Economy interest rates today, March 23, 2025 (the best accounts offer 3.70% APY)

The federal reserve system reduced its target rate three times at the end of 2024, which means that economical interest rates are falling from their historical maximum. It is important that you get the best possible rate when shopping on a savings account. This is followed by a schedule of interest rates of savings today and where to find the best offers.

According to FDIC, the national average savings account is 0.41%. This may not seem like power, but consider that three years ago it was only 0.06%, which reflects a sharp increase in a short period of time.

Today, our partners are 3.70% APY today. This rate is offered by two banks: American Express National Bank and Capital One. No account requires a minimum initial deposit.

Because these rates may not be much longer, consider Opening a high -return savings account Now take advantage of today's high rates.

Here's a view of some of the best savings rates available today from our proven partners:

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The amount of interest you can earn from a savings account depends on annual percentage rate (APY). This is the rate of your total earnings after one year when considering the basic interest rate and how often interest compounds (interest of the savings account usually folds daily).

Let's say you put $ 1,000 on a savings account for an average interest rate of 0.41% with a daily composition. At the end of one year, your balance would increase to $ 1 004.11 – your initial deposit $ 1,000 plus only $ 4.11 in interest.

Let's now say that you choose a high -yield savings account that offers 4% APY instead. In this case, your balance would increase to $ 1,040.81 for the same period, which includes interest $ 40.81.

The more you insert the savings account, the more you earn. If we take our same example of a high -yield savings account to 4% APY, but insert $ 10,000, your total balance would be $ 10,408.08 after one year, which means you would earn $ 408.08 in interest.