What Is the Average Interest Rate for Savings Accounts?

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

Piggy bank happily watching savings go up in value
Sarah Tew/CNET

National average savings account interest rate

The average annual percentage yield (APY) on savings accounts is 0.16% APY, according to data on Bankrate, a sister site of CNET.

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 above 3.5% if you shop around, particularly with online banks.

Interest rates on savings accounts at popular big 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, Bankrate chief financial analyst. "They're not going to raise their rates. When they do, it'll be in the tiniest of increments."

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

Biggest US banks

Bank Savings APY Minimum balance
Chase 0.01% $0
Bank of America 0.01% $100
Wells Fargo 0.01% $25
Citibank 2.20% $0
U.S. Bank 0.01% $25
PNC Bank 0.01% $25
Marcus by Goldman Sachs 2.50% $0
Capital One 3.00% $0

Note: Annual percentage yields (APYs) shown are as of Oct. 31, 2022. CNET's editorial team updates this information regularly, typically biweekly. 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. They're a safe place to store your money and have less overhead than traditional banks that operate physical branches. As such, online banks can pass the savings on to customers in the form of fewer fees and higher annual percentage yields (APYs).

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

Online banks

Bank Savings APY Minimum balance
LendingClub 3.12% $100
Bask Bank 3.05% $0
Bread Savings 3.00% $100
BrioDirect 2.80% $500
Synchrony 2.75% $0
SoFi 2.50% $0
Ally 2.35% $0
Discover Bank 2.35% $0
Alliant Credit Union 2.20% $100

Note: Annual percentage yields (APYs) shown are as of Oct. 31, 2022. CNET's editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products.