Are You Getting the Best Savings Rate? Compare Your APY with Others

If you’re wondering how your savings rate compares, it helps to look at what your fellow savers are earning. Rates on savings accounts range widely—from the very low APYs at the biggest banks to better returns at familiar names and the top rates available from high-yield savings accounts at smaller institutions—giving you a clearer sense of where your own rate measures up.

What Many Savers Actually Earn: Big Banks and the National Average APY

For many Americans, the savings account they use is simply the one linked to their checking. Keeping everything at the same big bank feels convenient and familiar—and it’s easy to assume the rate is “good enough.” What many savers don’t realize, however, is how much that convenience can cost them, because the largest banks in the country pay almost nothing on savings.

Chase, Bank of America, and Wells Fargo—the three biggest U.S. banks by deposits—each pay just 0.01% APY on their standard savings accounts. That’s effectively a near-zero return on money that could be sitting there for years.

The broader market average isn’t much higher. Across the thousands of FDIC-insured banks nationwide, the national average savings rate is only 0.40% APY. While better than the big-bank baseline, it still reflects how low earnings remain for many savers who haven’t sought out a more competitive account.

Here’s What Savers Earn at Other Well-Known Banks

While the biggest banks pay almost nothing on your savings, many well-known national and online banks offer savings rates that are noticeably higher. These institutions don’t lead the market, but they do provide a meaningful step up from the 0.01%–0.40% range many savers receive.

Current savings rates at several widely used banks include:

• BMO Alto – 3.25% APY
• Citi – 3.30% APY
• Capital One – 3.40% APY
• Marcus by Goldman Sachs – 3.65% APY
• Ally – 3.30% APY
• American Express – 3.40% APY
• Discover – 3.40% APY
• Synchrony – 3.65% APY

For savers who prefer to stay with a familiar name, APYs in this range can feel like a reasonable middle ground—far better than the biggest banks, but without having to branch out to lesser-known institutions.

Still, these aren’t the highest yields available. Top high-yield savings accounts currently offer roughly 4.15% to 5.00%, meaning savers willing to look beyond the familiar can earn significantly more.

What Savers Earn When They Venture Out for the Highest APYs

The highest savings rates available today often come from smaller banks and credit unions. These institutions don’t have the national name recognition of big banks, but many are eager to attract deposits—and offering a market-leading APY is one way they compete. For savers willing to consider a less familiar institution, the jump in earnings can be substantial.

Our daily ranking of the best high-yield savings accounts currently includes 16 banks and credit unions nationwide offering APYs between 4.15% and 5.00%. Note, however, that the very top rates sometimes come with conditions. For instance, the two institutions paying 5.00% ask customers to meet certain requirements, such as setting up regular direct deposit. They also limit the balance that earns the high APY to $5,000.

But many of the other top-paying accounts have no special requirements at all. Several options in the 4.25%–4.75% range simply require opening the account and maintaining a positive balance. For savers who want to maximize earnings without added steps, these straightforward options provide some of the most compelling yields available today.