New York Savings Rates - September 2026
Brian McKay
Brian McKay
Founder & Data Architect- Automated Online Rate Data Aggregation
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The best savings rates for New York include Suffolk Federal Credit UnionSuffolk Federal Credit Union3681 Horseblock Rd, Medford, NY 11763 2242A+5.0 ★Texas Ratio: 3.69%Real return: +3.20%APY minus 2.8% CPI (February 2026) Youth Savings Account at 6.00% APY, Ocean Financial Federal Credit UnionOcean Financial Federal Credit Union45 Atlantic Ave, Oceanside, NY 11572 2035A5.0 ★Texas Ratio: 10.22%Real return: +2.33%APY minus 2.8% CPI (February 2026) Youth Savings at 5.13% APY, N C P DN C P D1490 Franklin Ave, Mineola, NY 11501 4801A+5.0 ★Texas Ratio: 0.20%Real return: +2.29%APY minus 2.8% CPI (February 2026) Youth/Teen/Milestone Savings at 5.09% APY, Together Credit UnionTogether Credit Union2885 Belgium Rd, Baldwinsville, NY 13027 2706A+5.0 ★Texas Ratio: 5.32%Real return: +2.20%APY minus 2.8% CPI (February 2026) Accelerate It Savings at 5.00% APY, and Bank of Greene CountyBank of Greene County425 Main St, Catskill, NY 12414A+5.0 ★Texas Ratio: 1.35%Real return: +2.20%APY minus 2.8% CPI (February 2026) e-BUSINESS SAVINGS at 5.00% APY.
Use the tables below to compare savings rates across New York side-by-side. New York savings rates currently reach as high as 6.00% APY from Suffolk Federal Credit Union at 3681 Horseblock Rd, Medford, NY 11763 2242. Rates are continually updated, so we recommend checking back frequently.
Savings rates reflect recent market quotes and representative offers available to depositors in New York and the surrounding area. Last Updated and Verified: September 21, 2026
Compare the Best Savings Rates in New York
Get a $25 bonus when your account balance reaches $1,000 * .
Youth Savings available to members under the age of 21 years old and earns 5.00% APY up to $1,000 deposited, Regular Share Savings rate for balances thereafter; at 21, Youth Savings converts to a Regular Share Savings account.
on the first $1,000 on deposit
Minimum Balance/Average Daily Balance: $5. For the Accelerate It Savings account, the dividend rate and annual percentage yield are subject to change without notice after account opening. APY dividend of 5.00% is earned on balances $100.00 to $5,000.99. Balances $5,001.00 and above will receive APY of 0.20%. One Accelerate It Savings per Social Security or Taxpayer Identification Number. For Accelerate It Savings accounts, you must have an open checking account located under the same membership number as the Accelerate It Savings account. If your checking account is closed for any reason, your Accelerate It Savings account will convert to a Regular Savings account. You must be 22 years or older to open an Accelerate It Savings account. Rate offers accurate as of 06/01/2025. APY is accurate as of the last dividend declaration date. Other rates and terms available. Fees may reduce earnings on the account. Membership eligibility required.
Balance: $1 - $500
Balance: $1 - $500
Balance for APY is blended and may range from 0.05% to 5.00%. Balance of $1-$500 earns 5.00% APY; balances over $500 earn 0.05% APY. Fees may reduce earnings. Gift is awarded when account is opened. We reserve the right to substitute a gift of similar value.
Balance for APY is blended and may range from 0.05% to 5.00%. Balance of $1-$500 earns 5.00% APY; balances over $500 earn 0.05% APY. Fees may reduce earnings. Gift is awarded when account is opened. We reserve the right to substitute a gift of similar value.
Balance: $1 - $100
Balance: $0.00 - $1,000.00
Balance: Balances <= $3,000.00
Balances from $1.00 to $500 earn 5.00% APY. Balances over $500 will earn the current savings APY. Available for children 16 and under. Island Federal will contribute the first dollar to open the account.
Specifically created for our members under 21 years old. Earns 5.00% APY on balances up to $1,000!
