There are effectively two very different "savings rates" today. The FDIC's national average across all banks was 0.38% APY as of July 2026 — dragged down by large branch banks that pay close to nothing. Top nationwide online banks and credit unions post materially higher APYs on high-yield savings accounts, because lower overhead lets them pass more of the Fed's rate environment to depositors. Rates change monthly — check the FDIC's live table or a specific bank's disclosure for the actual current number.
"What's the savings rate right now" doesn't have one answer, because the accounts behind that question span an enormous range. A savings account at a large national branch bank and a high-yield savings account (HYSA) at an online bank are both technically "savings accounts," but the second can pay ten times or more what the first does — for the identical amount of FDIC protection.
Large branch-based banks carry the cost of physical locations, tellers, and branch real estate — overhead an online bank doesn't have. Many large banks also count on customer inertia (most people don't shop their savings rate), so they have little competitive pressure to raise it. The FDIC's national average blends these low-rate accounts together with the smaller share of competitively-priced accounts, which pulls the reported average well below what's actually available to a saver willing to open an account online.
The Federal Reserve's benchmark rate is the shared input for every bank, but each bank decides independently how much of that rate to pass to depositors. Online banks pass through a larger share because rate competitiveness is core to how they attract deposits without branches; large branch banks pass through less because rate isn't their primary competitive lever. That's a business-model difference, not a difference in safety — both are equally FDIC-insured up to the standard coverage limit.
For a ranked, currently-updated comparison of top accounts, see our best high-yield savings accounts guide. To compare live APYs across multiple banks at once, ClearValue Banking's account comparison tool pulls current posted rates.
Browse all answers
More answers to common questions about financing, banking, and credit.