Savings Account Savvy: Why a Good Rate is No Longer Just a Luxury The average savings account interest rate in the US has been stuck at 0. 38% for far too long.
Rates hovering around 4% APY – over 10 times the national average – are changing the game. Historically, rates of 0. 38% are actually relatively high compared to the past decade.
Since 2016, when they averaged around 0. 05%, rates have trended upward. This recent surge has created a new class of high yield savings accounts designed to attract depositors with higher returns.