Rates are valid as of 09/21/2026. All savings rates are APY (Annual Percentage Yield).
Balance: $100 - $2,500.00; Age: UP TO AGE 21
10 times higher than our savings account
Balance: $0 to $1,000.00
Earn 11x the national average. Due to overwhelming demand, we have paused new applications for our Personal High Yield Savings accounts. Please leave your information below, and we will contact you as soon as this product is available again.
Balance: $100,000.00 and over
Introductory promo for new customers. The opening deposit also must be a new money deposit, which is defined as funds from an external funding source that are not presently on deposit in any other Valley account. Introductory Interest Rate is determined by adding 0.67% to the variable interest rate paid on the Valley Direct High Yield Savings account (the "Standard Interest Rate"). The Introductory Interest Rate, Standard Interest Rate and APY are variable and may change after the account is opened.
Annual Percentage Yield (APY) accurate as of March 30, 2026. Rate subject to change after account opening. No minimum balance requirement. No monthly service fees. Interest is compounded and credited monthly. For new accounts. Fees may reduce earnings. Available in eligible markets only.
Online Only
Boosted Rate: 4.00% for 6 months; Base Rate: 3.50%
Balance: Up to $25,000
Earn 4.00% APY* on balances up to $25,000; Earn 0.500% APY* on balances over $25,000; No minimum balance required; No monthly maintenance fees; Sync to digital wallet like Apple Pay for contactless, cashless purchases; Mobile App for Apple and Android devices - deposit checks, apply for a loan, open a new account, send money to family and friends with Zelle; Visa Debit Card with EMV chip technology; CO-OP Nationwide ATM & Shared Branch Network with nearly 30,000 surcharge free ATMs, 5,000 branches; Overdraft line-of-credit up to $20,000 available; Enroll in VISA Debit Card purchase alerts Click here
Balance: $10,000 and over. No account fees When you stay enrolled in eStatements. Federally insured deposits Your savings are insured up to $250,000 per person.
New Account APY. This is a variable rate account, and the APY may change without notice. Available exclusively online and by phone.
Balance: $2,500 - $25,000.00
Promotional Rate Disclosure. Balances at or below $9,999.99 do not qualify for this promotional rate and are subject to the current non-promotional interest rate applicable to this account type. At the end of the 180-day promotional period, the interest rate and APY will revert to the then-posted non-promotional rate(s) applicable to this account type. The interest rate(s) and annual percentage yield(s) are variable and may change at any time before or after the account is opened. To qualify, you must be a new personal savings client of Flagstar Bank and open a Flagstar Ready Savings account. To qualify for the promotional rate, you must deposit additional funds, to maintain a balance greater than or equal to $10,000 is required and must be "new money," which is defined as money that is not currently on deposit in any Flagstar Bank account; money moved from any Flagstar Bank affiliate or subsidiary account or funded from a Flagstar/affiliate loan or line of credit does not qualify. For purposes of this offer, funds from maturing certificate of deposit accounts held at Flagstar Bank will be considered eligible. The account must remain open for the full 180-day promotional period. This offer is limited to one promotion per household. If any signer on this account has previously received a savings promotion from Flagstar Bank, you are ineligible for this offer. This offer cannot be combined with any other offers or promotions. An early account closure fee may be imposed for accounts closed within 180 days. Offer subject to change or cancellation at any time without notice. Personal accounts only. Area restrictions may apply.
Simple Banking Program
Balance: $0.01 and Up
Retirement Savings Min $20 - Interest Compounded Monthly
Earn an extra 1.00% APY for 3 months when you refer a friend. Maximum balance limits apply.
Balance: $5,000,000 - $9,999,999
Balance: $1,000,000.00 and above
Balance: $3,000,000 - $4,999,999
Balance: $3,000,000+
Balance: $50,000 +
Balance: $25,000.00 to $5,000,000.00
Balance: $5,000 - $50,000
Retirement Savings Min $20 - Interest Compounded Monthly
On balances up to and including $100,000, when linked checking account qualifications are met. On balances over $100,000, 0.19% on the portion of the daily balance over $100,000, resulting in a range from 3.50% to 1.85% APY depending on the account's daily balance. APYs accurate as of 07/03/2024.
