The typical interest rate paid to customers for saving their money in savings accounts.
Cracking the Code on High-Yield Savings Accounts
Wanna make your money work harder for you? Schmooze off that lackluster national average savings account rate and aim big. We're talking APYs way beyond the norm, the ones dishin' out returns many times the national average.
Here's the lowdown on how to get your hands on these golden geese: high-yield savings accounts. You don't gotta break a sweat to grab 'em, 'cause they're easy to find - with low minimum balances and competitive returns.
National average savings account interest rates: Yawn or Yippee?
A quick peek at our platform reveals the national average savings account interest rate hovers around 0.61 percent APY, as of May 8, 2025[1]. But don't let this dribs and drabbs rate shake your savings spirit! The best high-yield accounts are packing heat with APYs skyrocketing way past 4 percent[1]!
Steal the Show with High-Yield Savings Accounts
So, how do you snag one of these high-yield saviors? It's as simple as pie! Scour the web to find a bank with a high-yield magnet, offering a competitive return and a low minimum balance requirement.
Did you hear that? Most top-notch online banks offer interest rates that soar above the national average[1]. The more bucks you make with these jazzy interest rates, the higher your pile of dough!
Let's Dish the Deets on Calculating the National Average
Ever wondered how we find this data? Our wizards, a.k.a. our editorial team, survey nearly 500 banks and credit unions every week to churn out those national averages[1]. The survey includes quickly accessible institutions that flaunt those big yields, as well as the country's banking juggernauts.
Check-Linking Paparazzi: Bank Friends for Higher Yields
Linking your precious savings account with a checking account could be the ticket to a higher yield at some banks! It's a thing called "relationship rates," and it's more common to see it at old-school brick-and-mortar banks[1].
Take U.S. Bank, for example. Here's how you can snag a higher APY: match a qualifying checking account with a Bank Smartly savings account. Desirous of how much green you'll earn? Well, that depends on your bank account rapport:
- The standard APY on Bank Smartly savings is a measly 0.05 percent APY on any balance[1]
- But link another qualifying U.S. Bank account, and you'll walk away with a 1 percent APY, should you stash $5,000 or less across accounts[1]
- Pump up the balance to at least $25,000 in combined accounts, and enjoy an ironclad 3 percent APY or more[1]
Online banks, though, are often the APY champs, with lower minimums and hassle-free qualifications to snag those elite rates. Many an online bank boasts easy access with minimums of $100 or less and high-yield payouts on all balances[1].
[1] Data as of May 7, 2025
The Lowdown on the Final Stat
Swiping an eye over online banks vs. those big-box banking whales is a no-brainer. Online banks typically offer the best APYs, with minimal balances, no monthly fees, and often, the same APY on all balances[1].
This ain't just chump change: Use the national average savings rate as your benchmark. You gotta be able to easily find a bank that's rollin' in APYs way above the national average.
Whether you're a total savings savant or new to the game, correlate that bakery-fiat savings account with an online high-yielder to enjoy the sweet taste of lootin' like a larcenist! You'll be earning like a champ in no time, thanks to that compounding interest power[1].
- Instead of settling for the national average savings account interest rate of 0.61 percent APY, strive for high-yield savings accounts that offer returns significantly above it, potentially reaching up to 4 percent APY.
- High-yield savings accounts are easy to find, with low minimum balance requirements and competitive returns, making them ideal for individuals looking to maximize their savings.
- The requirementsfor high-yield savings accounts can vary, with some banks offering relationship rates that may increase your APY by linking your checking account.
- For example, linking a qualifying checking account with a Bank Smartly savings account could yield a 1 percent APY with a minimum balance of $5,000 across accounts, while online banks often offer high-yield payouts on all balances with minimums of $100 or less.
- When comparing banks, use the national average savings rate as a benchmark, as online banks generally offer better APYs, minimal balances, no monthly fees, and the same APY on all balances, helping you earn moreinterest over time.
