Putting your nest egg within easy reach when you need it, a savings account is a must-have for many people. Looking at historical savings account rates in terms of their movement alongside the national rate can help you make an informed decision when choosing a bank.
Historical savings account interest rates
The FDIC has only kept track of savings account interest rates from the beginning of 2010. See how the online savings account you’re considering performs compared to previous average market rates.
*Based on the national average interest rates for savings accounts according to the FDIC.
What are the top savings rates for 2022?
Interest on a savings account can range from a paltry 0.02% to an impressive 2% or more. The rate you receive ultimately depends on the bank and product, with digital banks offering higher rates on average. You can compare the top savings accounts on the market to find one that fits your saving needs.
Why do savings interest rates change?
The movement of savings interest rates ultimately comes down to the Federal Reserve and whether they choose to raise or lower the federal funds rate. The reserve will increase or decrease the reserve rate depending on how well the economy is doing to fight inflation or stimulate economic growth.
If you’re shopping around for a new savings account, look for a bank that will give you an interest rate that meets or exceeds the national average. While the market has been pretty stagnant over the last several years, we’re in the beginning of an upward trend, which could mean higher interest rates in the future if you choose an account with a variable rate.
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