Inquiry concerning the customary interest rate charged for savings deposits attracts attention here.
In the ever-evolving financial landscape, savvy savers are increasingly turning to high-yield online savings accounts to grow their nest eggs more efficiently. According to Bankrate's latest survey, as of mid-July 2025, the national average savings account yield stands at a modest 0.57 percent Annual Percentage Yield (APY), a decrease from a recent high of 0.47% in March 2024 following Federal Reserve rate cuts.
However, the best online banks are offering significantly higher APYs. Varo Money leads the pack with a staggering 5.00% APY, followed closely by Peak Bank (4.44%), Openbank (4.30%), BrioDirect (4.30%), EverBank (4.30%), and several others, who offer APYs between 4.15% and 4.44% [1]. These rates are roughly 10 to 13 times higher than the national average, demonstrating substantial benefits for savers who choose high-yield online banks over traditional offerings [4].
Online banks like Capital One, Marcus by Goldman Sachs, and Sallie Mae also offer competitive APYs, ranging from about 3.5% to 3.9% [3]. The power of compounding interest means that these higher rates can accelerate savings growth over time, as interest earns interest [4].
Many online banks, such as those mentioned, have lower minimum balances and do not charge monthly fees. They also pay the same APY on all balances, unlike some brick-and-mortar banks that offer higher rates to customers with larger balances or who have multiple accounts [2].
At U.S. Bank, for example, a higher APY can be obtained by pairing a qualifying checking account with a Bank Smartly savings account. However, the standard APY on Bank Smartly savings is only 0.05 percent APY on any balance [2].
In contrast, with at least $25,000 in combined balances across accounts at U.S. Bank, you'll earn 3 percent APY or more [2]. If you have another qualifying U.S. Bank account and have $5,000 or less across accounts, you'll earn 1 percent APY [2].
Bankrate surveys nearly 500 banks and credit unions weekly to generate the national averages, ensuring that their data is current and comprehensive [2]. The survey includes institutions that are broadly available and offer high yields, as well as some of the nation's largest banks [2].
In conclusion, the best high-yield savings accounts are paying upwards of 4 percent APY, providing a compelling alternative for those seeking to maximise their savings growth. Calculate the difference between the APY at a big bank compared with the yield at an online bank to see what higher-interest earnings look like [4].
The industry of banking-and-insurance is witnessing a shift towards high-yield online savings accounts, which offer personal-finance savers significantly higher Annual Percentage Yields (APYs) compared to traditional brick-and-mortar banks. These online banks, such as Varo Money, Peak Bank, Openbank, BrioDirect, EverBank, and several others, provide APYs that are 10 to 13 times higher than the national average savings account yield, offering substantial benefits for savvy savers [1]. Additionally, online banks like Capital One, Marcus by Goldman Sachs, and Sallie Mae offer competitive APYs ranging from about 3.5% to 3.9%, providing another attractive alternative for those looking to maximize their savings growth [3].