Some of the top high-yield savings accounts, for instance, currently feature rates of 4.00% or higher.We take our beans seriously over here. But remember that many banks offer significantly higher rates. The average APY for savings accounts requiring a minimum deposit of $10,000 was 0.25%, unmoved over the past week. Savings account rates - $10,000 minimum deposit Meanwhile, the average APY (annual percentage yield) for a traditional savings account, as reported by Bankrate, is 1.28%.ĪPY represents the actual return your account will generate in a year, taking into account compound interest - the interest earned on both the principal and previously accumulated interest in your account.įor instance, if you were to invest $1,000 at a 4.80% rate (the current high) for one year, you would earn approximately $50 in interest, assuming daily compounding and no additional contributions. The highest interest rate on a standard savings account today is 4.80%, per Bankrate, the same as a week ago. The Fed responded to the economic effects of lockdowns and rounds of stimulus bills by increasing interest rates to offset soaring inflation, prompting banks to raise rates for savers. This status quo was upended after the federal government’s massive spending throughout the pandemic, which helped push inflation toward highs not seen in decades. Savings accounts, especially those from traditional brick-and-mortar banks, offered negligible yields in the aftermath of the Great Recession as the Fed slashed short-term rates to near zero, and kept them there for years, in order to hasten the economy’s recovery. Quoted high rate is based on the highest clicked-on rate.

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