The national average savings rate is a handy benchmark that reflects the current state of interest rate for savings accounts. It’s not a rate one aspires to when searching for an account. It is, however, an average that you can easily surpass at many banks and credit unions, especially when you purchase a high-yield savings account, which offers annual percentage yields, or APYs, that are considerably much higher than the national average savings rate.
National average savings account interest rate
The average APY on savings accounts is 0.23%, according to CNET’s sister site Bankrate. 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 well above 4.00% if you shop around, particularly at 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, chief financial analyst at Bankrate. “They’re not going to raise their rates. When they do, it’ll be in the tiniest of increments.”
Some of the major banks, such as Chase and PNC Bank, may offer rates below the national average, but offer new account bonuses when you sign up. The tradeoff may be worthwhile.
Below are savings account APYs at the biggest banks in the US.
| Bank | Savings APY | Minimum balance |
| Chase | 0.01% | $0 |
| Bank of America | 0.01% | $100 |
| Wells Fargo | 0.15% | $25 |
| Citibank | 0.05%/3.85%* | $0 |
| U.S. Bank | 0.01% | $25 |
| PNC Bank | 0.01% | $25 |
| Marcus by Goldman Sachs | 3.75%* | $0 |
| Capital One | 3.40%* | $0 |
Ranked based on bank size. Annual percentage yields (APYs) shown are as of March 24, 2023. CNET’s editorial team updates this information regularly. 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. Those that are federally-insured with the Federal Deposit Insurance Corporation are a safe place to store your money and have less overhead than traditional banks that operate physical branches. As such, online banks can pass savings on to customers in the form of fewer fees and higher APYs.
Here’s a sample of what popular online banks are paying on their savings accounts.
| Bank | Savings APY | Minimum balance |
| Bread Savings | 4.50% | $100 |
| Bask Bank | 4.45% | $0 |
| LendingClub | 4.25% | $100 |
| CIBC USA | 4.01% | $1,000 |
| Synchrony | 4.00% | $0 |
| SoFi | 4.00% | $0 |
| Ally | 3.60% | $0 |
| Discover Bank | 3.60% | $0 |
| Alliant Credit Union | 3.10% | $100 |
The bottom line
Interest rates are on the upswing and now’s the time to evaluate your bank’s rates. While the biggest banks have name recognition and provide such conveniences as in-person and online banking, they don’t necessarily offer the best savings rates. Your strategy to build savings should include selecting a bank that offers a high-yield savings account. Shopping for the best rate at a time of rising interest rates is a strategy that will help you capitalize on your growth potential.