Balance: $250,000.00-$999,999.99
Balance: Up to $24,999.99
Qualifications Required: Aggregate minimum of $500 monthly in direct deposit(s) to your primary checking account; Average daily share balance of $500 in your primary checking account; Earn up to 3.25% APY with a Premier Savings Account! Rates are variable and may change after account opening. To qualify for this account, you must receive an aggregate minimum of $500 monthly in direct deposit(s) to your primary checking account and maintain an average daily share balance of $500 in your primary checking account. If you do not meet this criteria, the Premier Savings account will convert to a traditional savings account. Premier Savings charges an annual fee in accordance with the Fee Schedule. A "qualifying direct deposit" is a direct deposit of regular monthly income, such as your salary, pension, or Social Security benefits, which are made by your employer or other payer, using account and routing numbers that you provide to them. Examples of non-qualifying direct deposits and transfers include: your initial ACH deposit to open the account, teller deposits, wire transfers, debit card transfers, ATM transfers or deposits, or Internet or Mobile banking transfers or deposits.
Balance: $500-$249,999.99
Balance: $250,000.00+; This is a variable rate account. This is a tiered rate account and the interest paid is based on the amount of funds on deposit in the account. The tiers are as follows: Tier I: $0.00 - $2,499.99 will earn an APY of 0.00%; Tier II: $2,500.00 - $249,999.99 will earn an APY of 3.00%; Tier III: $250,000 and up will earn an APY of 3.10%. This offer may be withdrawn at any time without prior notification. Rate in effect at the time of account opening. Your interest and APY may change without notice. Fees can reduce earnings.
Banks and Credit Unions: If you identify an incorrect rate or wish to request the removal of your institution’s data, please contact us here.
New York Savings Rate Trends
Compare local New York savings rate quotes against the statewide average
Daily savings rate averages tracked across our database of 8,500+ banks and credit unions, updated every evening.
New York high-yield savings rates rose 0.110 points over the past 7 days to 1.968% APY, up from 1.858%.
New York standard savings rates rose 0.013 points over the past 7 days to 0.814% APY, up from 0.801%.
New York Savings Rate Forecast, Next 12 Months
Savings rates move with Federal Reserve policy. Our model uses the current NY high-yield average and a Fed funds spread to project the likely rate trajectory for 2026–2027.
Savings account rates are variable and move in close correlation with the Federal Reserve’s federal funds rate target. Our 12-month forecast is derived from the current NY high-yield savings average of 1.968% APY and a Fed funds spread model calibrated to the historical relationship between policy rate changes and deposit rate adjustments at banks and credit unions.
Key assumptions: the Federal Reserve holds the federal funds rate at its current level over the next 12 months, with the possibility of one 25 basis point increase; deposit rates at banks and credit unions track policy-rate changes within 60–90 days. High-yield online savings rates tend to adjust faster than standard branch-based savings rates.
Important notice: This forecast is for informational purposes only and should not be used as the sole basis for financial decisions. Rate forecasts carry significant uncertainty. The actual trajectory will depend on Federal Reserve decisions, economic conditions, and competitive dynamics among financial institutions in New York.
Savings Account Earnings in New York
Annual interest earnings at current NY average APYs, based on the high-yield and standard savings averages tracked in our database. Compounding assumed monthly.
| Balance | HY Savings (1.968% APY) | Monthly Earnings | Standard Savings (0.814% APY) | Monthly Earnings |
|---|---|---|---|---|
| $5,000 | $98.41 / year | $8.20 | $40.68 / year | $3.39 |
| $10,000 | $196.82 / year | $16.40 | $81.36 / year | $6.78 |
| $25,000 | $492.05 / year | $41.00 | $203.40 / year | $16.95 |
| $50,000 | $984.10 / year | $82.01 | $406.80 / year | $33.90 |
| Earnings estimates use daily compounding. Actual earnings depend on exact rate, compounding frequency, and daily balance maintained. Rates are variable and subject to change. Source: New York savings rate averages as of September 22, 2026. | ||||
About Our New York Savings Rate Database
MonitorBankRates tracks 572 savings rates from 22 banks and 20 credit unions offering savings accounts to New York residents, including community institutions, regional banks, and national online options. Our proprietary aggregation system pulls verified rate data directly from each institution’s official website, no estimates, no national averages passed off as real offers.
