Average interest rate for savings accounts The national average interest rate for savings accounts is 0.05% APY, according to the Federal Deposit Insurance Corp. Online banks typically offer savings rates that are higher than the national average, while traditional brick-and-mortar banks generally offer lower rates. Money grows faster in an account with a higher interest…

Margarette Burnette is a writer at NerdWallet. Email: mburnette@nerdwallet.com. Twitter: @Margarette.

The article What Is the Average Savings Account Interest Rate? originally appeared on NerdWallet.

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