Per Curinos, the highest interest rate today on a savings account requiring a minimum deposit of $10,000 is 4.41%. Some of the top high-yield savings accounts, for instance, currently feature rates of 4.00% or higher. However, numerous financial institutions offer considerably higher rates. The average APY for savings accounts requiring a minimum deposit of $10,000 is 0.20%, unmoved over the past week. Savings account rates - $10,000 minimum deposit Meanwhile, the average APY (annual percentage yield) for a traditional savings account, as reported by Curinos, is 0.20%, the same as last week.ĪPY represents the return your account will generate in a year, taking into account compound interest-the interest earned on both the principal and previously accumulated interest in your account.įor instance, if you were to invest $2,500 at a 4.41% rate (the current high) for one year, you would earn around $115 in interest, assuming daily compounding and no additional contributions. The highest interest rate on a standard savings account today is 4.41%, per Curinos, down from one week ago. Savings account rates - $2,500 minimum deposit The Fed countered the inflationary effects of lockdowns and rounds of stimulus bills by significantly increasing interest rates to offset soaring prices, prompting banks to raise rates for savers. The landscape, however, was turned upside down following the government’s extensive spending during the pandemic. Known as “statement savings accounts” in the banking business, savings accounts offered infinitesimal yields after the 2008 financial crisis when the Fed slashed short-term rates to near zero, and kept them there for years, in order to stimulate the economy. Average APY date accurate as of June 13, 2023.
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