Interest rates on savings accounts are dropping, so finding the best rate is crucial. The national average is 0.4%, a significant increase from 0.06% three years ago. Some accounts offer 4% APY or higher, with SoFi currently offering 4.5% APY. The more you deposit, the more you can earn.

The Annual Percentage Rate (APY) determines your total earnings after a year, factoring in the base interest rate and compounding frequency. For example, $1,000 at 0.4% APY with daily compounding would yield $1,004.01 after a year. Opting for a high-yield account at 4% APY would earn you $40.81 in interest over the same period.

Depositing more in a high-yield account can significantly increase earnings. A $10,000 deposit at 4% APY would result in a total balance of $10,408.08 after one year, earning $408.08 in interest. It’s essential to shop around for the best savings account rate to maximize your earnings.

Read more at Yahoo Finance: Best high-yield savings interest rates today, November 9, 2025 (Earn up to 4.5% APY)