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.
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.
Where do you keep your savings?
Standard savings accounts (84%) are the most popular option for people to grow their nest egg, while about 1 in 5 (22%) are opting for high-interest savings accounts.
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.
Ryan Brinks is a former editor and publisher at Finder, specializing in investments. He holds a journalism degree from University of Wisconsin–River Falls.
A compound interest account reinvests your earned interest into your balance. This new balance then continues to earn interest, knowing as compounding.
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.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
What is your source for determining the savings account interest rates? Thank you.
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
How much interest would I have earned on a deposit of $50,000.00 since the calendar year of 2002?
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