Find the Highest Savings Rates Available
Savings rates may vary by bank and account type. Whether in a savings account or money market account, deposits that earn a higher savings rate will grow at a faster pace. Account holders are subject to a six-withdrawal limit per month and deposits are covered under FDIC insurance up to $250,000 per depositor, per insured bank, for each ownership class.
Latest Savings Rates Averages
* Average is based on banks tracked on MyBankTracker.com.
Frequently Asked Questions
Why do savings rates vary so much?
The type of bank, type of interest-bearing account and deposit balance can play a role in savings rates.
Online savings accounts and money market accounts usually offer higher savings rates because online banks have lower expenses from not having to maintain brick-and-mortar locations.
Savings rates can also differ by account balance -- more deposits may qualify for a higher savings rate.
What is the difference between a savings account and a money market account?
Like a savings account, a money market account holds deposits that earn interest. However, money market accounts usually require higher balances to avoid monthly fees, if any. Because of these deposit requirements, money market accounts tend to carry higher savins rates compared to savings accounts.
Some money market accounts also offer more ways to access deposits by issuing paper checks and debit cards, which are not available with savings accounts.
What does annual percentage yield (APY) mean?
Savings rates are displayed in terms of APY to indicate the effective annual-interest return when taking the effect of compounding interest into account (assuming that the deposit balance does not change.
However, fees may lower the effective savings rate in savings accounts and money market accounts.
How do I choose the right savings account?
Begin your search at your current bank. Even if you already have a savings account with them, ask about other products that may better suit your needs. Do not assume that the accounts you have now are best for your situation.
You should also compare rates for a high-yield savings account using our savings calculator. Some products may beat your current bank’s rates, but do not assume the highest rate is the best option. You have to make sure you choose the bank that will best fit your banking habits. You may be comfortable with your own bank and not want to start a new relationship, even if you do find a slightly higher interest rate.
Why should I open a savings account?
You may want to start saving for a new TV in a few months, a new car in a few years or to send your kids to college further down the road. All of them require some sort of savings plan.
An emergency savings account is another vital part of your overall financial health. Some experts advise setting aside $1,000. Others recommend holding the equivalent of three months salary in savings. Some insist that up to one year’s salary is crucial -- particularly to protect against unemployment.
Helpful Guides & Articles
Are CDs Still Worth It? 10 Rollover Ideas Before Your CD Matures
With your certificate of deposit (CD) about to roll over, now’s the time to ask, are CDs worth it? S...
The Difference Between a Bank and a Credit Union
Choosing between a bank and a credit union is a common decision that stumps consumers who are look...
Boost Returns With a CD Ladder
Like savings and money market accounts, certificates of deposit (CDs) are relatively low-risk savi...
4 Hotspots for Debit Card Fraud
Being a victim of debit-card fraud is not an experience that any banking customers wants go throug...
How Many Accounts Should I Have?
The number of financial accounts that you have is less significant than the types of financial accou...
What is a Bank Surrogate?
A bank surrogate is formed when a company creates a unique, online customer interface for banking ...