Interest rates on savings accounts are dropping, so it’s crucial to find the best rates available. 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.

If you deposit $1,000 in a savings account with a 0.39% interest rate, your balance would grow to $1,003.91 after one year. But with a 4% APY account, your balance would be $1,040.81, including $40.81 in interest.

Depositing more money means earning more interest. For example, with $10,000 in a 4% APY account, your balance after one year would be $10,408.08, including $408.08 in interest.

To earn up to 4.00% APY on a SoFi Savings account, open a new SoFi Checking & Savings account and enroll in SoFi Plus by 1/31/26. Rates are subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

Read more at Yahoo Finance: Best high-yield savings interest rates today, February 15, 2026 (Earn up to 4% APY)