Today’s national average savings account rate is 0.4%, a significant increase from 0.06% three years ago. However, some banks are offering rates as high as 4% APY. VIO Bank currently offers the highest rate at 4.21% APY, with no minimum deposit required. The amount of interest earned depends on the annual percentage rate (APY) and how often interest compounds, usually daily. For example, a $1,000 deposit in a 0.4% account with daily compounding would yield $4.01 in interest after a year, while a 4% APY account would earn $40.81. Depositing more can result in even higher earnings, such as $408.08 on a $10,000 deposit in a high-yield account.

Read more at Yahoo Finance: Best high-yield savings interest rates today, November 2, 2025 (Earn up to 4.21% APY)