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History of savings account interest rates

Let's take a look at how they've moved since 2010.

Shirley Liu

Updated Apr 27, 2020

Fact checked

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.

Graph
Chart

Date	Interest rate
January 2010	0.21%
July 2010	0.20%
January 2011	0.17%
July 2011	0.14%
January 2012	0.11%
July 2012	0.09%
January 2013	0.07%
July 2013	0.06%
January 2014	0.06%
July 2014	0.06%
January 2015	0.06%
July 2015	0.06%
January 2016	0.06%
July 2016	0.06%
January 2017	0.06%
July 2017	0.06%
January 2018	0.06%
July 2018	0.08%
January 2019	0.09%

*Based on the national average interest rates for savings accounts according to the FDIC.

Current savings account interest rates

Name	Interest rates (APY)	Fee	Minimum deposit to open
American Express® High Yield Savings	0.60%	$0	$0	Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.	Go to site More Info	Compare	loading Fetching your data...
Axos Bank High Yield Savings	0.61%	$0	$250	No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.	Go to site More Info	Compare	loading Fetching your data...
Aspiration Spend & Save Account	1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month	$0 per month or $7 per month for Aspiration Plus ($5.75 per month if you pay annually)	$10	Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.	Go to site More Info	Compare	loading Fetching your data...
CIT Bank Money Market	0.55%	$0	$100	A savings account with a higher-than-average rate and minimal fees.	Go to site More Info	Compare	loading Fetching your data...
SoFi Money	0.25%	$0	$0	SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.	Go to site More Info	Compare	loading Fetching your data...
Chase Savings	0.01%	$5 per month (can be waived)	$0	A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.	Go to site More Info	Compare	loading Fetching your data...
CIT Bank Savings Builder High Yield Savings Account	0.50% on $25,000+ or set up a direct deposit of $100+ each month 0.30% on $0 to $24,999	$0	$100	No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates	Go to site More Info	Compare	loading Fetching your data...
Discover Online Savings Account	0.60%	$0	$0	Take advantage of a high-interest online savings account with no fees, no minimums and more.	Go to site More Info	Compare	loading Fetching your data...
BBVA Money Market	0.21% on $1,000,000+ for 3 months (0.20% after) 0.13% on $10,000 to $999,999.99 for 3 months (0.10% after) 0.05% on $0 to $10,000	$15 per month (can be waived)	$25	Earn a promotional APY for your first 3 months and access your money by ATM, check or bill pay.	Go to site More Info	Compare	loading Fetching your data...
Discover Money Market	0.50% on $100,000+ 0.45% on $1 to $99,999	$0	$2,500	This money market account offers a competitive APY.	Go to site More Info	Compare	loading Fetching your data...
UFB Direct High Yield Savings	0.40%	$0	$100	Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account.	Go to site More Info	Compare	loading Fetching your data...
Betterment Everyday Cash Reserve	0.40%	$0	$10	This savings account has no account and overdraft fees, plus it requires no minimum balance.	Go to site More Info	Compare	loading Fetching your data...
Synchrony High Yield Savings	0.65%	$0	$0	Earn one of the highest interest rates without the fees.	Go to site More Info	Compare	loading Fetching your data...
UFB Direct Premium Money Market Account	0.40% on $25,000+ 0.10% on $0 to $24,999.99	$10 per month (can be waived)	$5,000	Enjoy the security and earning potential of a savings account while maintaining the flexibility to write checks.	Go to site More Info	Compare	loading Fetching your data...
Radius Bank High-Yield Savings	0.25% on $25,000+ 0.15% on $2,500 to $24,999.99 0.05% on $10 to $2,499.99	$0	$100	A free high-interest savings account with a $100 minimum deposit to open	Go to site More Info	Compare	loading Fetching your data...

Compare up to 4 providers

Bottom line

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.

History of CD interest rates

Thank you for your feedback!

Shirley Liu

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

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4 Responses

RuthJuly 9, 2019

What is your source for determining the savings account interest rates? Thank you.

Reply
- finder Customer Care
  
  JeniJuly 9, 2019Staff
  
  Hi Ruth,
  
  Thank you for getting in touch with Finder.
  
  The data comes from the FDIC and only goes back to mid-2009.
  
  I hope this helps.
  
  Thank you and have a wonderful day!
  
  Cheers,
  Jeni
  
  Reply
AprilMay 14, 2019

How much interest would I have earned on a deposit of $50,000.00 since the calendar year of 2002?

Reply
- finder Customer Care
  
  JeniMay 14, 2019Staff
  
  Hi April,
  
  Thank you for getting in touch with Finder.
  
  Kindly get in touch with your bank to check your account’s rate as well as to have an estimate of the interest earned since you invested in 2002. Please note that the interest computation is based on your bank’s rate.
  
  I hope this helps.
  
  Thank you and have a wonderful day!
  
  Cheers,
  Jeni
  
  Reply