From Yahoo Finance: 2025-05-03 06:00:00

Today’s savings interest rates are falling due to the Federal Reserve cutting its target rate. The national average savings account rate is 0.41%, but some accounts offer as high as 4% APY. LendingClub currently offers the highest rate at 4.40% APY with no minimum deposit required.

The amount of interest earned from a savings account depends on the annual percentage rate (APY), which includes how often interest compounds. For example, $1,000 in an account with 0.41% interest would grow to $1,004.11 in a year. Choosing a high-yield account at 4% APY could yield $40.81 in interest.

Depositing more money in a savings account can lead to higher earnings. With $10,000 in a 4% APY account, you could earn $408.08 in interest after one year. It’s crucial to find the best savings rate possible to maximize your savings.

Read more: Best high-yield savings interest rates today, May 3, 2025 (earn up to 4.40% APY)