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On April 15, 2024, the FDIC’s national savings deposit rate was 0.46% for its $2,500 product tier. That was a national weighted average, not the highest rate available from a bank. The FDIC also reported a 6.08% national rate cap, which is a regulatory limit—not a consumer account offer. The available official figures do not establish which individual savings account had the best broadly available APY that day.
What were savings rates on April 15, 2024?
| FDIC figure | Value | What it means |
|---|---|---|
| National savings deposit rate | 0.46% | FDIC national weighted average for the $2,500 product tier; not an account-specific offer. |
| National savings rate cap | 6.08% | Regulatory cap for institutions subject to rate restrictions; not a ranking or evidence that a consumer account paid this APY. |
Both figures are from the FDIC’s historical table for April 15, 2024: FDIC national rates. The table reports national figures; it does not identify the highest-paying individual savings account.
Which bank had the best savings rate that day?
No verified account-level source establishes a winning bank, product, or APY for April 15, 2024. It would be misleading to turn the FDIC’s 0.46% average or 6.08% regulatory cap into a “best account” rate. A defensible historical ranking would require dated bank disclosures and the eligibility terms attached to each offer.
How to compare savings rates fairly
Compare annual percentage yield (APY), rather than the nominal interest rate alone. Federal Reserve Regulation DD guidance explains that APY reflects both the interest rate and compounding over a 365-day period: Federal Reserve Regulation DD.
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For a dated offer, check these terms in the bank’s account disclosure:
- APY and date: Record the stated APY and the date it applies.
- Balance tiers: Check minimums, maximums, and tier cutoffs; an “up to” APY may apply only to a particular balance range.
- Rate duration: Determine whether the rate is variable or promotional and, for a promotion, when it ends.
- Eligibility and actions: Verify who can open the account and whether qualifying deposits or other actions are required.
- Fees and access: Review fees and withdrawal or access rules that could affect the account’s value to you.
- Insured bank: Identify the bank named in the account disclosure.
How to find the exact APY for April 15, 2024
- Look for a bank rate sheet or account disclosure explicitly dated April 15, 2024, or otherwise clearly showing the APY in effect on that date.
- Match the advertised APY to its balance tier, minimums, eligibility requirements, fees, and any promotional end date.
- Compare only offers whose terms and availability can be verified for that date; do not treat a current rate or an undated historical list as proof of a past offer.
A historical rate is not a current recommendation. To choose an account today, check current bank disclosures and note their “as of” date; the April 15, 2024 FDIC figures cannot establish today’s best offer.
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