How do the interest rates of US banks compare to each other?

US banks offer a variety of interest rates on savings accounts, checking accounts, and other types of accounts. The interest rates can vary depending on the bank, the account type, and the balance of the account.

As of 2023, some of the US banks with the highest interest rates on savings accounts include:

• Comenity Direct - 1.90% APY
• Vio Bank - 1.85% APY
• Live Oak Bank - 1.85% APY
• Ally Bank - 1.80% APY
• Citizens Access - 1.70% APY

It is important to note that interest rates are subject to change and may not always be the same. Additionally, some banks may require a minimum balance or charge fees for certain types of accounts.

If you are looking for a bank with competitive interest rates, it is important to do your research and compare different options. You can also consider online banks, which often offer higher interest rates than traditional banks.

The interest rates of US banks vary depending on a number of factors, including the type of account, the amount of money deposited, and the length of time the money is held. In general, online banks tend to offer higher interest rates than traditional brick-and-mortar banks. This is because online banks have lower overhead costs, which allows them to pass on more of the interest they earn on loans to their customers.

Here is a comparison of the interest rates offered by some of the largest US banks:

| Bank | Checking Account APY | Savings Account APY | |||| | Ally Bank | 0.25% | 1.25% | | Capital One 360 | 0.20% | 1.00% | | CIT Bank | 0.25% | 1.00% | | Discover Bank | 0.15% | 1.05% | | E*TRADE Bank | 0.10% | 0.90% | | HSBC | 0.05% | 0.05% | | JPMorgan Chase | 0.01% | 0.01% | | PNC Bank | 0.01% | 0.01% | | Wells Fargo | 0.01% | 0.01% |

As you can see, the interest rates offered by these banks vary widely. It is important to shop around and compare rates before opening a savings account. You may be able to earn significantly more interest by choosing a bank that offers a higher APY.

It is also important to note that interest rates are subject to change. The rates listed above are current as of April 2023, but they may change in the future. It is important to check the interest rates offered by banks before opening a savings account to make sure you are getting the best possible deal.