What is the average interest rate for savings accounts? - CNN

As of October 2023, the national average savings account interest rate is 0.46%, according to the Federal Deposit Insurance Corp (FDIC). Rates have been steadily heading upward. That savings rate may not seem like much, but look at where it sat just a year ago: 0.17%. And many banks, especially online banks, … See more

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What Is The Average Interest Rate For Savings Accounts? - CNN

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FAQs about What is the average interest rate for savings accounts? - CNN Coupon?

What is the average savings account interest rate?

National average savings account interest rates The national average savings account interest rate is 0.46% as of Sept. 2024, according to the Federal Deposit Insurance Corp (FDIC). Rates have remained relatively steady for months. However, they can fluctuate significantly, and the current rates are much higher than they’ve been in past years. ...

Are savings accounts a good investment?

Savings accounts are one way to help achieve that goal, with many banks still paying high interest rates as the Federal Reserve continues to hold its benchmark rate steady at about 5.3%, the highest it has been in 23 years. National average savings account interest rates ...

Do online banks have higher savings interest rates?

Many online banks have savings interest rates higher than the national average savings account interest rates. The higher the rate, the more interest you’ll earn on your savings. The national average savings account yield is 0.59 percent APY, according to Bankrate’s survey of institutions as of Sept. 30. ...

What is the average APY for a savings account?

The average APY for all types of US savings accounts was 0.46% as of Sept. 2024, according to the FDIC. However, some high-yield savings accounts offered rates of 5.00% and higher. ...

Do savings rates change?

However, savings rates for most accounts do not often change drastically unless the Federal Reserve makes rate changes. What is a good APY for a savings account? Most of the best high-yield savings accounts currently offer an APY of close to 5.00% or higher. ...

What is the national average savings account yield?

The national average savings account yield is 0.59 percent APY, according to Bankrate’s survey of institutions as of Sept. 30. In June 2023, Bankrate updated its methodology that determines the national average savings account rates. Bankrate surveys more than 500 banks and credit unions weekly to generate the national averages. ...