On March 22, 2024, the FDIC’s national savings rate was 0.47%, while Bankrate reported a 4.74% average among the 50 highest-yielding savings and money-market accounts on its site as of March 20. These figures measure different things: neither identifies a specific account available to every saver, and the Bankrate average is not a verified ranking of the best accounts on March 22.
How the two March 2024 rate figures compare
| Measure | Rate | What it represents |
|---|---|---|
| FDIC national savings rate | 0.47% | The FDIC’s weighted national rate for savings deposits, reported March 18, 2024. Its savings product tier is $2,500; it reflects rates paid by insured depository institutions and credit unions for which data was available. FDIC, March 2024. |
| Bankrate top-50 account average | 4.74% APY | The average among the 50 highest-yielding savings and money-market accounts listed on Bankrate.com as of March 20, 2024. It is a comparison-site statistic across two account types, not one account offer or the national average. Bankrate, March 2024. |
The gap reflects different populations and methods, not a direct comparison of two offers. The FDIC figure is a weighted national benchmark; Bankrate’s number summarizes a selected group of high-yielding listings. Neither tells you which rate you personally could open an account at.
Why this is a historical snapshot, not a live best-rate list
The figures are tied to March 2024 and should not be read as rates available now. The Bankrate press release was published March 27 and gives its top-50 average as of March 20, so it does not establish the exact best accounts on March 22. A conference-paper table sampled account APYs as of March 21 using Bankrate and an author survey of bank webpages, but that nearby-date sample is not proof of a complete March 22 ranking. ABFER conference paper.
Account rates and terms can change. The available dated figures do not establish the March 22 APY, fees, eligibility rules, or withdrawal conditions for any particular named account, so they cannot support a reliable account-by-account recommendation.
#1 Best Overall
What APY tells you—and what it does not
APY, or annual percentage yield, annualizes the interest a deposit would earn under the account’s stated terms and compounding assumptions. The Federal Reserve’s Regulation DD guidance says APY reflects the relationship between interest earned for the account term and the principal used to calculate it; for savings accounts without a stated maturity date, the calculation assumes a 365-day term. Federal Reserve Board guidance.
A savings APY is not a promise that a variable rate will stay unchanged for a year. Before opening an account, read its current rate disclosure and confirm the terms that apply to you.
Rank #2
What to check before choosing a savings account
A high advertised APY is only one part of the decision. Compare the account’s current disclosures for these terms:
Quick Recap
Best Value
Rank #4
- Rate type: Is the APY variable, or is it an introductory rate that may change after a stated period?
- Deposit requirements: What is the minimum opening deposit, and is a particular balance required to earn the advertised APY?
- Fees: Does the account charge a monthly maintenance fee, and can you avoid it?
- Eligibility: Does the offer require direct deposit or another relationship with the institution?
- Access: How do transfers and withdrawals work, and are there transfer limits or ATM options?
- Deposit protection: Which institution holds the deposit, and does applicable FDIC or NCUA insurance cover it?
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
