On March 25, 2024, the best savings rates were around 5% APY, while the national average was below 0.5%. Bankrate’s March 20 snapshot put the average APY among its 50 highest-yielding savings and money-market accounts at 4.74%. The figures show how wide the gap was, but they do not identify one definitive top-paying bank on March 25.
How high were the best savings rates?
In mid-March 2024, the highest savings-account rates were around 5% APY, according to NerdWallet’s March 13 rate forecast. Bankrate’s separate snapshot, based on rates as of March 20 and reported March 27, found that its 50 highest-yielding savings and money-market accounts averaged 4.74% APY.
Those figures describe a competitive range, not a single guaranteed best account. The available rate data does not establish which bank paid the highest rate on March 25, and account terms and eligibility can differ.
How did those offers compare with the national average?
The national average savings-account rate was 0.47% in January 2024 and 0.46% in February, according to FDIC figures reported by NerdWallet. These averages were far below the approximately 5% rates available from leading high-yield accounts.
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The Federal Reserve’s target range for the federal funds rate was 5.25%–5.50% in March 2024, after reaching a two-decade high. That benchmark helps explain the broader high-rate environment, but it is not the rate a consumer earns on a savings account; banks set deposit rates independently.
Was a savings account paying less than 4% competitive?
By the standards of leading offers in March 2024, a rate below 4% was behind the market’s top tier. Bankrate and YouGov found that 67% of savers earned less than 4% on their savings, based on a survey of 3,581 U.S. adults fielded February 20–23, 2024. Bankrate Chief Financial Analyst Greg McBride said, “Despite widespread availability of higher returns on federally-insured accounts with little or no minimum deposit requirement, two-thirds of savers are earning less than 4% on their emergency savings.”
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That comparison does not mean every saver should move every dollar. Access needs, fees, minimums, transfer timing, and account protections matter alongside APY.
What to compare before choosing an account
- APY: Compare annual percentage yields rather than headline interest rates; APY reflects compounding.
- Rate variability: Savings APYs can change. A rate advertised in March 2024 is historical, not a promise about what an account pays now.
- Minimums and fees: Check the opening deposit and balance requirements, plus any monthly maintenance fee that could reduce earnings.
- Access to funds: Review how deposits and withdrawals work, including transfer timing and any withdrawal limits or restrictions stated by the institution.
- Deposit insurance: Confirm that the institution and account are covered by FDIC insurance, and understand applicable coverage limits.
- Time horizon: If you can leave money untouched for a set term, a certificate of deposit may offer a guaranteed term rate in exchange for less liquidity and possible penalties for early withdrawal.
For a current decision, confirm the APY and full terms directly with the financial institution. This article is a historical snapshot of rates around March 25, 2024, not a current-rate ranking.
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What the rate averages do—and do not—show
The leading-account average and national average measure different things: Bankrate’s 4.74% figure covers its 50 highest-yielding savings and money-market accounts as of March 20, while the FDIC figures are national averages for savings accounts in January and February. Neither is a complete inventory of every account available nationwide, and the 4.74% average should not be read as a rate offered by any one bank.
Bankrate’s weekly national-average series, identified as FRED series BRMSA0104, is based on a survey of 10 large institutions in 10 large U.S. markets, with bank and thrift rates weighted equally. It is useful for following rate trends, but it is not a ranking of all available offers.
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