Wealthy PotAverage Savings Account Interest Rate: 0.37%, and What High-Yield Accounts Pay
The average savings account in the US pays 0.37% a year. That is the FDIC's national rate for savings in its September 2026 release, based on rates as of August 31, 2026. The same release puts interest checking at 0.07%, money market accounts at 0.63% and a 12-month CD at 1.73%. High-yield savings accounts pay far more: the 14 accounts we checked on September 7, 2026 offered 3.00% to 4.00% APY, a median of about 3.35%, roughly nine times the national average. This page gives the full FDIC table, how the average is calculated, its history since 2009, and what the gap means in dollars.
Table of Contents
The Short Answer
- The FDIC national average savings rate is 0.37% (September 2026 release, rates as of August 31, 2026). A year earlier it was 0.40%.
- Other national averages in the same release: interest checking 0.07%, money market 0.63%, CDs from 0.23% (1 month) to 1.73% (12 months, the highest term).
- The savings average peaked at 0.47% in early 2024, the highest since the FDIC began publishing in May 2009. It sat at 0.06% through 2021 and early 2022.
- High-yield accounts we track paid 3.00% to 4.00% APY on September 7, 2026. Three-month Treasury bills yielded 3.91% on August 31 and 4.23% on October 8, 2026.
- Hypothetically, $10,000 for a year earns about $37 at 0.37% and $400 at 4.00%.
- Deposits are insured up to $250,000 per depositor, per bank, per ownership category. Interest is taxable, and banks send Form 1099-INT once you earn $10 or more.
National Average Rates by Account Type
The FDIC publishes a "national rate" for each common deposit product every month. It exists to enforce a banking rule (less than well capitalized banks may not pay far above market rates), but it is also the most widely used official measure of what a typical account pays.
| Account type | National rate, Sept 2026 | Sept 2025 |
|---|---|---|
| Savings | 0.37% | 0.40% |
| Interest checking | 0.07% | 0.07% |
| Money market | 0.63% | 0.59% |
| 1-month CD | 0.23% | 0.23% |
| 3-month CD | 1.13% | 1.55% |
| 6-month CD | 1.41% | 1.60% |
| 12-month CD | 1.73% | 1.70% |
| 24-month CD | 1.61% | 1.46% |
| 36-month CD | 1.36% | 1.33% |
| 48-month CD | 1.28% | 1.26% |
| 60-month CD | 1.38% | 1.34% |
The averages are not shaped the way you might expect. A 12-month CD pays more than a five-year CD, and money market accounts beat plain savings by only about a quarter of a point. Over the past year short CDs fell (the 3-month average dropped from 1.55% to 1.13%) while two- to five-year CDs edged up. For a full side-by-side of the account types, see money market accounts vs savings accounts; for current CD offers at specific banks, see our CD rates tracker.
How the FDIC Calculates the National Rate
Three details explain why the national average is so low next to the rates advertised online:
- It is weighted by deposits. Since April 2021 the national rate is the average of rates paid by all insured banks and credit unions with available data, "weighted by each institution's share of domestic deposits." Banks that hold the most deposits count the most, so a small online bank paying 4% barely moves the figure.
- It uses a small balance tier. Savings and interest checking rates are for the $2,500 product tier. Money market and CD rates average the $10,000 and $100,000 tiers. The data comes from S&P Capital IQ Pro and SNL Financial; the FDIC does the calculation.
- It lags by about three weeks. Each release, published on the third Monday of the month, reflects rates on the last business day of the prior month.
The lag matters right now. The September 2026 figures describe August 31. On September 16, 2026, the Federal Reserve raised its federal funds target range by a quarter point to 3.75% to 4.00%. Rates set after that date will first appear in the October release, due October 19, 2026. National savings averages have historically moved slowly after Fed changes, so expect a small shift rather than a jump.
