A good interest rate on a savings account in 2026 is 4.00% APY or higher. The national average savings rate is approximately 0.45% APY — meaning the best accounts pay about nine times more than the typical bank. If your savings account is earning less than 2% APY, you are leaving meaningful money on the table.
What Is the National Average Savings Rate in 2026?
The FDIC tracks national deposit rates weekly. As of early 2026, the national average savings account rate is approximately 0.45% APY. This average is heavily skewed by the major traditional banks (Chase, Bank of America, Wells Fargo) that pay as little as 0.01% APY.
| Bank type | Typical APY range (2026) |
|---|---|
| Big traditional banks (Chase, BoA, Wells) | 0.01% – 0.10% |
| Regional and community banks | 0.10% – 1.00% |
| Online banks (Ally, Marcus, Discover) | 3.80% – 4.25% |
| Top online banks and fintechs | 4.00% – 4.50% |
| National average (all savings accounts) | ~0.45% |
What Counts as a Good, Great, or Poor Rate?
| APY | Rating | Explanation |
|---|---|---|
| Below 0.50% | Poor | At or below national average; likely a traditional bank |
| 0.50% – 2.00% | Below average | Some effort made, but still far behind top options |
| 2.00% – 3.50% | Decent | Better than average, but leaving yield on the table |
| 3.50% – 4.00% | Good | Competitive; worth keeping if other features are strong |
| 4.00% – 4.50% | Very good | Among the best available in 2026 |
| Above 4.50% | Excellent | Top tier — verify it is not a short-term promotional rate |
How Much Does a Good Rate Actually Matter?
The difference between 0.45% APY (national average) and 4.00% APY (competitive HYSA) is dramatic over time:
| Balance | 0.45% APY (1 year) | 4.00% APY (1 year) | Annual gain |
|---|---|---|---|
| $5,000 | $22.50 | $200 | +$177.50 |
| $15,000 | $67.50 | $600 | +$532.50 |
| $30,000 | $135 | $1,200 | +$1,065 |
| $50,000 | $225 | $2,000 | +$1,775 |
Worked example: You keep a $20,000 emergency fund at a big bank earning 0.02% APY ($4/year). Moving it to a 4.00% HYSA earns $800 per year. Over 5 years at compound interest, the HYSA balance grows to approximately $24,333 — versus $20,001 at the big bank. That is a $4,332 difference.
How Savings Rates Have Changed Over Time
| Year | Top HYSA APY (approx.) | Fed Funds Rate (approx.) |
|---|---|---|
| 2019 | 2.00% – 2.40% | 2.25% – 2.50% |
| 2020–2021 | 0.40% – 0.60% | 0.00% – 0.25% |
| 2022 | 0.50% – 3.00% | Rising to 4.25% |
| 2023 | 4.50% – 5.30% | 5.25% – 5.50% |
| 2024 | 4.25% – 5.00% | Declining (3 cuts) |
| 2025 | 3.80% – 4.50% | Further cuts |
| 2026 | 4.00% – 4.50% | ~3.75% – 4.00% |
Savings rates peaked in mid-2023 as the Fed raised rates aggressively to combat inflation. Subsequent rate cuts brought them down — but they remain historically strong by the standards of the prior decade.
Where to Find a Good Savings Rate in 2026
The best savings rates are almost exclusively at:
- Online banks (Ally, Marcus, Discover, LendingClub, Laurel Road)
- Credit unions — some offer very competitive rates to members
- Fintech savings products (SoFi, Cash App Savings, Apple Savings)
- Cash management accounts from brokerages (Wealthfront, Fidelity)
Traditional banks with branches rarely compete on savings rates. If you bank at a big bank for convenience, open a separate HYSA at an online bank and transfer your idle cash there — transfers take 1–3 business days.
For current average savings rates at traditional banks, see average interest rates. High-yield savings accounts pay significantly more — see high-yield savings hub for the top-paying options. For a locked-in rate with no volatility risk, see best CD rates by term.
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