Interest rates on savings accounts have been declining, making it crucial for consumers to compare options to secure the best available rate. The Federal Deposit Insurance Corporation reports the national average savings account rate currently stands at 0.39%. This figure represents an increase from 0.06% recorded three years ago.
While the average rate remains low relative to other investment avenues, the highest-yielding savings accounts on the market today offer substantially more. Several leading financial institutions are presently providing annual percentage yields of 4% or higher.
Specific partners, including SoFi, Valley Bank Direct, and Barclays, are currently offering savings accounts with a 4% APY. SoFi's offer includes a promotional boost: customers can earn up to 4.00% APY on SoFi Savings with a 0.70% APY Boost added to a base rate of 3.30% APY as of December 23, 2025, for a period of up to six months. This promotion requires opening a new SoFi Checking & Savings account and enrolling in SoFi Plus by January 31, 2026. The bank notes that rates are variable and subject to change, with terms available at sofi.com/banking#2. SoFi Bank, N.A. is a member of the FDIC.
The interest earned from a savings account is determined by its annual percentage yield, which accounts for the base interest rate and the frequency of compounding, typically daily. For example, a deposit of $1,000 in an account with the average 0.39% APY would yield approximately $3.91 in interest over one year, resulting in a total balance of $1,003.91.
In contrast, placing the same $1,000 in a high-yield account offering 4% APY would generate about $40.81 in interest, bringing the total balance to $1,040.81 after one year. The potential earnings increase with the deposit amount; a $10,000 deposit in a 4% APY account would yield roughly $408.08 in interest, resulting in a total balance of $10,408.08 after a year.