The Average Interest Rate on a Savings Account

Savings accounts are available through private banks and federal credit unions.
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Backed by federal insurance, savings accounts are the safest investment around. Of course, with no risk, there is little or no reward. Because there is almost no risk to put your money in a savings account, they typically offer a very low return on investment.

Average APY

According to CNN Money, the average annual percentage yield on a savings account in the United States was just 0.06 percent in 2013. This means that if you nested away $100,000 in the average savings account, it would net you an additional $60 in interest over the course of one year.

Higher Interest Yields

Some banks offer substantially above-average interest yields on savings accounts. Seeking out a savings account with a high APY can net you significantly more. For example, your $100,000 in a bank with a 0.5 percent annual interest rate would give you $500 in yearly interest, while a 1 percent APY would give you $1,000 per year. Online banks may be the place to save; both Forbes and CNN Money report that online savings accounts had the highest APYs in 2013.

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