From Yahoo Finance: 2025-05-11 15:26:00

Savings interest rates have fallen due to the Federal Reserve’s recent rate cuts. The national average savings account rate is currently at 0.41%, a significant rise from 0.06% three years ago. The highest savings rate available today is 4.36% APY from VIO Bank. Opening a high-yield savings account now could help you capitalize on these rates.

The amount of interest you earn in a savings account is determined by the annual percentage rate (APY). With a $1,000 deposit at 0.41% interest, you would earn $4.11 in a year. Opting for a 4% APY account would increase your earnings to $40.81 over the same period. Depositing more money can significantly boost your interest earnings.

Choosing a high-yield savings account with a competitive rate can lead to substantial interest growth. For example, depositing $10,000 in a 4% APY account would earn you $408.08 in interest after one year. Consider the benefits of high-yield savings accounts to maximize your earnings potential.



Read more at Yahoo Finance: Best high-yield savings interest rates today, May 11, 2025 (best accounts offering 4.36% APY)