Interest rates on savings accounts have been falling, according to recent data. The FDIC reports the national average savings account rate stands at 0.39%. Three years ago, that figure was just 0.06%.
While the national average remains low compared to other investment options, some accounts offer significantly higher returns. The highest savings account rate currently available from verified partners is 4% APY. This rate is offered by SoFi, Valley Bank Direct, and Barclays.
The amount of interest earned from a savings account depends on the annual percentage rate, or APY. This measures total earnings after one year, considering both the base interest rate and how often interest compounds. Savings account interest typically compounds daily.
With a $1,000 deposit at the average 0.39% rate and daily compounding, the balance would grow to $1,003.91 after one year. That includes just $3.91 in interest.
Choosing a high-yield savings account at 4% APY changes the calculation dramatically. The same $1,000 deposit would grow to $1,040.81 over one year, earning $40.81 in interest.
Larger deposits generate proportionally higher returns. A $10,000 deposit in a 4% APY account would reach $10,408.08 after twelve months, producing $408.08 in interest.
SoFi offers up to 4.00% Annual Percentage Yield on SoFi Savings with a 0.70% APY Boost added to the 3.30% APY as of December 23, 2025. This boost applies for up to six months. To qualify, customers must open a new SoFi Checking & Savings account and enroll in SoFi Plus by January 31, 2026. 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.