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History of savings account interest rates

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

Shirley Liu
Shirley Liu

Updated

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.

DateInterest rate
January 20100.21%
July 20100.20%
January 20110.17%
July 20110.14%
January 20120.11%
July 20120.09%
January 20130.07%
July 20130.06%
January 20140.06%
July 20140.06%
January 20150.06%
July 20150.06%
January 20160.06%
July 20160.06%
January 20170.06%
July 20170.06%
January 20180.06%
July 20180.08%
January 20190.09%

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

Current savings account interest rates

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
0.50%
$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
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
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 $15 per month for Aspiration Plus ($12.50 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
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
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
CIT Bank Money Market
Finder Rating: 3.9 / 5: ★★★★★
CIT Bank Money Market
0.45%
$0
$100
A savings account with a higher-than-average rate and minimal fees.
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More Info
CIT Savings Connect
Finder Rating: 4 / 5: ★★★★★
CIT Savings Connect

0.50% on + If you deposit $200+ monthly into your eChecking account, otherwise 0.42%
$0
$100
CIT Savings Connect combines aspects of a checking and savings account in one product.
Go to site
More Info
SoFi Money
Finder Rating: 4.3 / 5: ★★★★★
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
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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

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4 Responses

    Default Gravatar
    RuthJuly 9, 2019

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

    Reply
      Avatarfinder 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
    Default Gravatar
    AprilMay 14, 2019

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

    Reply
      Avatarfinder 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
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