The average APY in US banks is still 0.5% despite much higher interest rates and inflation. My credit union offers 3% for their premium (high balance) savings.

[–] JCPhoenix 4 points 1 year ago

I'm getting like 4% at Ally in just a standard savings account. No minimums. They also have some no penalty CD with no length of deposit requirement. Think that CD earns 4.5% or something.

I have a Capital One 360 savings account that's also around 4%.

There are banks that are giving decent returns on savings accounts, with no minimums. It's just that these typically aren't gonna be brick and mortars.

That all said, I do have to wonder how many people have the savings, the extra funds, to really take advantage of the higher rates. I'm lucky and fortunate that I'll make a few hundred dollars this year in interest. But that requires like $10k just "lying around" (this is my emergency fund). But 57% of American adults say they can't even afford a $1000 emergency expense. So even if their bank did offer these higher rates, they may not have the money in the first place. It takes money to make money, right?

[–] furrowsofar 3 points 1 year ago* (last edited 1 year ago)

Shop, use treasury direct, or a broker. Banks usually give crap rates.