Savings Rates Plummet, But Top Accounts Still Pay Over 4% APY

As of November 11, 2025, high-yield savings account rates have been declining, but some of the top accounts are still offering competitive interest rates. According to the article, the highest savings account rate available from the publisher's partners is 4.5% APY, offered by SoFi.

The average interest rate on a traditional savings account, however, is only 0.40%, as reported by the FDIC. Over the past decade, savings account interest rates have fluctuated considerably. From 2010 to 2015, rates were extremely low, hovering around 0.06% to 0.10%, largely due to the 2008 financial crisis and the Federal Reserve's decision to lower its target rate to near zero.

Rates then began to increase gradually from 2015 to 2018, though they remained low by historical standards. The onset of the COVID-19 pandemic in 2020 led to another sharp decrease in rates as the Fed once again cut rates to stimulate the economy, bringing average savings interest rates down to new lows of around 0.05% to 0.06% by mid-2021.

Since then, savings account rates have recovered considerably, driven by the Fed's interest rate hikes in response to high inflation. However, the Fed has recently announced its second rate cut of 2025, leading to a decline in deposit rates.