What are today's savings account interest rates: May 4, 2026?

There are still multiple, high-interest rate savings accounts to consider this May. PHIL LEO/PM Images/ News last week that the Federal Reserve was keeping interest rates paused - its third such freeze this year - may not have been the development borrowers were hoping for, but it will help to maintain the status quo for savers. And that's largely been a lucrative one in recent years. After inflation surged in 2022, the Fed increased interest rates to combat it, causing borrowing costs to rise alongside exponentially higher returns on select savings accounts . The Fed only started cutting interest rates in gradual amounts in 2024, then waited again until the final months of 2025 to resume cutting. There's been no such reduction so far in 2026 with no anticipation of an imminent one either (there's no Fed meeting even on the calendar for May). So now could be an optimal time for savers to explore their high-rate options, if they haven't already done so. To better decide on what account and rate makes sense for their money currently, it first helps to know where savings account interest rates stand right now, as of May 4, 2026. That's what we'll explore below. See how much interest you could be earning on your money with a top savings account . What are today's savings account interest rates? The average interest rate on a savings account is 0.38%, according to the April 20 update from the Federal Deposit Insurance Corporation (FDIC) . …