Here’s what the most competitive savings accounts are paying — and (spoiler alert) you’ll find plenty paying upwards of 4% right now

“With interest rates rising, the most competitive savings accounts offer yields last seen in 2009 and they continue to climb,” says Greg McBride, chief financial analyst at Bankrate. Many accounts are currently paying 3%-4% or more.


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More than one in three (38%) of respondents to a recent Capital One survey say they didn’t know that federal interest rates had recently increased. But that increase is very good new for some high-yield savings accounts, which are now paying more than they have in a decade (see the highest savings account rates you may get now here.).

“With interest rates rising, the most competitive savings accounts offer yields last seen in 2009 and they continue to climb,” says Greg McBride, chief financial analyst at Bankrate. Many accounts are currently paying 3%-4% or more.

Today’s savings rates

All that said, the average savings account is still paying a lousy yield. Below are the latest average rates on savings accounts and CDs, according to data from Bankrate released on January 4, and then we chat with experts about how much you should be saving (yes, even in this high-inflation environment), where to put the money, and more. 

Account

Average rate paid

1 Year CD

2.30%

2 Year CD

2.43%

3 Year CD

2.58%

4 Year CD

2.52%

5 Year CD

2.70%

6 Month CD

1.77%

9 Month CD

2.43%

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