Interest rates on savings accounts are dropping, so finding the best rate is crucial. The national average is 0.39%, up from 0.06% three years ago. However, some accounts offer much higher rates, with the highest currently at 4% APY from SoFi. The more you deposit, the more you earn.

The interest you earn on a savings account depends on the annual percentage rate (APY) and compounding frequency. At 0.39% APY, a $1,000 deposit with daily compounding would earn $3.91 in a year. In contrast, a 4% APY account would earn $40.81 on the same deposit.

For higher earnings, consider a high-yield savings account with 4% APY. A $10,000 deposit could earn you $408.08 in interest after a year. SoFi offers up to 4.30% APY with a 0.70% boost for new accounts opened by 1/31/26. Rates are variable, subject to change. Terms apply.

Read more at Yahoo Finance: Best high-yield savings interest rates today, December 28, 2025 (Earn up to 4% APY)