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History of savings account interest rates

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

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Ryan Brinks

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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%
July 20190.10%
January 20200.09%
July 20200.06%
January 20210.05%
July 20210.06%
January 20220.06%
July 20220.10%

*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.

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.

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Ryan Brinks is a former editor and publisher at Finder, specializing in investments. He holds a journalism degree from University of Wisconsin–River Falls. See full bio

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4 Responses

    Default Gravatar
    RuthJuly 9, 2019

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

      AvatarFinder
      JeniJuly 9, 2019Finder

      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

    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?

      AvatarFinder
      JeniMay 14, 2019Finder

      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

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