Typical APY on savings accounts, money-market accounts and CDs — average vs top-of-market rates. ✓ APY by type
| Account type | National average APY | Competitive APY |
|---|---|---|
| Checking account | 0.07% | 0.50% |
| Traditional savings (big bank) | 0.40% | 0.50% |
| Money-market account | 0.60% | 4.20% |
| High-yield savings | 4.30% | 5.00% |
| 1-year CD | 1.80% | 4.50% |
| 3-year CD | 1.50% | 4.10% |
| 5-year CD | 1.40% | 4.00% |
Where you keep your cash makes a big difference. Big-bank savings accounts often pay a national average of just 0.40% APY, while high-yield savings accounts at online banks pay several times more — often 4% or higher. Certificates of deposit (CDs) reward you for locking money up for a set term, and money-market accounts sit in between, usually with easier access. The gap between the average and the top of the market is large, so shopping around genuinely pays.
Deposit rates rise and fall with Federal Reserve policy: when the Fed raises rates, high-yield savings and new CD rates climb; when it cuts, they fall. A fixed-rate CD locks its rate until maturity, which can be an advantage when rates are falling. Plan your interest with our savings calculator, CD calculator and APY calculator.
APY (annual percentage yield) includes the effect of compounding, so it's the number to compare between accounts. These are US editorial averages based on FDIC national data and public bank rates; savers in the UK, Canada and Australia can apply the same shop-around principle to their own markets.