship rates, or explore online banks, which often have lower minimum balances, no fees, and higher APYs across all balances, like Openbank with a 4.40% APY.
