What is the highest interest rate on a savings account?

Today’s highest savings account interest rate is 5.84%. High-yield savings rates follow a similar trend for other deposit accounts, including money market and certificate of deposit accounts. Among high-yield saving account offerings, online banks tend to feature the best rates for savers. Data accurate as of February 1, 2024.

What is the average interest rate for a savings account?

The average national rate for savings accounts is 0.47%, but a high-yield savings account earns up to 10 times that rate or more. Interest rates are at a 22-year high — take advantage with a top savings account.

How much interest does a high-yield savings account earn?

Over one year, $1,000 stored in a savings account with a 0.01% APY will earn 10 cents of interest. If the savings account has an APY of 5% (a competitive rate in today's environment), the same $1,000 will earn $50. You need to evaluate a few things to find the best high-yield savings account for you.

What is the best high-yield savings account rate?

Learn more. The best high-yield savings account rate from a nationally available institution is 5.50% APY, available from Milli and Poppy Bank. That's nearly 12 times the FDIC's national average for savings accounts of 0.47% APY and is just one of 15 or more top rates you can find in our rankings.