Interest rates on savings accounts have been dropping, so it’s crucial to find the best rates. The national average savings rate is currently 0.39%, up from 0.06% three years ago. Some accounts offer rates as high as 4% APY from partners like SoFi, Valley Bank Direct, and Barclays.

The amount of interest you earn is based on the annual percentage rate (APY). With daily compounding, $1,000 at 0.39% interest grows to $1,003.91 in a year. Opting for a high-yield account at 4% APY would accumulate $40.81 in interest over the same period.

Depositing more money leads to higher earnings. With $10,000 in a 4% APY account, your balance would be $10,408.08 after a year, resulting in $408.08 in interest. It’s essential to shop around for the best savings rates to maximize your earnings.

Read more at Yahoo Finance: Best high-yield savings interest rates today, January 10, 2026 (Earn up to 4% APY)