Brian McKay
Brian McKay
Co-Founder & Lead Data Architect- Automated Online Rate Data Aggregation
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High-Yield Savings Rates Rise to 1.985% and Business Savings Rates Rise to 0.576%
High-yield savings rates rose 0.020 points to 1.985% between September 28 and October 5, and business savings rates rose 0.041 points to 0.576%. Jumbo savings rates fell 0.017 points to 1.228%.
Average savings rates moved in both directions between September 28 and October 5. Rates on high-yield savings accounts rose 0.020 points to an average 1.985%, and business savings rates rose 0.041 points to 0.576%, the largest change of the week. Jumbo savings rates fell 0.017 points to 1.228%. Standard savings rates held steady at 0.817% and credit union savings rates at 0.251%.
Key takeaways
- High-yield savings rates rose 0.020 points to 1.985%; the average was 1.965% on September 28 and 1.978% on September 21.
- Business savings rates rose 0.041 points to 0.576%, the largest change of the five categories.
- Jumbo savings rates fell 0.017 points to 1.228%; about 114 institutions report jumbo savings rates.
- On a $25,000 balance, the high-yield average pays about $496.25 a year, against $204.25 at the standard savings average.
High-yield savings rates rose 0.020 points to 1.985%
Savings rates by account category, national average APY since April 13
Average APYs from MonitorBankRates.com's nightly collection, the same series this report's figures come from, updated daily.
The average high-yield savings rate rose 0.020 points to 1.985% this week. The average was 1.901% on September 14, 1.978% on September 21, and 1.965% on September 28. About 264 banks report high-yield savings rates. On a $25,000 balance, the 1.985% average pays about $496.25 over a year, against $204.25 at the standard savings average.
Business savings rates rose 0.041 points; jumbo savings rates fell 0.017
Business savings rates rose 0.041 points to 0.576%, from 0.535% a week earlier. Jumbo savings rates fell 0.017 points to 1.228%, after averaging 1.346% on September 21 and 1.245% on September 28. Standard savings rates, the rate on a basic savings account, held steady at 0.817%, and credit union savings rates held steady at 0.251%.
Weekly change by savings category (percentage points)
This report's averages, September 28 to October 5. Green bars rose; red bars fell.
Savings rates this week: September 28 vs. October 5
| Account Category | September 28 APY | October 5 APY | Weekly Change |
|---|---|---|---|
| High-Yield Savings ▲Online banks & competitive products | 1.965% | 1.985% | ▲ +0.020 |
| Jumbo Savings ▼High-balance & platinum accounts | 1.245% | 1.228% | ▼ -0.017 |
| Standard Savings ▲Broad market | 0.812% | 0.817% | ▲ +0.005 |
| Business Savings ▲Business & commercial accounts | 0.535% | 0.576% | ▲ +0.041 |
| Credit Union Savings ▼Share savings & regular share accounts | 0.256% | 0.251% | ▼ -0.005 |
| Compare live offers: business savings accounts · jumbo savings accounts · compare savings rates | |||
| All APYs are national averages of what real licensed institutions are actually offering to depositors, not promotional teaser rates or rate aggregator estimates. Category averages reflect products matching MonitorBankRates.com's savings classification. This report compares October 5 with September 28. Source: MonitorBankRates.com. | |||
Savings rates 19 days after the Fed's increase
The Federal Reserve raised its benchmark rate a quarter point to 3.75% to 4.00% on September 16, its first increase since 2023, and the benchmark has been at that level since. Savings rates are variable, so a bank can change the rate on accounts its customers already hold, with nothing to sign; the timing and size of each change is the bank's choice.
What $25,000 earns at the October 5 savings averages
At the 1.985% high-yield average, a $25,000 balance earns about $496.25 over a year; at the 0.817% standard savings average it earns about $204.25. The savings calculator projects the growth of a balance at a given rate, starting from the live high-yield average, computed from rates published by more than 8,000 banks and credit unions and updated every day, and the budget calculator sets monthly income against expenses to show how much is left to save. Savers checking local offers can line up Illinois savings rates against these national averages, and category history is on our savings rate history page.
Savings averages on October 5
High-yield savings rates average 1.985%, jumbo savings 1.228%, standard savings 0.817%, business savings 0.576%, and credit union savings 0.251%. Savings rates are variable, and each bank sets the timing and size of its own changes.
Data Coverage & Methodology
All APYs in this report are calculated from rates collected directly from institution websites by MonitorBankRates.com's proprietary systems, tracking what real licensed institutions are actually offering to depositors, not promotional teaser rates or rate aggregator estimates.
As of October 5, 2026, these averages were calculated from 19,513 individual rates verified at 3,683 banks and credit unions; the latest collection ran October 5, 2026. The table below shows how many institutions reported rates in each category.
| Account Category | Institutions | Rates Verified |
|---|---|---|
| High-Yield Savings | 264 | 706 |
| Jumbo Savings | 114 | 372 |
| Standard Savings | 2,289 | 6,065 |
| Business Savings | 480 | 952 |
| Credit Union Savings | 1,086 | 1,756 |
| Total (distinct institutions) | 3,683 | 19,513 |
Category counts overlap because an institution can offer accounts in more than one category; the total row counts each institution once.
This report is for general information and is not financial advice. The APY any saver receives depends on the institution, balance, and location; confirm current offers with institutions before making decisions.
