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According to the FDIC, the average savings account interest rate is 0.33% APY.
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According to the FDIC, the average savings account earns 0.33% APY, and CDs earn 0.15% to 1.28% APY.
Online banks tend to offer higher interest rates than the average savings account.
Keep in mind interest rates vary by bank and may fluctuate over time.
The Federal Deposit Insurance Corporation keeps track of interest rates offered by banks for products ranging from savings accounts and CDs to personal loans.
Here are the average interest rates of several different products offered by banks.
Average bank interest rates for savings accounts
According to data from the FDIC, the average savings account interest rate is FDIC National Deposit Savings Rates – APY APY. But, that doesn’t mean it’s not possible to earn more on your money.
The average online savings account earns a much higher interest rate than the typical account from a brick-and-mortar bank. High-yield savings accounts, which work the same as a typical savings account but earn more interest, are a great way to make your money work harder.
Compare current savings rates
Here are a few popular online banks that offer high-yield savings accounts and their interest rates:
Bank
Interest rate (Annual percentage yield (APY))
Capital One 360 Performance Savings™
1% APY
Ally High Yield Savings Account
1.10% APY
Marcus by Goldman Sachs High Yield Online Savings Account
1.05% APY
Vio Bank Online High-Yield Savings Account
1.21% APY
CIT Bank Savings Connect Account
CIT Bank Savings Connect Account
Synchrony High-Yield Savings Account
Synchrony High-Yield Savings Account
Average bank interest rates for CDs
CDs are a popular way to keep money growing without the risk of the stock market. These accounts lock money away for a certain amount of time, generally ranging from one month to five years depending on your bank. While taking money out before the term ends comes with a penalty, these accounts have the benefit of higher interest rates than typical savings accounts or money market accounts, on average.
It’s worth noting that CD interest rates can change based on how much money you’re depositing. Here’s the average interest rate for a $10,000 CD, according to data from …read more
Source:: Business Insider
