Interest rates on savings accounts are dropping, so it’s important to find the best rates available. The national average savings account rate is currently 0.39%, up from 0.06% three years ago. Some of the top accounts are offering 4% APY and higher, with partners like SoFi, Valley Bank Direct, and Barclays leading the way.

Your total earnings from a savings account depend on the annual percentage rate (APY) and how often interest compounds. For example, with $1,000 in an account at 0.39% interest with daily compounding, you would earn just $3.91 in a year. Choosing a high-yield account with 4% APY could earn you $40.81 in the same period.

The more you deposit in a savings account, the more you stand to earn. With a high-yield account at 4% APY and a deposit of $10,000, you could earn $408.08 in interest in one year. It’s crucial to shop around for the best savings rates to maximize your earnings and make the most of your savings.

Read more at Yahoo Finance: Best high-yield savings interest rates today, January 31, 2026 (Earn up to 4% APY)