Average Interest Rate On Checking Accounts

Interest bearing checking rates average around 0 04 apy for traditional brick and mortar banks and 1 00 apy for online only banks.

Average interest rate on checking accounts. The core purpose of checking accounts is to provide security and accessibility of your cash and sometimes offer modest interest on your funds. Historical national average checking account interest rates have decreased by a spread of 0 07 over the last 10 years. Major banks only give out around 0 01 apy on most interest checking options and the national average of 0 04 is mostly a reflection of the high interest rates of online banks and smaller regional banks whose account policies tend to be more generous to customers. Savings and interest checking account rates are based on the 2 500 product tier while money market and certificate of deposit are based on the 10 000 and 100 000 product tiers for non jumbo and jumbo accounts respectively.

Data used to calculate the national rates are gathered by ratewatch. The average checking account rate in 2020 is 0 5. Consumers credit union ccu offers several rate levels in the rewards checking account. The more hurdles you clear the higher your rate.

The average checking account rate decreased from 0 6 to 0 5 for 1 year. While it was once easy to find a savings account at your local bank offering rates upwards of 3 rates dropped precipitously following the great recession with the. Average interest rate for savings accounts.