Average Savings Account Interest Rate in May 2026
The national average savings account interest rate is a benchmark for what most Americans earn on their deposits. Most traditional banks pay at or near that average — high-yield savings accounts pay significantly more.
What is the average savings account interest rate?
The national average savings account interest rate is 0.38% APY as of May 2026, according to FDIC data. That figure reflects an average across thousands of accounts at banks of all sizes.
The best high-yield savings accounts, typically offered by online banks, routinely pay several times the national average.
How the average savings account rate has changed over time
Savings rates sat near historic lows through early 2022. The Federal Reserve’s rate-hiking cycle drove the national average higher through 2023, where it peaked before drifting back down.
Average savings account rate vs. high-yield savings account rate
The national average interest rate on savings accounts is a baseline, not a ceiling. Online banks operate with lower overhead and use competitive rates to attract deposits, which is why the gap between the national average and the best available rates for high-yield savings accounts remains wide.
Top high-yield savings accounts currently pay well above the national average. For most savers, switching accounts is the single most effective way to earn more on cash.
See also: What is a good APY for a savings account? | How to choose a savings account