As with standard savings, you can find online-only banks offering much better interest rates on money market accounts compared to brick-and-mortar institutions. Typically online money market rates hover around 0.80% to 0.85% for all balances, which is much better than the national average of 0.08% APY.
https://www.valuepenguin.com/banking/average-bank-interest-rates
The APY tells you the interest rate you'll earn over a year of savings, taking compound interest into account. Some accounts compound daily, others monthly and still others annually. If there are two accounts that have the same interest rate, the one that compounds more frequently will have a higher APY.
https://smartasset.com/checking-account/savings-account-comparison
But you might be able to get a higher interest rate than the one you've settled for. The average savings account has a measly 0.06% APY (annual percentage yield, or interest), and many of the nation's biggest banks pay rates as low as 0.01%. But there are actually some accounts that pay yields closer to 1%.
http://money.cnn.com/2013/10/01/pf/savings-account-yields/index.html
Savings Accounts. When you were young, a savings account taught you a valuable lesson. Now, you want one with a good interest rate. We've compiled offers from banks and credit unions to help you find the best savings account for you.
https://www.nerdwallet.com/rates/Savings-Account
The rate on a savings account is the periodic rate (also known as a nominal rate) we mentioned when we explained the APY. When you're comparing to find the best savings accounts, it’s a good idea to take a look at both the rate and the APY. With some accounts the rate and the APY you see will be the same.
https://smartasset.com/checking-account/savings-account-comparison
Average Savings Account Interest Rates for 2017: Compared Across Banks. When reporting the interest rates for their savings accounts, banks list the Annualized Percentage Yield (APY), a figure that includes the effect of compounding. Most banks offer a variety of savings accounts, each offering a different interest rate.
https://www.valuepenguin.com/average-savings-account-interest-rates
While the average U.S. savings account rate for banks has held steady at 0.06% APY since May 2013, there's a good deal of variation among different options. The largest banks, which stick to the traditional brick-and-mortar business model, won't offer more than 0.01% APY on their standard savings accounts.
https://www.valuepenguin.com/banking/average-bank-interest-rates
Withdrawals will reduce earnings. At maturity, the Step Rate CD will automatically renew as a Standard (non-step) 24-month fixed rate CD (Time Account), at the interest rate and APY in effect for CDs not subject to a Special Offer Rate, unless the Bank has notified you otherwise. Public Funds are not eligible for this offer.
https://www.wellsfargo.com/savings-cds/rates/
Average Interest Rates for High Balance Savings Accounts. Approximately 15% of Americans have over $10,000 tucked away in their savings accounts, enough to qualify for the higher interest rates. These increases are divided across multiple tiers. Here are some examples of interest rate increases for differing minimum balances that we found in America's top bank.
https://www.valuepenguin.com/average-savings-account-interest-rates
Average Bank Interest Rates in 2017: Checking, Savings, Money Market, and CD Rates. When you put money in a bank, you'll find that you earn different interest rates based on the type of deposit account you open and the institution you do business with.
https://www.valuepenguin.com/banking/average-bank-interest-rates
average interest rate for saving account
The average interest for a savings account is 0.06 percent. The average interest rate for a saving account is 0.06 percent.