The average savings account rate is a benchmark for the overall interest-rate environment, but it’s not a rate you should settle for.
Rather, aim for an annual percentage yield (APY) many times the national average, such as those offered by high-yield savings accounts. It’s easy to find a high-yield savings account that offers a competitive return with a no or low minimum balance requirement.
National average savings account interest rates
The national average yield for savings accounts is 0.61 percent APY as of Dec. 28, 2023, according to Bankrate’s most recent survey of institutions. Many online banks have savings interest rates higher than the national average savings account interest rates. The higher the rate, the more interest you’ll earn on your savings.