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Over the past week, average savings account rates have inched up all while banks try to figure out if the Federal Reserve’s pause in interest rate hikes is permanent.

More broadly, savers are enjoying a favorable situation that offers an excellent chance to strengthen your emergency fund or save for a major purchase. Regardless of your goal, strive to find a savings account that features a competitive interest rate, minimal fees and exceptional customer service, along with a seamless digital user experience.

Savings rates today
Average APYHigh rate
$2,500 minimum deposit0.22%4.22%
$10,000 minimum deposit0.22%4.22%
Source: Curinos. Average APY date accurate as of August 03, 2023.

Savings accounts provided minuscule yields following the Great Recession thanks to the Fed keeping borrowing costs low in order to cajole economic growth.

This low-rate environment was abandoned, however, following the government’s extensive spending during the pandemic, which caused the Fed to significantly boost interest rates to offset soaring inflation. That then prompted banks and credit unions to raise rates for savers.

Savings account rates — $2,500 minimum deposit

The highest interest rate on a standard savings account today is 4.22%, per Curinos, the same as a week ago. Meanwhile, the average APY (annual percentage yield) for a traditional savings account, as reported by Curinos, is 0.22%, up slightly from last week.

APY represents the return your account will generate in a year, taking into account compound interest—the interest earned on both the principal and previously accumulated interest in your account.

For instance, if you were to invest $2,500 at a 4.22% rate (the current high) for one year, you would earn around $110 in interest, assuming daily compounding and no additional contributions.

Savings account rates — $10,000 minimum deposit

The average APY for savings accounts requiring a minimum deposit of $10,000 is 0.22%, a tick higher than last week. But remember that many banks offer significantly higher rates.

Some of the top high-yield savings accounts, for instance, currently feature rates of 4.00% or higher.

Per Curinos, the highest interest rate today on a savings account requiring a minimum deposit of $10,000 is 4.22%. If you were to invest $10,000 at a 4.22% rate (the current high) for one year, you would earn more than $430 in interest, assuming daily compounding and no additional contributions.


To establish average savings account rates, Curinos focused on savings accounts intended for personal use. Savings accounts that fall into specific categories are excluded, including promotional offers, relationship-based accounts, private, youth, senior and student/minor. The average savings rates quoted above are based on a $2,500 or $10,000 minimum deposit amount.

Frequently asked questions (FAQs)

A savings account offers a secure space for you to store money that isn’t required for daily use. Keeping savings separate from your everyday funds can help reduce the temptation to spend impulsively.

A savings account can act as a rainy-day fund, earning interest while maintaining liquidity.

The ideal savings account for you hinges on your priorities.

If you already have a relationship with a bank or credit union, such as a checking account or loan, opening a savings account should be straightforward. If you value face-to-face banking, consider an institution with physical branches near your residence.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Taylor Tepper


Taylor Tepper is lead editor for banking at USA Today Blueprint and is an award-winning journalist and former senior staff writer at Forbes Advisor, Wirecutter/New York Times and Money magazine. His work has also appeared in Fortune, Time, Bloomberg, Newsweek and NPR. He lives in Dripping Springs, TX with his wife and 3 kids and welcomes bbq tips.

Megan Horner


Megan Horner is editorial director at USA TODAY Blueprint. She has over 10 years of experience in online publishing, mostly focused on credit cards and banking. Previously, she was the head of publishing at where she led the team to publish personal finance content on credit cards, banking, loans, mortgages and more. Prior to that, she was an editor at Credit Karma. Megan has been featured in, American Banker, Lifehacker and news broadcasts across the country. She has a bachelor’s degree in English and editing.