Inquiry about the customary interest rate for deposits in savings accounts.
High-Yield Savings Accounts Outperform National Average
In the current financial landscape, the return on savings accounts is relatively low. As of early August 2025, the national average savings account Annual Percentage Yield (APY) stands at approximately 0.57%, according to Bankrate's August data [1]. However, high-yield savings accounts and online-only banks offer significantly higher rates.
High-yield savings accounts can provide yields up to around 4.66% APY, as noted by NerdWallet's top offers in August 2025. Accounts like Axos ONE® Savings offer 4.66% APY, while others range between 3.5% and 4.0% [4]. Peak Bank's high-yield savings account is listed at 4.44% APY, and EverBank offers 4.30%, both with minimal deposit requirements [5].
This means that the best high-yield savings accounts offer roughly 7 to 8 times the yield of the average national savings account, making them considerably more advantageous for growing savings while still maintaining liquidity and FDIC insurance coverage.
In contrast, standard brick-and-mortar banks and many larger national banks tend to offer rates closer to or even below the national average, sometimes as low as 0.01% APY [3]. Seeking out online-only banks and high-yield savings accounts can substantially increase interest earnings on savings.
At U.S. Bank, a higher APY can be achieved by pairing a qualifying checking account with a Bank Smartly savings account. Many online banks pay high APYs on all balances, and minimum opening requirements for these accounts are often $100 or less. Online banks also do not typically have monthly fees.
The power of compounding helps your interest earn interest over time with higher APYs. However, it's essential to note that the APYs shown are as of July 31, 2025, and may have changed since they were last updated.
In summary, high-yield savings accounts offer a significant advantage over national average savings accounts in terms of interest earnings. For those looking to maximise their savings' growth while maintaining liquidity and FDIC insurance coverage, exploring high-yield savings accounts and online-only banks could be a worthwhile consideration.
References: 1. Bankrate 2. NerdWallet 3. U.S. Bank 4. Peak Bank 5. EverBank
- Navigating the personal-finance industry, particularly in the banking-and-insurance sector, reveals that high-yield savings accounts offer a noteworthy edge over national average savings accounts, with some online-only banks providing yields up to 8 times higher.
- In the realm of personal-finance management, high-yield savings accounts, a segment of the finance industry, are worth considering for individuals aiming to optimize the growth of their savings, while still enjoying liquidity and FDIC insurance coverage.
