Over the course of the past year, consumers have seen banks and credit unions continuously raise deposit account APYs in response to a string of federal funds rate increases.
Data from the FDIC shows that the national average rate for savings accounts stands at 0.39% today, compared to 0.06% this time last year. However, many high-yield savings accounts and certificates of deposit (CDs) boast APYs upwards of 4% or even 5%, in some cases.
