Average Bank Interest Rates for CDs, Savings, Money Markets

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  • According to the FDIC, the average savings account earns 0.33% APY, and CDs earn 0.15% to 1.28% APY.
  • Online banks tend to offer higher interest rates than the average savings account. 
  • Keep in mind interest rates vary by bank and may fluctuate over time.

The Federal Deposit Insurance Corporation keeps track of interest rates offered by banks for products ranging from savings accounts and CDs to personal loans.

Here are the average interest rates of several different products offered by banks.

Average bank interest rates for savings accounts

According to data from the FDIC, the average savings account interest rate is 0.33% APY. But, that doesn’t mean it’s not possible to earn more on your money. 

The average online savings account earns a much higher interest rate than the typical account from a brick-and-mortar bank. High-yield savings accounts, which work the same as a typical savings account but earn more interest, are a great way to make your money work harder. 

Compare current savings rates

Here are a few popular online banks that offer high-yield savings accounts and their interest rates: 

Average bank interest rates for CDs

CDs are a popular way to keep money growing without the risk of the stock market. These accounts lock money away for a certain amount of time, generally ranging from one month to five years depending on your bank. While taking money out before the term ends comes with a penalty, these accounts have the benefit of higher interest rates than typical savings accounts or money market accounts, on average. 

It’s worth noting that CD interest rates can change based on how much money you’re depositing. Here’s the average interest rate for a $10,000 CD, according to data from the FDIC:

Average bank interest rates for interest checking accounts

Not all checking accounts earn interest, but there are a few accounts out there that offer this perk

On average, checking accounts that earn interest earn 0.06% APY (Annual Percentage Yield). Keep in mind that this is an average, however, so specific accounts could earn more or less.

Here are the interest rates offered by several checking accounts: 

Average bank interest rates for money market accounts

Money market accounts tend to earn a little bit more interest than savings accounts. Money market accounts are not much different from savings accounts, and either is a good place to keep money when it needs to stay liquid and growing. The average money market account pays 0.44% APY, according to the FDIC.

How to find the best bank interest rates

The average bank interest rate varies by the type of account you’re considering. Depending on what account you’re looking to open, there might be other factors that play into the interest rate you’ll see, like the account’s balance or opening deposit. 

It’s also worth noting that interest rates vary by bank. You might find that online banks have higher interest rates on savings accounts than the bank with a branch down the street. Comparing accounts is important to get the best interest rate, but making sure that the account you’re considering doesn’t have any fees that could eat into your earnings is equally important. 

Interest rates for both deposit accounts, like checking and savings, and loans are constantly in flux. They can change at any moment, and the account with the highest interest rate today may not be the one with the highest interest rate next month.

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