Learn how much you can earn with today’s savings rates. In the last 2024, the Federal Reserve reduced its target exchange rate three times, which means the interest rates on savings fall from their historical increase. It is important to be sure that you get the best pace when shopping at the Savings account. The following is the failure of today’s savings rate and where to find the best offers.
According to FDIC, the national average savings account rate is 0.38%. This may not seem very much, but consider that it was only 0.06% three years ago, reflecting a sharp increase in a short period of time.
As of July 13, 2025, the highest saving rate of our partners is 3.9% APY. This rate is offered by SALLIE MAE® and does not require minimum deposit.
Because these rates may not be much longer, consider opening a highly profitable savings account to use high prices now.
Here is some of the best savings available today.
The amount of interest earned from the savings account depends on the annual interest rate (APY). This is a year after your total earnings, a year later, when you think of the base interest rate and how often interest compounds (savings accounting is usually giving compounds every day).
Say that you put $ 1,000 at the average rate of 0.42% at the expense of the savings. At the end of one year, your balance will increase $ 1,004.12 – deposit of your initial $ 1,000, plus only $ 4.12.
Now let’s say choose a high-income savings account that instead offers 4% APY. In this case, your balance will increase $ 1,040.81 in the same period, which includes $ 40.81.
The more you are stored in the savings account, the more you stand to earn. If we took the same example of high revenue savings, a $ 10,000 deposit, but a total balance of $ 10,408.08, that is, you will earn $ 408.08.
Read more: What is the good savings account rate?