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High-yield savings accounts near 4% APY, far above U.S. average
The FDIC reports the national average savings account rate at 0.38%, while some accounts advertise rates hovering around 4% APY, including up to 4.15% from Forbright Bank for new customers through year-end.
Yahoo Finance highlights that the average interest rate on a U.S. savings account is 0.38%, according to the FDIC.
The article says that rates today are higher than historical norms, and that the best high-yield savings accounts can offer upward of 4% APY, noting savings rates are variable and can change over time.
It cites examples, including Forbright Bank's Growth Savings account, which it says can pay up to 4.15% APY for new account holders through the end of this year, then 3.85% APY afterward, with no minimum deposit to open but a $1,000 deposit requirement to qualify for a 0.30% APY boost.
Yahoo Finance also points to Bask Bank's Interest Savings Account, which it says pays 3.75% APY, with potential additional boosts for new customers via qualifying activities, and it lists CIT's Platinum Savings account as offering different APYs depending on balance tiers.
Latest closePlatinum $1,647.50 ▼2.7%