Interest rates ranged from zero, for 30% of all accounts, to a national average of 0.47% across all banks.
The 6 most competitive banks offering the highest yields were:
Their combined market share of deposits increased 14% to 5%, compared to 2021.
| Top Rate | vs.'21 % | Average Rate | vs.'21 % |
|---|---|---|---|
| 1.7% | ↓ -20% | 0.48% | ↑ 239% |
High-yield savings account is a savings account with higher interest rate than traditional savings accounts, usually offered online-only.
A money market account (MMA) or money market deposit account (MMDA) is a deposit account that pays interest based on current interest rates in the money markets.
CD or Certificate of Deposit is a deposit account, that has a specific, fixed term and usually, a fixed interest rate higher than a savings account.
A brokerage account is an investment account for buying and selling stocks, bonds, mutual funds, and ETFs or exchange traded funds.