On July 8, 2026, Bask Bank offered a savings account with a 4.10% annual percentage yield (APY). This rate was also available on July 7, 2026.

The offering exceeded the national average interest rate for traditional savings accounts, which stood at 0.38% APY, according to the FDIC. Deposit account rates are tied to the federal funds rate set by the Federal Reserve.

A $1,000 deposit in a savings account with a 0.38% APY and daily compounding yields $3.81 in interest after one year. In contrast, a $1,000 deposit at a 4% APY yields $40.81 in interest over the same period. A $10,000 deposit at a 4% APY yields $408.08 after one year.

The Federal Reserve lowered the federal funds rate toward the end of 2024 and continued to lower it throughout 2025. Leading up to July 8, 2026, the Federal Reserve maintained unchanged interest rates for the year. Savings account interest rates decreased in 2020 as the Federal Reserve cut rates during the COVID-19 pandemic. By mid-2021, average savings interest rates were around 0.05% to 0.06%.

From 2010 to about 2015, savings account interest rates hovered between 0.06% and 0.10%. The Federal Reserve lowered its target rate to near zero following the 2008 financial crisis. Savings accounts are insured by the FDIC up to the federal limit.

A certificate of deposit (CD) is a time deposit account with a fixed interest rate and a maturity period. Early withdrawal from a CD before the maturity date may result in a penalty fee.