High-yield savings account rates have been declining, yet several leading accounts continue to pay annual percentage yields above 4%. To secure the best possible interest on savings, conducting research to identify competitive offers is essential.
The Federal Deposit Insurance Corporation reports the average interest rate on a traditional savings account stands at just 0.39%. In contrast, high-yield accounts frequently offer significantly higher returns.
As of January 13, 2026, the top savings account rate available from verified partners is 4% APY. This rate is currently provided by SoFi, Valley Bank Direct, and Barclays.
Over the past ten years, savings account interest rates have experienced considerable fluctuation. Between 2010 and approximately 2015, rates remained extremely low, averaging between 0.06% and 0.10%. This period followed the 2008 financial crisis and the Federal Reserve's move to reduce its target rate nearly to zero to encourage economic expansion.
From 2015 through 2018, interest rates started to climb slowly but stayed low compared to historical averages. The emergence of the COVID-19 pandemic in 2020 prompted another rapid decline as the Fed cut rates again to boost the economy, pushing average savings rates down to about 0.05% to 0.06% by mid-2021.
Subsequently, savings account rates saw a notable recovery, largely fueled by the Fed's interest rate increases aimed at combating high inflation. However, the Fed reduced the federal funds rate in late 2024 and throughout 2025, leading to a steady drop in deposit rates.
Although interest rates have risen significantly since 2021, the average savings account rate remains relatively low, particularly when measured against market investments. For long-term objectives like funding education or retirement, a savings account may not yield sufficient returns to meet those goals.
For emergency funds, down payments, vacations, or other short-term aims, a high-yield savings account is often suitable, especially if easy access to funds is required. Alternatives such as money market accounts and certificates of deposit might provide comparable or higher rates but typically limit withdrawal frequency. Comparing options to find an account with a strong rate and minimal fees is crucial.
SoFi offers up to 4.00% Annual Percentage Yield on its Savings product with a 0.70% APY Boost added to the 3.30% APY as of December 23, 2025, for a maximum of six months. Opening a new SoFi Checking & Savings account and enrolling in SoFi Plus by January 31, 2026, is necessary. Rates are variable and may change, with terms available at sofi.com/banking#2. SoFi Bank, N.A. is a member of the FDIC.