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 0.41% APY (as of February 18, 2025). This applies to both average and jumbo deposits, which are accounts with a balance over $100,000.

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.

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Sources
1“National Rates and Rate Caps”. FDIC (February 18, 2025)