Interest rates on savings accounts are falling, so it’s important to shop around for the best rate. The national average is 0.39%, up from 0.06% three years ago. Some accounts offer as high as 4% APY. The highest savings account rate available is 4% APY from SoFi, Valley Bank Direct, and Barclays.

Your earnings from a savings account depend on the annual percentage rate (APY). At the average rate of 0.39%, $1,000 would grow to $1,003.91 after one year. With a 4% APY, the same amount would grow to $1,040.81. Depositing more means earning more – $10,000 at 4% APY would grow to $10,408.08 in one year.

Earn up to 4.00% APY on SoFi Savings with a 0.70% APY Boost for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 1/31/26. Rates are variable and subject to change. Terms apply on sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

Read more at Yahoo Finance: Best high-yield savings interest rates today, January 18, 2026 (Earn up to 4% APY)