Are you getting the best savings rate? Compare your APY with others

If you’re wondering how your savings rate compares, it’s helpful to look at what your fellow savers are earning. Interest rates on savings accounts range widely — from very low APY at the largest banks to better returns at familiar names and the highest rates available from high-yield savings accounts at smaller institutions — giving you a clearer sense of where your interest rate will go.

What many savers actually earn: Big banks and the national average APY

For many Americans, the savings account they use is simply the account linked to their check. Keeping everything in the same big bank is comfortable and familiar, and it’s easy to assume the rate is “good enough.” But what many savers don’t realize is how much this convenience could cost them, because the country’s largest banks pay almost nothing on savings.

Chase, Bank of America, and Wells Fargo — the three largest U.S. banks by deposits — each pay just 0.01% annual yield on their standard savings accounts. That’s actually a near-zero return on money that could sit there for years.

The broader market average isn’t much higher. Across thousands of FDIC-insured banks across the country, the national average savings rate is just 0.40%. Although better than the big banks’ baseline, it still reflects how earnings have continued to decline for many savers who have not sought a more competitive account.

Here’s what savers earn at other popular banks

While the major banks pay almost nothing on your savings, many well-known national and online banks offer significantly higher savings rates. These institutions don’t lead the market, but they offer a meaningful step up from the 0.01% to 0.40% range that many savers receive.

Current savings rates at several widely used banks include:

• BMO Alto – 3.25% annually
• Citi – 3.30% annually
• Capital One – 3.40% annually
• Marcus from Goldman Sachs – 3.65% APY
• Allied – 3.30% annually
• American Express – 3.40% annually
• Discover – 3.40% APY
• Concurrency – 3.65% APY

For savers who prefer to stick with a familiar name, APY bonds in this range can seem like a reasonable compromise — much better than the big banks, but without having to branch out into less well-known institutions.

However, these are not the highest returns available. The best high-yield savings accounts currently offer around 4.15% to 5.00%, meaning savers willing to look beyond the ordinary can earn significantly more.

What do savers gain when they take the risk of higher APYs?

The highest savings rates available today often come from small banks and credit unions. These institutions don’t have the national profile of big banks, but many are eager to attract deposits — and offering market-leading APYs is one way they compete. For savers willing to consider a less well-known institution, the jump in profits can be significant.

Our daily ranking of the best high-yield savings accounts currently includes 16 banks and credit unions nationwide that offer APYs between 4.15% and 5.00%. However, note that higher rates sometimes come with strings attached. For example, two institutions that pay 5.00% require customers to meet certain requirements, such as setting up a regular direct deposit. They also limit the balance earning high APY to $5,000.

But many other higher-paying accounts have no special requirements at all. Many options in the 4.25% – 4.75% range simply require opening the account and maintaining a positive balance. For savers who want to maximize profits without extra steps, these straightforward options offer some of the most compelling returns available today.