From Yahoo Finance: 2025-05-10 06:00:00

Savings interest rates are falling due to the Federal Reserve’s target rate cuts in late 2024. The national average savings account rate is 0.41%, up from 0.06% three years ago. However, some accounts offer 4% APY and higher.

The highest savings account rate available is 4.36% APY from VIO Bank, with no minimum deposit required. The amount of interest earned depends on the annual percentage rate (APY) and compounding frequency.

With a high-yield savings account at 4% APY, a $1,000 deposit would grow to $1,040.81 in one year, earning $40.81 in interest. Depositing more money means higher earnings – a $10,000 deposit could earn $408.08 in interest in the same account.

Read more: Best high-yield savings interest rates today, May 10, 2025 (earn up to 4.36% APY)