Current Savings Account Interest Rates

8/3/2022/ Comments off

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High Savings Account 3% Apy
Current Savings Account Interest Rates
Current Savings Account Interest Rates 2019
Current Savings Account Interest Rates Canada

.Minimum balance to open the Platinum Money Market account is $10,000.00. Please see a KeySavings Bank Representative for more information. At our discretion, we may change the interest rate on the above accounts after account opening. Fees could reduce the earnings on the above accounts.
Current Deposit Rates for -. Savings Accounts: Annual Percentage Yields and Interest Rates shown are offered on accounts accepted by the Bank and effective for the dates shown above, unless otherwise noted. Interest Rates are subject to change without notice.
Variable rate account – Rates are determined at the bank’s discretion and may change at any time. Speak to a banker for current deposit rates, disclosures on rates, compounding and crediting and other.

When shopping around for the right savings account, it’s important to know what you want from the account. It’s also important to know how your options stack up against the competition. Are you currently earning below the average savings account interest rate? Are there other accounts out there that would allow you to earn more on interest? Here are the average interest rates on savings accounts, as well as some accounts that outpace the average.

. Tax free is the contractual rate of interest payable where interest is exempt from income tax. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate.

Average Interest Rate for Savings Accounts

According to the FDIC, the national average interest rate on savings accounts currently stands at 0.04% APY. This applies to both average and jumbo deposits (balances over $100,000).

While it was once easy to find a savings account at your local bank offering rates upwards of 3%, rates dropped precipitously following the Great Recession, with the national rate falling to approximately 0.22% for average deposits in 2009. The decline in rates is thanks in large part to the Federal Reserve lowering rates in December of 2008 and holding them steady until 2015. The Fed made four rate hikes in 2018, which helped boost savings account APYs. However, they dropped three times in 2019.

High Savings Account 3% Apy

You’ll typically find the lowest interest rates at brick-and-mortar banks. Big banks often offer a 0.01% APY on their most basic savings accounts. There is sometimes an opportunity to earn at a better rate on higher balances, but even this higher tier rarely goes beyond 0.10% APY.

If you’re looking for the best rates in the industry, you’ll have much better luck with savings accounts at online banks. Interest rates in this category get bumped up into the 1.50% to 2.00% APY range, and these high rates are often accessible to customers regardless of balance tier. Some of the best online savings accounts are at Ally Bank, Marcus by Goldman Sachs and Synchrony.

Overview of Online Savings Accounts
Bank Account	Minimum Balance for Rate	APY
TAB Bank High-Yield Savings	$1	0.50%
HSBC Direct Savings	$1	0.15%
Citizens Access Online Savings Account	$5,000	0.40%
Ally Bank Online Savings Account	$0	0.50%
Marcus by Goldman Sachs High-Yield Savings	$0	0.50%
Synchrony High-Yield Savings	$0	0.50%

Average Interest Rate for Linked Checking-Savings Accounts

Often, savings accounts can earn higher rates if you link it with a checking account from the same bank. Some banks may even offer a separate savings account, with a higher rate, that requires a linked checking account. This is typically the case with big banks that can’t offer the most competitive rates overall.

For example, the Chase Premier Savings account normally earns 0.01% APY. However, if you link either a Chase Premier Plus Checking or Chase Premier Platinum Checking account, you can earn at slightly higher rates. Your linked checking account must also have at least five customer initiated transactions per statement period.

Checking-Savings Account APYs
Bank Account	Standard APY	Minimum Balance for Relationship Rate	Relationship APY
Chase Premier Savings	0.01%	$0 $50,000 $100,000 $250,000	0.02% 0.03% 0.04% 0.05%
Fifth Third Relationship Savings	0.01%	$0.01	0.02%
PNC Standard Savings	0.01%	$1 $2,500	0.02% 0.03%

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