BankingPicks Savings Rate Index
A weekly snapshot of what online banks pay on savings and CDs, checked at each bank’s own website and compared with the national average.
This week’s Savings Rate Index is 3.88% APY. That is the average standard rate of the 11 high yield savings accounts we track that pay their rate with no direct deposit or monthly deposit rules. It is about 10 times the FDIC national average savings rate of 0.38%. On $10,000, that is about $388 a year in interest vs. about $38. Rates checked at each bank on Oct 19, 2026.
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This week’s numbers
| Measure | This week |
|---|---|
| Savings Rate Index (average, no monthly rules) | 3.88% APY |
| Same 7 accounts as last week | 3.75% APY (no change) |
| Highest savings rate with no monthly rules | 4.27% APY, Peak Bank Envision |
| Highest savings rate with monthly rules | 4.21% APY, Axos ONE (5.00% for 6 months on new accounts opened by Oct 31) |
| Highest 12 month CD | 4.60% APY, Popular Direct ($10,000 minimum) |
| Highest CD rate on any term | 5.00% APY on 60 months, tied by Sallie Mae ($2,500 minimum, as of Oct 23, 2026) and Popular Direct ($10,000 minimum) |
| FDIC national average, savings | 0.38% (Oct 19, 2026) |
| FDIC national average, 12 month CD | 1.76% (Oct 19, 2026) |
FDIC national averages are published monthly; these are the October 2026 figures, released Oct 19, 2026. Last month: savings 0.37%, 12 month CD 1.73%.
Why the index rose this week
None of the 7 accounts in last week’s edition changed its rate, and that group still averages 3.75%. The index rose to 3.88% because we added four accounts that qualify for it: EverBank, Newtek Bank, Bread Savings and Openbank (standard rate only; its 0.35% new customer boost is excluded). Compare the like for like figure when you look at week to week moves.
Savings accounts in the index
| Account | Standard APY | Rate as of |
|---|---|---|
| Peak Bank Envision | 4.27% (new accounts) | Oct 1, 2026 |
| EverBank Performance Savings | 4.20% (new accounts) | Oct 9, 2026 |
| Newtek Bank | 4.20% | Oct 19, 2026 |
| Always.bank | 4.10% | Oct 19, 2026 |
| Bread Savings | 4.05% | Oct 19, 2026 |
| Ivy Bank | 4.00% on $2,500 or more | Sep 22, 2026 |
| Openbank | 4.00% standard | Oct 19, 2026 |
| Western Alliance Bank | 3.80% | Jan 8, 2026 |
| E*TRADE Premium Savings | 3.75% | Oct 19, 2026 |
| American Express | 3.20% | Oct 19, 2026 |
| Capital One 360 Performance | 3.10% | Oct 19, 2026 |
| Index (average of 11) | 3.88% |
“Rate as of” is the date each bank gives for its rate; we confirmed every rate on the bank’s site on Oct 19, 2026. Standard rates only: promotional boosts and cash bonuses are excluded.
Tracked, but not in the index
These accounts need direct deposit or monthly deposits for their top rate, so we report them separately:
- Axos ONE Savings: 4.21% with monthly direct deposit and balance rules (Oct 19, 2026)
- Happen Bank LevelUp: 4.20% in months you deposit $250 or more, 3.00% otherwise (Oct 16, 2026)
- SoFi: 3.30% with direct deposit or $5,000 in deposits every 31 days (checked Oct 19, 2026)
Best CD rate by term
| Term | Top rate we track | Rate as of |
|---|---|---|
| 3 months | 4.30%, Popular Direct | Oct 19, 2026 |
| 6 months | 4.40%, Happen Bank | Oct 20, 2026 |
| 9 months | 4.40%, Bread Savings | Oct 19, 2026 |
| 12 months | 4.60%, Popular Direct | Oct 19, 2026 |
| 18 months | 4.85%, Bread Savings | Oct 19, 2026 |
| 2 years | 4.80%, E*TRADE | Oct 21, 2026 |
| 3 years | 4.85%, Popular Direct | Oct 19, 2026 |
| 4 years | 4.95%, Popular Direct | Oct 19, 2026 |
| 5 years | 5.00%, Sallie Mae ($2,500) and Popular Direct ($10,000) | Oct 23 and Oct 19, 2026 |
Rate changes we found
Every change below was found in our own checks of each bank’s website. Newest first.
