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

• 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.

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.

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.

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