The interest rate on a traditional savings account varies depending on the bank, and the national average interest rate for savings accounts is 0.42% APY as of July 2023. However, the average savings account rate is not a rate you should settle for, and you should aim for an annual percentage yield (APY) many times the national average, such as those offered by high-yield savings accounts. The interest rates on savings accounts have been on the rise, but traditional savings accounts usually offer lower rates than money market accounts or certificates of deposit. Here are some examples of interest rates for traditional savings accounts:

• Chase Savings: 0.01% (as of 3/24/2023)
• US Bank Standard Savings: 0.01%
• Wells Fargo Saving Account: 0.01%
• TD Simple Savings: 0.02%
• Bank of America Savings Account: 0.01% to 0.04%

Its important to note that switching your savings from a traditional savings account to a high-yield savings account could help your money grow much quicker. High-yield savings accounts pay up to 5.50% APY right now, and many online institutions tend to offer the most competitive interest rates.