Interest rates on savings accounts are dropping, so it’s important to find the best rate. The national average savings rate is 0.39%, but top accounts offer 4% APY. SoFi, Valley Bank Direct, and Barclays offer the highest rates at 4% APY. Your earnings depend on the APY and compounding frequency.

If you deposit $1,000 in a savings account with 0.39% interest, you’ll earn $3.91 in one year. Opting for a high-yield account at 4% APY would earn you $40.81 in the same period. Deposit more to earn more interest – $10,000 would earn $408.08 in a year.

Find out how to maximize your savings with SoFi Savings, offering up to 4% APY with a 0.70% APY Boost for 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 1/31/26. Rates are variable and subject to change. Terms apply at sofi.com/banking#2.

Read more at Yahoo Finance: Best high-yield savings interest rates today, February 7, 2026 (Earn up to 4% APY)