Effective Federal Funds Rate &
FDIC National Average Savings & Money Market Rates
What are these rates and why do they matter?▼
Effective Federal Funds Rate (EFFR)
The EFFR is the interest rate at which banks lend money to each other overnight. It is heavily influenced by the Federal Reserve's monetary policy. essentially determining the "base cost" of money in the economy. When this rate goes up, banks can earn more on the money they hold.
FDIC National Averages
The FDIC calculates the average interest rate that U.S. banks pay on savings accounts and on money market accounts. Each average includes data from thousands of banks, most of which are large traditional institutions that pay very little interest.
Why the Gap Matters
Notice the large gap between the FDIC lines and the Fed rate on the chart below? That gap represents profit for big banks. They earn close to the Fed rate on your deposits but pay you the national average (often near 0.45%). High-yield savings accounts close this gap by passing those earnings back to you.
📈 Federal Rates Overview
| Date | FDIC Savings Avg | FDIC Money Market Avg | Effective Fed Funds Rate |
|---|---|---|---|
| August 2026 | 0.38% | 0.63% | 3.63% |
| July 2026 | 0.38% | 0.65% | 3.63% |
| June 2026 | 0.38% | 0.61% | 3.62% |
| May 2026 | 0.38% | 0.57% | 3.64% |
| April 2026 | 0.38% | 0.57% | 3.64% |
| March 2026 | 0.39% | 0.56% | 3.64% |
| February 2026 | 0.39% | 0.56% | 3.64% |
| January 2026 | 0.39% | 0.56% | 3.64% |
| December 2025 | 0.39% | 0.58% | 3.89% |
| November 2025 | 0.40% | 0.58% | 3.86% |
| October 2025 | 0.40% | 0.59% | 4.09% |
| September 2025 | 0.40% | 0.59% | 4.33% |
| August 2025 | 0.39% | 0.59% | 4.33% |
| July 2025 | 0.38% | 0.59% | 4.33% |
| June 2025 | 0.38% | 0.59% | 4.33% |
| May 2025 | 0.42% | 0.62% | 4.33% |
| April 2025 | 0.41% | 0.62% | 4.33% |
| March 2025 | 0.41% | 0.63% | 4.33% |
| February 2025 | 0.41% | 0.64% | 4.33% |
| January 2025 | 0.41% | 0.64% | 4.33% |
| December 2024 | 0.42% | 0.66% | 4.58% |
| November 2024 | 0.43% | 0.60% | 4.83% |
| October 2024 | 0.45% | 0.61% | 4.83% |
| September 2024 | 0.46% | 0.64% | 5.33% |
| August 2024 | 0.46% | 0.64% | 5.33% |
| July 2024 | 0.45% | 0.66% | 5.33% |
| June 2024 | 0.45% | 0.67% | 5.33% |
| May 2024 | 0.45% | 0.68% | 5.33% |
| April 2024 | 0.46% | 0.66% | 5.33% |
| March 2024 | 0.47% | 0.67% | 5.33% |
| February 2024 | 0.46% | 0.66% | 5.33% |
| January 2024 | 0.47% | 0.65% | 5.33% |
| December 2023 | 0.46% | 0.64% | 5.33% |
| November 2023 | 0.46% | 0.63% | 5.33% |
| October 2023 | 0.46% | 0.65% | 5.33% |
| September 2023 | 0.45% | 0.65% | 5.33% |
| August 2023 | 0.43% | 0.62% | 5.33% |
| July 2023 | 0.42% | 0.63% | 5.08% |
| June 2023 | 0.42% | 0.61% | 5.08% |
| May 2023 | 0.40% | 0.59% | 4.83% |
| April 2023 | 0.39% | 0.57% | 4.83% |
| March 2023 | 0.37% | 0.54% | 4.58% |
| February 2023 | 0.35% | 0.48% | 4.33% |
| January 2023 | 0.33% | 0.44% | 4.33% |
| December 2022 | 0.30% | 0.38% | 3.83% |
| November 2022 | 0.24% | 0.29% | 3.08% |
| October 2022 | 0.21% | 0.23% | 3.08% |
| September 2022 | 0.17% | 0.18% | 2.33% |
| August 2022 | 0.13% | 0.14% | 2.33% |
| July 2022 | 0.10% | 0.12% | 1.58% |
| June 2022 | 0.08% | 0.09% | 0.83% |
| May 2022 | 0.07% | 0.08% | 0.33% |
| April 2022 | 0.06% | 0.08% | 0.33% |
| March 2022 | 0.06% | 0.08% | 0.08% |
| February 2022 | 0.06% | 0.08% | 0.08% |
| January 2022 | 0.06% | 0.08% | 0.07% |
| December 2021 | 0.06% | 0.07% | 0.08% |
| November 2021 | 0.06% | 0.06% | 0.08% |
| October 2021 | 0.06% | 0.08% | 0.08% |
| September 2021 | 0.06% | 0.08% | 0.08% |
| August 2021 | 0.06% | 0.09% | 0.07% |
| July 2021 | 0.06% | 0.08% | 0.10% |
| June 2021 | 0.06% | 0.09% | 0.06% |
| May 2021 | 0.06% | 0.10% | 0.05% |
| April 2021 | 0.06% | 0.06% | 0.07% |
Beat the Averages
These top-tier accounts pay significantly more than the FDIC national average.