Average Bank Interest Rates 2026
The FDIC national average savings account rate was 0.37% APY as of September 21, 2026. That number is misleading — it is dragged down by the nation’s largest banks, which pay as little as 0.01% APY. Leading savings accounts at online banks paid about 3.10%–4.05% APY at the end of September 2026 on the same FDIC-insured deposits.
Here is the full picture of what banks are paying across every deposit account type in 2026.
National Average Rates by Account Type — September 2026
| Account Type | FDIC National Average | National Rate Cap | Treasury Yield (similar term) |
|---|---|---|---|
| Savings account | 0.37% | 4.38% | 3.63% |
| Interest checking | 0.07% | 4.38% | 3.63% |
| Money market deposit | 0.63% | 4.38% | 3.63% |
| 3-month CD | 1.13% | 5.44% | 3.91% |
| 6-month CD | 1.41% | 5.54% | 3.99% |
| 12-month CD | 1.73% | 5.74% | 4.16% |
| 24-month CD | 1.61% | 5.96% | 4.34% |
| 60-month CD | 1.38% | 6.14% | 4.49% |
Source: FDIC National Rates and Rate Caps, monthly rate cap information as of September 21, 2026. The national rate cap is the FDIC’s ceiling for banks that are less than well capitalized, not a rate any bank offers. For current top rates at online banks, see our best high-yield savings accounts and best CD rates guides.
What Big Banks Actually Pay
The nation’s four largest banks — JPMorgan Chase, Bank of America, Wells Fargo, and Citibank — pay far below the national average:
| Bank | Savings APY | Money Market APY |
|---|---|---|
| Chase | 0.01% | 0.01% |
| Bank of America | 0.01% | 0.01–0.04% |
| Wells Fargo | 0.01% | 0.01% |
| Citibank | 0.01–0.04% | 0.01–0.04% |
At 0.01% APY, $10,000 earns exactly $1.00 per year. At 4.50% APY, the same $10,000 earns $450 per year — $449 more.
How Much You’re Losing at a Big Bank
Here is what the difference in rates costs you annually at different balance levels:
| Balance | At 0.01% APY | At 4.50% APY | Annual Loss |
|---|---|---|---|
| $1,000 | $0.10 | $45 | $44.90 |
| $5,000 | $0.50 | $225 | $224.50 |
| $10,000 | $1.00 | $450 | $449.00 |
| $25,000 | $2.50 | $1,125 | $1,122.50 |
| $50,000 | $5.00 | $2,250 | $2,245.00 |
Why Rates Differ So Much Between Banks
Why big banks pay near 0%: Large banks have enormous, stable deposit bases — tens of millions of customers who keep their money there regardless of rate. They don’t need to compete on rate. Their profit comes from lending (mortgages, credit cards, business loans), not from attracting deposits.
Why online banks pay more: Online banks have no branches to maintain, which dramatically lowers their cost structure. To attract deposits from existing bank customers, they compete on rate. They pass their cost savings on as higher APYs.
Why the Fed funds rate matters: When the Federal Reserve raises its benchmark rate, banks can earn more on the money they park at the Fed and on loans — and they tend to pass some of that back to savers. When the Fed cuts rates, deposit rates tend to fall, typically with a lag. The Fed raised its target range to 3.75%–4.00% on September 16, 2026.
Historical Context: Where Rates Have Been
| Period | National Avg Savings | Context |
|---|---|---|
| 2010–2015 | 0.05–0.20% APY | Post-financial crisis near-zero rates |
| 2016–2021 | 0.05–0.09% APY | Extended low-rate environment |
| 2022 (pre-hikes) | 0.06% APY | Pre-Fed tightening cycle |
| 2023 (peak) | 0.43% APY | Fed funds rate 5.25–5.50% |
| September 2026 | 0.37% APY | Fed funds target 3.75%–4.00% (raised September 16, 2026) |
Even at the peak, the national average barely moved. The gains went mainly to online banks’ high-yield accounts; leading HYSAs paid about 3.10%–4.05% APY at the end of September 2026.
How to Beat the Average
Switch your savings: Moving to an online high-yield savings account (HYSA) is the single highest-impact step. No minimum deposit required at most providers. Takes 5–10 minutes online.
Lock in a CD if you have time: If you won’t need the money for 6–24 months, a fixed-rate CD locks in its rate for the full term regardless of what the Fed does next.
Open a money market account: Money market accounts at online banks can pay rates close to HYSAs and sometimes include check writing.
Consider Treasury bills: Treasury yields for 3- to 12-month terms were about 3.91%–4.16% on the FDIC’s September 21, 2026 rate-cap table, and Treasury interest is exempt from state income tax — better after-tax yield for residents of high-tax states.
Look at credit union share accounts: Credit unions often pay above-average rates on savings (called “share accounts”) and are insured by the NCUA to the same $250,000 limit as FDIC.
What Rate to Expect in Late 2026
The Fed raised its target range by a quarter point in September 2026, and deposit rates tend to follow Fed moves with a lag. No one can say for certain where rates go next. If you expect rates to fall, a 12–18 month CD locks in today’s rate for its term.
Related Guides
- Best High-Yield Savings Accounts 2026 — top rates available now
- Best CD Rates 2026 — highest APYs by term
- 4 Ways to Earn More Interest on Savings — strategies compared
- How Much Interest Can $10,000 Earn? — worked examples
- Banking Basics Hub — everything about how banks work
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