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What Is the Average Interest Rate for Savings Accounts?

Shop around to find the best interest rates on savings accounts.

Tanja Ivanova/Getty Images; James Martin/CNET

The national average savings rate is a handy benchmark that reflects the current state of interest rate for savings accounts. It’s not a rate one aspires to when searching for an account. It is, however, an average that you can easily surpass at many banks and credit unions, especially when you purchase a high-yield savings account, which offers annual percentage yields, or APYs, that are considerably much higher than the national average savings rate.

National average savings account interest rate

The average APY on savings accounts is 0.23%, according to CNET’s sister site Bankrate. However, there’s no need to settle for a savings account that only pays the national average rate. You can find savings accounts with APYs well above 4.00% if you shop around, particularly at online banks.

The biggest banks typically don’t offer the best rates on savings accounts, primarily because they don’t need to attract new deposit accounts to fund their lending operation.

“Big banks are swimming in deposits,” said Greg McBride, CFA, chief financial analyst at Bankrate. “They’re not going to raise their rates. When they do, it’ll be in the tiniest of increments.”

Some of the major banks, such as Chase and PNC Bank, may offer rates below the national average, but offer new account bonuses when you sign up. The tradeoff may be worthwhile.

Below are savings account APYs at the biggest banks in the US.

BankSavings APYMinimum balance
Bank of America0.01%$100
Wells Fargo0.15%$25
U.S. Bank0.01%$25
PNC Bank0.01%$25
Marcus by Goldman Sachs3.75%*$0
Capital One3.40%*$0
*High-yield savings account; only available online and may not available in all markets.
Ranked based on bank size. Annual percentage yields (APYs) shown are as of March 24, 2023. CNET’s editorial team updates this information regularly. APYs may have changed since they were last updated and may vary by region for some products.

Interest rates for savings accounts at online banks

Online banks offer the same services and banking products as traditional brick-and-mortar banks, except all transactions are conducted either via telephone or over the internet using laptops, smartphones or tablets. 

Online banks generally offer very competitive rates on savings accounts. Those that are federally-insured with the Federal Deposit Insurance Corporation are a safe place to store your money and have less overhead than traditional banks that operate physical branches. As such, online banks can pass savings on to customers in the form of fewer fees and higher APYs.

Here’s a sample of what popular online banks are paying on their savings accounts.

BankSavings APYMinimum balance
Bread Savings4.50%$100
Bask Bank4.45%$0
CIBC USA4.01%$1,000
Discover Bank3.60%$0
Alliant Credit Union3.10%$100
APYs are as of March 24, 2023. Ranked based on savings APY.

The bottom line

Interest rates are on the upswing and now’s the time to evaluate your bank’s rates. While the biggest banks have name recognition and provide such conveniences as in-person and online banking, they don’t necessarily offer the best savings rates. Your strategy to build savings should include selecting a bank that offers a high-yield savings account. Shopping for the best rate at a time of rising interest rates is a strategy that will help you capitalize on your growth potential.

Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.