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The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: Westend61/Getty Images November 10, 2022 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance. Brian Beers is the managing editor for the Wealth team at Bankrate. He oversees editorial coverage of banking, investing, the economy and all things money. Robert R. Johnson, Ph.D., CFA, CAIA, is a professor of finance at Creighton University and chairman and CEO of Economic Index Associates, LLC. Bankrate logo The Bankrate promise
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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 , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , 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
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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 , 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. 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 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 0.18 percent, according to Bankrate’s Nov. 9 weekly survey of institutions. Many 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
Financial institution APY Minimum opening balance Learn more Bask Bank 3.60% $0 LendingClub Bank 3.25% $100 Capital One 3.00% $0 Discover Bank 3.00% $0 Marcus by Goldman Sachs 3.00% $0 Synchrony Bank 3.00% $0 TAB Bank 3.00% $0 Bread Savings (formerly Comenity Direct) 3.00% $100 Ally Bank 2.75% $0 TD Bank 0.02% $0 Chase 0.01% $0 U.S. Bank 0.01% $25 Wells Fargo 0.01% $25 Bank of America 0.01% $100 Note: Annual percentage yields (APYs) shown are as of Nov. 10, 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. Bank Checking account/Savings account combo Standard savings yield Yield with relationship Minimum balance to avoid monthly checking account fee Huntington Bank Huntington Perks Checking or Huntington Platinum Perks Checking/Huntington Relationship Savings 0.01% APY 0.02% APY* Total relationship balance of $25,000 required. Chase Chase Premier Plus Checking/Chase Premier Savings 0.01% APY 0.02% APY Average beginning day balance of $15,000 in this account or qualifying investments and deposits.** * 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 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. 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
SHARE: Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance. Brian Beers is the managing editor for the Wealth team at Bankrate. He oversees editorial coverage of banking, investing, the economy and all things money. Robert R. Johnson, Ph.D., CFA, CAIA, is a professor of finance at Creighton University and chairman and CEO of Economic Index Associates, LLC. Related Articles