We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.
So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners.
What Is the Average Savings Account Interest Rate?
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Average interest rate for savings accounts
The national average interest rate for savings accounts is 0.06% APY, according to the Federal Deposit Insurance Corp. Online banks typically offer savings rates that are higher than the national average, while traditional brick-and-mortar banks generally offer lower rates.
Money grows faster in an account with a higher interest rate. For example, deposit $10,000 into an account with a 1.00% APY, and it will earn a little more than $100 after a year. Put that same amount in an account with a 0.01% APY, and it only earns a dollar.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
0.25%To earn 1.00% APY interest on Aspiration Save Account balances up to and including $10,000.00 in any calendar month, customer must be enrolled in Aspiration Plus and spend $1,000 or more, monthly, with their Aspiration debit card. Balances over $10,000.00 will earn 0.10% APY. If the requirements are not met each month, the APY will be 0.25% on Save Account balances up to and including $10,000.00. Balances over $10,000.00 will earn 0.10% APY.
CDs (certificate of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificate of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
This chart shows the rates and fees for basic savings accounts at various financial institutions, including large traditional banks, credit unions and online banks. While larger banks tend to have lower rates and monthly service charges, many online banks and credit unions offer better rates or, at the very least, no monthly fees.
Financial Institution
APY
Minimum to open
Monthly fee
Alliant Credit Union
5.0
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
0.55%
$5
None with e-statements. Otherwise, $1 monthly for paper statements.
Ally Bank
4.5
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
0.50%
None
None
American Express® National Bank, Member FDIC
0.40% APY (annual percentage yield) as of 3/11/2021
None
None
Bank of America
3.0
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
0.01%
$100
$8.
$500 minimum daily balance.
Linked to eligible Bank of America relationship or Preferred Rewards account.
Student under age 24.
Capital One 360
4.5
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
0.40%
None
None
Chase
3.5
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
0.01%
None
$5.
$300 minimum daily balance.
A repeating, automatic transfer of at least $25 from a Chase checking account.
Linked to a premium Chase checking account.
Linked to a Chase College Checking℠ account for overdraft protection.
Fee waived for those younger than 18.
Consumers Credit Union
3.5
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
0.03%
$5
None
First Tech Federal Credit Union
4.0
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
0.05%
$5
None
Marcus by Goldman Sachs
4.5
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
0.50%
None
None
U.S. Bank
3.0
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
0.01%
$25
$4.
$300 minimum daily balance.
$1,000 average principal monthly balance.
Fee waived for those younger than 18.
Wells Fargo
3.5
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
0.01%
$25
$5.
$300 minimum daily balance.
A recurring automatic transfer from a Wells Fargo checking account.
Fee waived for those younger than 18 (19 in Alabama).
Most banks will pay you for depositing and maintaining your savings there. The payment is known as interest. When you keep your money in a savings account over time, the earnings help your balance grow. Use NerdWallet’s savings calculator to figure out how much money you could save over different time periods, figuring in interest.
Can savings rates change?
Interest rates for savings accounts are variable, and a bank can change them at any time. Institutions may leave their rates unchanged for weeks and even months. But if the Federal Reserve lowers or raises fund rates, many banks lower or raise savings rates accordingly.
If you are looking for a fixed savings rate and don’t plan to withdraw your money for a certain period of time, consider opening a certificate of deposit. NerdWallet’s list of best CD rates features accounts with rates above the national average for CDs.
How to find higher savings rates
If your savings account is earning less than the national average, consider making a switch. And try looking beyond the biggest banks. Some of the best savings accounts are at online institutions. These banks don’t have to pay for brick-and-mortar branches, so they can pass the savings on to their customers in the form of higher interest rates. Many also have 24/7 customer service and robust mobile apps for online banking.
In addition to higher rates, look for an account that has low or no monthly fees. Many large banks charge monthly fees on savings accounts — usually around $5 — if you don’t keep a certain minimum balance. Fees offset any interest you earn and could cause you to lose money, which isn't what you want in a savings account.
Frequently asked questions
Savings accounts are bank accounts that let you deposit your money and earn interest, often at a higher rate than checking accounts. You can generally access your savings funds at any time.
The national average savings account interest rate is currently 0.06%, as noted in this article. But many high-yield savings accounts, especially those at online banks, earn a much higher rate.
Aim to have at least three to six months’ worth of expenses in your savings account. If you don’t have the recommended amount today, you can take simple steps to get there, such as setting up an automatic deposit plan.
Get more smart money moves – straight to your inbox
Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money.
