Interest rates on savings accounts are dropping, making it crucial to find the best rates available. The national average savings rate is at 0.4%, significantly higher than the 0.06% rate three years ago. Some accounts offer 4% APY and higher, with SoFi offering the highest rate at 4.3% APY as of December 14, 2025.

The total interest earned in a savings account is determined by the annual percentage rate (APY), which takes into account the base interest rate and compounding frequency. With a 0.4% interest rate and daily compounding, a $1,000 deposit would yield $4.01 in interest after one year. Opting for a high-yield account with 4% APY would earn $40.81 in interest on the same deposit.

The more you deposit in a high-yield savings account, the more interest you can earn. For example, a $10,000 deposit at 4% APY would yield $408.08 in interest after one year. It’s essential to compare rates and choose accounts that offer the best APY to maximize your earnings.

Read more at Yahoo Finance: Best high-yield savings interest rates today, December 14, 2025 (Earn up to 4.3% APY)