Interest rates on savings accounts have been dropping, making it essential to find the best rate available. The national average savings rate is at 0.40%, up from 0.06% three years ago. While this may seem low, some accounts offer 4% APY or higher. Currently, the highest savings rate available is 4.31% APY through Vio Bank. The amount of interest earned depends on the annual percentage rate (APY) and compounding frequency. For example, $1,000 in an account at 0.40% APY would grow to $1,004.01 in one year, while at 4% APY, it would reach $1,040.81. The more you deposit, the more you can earn in interest.

Read more at Yahoo Finance: Best high-yield savings interest rates today, October 11, 2025 (Earn up to 4.31% APY)