Overview of Savings Interest Rates - The national average savings account rate is currently 0.39%, a significant increase from 0.06% three years ago [2] - Despite the low national average, some top savings accounts are offering rates as high as 4% APY [2] High-Yield Savings Accounts - As of February 8, 2026, the highest savings account rate available is 4% APY, offered by institutions such as SoFi, Valley Bank Direct, and Barclays [3] - The interest earned from a savings account is determined by the annual percentage rate (APY), which accounts for the base interest rate and compounding frequency [3] Interest Earnings Examples - A $1,000 deposit at the average interest rate of 0.39% would yield a total of $1,003.91 after one year, resulting in $3.91 in interest [4] - In contrast, a $1,000 deposit in a high-yield savings account at 4% APY would grow to $1,040.81, earning $40.81 in interest over the same period [4] - For a $10,000 deposit in a high-yield savings account at 4% APY, the total balance after one year would be $10,408.08, resulting in $408.08 in interest [5]