An average is between 0.01% to 0.07%, which doesn’t offer you much. APY rates are calculated annually, and most often are awarded monthly.
Your interest rates work best with something that is called compound interest. That means that your interest amount is calculated each day instead of every month.
If you receive your interest and your balance increases, compound interest takes the new number into account without you having to do anything.
A good APY interest rate is 1.00% or more. The higher the interest rate, the more you will make.
Keep an eye out for banks that state things like “2.00% APY interest rate*”—the asterisk means there are conditions that apply.
You can usually find those conditions at the bottom of the page you are on, which might require high minimum balances. We’ve done our best to avoid banks that do this for this list.