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Kiplinger

Business

Paige Cerulli

Online Banks Still Lead on Rates, But Is Switching Worth it Now?

Interest Rates FDIC the Federal Reserve US Federal Reserve

(Image credit: Getty Images)

If you’re looking for the best interest rate on a savings account, chances are you’ll find it at an online bank. Online banks, which are banks that operate without physical branches, offer convenient digital banking and competitive interest rates that can maximize your return on your savings.

The national average interest rate for savings accounts is 0.61% APY, per Bankrate. However, online banks offer rates as high as 4%.

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