Reported 2 days ago
The average interest rate for savings accounts in the U.S. is currently 0.56% APY, according to a recent Bankrate survey. However, many online banks offer significantly higher rates through high-yield savings accounts, with options like LendingClub Bank and Bread Financial offering APYs of 4.75% and 4.50% respectively. By comparing institutions, consumers can find savings accounts with better yields, often with lower or no minimum balance requirements, making online banks a preferable choice over traditional brick-and-mortar banks.
Source: YAHOO