The average bank interest rates for savings accounts, CDs, money market accounts, and loansJanuary 22, 2021
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Data company S&P Global keeps track of interest rates offered by banks for products ranging from savings accounts and CDs to personal loans.
Here are the average interest rates of several different products offered by banks:
Average bank interest rates for savings accounts
According to data from S&P Global, the average savings account interest rate is .07%. But, that doesn't mean its not possible to earn more on your money.
The average online savings account earns a much higher interest rate than the typical account from a brick and mortar bank. High-yield savings accounts, which work the same as a typical savings account but earn more interest, are a great way to make your money work harder.
Here are a few popular online banks that offer high-yield savings accounts and their interest rates:
|Bank||Interest rate (APY)|
|Capital One 360 Performance Savings™||0.40% APY|
|Ally High Yield Savings Account||0.50% APY|
|Marcus by Goldman Sachs High Yield Online Savings Account||0.50% APY|
|Vio Bank Online High-Yield Savings Account||0.57% APY|
|CIT Bank Savings Builder High Yield Savings Account||0.29% to 0.45% APY|
|Synchrony High-Yield Savings Account||0.60% APY|
Average bank interest rates for CDs
CDs are a popular way to keep money growing without the risk of the stock market. These accounts lock money away for a certain amount of time, generally ranging from one month to five years depending on your bank. While taking money out before the term ends comes with a penalty, these accounts have the benefit of higher interest rates than typical savings accounts or money market accounts, on average.
It's worth noting that CD interest rates can change based on how much money you're depositing. Here's the average interest rate for a $10,000 CD, according to data from S&P Global:
|Product||Average interest rate|
|CD – 1 month||.05%|
|CD – 6 months||.14%|
|CD – 1 year||.21%|
|CD – 2 years||.27%|
|CD – 3 years||.32%|
|CD – 4 years||.35%|
|CD – 5 years||.42%|
Average bank interest rates for interest checking accounts
Not all checking accounts earn interest, but there are a few accounts out there that offer this perk.
On average, checking accounts that earn interest earn .05%. Keep in mind that this is an average, however, so specific accounts could earn more or less.
Here are the interest rates offered by several checking accounts:
|Ally Interest Checking Account||0.10% to 0.25% APY|
|CIT Bank eChecking||0.10% to 0.25% APY|
|Capital One 360 Checking||0.10% APY|
|HMBradley Account||0% – 3% APY|
|Simple Online Checking||None|
|USAA Classic Checking||0.01% on balances of $1,000 or more|
|Axos Bank Rewards Checking||Up to 1.25% APY|
Average bank interest rates for money market accounts
Money market accounts tend to earn a little bit more interest than savings accounts. Money market accounts are not much different from savings accounts, and either is a good place to keep money when it needs to stay liquid and growing.
Here are the average money market account interest rates, according to S&P Global data:
|Money market account balance||Interest rate|
The average bank interest rates for loans
Interest rates vary widely depending on what you need to finance. Currently, mortgages tend to have the lowest interest rates of any loan type. Personal loans have the highest interest rate of any loan product, mainly because they're unsecured loans.
Here are the average interest rates for several types of loan products, including auto loans, home equity lines of credit and loans, personal loans, and mortgages, according to S&P Global data.
|Loan type||Interest rate|
|Auto loan — New, 36-month||3.86%|
|Auto loan — New, 60-month||3.93%|
|Auto loan — Used, 36-month||4.21%|
|Auto loan — Used, 60-month||4.21%|
|Personal loan — 36-month||9.43%|
|Home equity line of credit — $50,000||4.27%|
|Home equity line of credit — $100,000||4.13%|
|Home equity loan — 5-year||4.81%|
|Home equity loan — 10-year||5.11%|
|Home equity loan — 15-year||5.31%|
|Mortgage — 30-year fixed||3.01%|
How to find the best bank interest rate
The average bank interest rate varies by the type of account you're considering. Depending on what account you're looking to open, there might be other factors that play into the interest rate you'll see, like the account's balance or opening deposit.
It's also worth noting that interest rates vary by bank. You might find that online banks have higher interest rates on savings accounts than the bank with a branch down the street. Comparing accounts is important to get the best interest rate, but making sure that the account you're considering doesn't have any fees that could eat into your earnings is equally important.
Interest rates for both deposit accounts, like checking and savings, and loans are constantly in flux. They can change at any moment, and the account with the highest interest rate today may not be the one with the highest interest rate next month.
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