December 2024: What’s the Average Savings Account Interest Rate?
Images by Getty Images; Illustration by Issiah Davis/Bankrate
When it comes to saving, don’t just settle for the average—aim higher! The current average savings account rate is a mere benchmark, but there’s so much more out there waiting for you.
Why limit yourself? Set your sights on an annual percentage yield (APY) that soars above the national average. High-yield savings accounts can offer you returns that make your savings work harder for you—often with little to no minimum balance!
National Average Savings Account Interest Rates
Did you know that many online banks provide savings interest rates that outpace the national average? With higher rates, you can watch your savings grow faster! As of the last survey, the national average savings account yield stands at just 0.56% APY.
How We Calculate the National Average
We’ve recently updated our methodology! Our comprehensive survey scrutinizes over 500 banks and credit unions weekly, ensuring we capture a fair representation of both high-yield opportunities and the big players in the banking scene.
APY Comparison
Interest Rates for Linked Checking and Savings
Linking your savings account with a checking account can also boost your yield. This strategy, often called relationship rates, is primarily offered by traditional banks.
For instance, at Huntington Bank, customers who link their accounts can enjoy higher APYs:
- Standard savings account yield (balances from $0.01 to $4,999.99): 0.01% APY
- Yield when paired with a Huntington Perks Checking, Huntington Platinum Perks Checking, or Private Client account (on balances from $0.01 to $4,999.99): 0.02% APY
For larger balances (from $5,000 to $2,000,000.99), non-relationship accounts earn 2.99% APY, while those linked with a checking account can earn up to 3.04% APY.
Keep in mind that to avoid a $25 monthly fee with the Huntington Platinum Perks Checking account, you need to maintain a total relationship balance of $25,000.
This is precisely why online banks often take the lead. They typically offer higher savings account interest rates and lower fees, making it easier for you to grow your savings. Most have minimum opening requirements of just $100 or even less!
| Bank | Checking/Savings Combo | Standard Savings Yield | Yield with Relationship | Minimum Balance to Avoid Monthly Fee |
|---|---|---|---|---|
| Huntington Bank | Huntington Perks Checking or Platinum Perks Checking/Huntington Relationship Savings | 0.01% APY | 0.02% APY* | Total relationship balance of $25,000 required. |
| Chase | Chase Premier Plus Checking or Chase Sapphire Checking/Chase Premier Savings | 0.01% APY | 0.02% APY** | Average balance of $15,000 ($75,000 for Chase Sapphire) required for fee waiver. |
| U.S. Bank | Bank Smartly Checking or Safe Debit account | 0.05% APY | 3.80% APY*** | Total relationship balance of $25,000 required. |
* Balances between $5,000 and $2,000,000.99 earn 2.99% APY for non-relationship accounts. Relationship accounts at this level earn 3.04% APY.
** To access the higher yield, you must initiate at least five transactions with your linked checking account during the billing cycle.
*** A balance of at least $25,000 is required alongside the linked checking account.
APYs mentioned are current as of Nov. 27. Our editorial team updates this information weekly, so be sure to check back for the latest rates!
Bottom Line
When you’re on the hunt for a high-yield savings account, don’t settle for the big banks! Compare offerings from larger banks with the enticing rates from online options and you’ll likely find that online banks offer lower minimum balances, zero monthly fees, and competitive APYs.
Use the national average savings rate as your benchmark. You shouldn’t have any trouble finding a bank that offers an APY several times higher than the average!
Calculate what the difference in APYs means for your savings. Remember, the magic of compounding interest can significantly boost your returns over time!
