ADVERTISEMENT is not intended to provide legal advice, tax advice, accounting advice or financial advice (Other than referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States). SmartAsset is not a financial planner, broker or tax adviser. The Service is intended only to assist you in your understanding of financial organization and decision-making and is broad in scope. Your personal financial situation is unique, and any information and investing strategies obtained through may not be appropriate for your situation. Accordingly, before making any final decisions or implementing any financial strategy, you should consider obtaining additional information and advice from your accountant or other financial advisers who are fully aware of your individual circumstances.

This is not an offer to buy or sell any security or interest. All investing involves risk, including loss of principal. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). There are no guarantees that working with an adviser will yield positive returns. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest.

National Rates and Rate Caps”. FDIC (March 18, 2024)

Get Smart with Your Assets

Terms of Use  |  Privacy Policy  |  About Us

© 2024 SmartAsset

Compare Financial Products


Put your money to work with tips from our weekly newsletter

You’ll typically find the lowest interest rates at brick-and-mortar banks. Big banks often offer something close to a 0.01% APY on their most basic savings accounts. There is sometimes an opportunity to earn at a better rate on higher balances, but even this higher tier rarely goes beyond 0.10% APY.

If you’re looking for the best rates in the industry, you’ll have much better luck with savings accounts at online banks. Interest rates in this category get bumped up quite a bit over their traditional counterparts. These high rates are often accessible to customers regardless of balance tier.

Use SmartAsset's simple Comparison Tool above to compare rates from financial institutions to find one that you feel best suits your needs.

Compare Financial Products

Helping people make smart financial decisions.

When shopping around for savings accounts, it’s important to know what you want from it. It’s also important to learn how your options stack up against the competition.

For instance, are you currently earning below the average savings account interest rate? You might be surprised at what kinds of rates are available out there, especially at newer, online-centric banks.

According to the FDIC1, the national average interest rate on savings accounts stands at 0.47% APY (as of March 18, 2024). This applies to both average and jumbo deposits, which are accounts with a balance over $100,000.