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Data company S&P Global keeps track of interest rates offered by banks for products ranging from savings accounts and CDs to personal loans.
Here are the average interest rates of several different products offered by banks:
According to data from S&P Global, the average savings account interest rate is .07%. But, that doesn’t mean its not possible to earn more on your money.
The average online savings account earns a much higher interest rate than the typical account from a brick and mortar bank. High-yield savings accounts, which work the same as a typical savings account but earn more interest, are a great way to make your money work harder.
Here are a few popular online banks that offer high-yield savings accounts and their interest rates:
CDs are a popular way to keep money growing without the risk of the stock market. These accounts lock money away for a certain amount of time, generally ranging from one month to five years depending on your bank. While taking money out before the term ends comes with a penalty, these accounts have the benefit of higher interest rates than typical savings accounts or money market accounts, on average.
It’s worth noting that CD interest rates can change based on how much money you’re depositing. Here’s the average interest rate for a $10,000 CD, according to data from S&P Global:
|Product||Average interest rate|
|CD – 1 month||.06%|
|CD – 6 months||.18%|
|CD – 1 year||.27%|
|CD – 2 years||.35%|
|CD – 3 years||.41%|
|CD – 4 years||.45%|
|CD – 5 years||.53%|
Not all checking accounts earn interest, but there are a few accounts out there that offer this perk.
On average, checking accounts that earn interest earn .05%. Keep in mind that this is an average, however, so specific accounts could earn more or less.
Here are the interest rates offered by several checking accounts:
Money market accounts tend to earn a little bit more interest than savings accounts. Money market accounts are not much different from savings accounts, and either is a good place to keep money when it needs to stay liquid and growing.
Here are the average money market account interest rates, according to S&P Global data:
|Money market account balance||Interest rate|
Interest rates vary widely depending on what you need to finance. Currently, mortgages tend to have the lowest interest rates of any loan type. Personal loans have the highest interest rate of any loan product, mainly because they’re unsecured loans.