Interest rates change daily, and the rate you see depends on the product, the bank, and the day you check

There is no single "rate today" — savings accounts, money market accounts, and certificates of deposit (CDs) all move at different speeds, and different banks set different rates even on the same day. The Federal Reserve sets a benchmark rate that influences what banks offer, but each institution decides its own rates based on how much money it needs to attract and how much it wants to pay depositors.

The fastest way to see what is available right now is to visit the websites of banks and credit unions you already use or are considering. Most post their current rates on the homepage or in a rates section. If you want to compare across many institutions at once, financial data sites like Bankrate, DepositAccounts, and FDIC BankFind let you filter by product type and see rates side by side.

Keep in mind that advertised rates often come with conditions: a CD rate might require a minimum deposit of $10,000, or a savings account rate might only apply to balances above a certain threshold. Read the fine print before you move money.

Key Takeaways

  • Interest rates vary by bank, product type, and deposit size, so comparing multiple institutions on the same day gives you the clearest picture.
  • The Federal Reserve's benchmark rate influences what banks offer, but does not set the rate you receive.
  • Online banks typically offer higher rates than brick-and-mortar banks because they have lower overhead costs.
  • CD rates lock in for a set term, while savings account rates can change at any time, so check both the current rate and the bank's history of rate changes.

How to find rates on your bank's website

Log into your bank's website or app and look for a link labeled "Rates," "Products," "Savings," or "CDs." Most banks display current rates prominently on the homepage or in a dedicated rates page. If you do not see them, use the search function or call the customer service number on the back of your card.

When you find the rate, note what it applies to: a savings account rate might be different from a money market rate, and CD rates vary by term length (3 months, 6 months, 1 year, 5 years, and so on). Write down the rate, the minimum deposit required, and any conditions — such as whether the rate changes after a promotional period ends.

Comparing rates across multiple banks

If you want to see what other banks are offering without visiting each one individually, use a rate comparison site. Bankrate, DepositAccounts, and FDIC BankFind all pull current rates from banks across the country and let you sort by product, term length, and minimum deposit.

These sites update frequently but not in real time, so the rate you see may have changed by the time you visit the bank's website. Always confirm the current rate directly with the bank before you transfer money. Some sites also show historical rate trends, which can help you decide whether to lock in a CD now or wait to see if rates rise.

Why online banks often have higher rates

Online-only banks (such as Marcus, Ally, and American Express Personal Savings) typically offer higher rates than traditional banks with physical branches. They have lower operating costs because they do not maintain buildings, staff branches, or process paper checks at the same scale. They pass some of those savings to depositors in the form of higher interest rates.

Online banks are FDIC-insured just like brick-and-mortar banks, so your money is protected up to $250,000 per account type per institution. The trade-off is that you cannot walk into a branch to deposit cash or speak to someone in person, though most online banks offer phone and chat support.

Understanding CD rates versus savings account rates

A CD rate is fixed for the entire term — if you open a 1-year CD at 4.50%, you will earn 4.50% for the full year, even if rates drop. A savings account rate can change at any time, so the rate you see today might be lower next month.

Because CD rates are locked in, banks often offer higher rates on CDs than on savings accounts. The longer the term, the higher the rate is usually — a 5-year CD typically pays more than a 1-year CD. However, if you withdraw money from a CD before the term ends, you will pay an early withdrawal penalty, which can eat into your earnings. Savings accounts have no withdrawal restrictions.

Check whether a bank has a history of lowering rates quickly when the Federal Reserve cuts its benchmark rate. Some banks drop savings account rates within days of a Fed cut, while others wait weeks or months. This matters if you are deciding between locking money into a CD or keeping it in a savings account.

What the Federal Reserve rate means for your savings

The Federal Reserve sets a target range for the federal funds rate, which is the rate banks charge each other for overnight loans. This rate influences — but does not directly set — the rates banks offer to depositors. When the Fed raises its rate, banks usually raise savings and CD rates within days or weeks. When the Fed cuts its rate, banks often cut deposit rates more slowly.

You can find the current Federal Reserve rate on the Federal Reserve's website (federalreserve.gov). The Fed's rate page also shows historical changes, which helps you understand whether rates are rising, falling, or stable. If the Fed is expected to cut rates soon, you might want to lock in a CD rate now before it drops. If the Fed is expected to raise rates, you might prefer to keep money in a savings account so you can move it to a higher-rate CD later.

Promotional rates and what happens when they end

Some banks advertise very high rates for new customers or for a limited time. These promotional rates are real, but they often drop to a lower "standard" rate after a set period — usually 3 to 12 months. Before you open an account, find out what the standard rate is after the promotional period ends.

Read the terms carefully: some banks require you to maintain a minimum balance to keep the promotional rate, or they may only offer it on deposits above a certain amount. If you do not meet the conditions, you will drop to the standard rate immediately. It is worth asking the bank directly what the rate will be after the promotion ends, so you can decide whether the account makes sense for you long-term.

Frequently Asked Questions

Do I need to open an account to see a bank's current rates?

No. Banks post their current rates publicly on their websites, and you can view them without logging in or creating an account. You only need to provide personal information when you are ready to actually open an account and deposit money.

How often do interest rates change?

Savings account rates can change at any time and without notice, though banks often change them in response to Federal Reserve rate changes. CD rates are fixed for the term you choose. Promotional rates end on a specific date set by the bank.

Is the rate I see online the same rate I will get if I open an account today?

Usually yes, but rates can change between the time you see them online and the time you complete your application. Always confirm the rate with the bank before you transfer money. Some banks lock in the rate once you start the application, while others lock it in only after you fund the account.

Why do different banks offer different rates on the same day?

Banks set their own rates based on how much customer deposits they need, their operating costs, and their business strategy. Online banks typically offer higher rates because they have lower overhead. Larger banks may offer lower rates because they attract deposits through brand recognition and branch convenience rather than rate competition.

Can I move my money if a bank lowers its savings account rate?

Yes. Savings accounts have no withdrawal restrictions, so you can move your money to another bank at any time without penalty. If you want to lock in a rate before it drops, you can open a CD, but you will pay a penalty if you withdraw early.