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Savings rate report · October 2026

Savings rates, October 2026: the best pay 2.00% or more

The typical savings account pays 0.20%, and the top tenth pay 2.00% or more. Where you live and where you bank decide which you get.

By Carrot RatePublished October 21, 2026 · Rates checked Oct 15–17

Typical savings account
0.20%
Top 10% from
2.00%
Savings accounts paying 2%+
1,251
Online banks, typical
3.15%

Compare today’s savings rates

Each month we compare savings and money market rates at the banks and credit unions we track, nationally and by state and metro, and against online banks and CDs. These are this month’s findings; each has its own link to share.

Takeaways

  1. Half of savings accounts pay 0.20% or less, but 1,251 pay 2% or more
  2. Online banks typically pay 3.15% on savings, 16 times the typical account
  3. Where you bank matters: online banks typically offer 3.50%, the largest banks 0.10%
  4. The best savings accounts pay the most in Utah and the least in North Dakota
  5. In San Diego, shopping around is worth 2.98 points

Finding 1

Half of savings accounts pay 0.20% or less, but 1,251 pay 2% or more

On $10,000, a typical savings account earns about $20 in a year, and one in the top tenth $200 or more. 9,508 of the 12,181 pay under 1%, less than $100.

How savings accounts payNumber of accounts at each rate, in quarter-point steps
  • Under 2%
  • 2% or more
A bar chart of how many savings accounts pay each rate, in quarter-point steps from 0% to 5% and up. The typical one pays 0.20%; 1,251 pay 2% or more.

Source: Carrot Rate, Savings rate report, October 2026

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Finding 2

Online banks typically pay 3.15% on savings, 16 times the typical account

On $10,000, that’s about $315 a year against $20, close to what a typical 1-year CD earns ($330), without locking the money up.

What $10,000 earns in a yearAt each rate, compounded as its APY states
A bar chart of what $10,000 earns in a year: Typical savings $20; Top 10% of savings $200; Online banks, typical $315; Typical 1-year CD $330.

Source: Carrot Rate, Savings rate report, October 2026

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Finding 3

Where you bank matters: online banks typically offer 3.50%, the largest banks 0.10%

Comparing each institution’s best savings rate. On the typical account, credit unions pay less than banks: 0.20% against 0.25%.

Best savings rate, by kind of institutionThe typical institution’s best rate
A bar chart of the typical best savings rate by kind of institution: Online banks 3.50%, Banks $10B–$100B 1.25%, Credit unions 0.60%, Banks under $10B 0.60%, Banks $100B and up 0.10%.

Source: Carrot Rate, Savings rate report, October 2026

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Finding 4

The best savings accounts pay the most in Utah and the least in North Dakota

The top tenth of savings accounts at institutions with branches in Utah pay 3.56% or more, against 1.11% in North Dakota. The typical account pays between 0.10% and 0.40% in every state.

Top 10% of savings accounts by stateThe rate the best tenth pay or beat, at banks and credit unions with branches in the state
A map of the top 10% of savings accounts in each state, from 1.11% in North Dakota to 3.56% in Utah.
  • 1.11%–1.71%
  • 1.72%–2.00%
  • 2.02%
  • 2.25%–2.32%
  • 2.46%–3.56%
All states, highest first
StateTypicalTop 10% fromInstitutions
Utah0.35%3.56%78
New Jersey0.15%2.75%152
North Carolina0.25%2.70%102
New York0.20%2.57%293
Arkansas0.25%2.50%79
Colorado0.20%2.50%116
Louisiana0.24%2.50%106
California0.20%2.49%288
Massachusetts0.10%2.48%196
Virginia0.15%2.46%151
Alaska0.15%2.32%18
Washington0.15%2.27%119
Georgia0.25%2.25%112
Nevada0.15%2.25%46
Arizona0.23%2.02%79
Connecticut0.10%2.02%99
District of Columbia0.11%2.02%62
Florida0.20%2.02%207
Maine0.10%2.02%73
Pennsylvania0.20%2.02%315
Texas0.25%2.02%412
Idaho0.12%2.00%54
Indiana0.15%2.00%173
Kentucky0.20%2.00%109
Minnesota0.25%2.00%189
Missouri0.25%2.00%186
New Hampshire0.10%2.00%57
Ohio0.15%2.00%265
Oklahoma0.35%2.00%117
Oregon0.10%2.00%78
Rhode Island0.10%2.00%27
South Carolina0.18%2.00%79
Tennessee0.20%2.00%153
Montana0.15%1.91%51
Illinois0.25%1.89%327
New Mexico0.23%1.84%62
Maryland0.18%1.80%106
Delaware0.10%1.75%34
Wyoming0.25%1.72%37
Kansas0.30%1.71%157
Nebraska0.40%1.71%127
Michigan0.15%1.65%213
Alabama0.25%1.62%101
South Dakota0.25%1.51%57
Vermont0.15%1.50%30
Iowa0.25%1.40%171
Wisconsin0.18%1.30%211
West Virginia0.10%1.25%82
Hawaii0.10%1.15%50
Mississippi0.25%1.15%69
North Dakota0.30%1.11%49

Source: Carrot Rate, Savings rate report, October 2026

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Finding 5

In San Diego, shopping around is worth 2.98 points

San Diego’s typical savings account pays 0.12%, but its top tenth pay 3.10% or more, the most of these large metros.

Large metros: typical and top 10%Savings accounts
  • Typical
  • Top 10% from
A chart of each large metro’s typical savings account and the rate its top 10% pay, from San Diego (3.10% top 10%) to Riverside (1.15%).

Source: Carrot Rate, Savings rate report, October 2026

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Questions savers ask

What is a good savings rate right now?
2.00% or more puts a savings account in the top tenth of the 12,181 we track; the typical one pays 0.20%.
Do online banks pay more on savings?
Typically, yes: 3.15% against 0.20% for the typical savings account.
Do credit unions pay more than banks on savings?
Not typically: 0.20% against 0.25% on the typical account.

About this report

The figures come from the rates we collect from banks’ and credit unions’ own websites, the same as our savings pages: savings and money market accounts for a personal account, at $10,000. Typical is the middle rate: half pay more. The top 10% is the rate the best-paying tenth pay or beat.State and metro figures cover the institutions with branches there, and need at least ten of them. How we collect rates

Use these charts

You’re free to republish the charts and figures in this report, in print or online, under CC BY 4.0: credit Carrot Rate and link to this report. Each chart has an image with the credit on it, its data, and code to embed it.

Cite this report

Carrot Rate, “Savings rates, October 2026: the best pay 2.00% or more”, October 2026. carrotrate.com/reports/savings/2026-10

For reporters

For more data, another place or a comment, email press@carrotrate.com.

Compare today’s savings rates