| Date | Bank | Change |
|---|---|---|
| Oct 20, 2026 | Happen Bank CDs | 6 month raised from 4.30% to 4.40%; 11 month from 4.40% to 4.65% |
| Oct 19, 2026 | FDIC national averages | October release: savings 0.37% to 0.38%, 12 month CD 1.73% to 1.76%, 5 year CD 1.38% to 1.41% |
| Oct 16, 2026 | Happen Bank CDs | 2 year raised from 4.60% to 4.76% (found in our Oct 18 check) |
| Oct 17, 2026 | American Express High Yield Savings | Raised from 3.10% to 3.20% APY |
| Oct 15, 2026 | Bread Savings CDs | 18 month raised from 4.75% to 4.85%; 2, 3, 4 and 5 year each raised 0.10 point, to 4.55%, 4.60%, 4.65% and 4.70% |
| Oct 13, 2026 | Bread Savings CDs | 18 month raised from 4.50% to 4.75%; 1 year from 4.25% to 4.45% |
| Oct 7, 2026 | Barclays CDs | 12 month raised from 4.25% to 4.50%; 2 year from 4.35% and 5 year from 4.25%, both to 4.75%; 9 month cut from 4.15% to 4.00% |
| Oct 2, 2026 | Bread Savings CDs | 9 month raised from 4.30% to 4.40%; 18 month from 4.40% to 4.50% |
| Oct 2, 2026 | Marcus CDs | 12 month raised from 3.90% to 4.40%; 18 months to 6 years from 4.35% to 4.40% |
| Oct 1, 2026 | Peak Bank Envision savings | Raised from 4.01% to 4.27% APY |
| Oct 1, 2026 | Axos ONE Savings | Added a 5.00% APY rate for the first 6 months on new accounts (standard 4.21% unchanged) |
How the index works
- What is included: every high yield savings account we track that pays its standard rate without direct deposit or monthly deposit rules. A minimum balance for the rate, such as Ivy Bank’s $2,500, is allowed.
- What is excluded: promotional rate boosts, cash bonuses and accounts that need direct deposit or monthly deposits.
- How it is calculated: a simple average of each account’s standard APY, with every account weighted equally.
- Where the rates come from: each bank’s own website, checked by our team, with the date the bank gives for its rate. National averages come from the FDIC’s monthly national rates.
- How often: we publish a new edition every week and log rate changes as we find them.
Read more about how we check rates in how we rate banking products.
Past editions
| Edition | Index | FDIC national average |
|---|---|---|
| Oct 19, 2026 | 3.88% (11 accounts; the original 7 still 3.75%) | 0.38% |
| Oct 17, 2026 (first edition) | 3.75% (7 accounts) | 0.37% |
Use this data
Journalists, researchers and bloggers are welcome to cite the BankingPicks Savings Rate Index with a link to this page. For questions or a comment on savings rates, email hello@bankingpicks.com.
Find the best account for you on our best high yield savings accounts and best CD rates pages, or see what your savings could earn with our high yield savings calculator. To see each individual rate change with its date, use our rate change tracker.
Frequently asked questions
What is the average high yield savings rate right now?
The BankingPicks Savings Rate Index was 3.88% APY in its Oct 19, 2026 edition: the average standard rate of 11 high yield savings accounts that need no direct deposit or monthly deposits.
How does that compare with the national average?
The FDIC national average savings rate was 0.38% as of Oct 19, 2026, so the index is about 10 times higher.
What is the highest savings rate right now?
At our Oct 19, 2026 check, Peak Bank Envision paid the highest standard rate with no monthly rules, 4.27% APY for new accounts. Axos ONE paid 4.21% with monthly rules.
Why did the index go up this week?
We added four qualifying accounts (EverBank, Newtek Bank, Bread Savings and Openbank). The 7 accounts from the first edition still average 3.75%.
How often is the index updated?
Every week. We also log rate changes as we find them in our checks of each bank’s website.