The National Savings Rate Since 2009
The FDIC began posting national rates on May 18, 2009. Until March 31, 2021, it calculated them differently: weekly, weighted by branch rather than deposits, and excluding credit unions. The two series are close but not strictly comparable.
| Year | National savings rate (year-end) | Method |
|---|---|---|
| 2009 | 0.20% | Prior rule (weekly) |
| 2010 | 0.17% | Prior rule |
| 2011 | 0.11% | Prior rule |
| 2012 | 0.07% | Prior rule |
| 2013 to 2017 | 0.06% | Prior rule |
| 2018 | 0.09% | Prior rule |
| 2019 | 0.09% | Prior rule |
| 2020 | 0.05% | Prior rule |
| 2021 | 0.06% | Revised rule (monthly) |
| 2022 | 0.30% | Revised rule |
| 2023 | 0.46% | Revised rule |
| 2024 | 0.42% | Revised rule |
| 2025 | 0.39% | Revised rule |
| Sept 2026 | 0.37% | Revised rule |
The pattern is that the average barely reacts. In 2022 the Fed raised its target range from near zero to 4.25% to 4.50% by December, yet the national savings rate only went from 0.06% to 0.30%. Its highest reading in either series, 0.47%, came in the January and March 2024 releases. Its lowest was 0.04% in March 2021. In 2026 it has drifted down from 0.39% in January to 0.37% in September.
High-Yield Savings and Treasury Bills vs the Average
To compare the average with what is available, we use two dated, primary sources: our own check of advertised rates on each provider's site, and the US Treasury's daily yield curve.
| Benchmark | Rate | Date |
|---|---|---|
| FDIC national savings rate | 0.37% | Aug 31, 2026 (Sept release) |
| FDIC national money market rate | 0.63% | Aug 31, 2026 |
| High-yield savings, lowest of 14 we track | 3.00% APY | Sept 7, 2026 |
| High-yield savings, median of 14 (our calculation) | 3.35% APY | Sept 7, 2026 |
| High-yield savings, highest of 14 | 4.00% APY (conditional) | Sept 7, 2026 |
| 3-month Treasury bill | 3.91% | Aug 31, 2026 |
| 3-month Treasury bill | 4.23% | Oct 8, 2026 |
| Savings "national rate cap" | 4.38% | Sept 2026 release |
The cheapest high-yield account on our list still paid about eight times the national average. The national rate cap of 4.38% is the most that a less than well capitalized bank may generally pay on savings; well capitalized banks are not bound by it. Our high-yield savings comparison lists each account's current rate, minimums and conditions, and high-yield savings vs money market covers which type suits which saver. Treasury bills pay a similar rate without being bank deposits; CDs vs Treasury bills compares the two.
What $10,000 Earns in a Year
APY already includes compounding, so one year's interest is simply the balance times the APY. For a hypothetical $10,000 left untouched for 12 months, assuming the rate does not change (savings rates are variable and usually do):
| Rate | What it represents | Interest after 1 year (hypothetical) |
|---|---|---|
| 0.07% | National interest checking average | $7 |
| 0.37% | National savings average | $37 |
| 0.63% | National money market average | $63 |
| 1.73% | National 12-month CD average | $173 |
| 3.35% | Median high-yield savings APY we track | $335 |
| 4.00% | Top high-yield savings APY we track | $400 |
Moving $10,000 from an average account to one paying 4% is worth about $363 a year in this example. The difference grows with the balance, which is why it matters most for an emergency fund. See how much to keep in savings and how your balance compares with average savings by age. To project longer periods, use the compound interest calculator.
Insurance and Taxes on Savings Interest
Insurance. FDIC deposit insurance covers $250,000 per depositor, per FDIC-insured bank, for each account ownership category (single, joint, certain retirement accounts, trusts and others). Savings, checking, money market deposit accounts and CDs are covered. Treasury bills, mutual funds (including money market funds) and other investments are not, even if bought through a bank. Credit unions have separate coverage from the NCUA, which insures individual accounts at federally insured credit unions up to $250,000. Before chasing a higher rate, check that the account is held at an insured bank or credit union and that your balance at that institution stays within the limit.
