Savings Account Rates Today: March 16, 2023—Earn 4% Or More On Your Savings

Rates on savings accounts are mixed compared to a week ago as the Federal Reserve boosts interest rates. You can now earn 4.29% or higher on your savings.
Shopping for an account where you can park some cash? Here’s a look at some of the best savings rates you’ll find today.
Related: Compare the Best Online Savings Accounts

Highest Savings Account Rates Today

Highest Rate
Average APY

Traditional Savings

High-Yield Savings (Minimum $10K Deposit)

High-Yield Savings (Minimum $25K Deposit)

Money Market Account


*Highest reported in the last week. Data unavailable for today.

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Quoted rates are based on the highest clicked-on rate for each savings type. For banks and credit unions offering the top rates, check out our list of the best high-yield savings accounts.
Savings Rates Today: Traditional Savings Account
Traditional savings accounts, called “statement savings accounts” within the banking industry, have been known for paying paltry interest in recent years. That’s now changing, thanks to the Fed.
Today’s highest interest rate on a standard savings account is 4.29%, according to data from If you spot a basic savings account with a rate in that range, you’ve found a good deal. One week ago, the best rate was 4.22%.
The national average rate is just 0.35%, according to the most recent data from the FDIC, the government agency that insures bank deposits. Today’s average APY for a traditional savings account is 1.28%, Bankrate says.
APY, or annual percentage rate, shows the actual return your account will earn during one year. It factors in compound interest, which is the interest that builds up on the interest in your account.
Savings Rates Today: High-Yield Savings Account
High-yield savings accounts typically pay much higher interest than a conventional savings account. But the trade-off is you’ll have to meet tough requirements set by the bank or credit union. Often, that means making a large deposit to open the account.
The average APY for high-yield accounts requiring a minimum deposit of $10,000 is now 0.24% APY, the same as a week ago.
The current average is 0.49% APY for a high-yield account with a $25,000 minimum deposit. That’s the same as last week’s APY.
Savings Rates Today: Money Market Account (MMA)
Money market accounts are savings accounts that offer some of the perks of checking accounts. Typically, you can write checks and have some debit card privileges.
MMAs tend to pay at least slightly higher interest than a standard savings account. The FDIC says the average MMA rate is 0.48%, versus 0.35% for a traditional savings account.
But today, the best money market accounts have rates as high as 4.65%. That’s above the top rate of 3.68% from one week ago.
The average APY for an MMA is now 0.48%, the same as this time last week, according to Bankrate.
Related: Savings Rates Forecast 2023
How High Can Savings Rates Go?
That’s tough to say—it depends on the path of inflation and the overall economy.
The highest interest rates in recent memory were seen in 1980 and ‘81, when the Fed sent its federal funds rate soaring above 19%. That was in the face of runaway inflation that had prices rising at an annual rate of more than 14%.
In the early 1980s, the typical five-year CD was paying close to 12%, compared to less than 2% today, according to Bankrate data. Savings rates would eventually fall as inflation cooled off and the federal funds rate was brought back down.