What are current interest rates for savings accounts

Westend61/Getty Images

• Oct. 6, 2022 /
• 3 min read

• Oct. 6, 2022 /
• 3 min read

Bankrate Logo

Why you can trust Bankrate

Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.

Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.

Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money.

Bankrate Logo

Editorial Integrity

Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Here is a list of our banking partners.

Key Principles

We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.

Editorial Independence

Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.

Bankrate Logo

How We Make Money

You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.

Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.

We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.

Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.

Bankrate Logo

Insurance Disclosure

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

The average savings account rate is a benchmark for the overall interest-rate environment, but it’s not a rate you should settle for.

Rather, aim for an annual percentage yield (APY) many times the national average, such as those offered by high-yield savings accounts. It’s easy to find a high-yield savings account that offers a competitive return with a no or low minimum balance requirement.

National average savings account interest rate

The national average interest rate for savings accounts is 0.16 percent, according to Bankrate’s Oct. 5 weekly survey of institutions. Many online banks have savings rates higher than the national average. The higher the rate, the more interest you’ll earn on your savings.

How we calculate the national average interest rate

Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the Bankrate national survey, our market analysis team gathers rates and/or yields on banking deposits. The survey has been conducted the same way for more than 30 years. This consistency means it gives an accurate national apples-to-apples comparison of rates.

APY comparison

Note: Annual percentage yields (APYs) shown are as of Oct. 6, 2022. Bankrate’s editorial team updates this information weekly. APYs may have changed since they were last updated and may vary by region for some products.

Interest rates for linked checking and savings

Linking your savings account with a checking account is one way to earn a higher yield at some banks. Sometimes called relationship rates, it’s more common for brick-and-mortar banks to offer them.

For instance, at Huntington Bank the nonrelationship APY for its standard savings account is 0.01 percent APY. But if you pair a savings account with a Huntington Perks Checking account or a Huntington Platinum Perks Checking account you’ll earn twice that: 0.02 percent APY. To avoid a $25 monthly maintenance fee, however, the Huntington Platinum Perks Checking account requires $25,000 in total relationship balances.

The combination of large amounts of money to avoid monthly fees and lower APYs from brick-and-mortar banks are why online banks are often a better choice for those looking to find the highest APY. Online banks tend to offer a higher APY across all balances, but some require a minimum balance to earn it. The majority of online banks have minimum opening requirements of $100 or less.

* With a Huntington Perks Checking account or a Huntington Platinum Perks Checking account. 

**A linked qualifying first mortgage enrolled in automatic payments can also waive the monthly fee on the Chase Premier Plus Checking account.

Bottom line

Compare online banks with larger banks when you search for a high-yield account. You’re likely to find that online banks have lower minimum balances, won’t have monthly fees and they may pay the same APY on all balances. In many cases, this APY will be higher than a savings account at a brick-and-mortar bank.

Use the national average savings rate as your gauge. You should be able to easily find a bank that’s offering an APY multiple times higher than the national average.

Calculate the difference between the APY at a big bank compared with the yield at an online bank to see what higher interest earnings look like. The power of compounding helps your interest earn interest over time.

Learn more about other savings options:

• Money market accounts 
• Best 1-year CD rates 
• Best no-penalty CD rates

Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance.

Edited by

Managing editor

Reviewed by

Professor of finance, Creighton University

What is the interest rate today on savings accounts?

What bank currently has the highest savings interest rate?

Which bank has highest interest rate for 2022?