Taxes. The IRS treats interest on bank accounts, money market accounts and CDs as taxable income in the year it is credited to an account you can withdraw from. If you receive $10 or more of interest, the bank should send you Form 1099-INT. Interest under $10 is still taxable: you must report all taxable interest even without a form. Interest is taxed at your ordinary income rate, so in the hypothetical above, $400 of interest taxed at a 22% federal bracket would cost $88, leaving $312.
Sources & Methodology
- FDIC, National Rates and Rate Caps, September 2026: national rates, rate caps, Treasury yields and method notes, published September 21, 2026.
- FDIC, National Rates and Rate Caps, Previous Rates: historical Excel files for the revised rule (April 2021 onward) and prior rule (May 2009 to March 2021).
- Federal Reserve, FOMC statement, September 16, 2026: target range raised to 3.75% to 4.00%; and the December 14, 2022 statement (4.25% to 4.50%).
- US Treasury, Daily Par Yield Curve Rates, 2026: 3-month bill yields for August 31 and October 8, 2026.
- FDIC, Understanding Deposit Insurance and NCUA, Share Insurance Coverage: $250,000 limits and what is not covered.
- IRS, Topic 403: Interest Received and Instructions for Forms 1099-INT and 1099-OID: taxability of interest and the $10 reporting threshold.
- Wealthy Pot high-yield savings survey: APYs for 14 accounts read from each provider's official page on September 7, 2026, shown on our high-yield savings pages.
Method notes. The "average savings account interest rate" here is the FDIC national rate for savings, the only official, monthly, nationwide figure. Private surveys use different samples and weighting and so report different averages; we do not mix them in. Year-over-year figures compare the September 2026 and September 2025 releases. The history table uses the last reading of each year; the switch from branch-weighted, bank-only weekly figures to deposit-weighted monthly figures in April 2021 means the two parts are not strictly comparable. The high-yield median is our calculation from the 14 headline APYs (the midpoint of the 7th and 8th values); several of those rates have conditions such as minimum balances or direct deposit. The $10,000 and tax examples are hypothetical.
This article is for general information and is not financial or tax advice. Figures are from the FDIC, the Federal Reserve, the US Treasury, the NCUA, the IRS and our own dated survey of bank websites, checked against the primary sources on 2026-10-09. Deposit rates are variable and change often; confirm the current rate and terms with the bank before opening an account, and consider speaking to a qualified professional about your situation.
FAQ
What is the average savings account interest rate right now?
0.37%, according to the FDIC's September 2026 national rates, which reflect rates as of August 31, 2026. The next update is due October 19, 2026.
What is a good interest rate for a savings account?
Anything well above the 0.37% national average. On September 7, 2026, the 14 high-yield accounts we track paid 3.00% to 4.00% APY, with a median of about 3.35%, and 3-month Treasury bills yielded close to 4%.
Why is the national average so low when online banks pay 3% to 4%?
The FDIC weights each bank's rate by its share of domestic deposits, so the banks holding the most money set the average. It also uses the $2,500 balance tier for savings. The rate on a typical account at a large branch bank therefore matters far more to the figure than the rates online banks advertise.
What is the average money market account rate?
0.63% in the FDIC's September 2026 release, up from 0.59% a year earlier. That is the average for deposit accounts at banks and credit unions, not money market mutual funds.
What is the average CD rate?
It depends on the term. In September 2026 the FDIC national rate was 1.73% for a 12-month CD, the highest of any term, 1.41% for 6 months, 1.36% for 36 months and 1.38% for 60 months.
Has the average savings rate ever been higher?
Not since the FDIC began publishing it in May 2009. The highest reading was 0.47% in early 2024. Older figures from before 2009 come from other sources and methods.
How much interest will $10,000 earn in a savings account?
About $37 in a year at the 0.37% national average and about $400 at 4.00% APY, assuming the rate stays the same all year. Both are hypothetical, before tax.
Do I pay tax on savings account interest?
Yes. Interest is taxable as ordinary income. Banks send Form 1099-INT if you earn $10 or more, but you must report all taxable interest even if you do not get a form.
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"Average Savings Account Interest Rate: 0.37%, and What High-Yield Accounts Pay." Wealthy Pot, 2026. https://wealthypot.com/average-savings-interest-rate/
