Interest Rates on Savings Accounts in the U.S.
Curious about the latest interest rates on savings accounts in the U.S. This 2025 guide explains the best banks, average rates, and tips for choosing the right account.
If you are saving money in the United States, one of the first things to consider is the interest rate on savings accounts. The rate you get directly affects how fast your money grows. With rising competition between traditional banks and online banks, rates can vary widely.
This article breaks down the average savings account interest rates in the U.S, the banks offering the highest returns, and what you should look for before opening an account.
Basic Information
| Category | Details |
|---|---|
| National Average Rate | Around 0.45 percent APY (2025) |
| Online Banks Average | 4.00 to 5.25 percent APY |
| Traditional Banks Average | 0.01 to 0.50 percent APY |
| Best for High Returns | Online banks and credit unions |
| Best for Accessibility | Large traditional banks like Chase, Bank of America, Wells Fargo |
Why Interest Rates Matter
Savings account interest rates determine how much extra money you earn on your balance. Even a small difference in rates can add up significantly over time. For example, a 0.50 percent rate may only add a few dollars, while a 4.50 percent rate can grow your savings by hundreds of dollars a year.
Top Banks Offering Competitive Savings Account Rates in 2025
Ally Bank
- Online only with no monthly fees
- Competitive APY around 4 percent or higher
- Great for digital banking customers
Marcus by Goldman Sachs
- High yield savings accounts with APY over 4 percent
- No minimum deposit required
- Simple online and mobile app access
Capital One 360 Savings
- Offers flexible accounts with solid APY
- Easy to use for customers already with Capital One
- Strong mobile banking experience
Discover Bank
- Online bank offering competitive savings rates
- Free from hidden fees
- 24 hour customer support
Credit Unions
- Often provide higher rates compared to traditional banks
- Member focused with lower fees
- Good for long term savers
Comparison: Online vs Traditional Banks
| Bank Type | Average Interest Rate | Best Feature |
|---|---|---|
| Online Banks | 4.00 to 5.25 percent APY | High rates, no fees |
| Credit Unions | 3.00 to 4.50 percent APY | Member benefits |
| Traditional Banks | 0.01 to 0.50 percent APY | Easy physical access |
Contact Details of Major Banks
| Bank | Website | Customer Support |
|---|---|---|
| Ally Bank | ally.com | 1 877 247 2559 |
| Marcus by Goldman Sachs | marcus.com | 1 855 730 7283 |
| Capital One | capitalone.com | 1 877 383 4802 |
| Discover Bank | discover.com | 1 800 347 2683 |
| Chase Bank | chase.com | 1 800 935 9935 |
| Bank of America | bankofamerica.com | 1 800 432 1000 |
| Wells Fargo | wellsfargo.com | 1 800 869 3557 |
Tips for Choosing the Best Savings Account
- Compare APYs regularly as rates can change often
- Check for fees such as monthly maintenance or minimum balance requirements
- Consider whether you prefer in person banking or online only access
- Look for accounts with FDIC or NCUA insurance for safety
Final Thoughts
Interest rates on savings accounts in the U.S. can vary greatly between banks. Online banks and credit unions generally offer the best rates, while traditional banks provide easier branch access. Choosing the right account depends on your personal needs and how you prefer to manage money.
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FAQ’s
1. What is the current average savings account interest rate in the U.S.?
The national average savings account rate is around 0.45 percent APY in 2025, but many online banks offer between 4.00 and 5.25 percent APY
2. Which banks have the highest savings account interest rates?
Online banks like Ally, Marcus by Goldman Sachs, and Discover Bank usually offer the best rates, often above 4 percent APY. Some credit unions also provide competitive returns
3. Are online savings accounts safe?
Yes, as long as they are FDIC insured for banks or NCUA insured for credit unions. This ensures your deposits are protected up to $250,000 per account holder
4. Do traditional banks offer good interest rates on savings accounts?
Traditional banks usually offer lower rates, often between 0.01 and 0.50 percent APY, but they provide easy branch access and in person support
5. Can I open a savings account as a non resident in the U.S.?
Yes, some banks allow non residents to open savings accounts with proper identification such as a passport, visa, and proof of U.S. address
6. How often do interest rates on savings accounts change?
Interest rates can change anytime depending on the Federal Reserve policies and market conditions. Online banks tend to adjust rates more quickly than traditional banks
7. Is there a minimum deposit required to open a savings account?
It depends on the bank. Some accounts require no minimum deposit while others may ask for $25 to $100 as a starting balance
