1 in 4 Americans Enrolled in a High-Yield Savings Account Earn 5% APY or Higher, According to Plinqit’s 2024 State of Savings Report
Plinqit’s 2024 State of Savings Report shows that majority of Americans using a high-yield savings account earn between 4% and 4.99% APY
Plinqit, an award-winning provider of high-yield and automated savings software solutions that enable financial institutions to grow deposits, attract new customers and expand their retail footprint, reveals that 1 in 4 Americans who are enrolled in a high-yield savings account earn 5% or higher APY, according to the company’s 2024 State of Savings Report. Plinqit’s 2024 State of Savings Report offers exclusive insights into the savings habits of today’s consumers and is based on a recent Plinqit survey conducted online by The Harris Poll of more than 2,000 U.S. adults ages 18 and older.
The survey report reveals that 20% of Americans save with a high-yield savings account and 25% of those who are enrolled in a high-yield savings account earn 5% APY or higher. A majority of Americans who use high-yield savings accounts, 41%, said they earn between 4% and 4.99% APY while 30% of those enrolled in a high-yield savings account earn less than 4% APY. Meanwhile, 5% are not sure what their APY is.
“Most traditional checking accounts earn less than 0.01% APY,” said Kathleen Craig, founder and CEO of Plinqit. “The top high-yield savings accounts offer an APY of 5% or greater, which according to FDIC data, is more than 10X higher than the average rate of a traditional saving or checking account. From our own data, we find that the average deposit in a high-yield savings account is more than $40,000, so the upside is significant.”
Craig continued, “This is where financial institutions can help educate customers on ways to save smarter, not harder, because the savers that have pursued higher rates have yielded the returns. By introducing consumers and educating them about a compelling product offering like high-yield savings accounts, financial institutions can empower account holders to grow their savings and gain control of their personal finances, no matter their age or income level.”
