Is Your Savings Rate Actually Competitive? Compare Your APY Now

Your bank's savings account is probably paying you pennies. In the era of digital finance, that's not just disappointing—it's a choice.

The APY Illusion

Traditional institutions tout 'high-yield' savings with rates that barely outpace inflation. They rely on customer inertia—the assumption you won't shop around.

Decentralized Finance Doesn't Sleep

Meanwhile, algorithmic protocols on blockchain networks adjust yields in real-time, governed by code, not quarterly board meetings. Liquidity pools compete for your capital, pushing rates upward.

The Comparison Mandate

Not comparing your APY is a silent tax on your future self. It's leaving money on the table for a legacy system that still charges for paper statements.

Demand more. Your capital deserves a market rate, not a patronizing one.

Key Takeaways

• Many savers aren’t sure how their APY compares, and looking at what other savers earn can help show how your own rate measures up.
• The three biggest banks pay just 0.01% on savings, and even the national average sits at only 0.40%, meaning many savers are earning next to nothing on their money.
• Other well-known banks offer meaningfully better APYs than the biggest players, with many paying between about 3.25% and 3.65%.
• Savers willing to look beyond the biggest names can earn far more, as today’s highest-yield accounts offer 4.15% to 5.00% APY.

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.

Why This Matters

Low savings rates aren’t just a missed opportunity—they can mean your money isn’t keeping up with rising prices. When your APY trails inflation—currently 3%—your savings lose buying power over time, even if your balance doesn’t fall.

Related Education

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.

Important

Savings APYs change frequently, and projected upcoming Federal Reserve rate cuts are expected to push yields lower. While you can’t control rate movements, you can choose accounts that keep your earnings competitive as conditions evolve.

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.

Important

When your APY runs higher than inflation—say, earning 4.5% while prices rise 3%—your savings are growing faster than your cost of living. Even a modest gap can help preserve and build purchasing power.