U. S.
financial institutions adjusted interest rates on high-yield savings and money market accounts on June 30, 2026, following the Federal Reserve's decision to keep its benchmark rate unchanged.
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According to Federal Deposit Insurance Corporation data, the national average traditional savings account yield remains at 0.38%.
High-yield savings accounts still offer yields up to 5.00%, primarily driven by online-only banks and certain credit unions.
Varo Bank currently offers a 5.00% annual percentage yield on balances up to $5,000, after which the rate drops to 2.50%.
Other institutions such as GO2bank and St. Mary's Credit Union provide yields up to 4.50%, while Lee Bank offers a 4.00% rate for physical branch depositors.
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A recent BTIG research report noted that major providers including Apple, Ally Financial, Capital One Financial, and Marcus by Goldman Sachs reduced their rates by 5 basis points to a peer median of 3.4%.
"We’re candidly unsure what to make of deposit rate cuts, with the market probabilities calling for one quarter point Fed rate hike in December 2026," said Vincent Caintic, specialty finance analyst for BTIG.
The central bank previously lowered the federal funds rate three times in 2025 to its current range of 3.50% to 3.75%, where it has remained throughout 2026.
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Money market accounts offer yields near 4.00% along with check-writing flexibility and immediate asset access.
Comparison of Annual Interest Earned by Account Type
- Balance $5,000: Varo $250; 4% Account $200
- Balance $10,000: Varo $375; 4% Account $400
- Balance $20,000: Varo $625; 4% Account $800
- Balance $50,000: Varo $1,375; 4% Account $2,000
