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 0.19 percent, according to Bankrate’s Nov. 30 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

Financial institution APY Minimum opening balance Learn more
Bask Bank 3.85% $0 Read review
TAB Bank 3.64% $0 Read review
Bread Savings (formerly Comenity Direct) 3.50% $100 Read review
Synchrony Bank 3.25% $0 Read review
LendingClub Bank 3.25% $100 Read review
Ally Bank 3.00% $0 Read review
Capital One 3.00% $0 Read review
Discover Bank 3.00% $0 Read review
Marcus by Goldman Sachs 3.00% $0 Read review
Wells Fargo 0.15% $25 Read review
TD Bank 0.02% $0 Read review
Chase 0.01% $0 Read review
U.S. Bank 0.01% $25 Read review
Bank of America 0.01% $100 Read review

Note: Annual percentage yields (APYs) shown are as of Dec. 1, 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 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 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.