Key Takeaways
- Many savers aren’t sure how their APY compares, and looking at what other savers earn can help show how your own rate measures up.
- The three biggest banks pay just 0.01% on savings, and even the national average sits at only 0.40%, meaning many savers are earning next to nothing on their money.
- Other well-known banks offer meaningfully better APYs than the biggest players, with many paying between about 3.25% and 3.65%.
- Savers willing to look beyond the biggest names can earn far more, as today’s highest-yield accounts offer 4.15% to 5.00% APY.
If you’re wondering how your savings rate compares, it helps to look at what your fellow savers are earning. Rates on savings accounts range widely—from the very low APYs at the biggest banks to better returns at familiar names and the top rates available from high-yield savings accounts at smaller institutions—giving you a clearer sense of where your own rate measures up.
What Many Savers Actually Earn: Big Banks and the National Average APY
For many Americans, the savings account they use is simply the one linked to their checking. Keeping everything at the same big bank feels convenient and familiar—and it’s easy to assume the rate is “good enough.” What many savers don’t realize, however, is how much that convenience can cost them, because the largest banks in the country pay almost nothing on savings.
Chase, Bank of America, and Wells Fargo—the three biggest U.S. banks by deposits—each pay just 0.01% APY on their standard savings accounts. That’s effectively a near-zero return on money that could be sitting there for years.
The broader market average isn’t much higher. Across the thousands of FDIC-insured banks nationwide, the national average savings rate is only 0.40% APY. While better than the big-bank baseline, it still reflects how low earnings remain for many savers who haven’t sought out a more competitive account.
Why This Matters
Low savings rates aren’t just a missed opportunity—they can mean your money isn’t keeping up with rising prices. When your APY trails inflation—currently 3%—your savings lose buying power over time, even if your balance doesn’t fall.
Here’s What Savers Earn at Other Well-Known Banks
While the biggest banks pay almost nothing on your savings, many well-known national and online banks offer savings rates that are noticeably higher. These institutions don’t lead the market, but they do provide a meaningful step up from the 0.01%–0.40% range many savers receive.
Current savings rates at several widely used banks include:
- BMO Alto – 3.25% APY
- Citi – 3.30% APY
- Capital One – 3.40% APY
- Marcus by Goldman Sachs – 3.65% APY
- Ally – 3.30% APY
- American Express – 3.40% APY
- Discover – 3.40% APY
- Synchrony – 3.65% APY
For savers who prefer to stay with a familiar name, APYs in this range can feel like a reasonable middle ground—far better than the biggest banks, but without having to branch out to lesser-known institutions.
Still, these aren’t the highest yields available. Top high-yield savings accounts currently offer roughly 4.15% to 5.00%, meaning savers willing to look beyond the familiar can earn significantly more.
Important
Savings APYs change frequently, and projected upcoming Federal Reserve rate cuts are expected to push yields lower. While you can’t control rate movements, you can choose accounts that keep your earnings competitive as conditions evolve.
What Savers Earn When They Venture Out for the Highest APYs
The highest savings rates available today often come from smaller banks and credit unions. These institutions don’t have the national name recognition of big banks, but many are eager to attract deposits—and offering a market-leading APY is one way they compete. For savers willing to consider a less familiar institution, the jump in earnings can be substantial.
Our daily ranking of the best high-yield savings accounts currently includes 16 banks and credit unions nationwide offering APYs between 4.15% and 5.00%. Note, however, that the very top rates sometimes come with conditions. For instance, the two institutions paying 5.00% ask customers to meet certain requirements, such as setting up regular direct deposit. They also limit the balance that earns the high APY to $5,000.
But many of the other top-paying accounts have no special requirements at all. Several options in the 4.25%–4.75% range simply require opening the account and maintaining a positive balance. For savers who want to maximize earnings without added steps, these straightforward options provide some of the most compelling yields available today.
Important
When your APY runs higher than inflation—say, earning 4.5% while prices rise 3%—your savings are growing faster than your cost of living. Even a modest gap can help preserve and build purchasing power.
