From Yahoo Finance: 2025-03-30 06:00:00

The Federal Reserve has cut its target rate three times in late 2024, resulting in falling savings interest rates. The national average savings account rate is currently 0.41%, up from 0.06% three years ago. The highest savings account rate available today is 4.30% APY from EverBank, with no minimum opening deposit required.

Interest earned from a savings account depends on the annual percentage rate (APY), which considers the base interest rate and compounding frequency. For example, a $1,000 deposit at 0.41% APY with daily compounding would yield $1,004.11 after one year. Opting for a high-yield account at 4% APY would result in $1,040.81 after a year.

The more you deposit in a savings account, the more you can earn. Depositing $10,000 in a high-yield account at 4% APY would yield $10,408.08 after one year, with $408.08 in interest earned. Consider opening a high-yield savings account now to take advantage of current high rates.



Read more at Yahoo Finance: Savings interest rates today, March 30, 2025 (best accounts offering 4.30% APY)