Every rate listed includes the institution’s Safety Grade (A+ to F), Star Rating (1–5), and Texas Ratio, objective financial health metrics calculated from FDIC and NCUA regulatory data, so you can compare yield and institutional safety in one place.
Current top rate: Suffolk Federal Credit Union offers a savings account at 6.00% APY. Use the rate table above to compare all current offers in New York.
How to Find the Best Savings Rates in New York
What to compare when shopping for a savings account in New York
To find the best savings APYs in New York, start with credit unions and online-only banks: New York has 20 credit unions in our database, and they consistently offer some of the highest yields because they are member-owned nonprofits with lower overhead than traditional banks.
Always compare the APY (Annual Percentage Yield), not just the interest rate. APY reflects compounding and is the true measure of what you’ll earn. Savings accounts that compound daily earn slightly more than those compounding monthly at the same stated rate. The current NY high-yield savings average is 1.968% but top local institutions are offering as high as 6.00%, so shopping around pays off.
Unlike a CD, savings account rates are variable. Your rate can change at any time with Federal Reserve policy. Many institutions offer elevated introductory rates that reset after a promotional period. Review your account periodically to ensure your APY remains competitive.
When a High-Yield Savings Account Makes Sense
- Emergency fund: Financial experts recommend 3–6 months of expenses in a liquid, FDIC-insured account. New York high-yield savings rates currently average 1.968% APY, far above a typical checking account.
- Short-term savings goals (6–24 months): If you may need the money soon, a savings account gives you immediate access without early withdrawal penalties.
- Parking cash between investments: A high-yield savings account at New York institutions keeps idle cash working harder while remaining fully accessible.
- You prefer banking locally: 42 institutions in New York report savings rates to our database.
- No rate lock-in risk: Unlike a CD, your rate moves up with the market if rates rise further.
Consider an Alternative If…
- You want a locked-in, guaranteed return → New York CD rates
- You want check-writing flexibility → New York money market rates
- You need daily transaction access → New York checking rates
New York Financial Snapshot
Local demographics and economic context for savers. Source: U.S. Census Bureau
17.9% of residents are 65 or older, in line with the national average of 17.3%; an unemployment rate of 6.4% (vs. 4.8% nationally) underscores the value of keeping liquid emergency savings. At today’s NY high-yield savings average of 1.968%, saving 10% of the local median salary ($5,089/year) would earn an additional $100 annually in interest.
Data: U.S. Census Bureau and U.S. Bureau of Labor Statistics.
Savings Accounts vs. Other New York Options
How high-yield savings accounts compare to other deposit products available at banks and credit unions in New York.
| Feature | High-Yield Savings | Standard Savings | Money Market | CD (12-Month) |
|---|---|---|---|---|
| Current NY Avg APY | 1.968% | 0.814% | View MMA Rates | View CD Rates |
| Rate Type | Variable | Variable | Variable | Fixed for term |
| FDIC / NCUA Insured | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K |
| Withdraw Anytime | ✓ Yes | ✓ Yes | ✓ Yes | ✗ Penalty applies |
| Check Writing | ✗ No | ✗ No | ✓ Often yes | ✗ No |
| Debit / ATM Card | Some institutions | ✗ Rarely | ✓ Often yes | ✗ No |
| Typical Min Deposit | $0 – $100 | $25 – $100 | $0 – $2,500 | $500 – $1,000 |
| Rate Risk | Variable, moves with Fed policy | Variable, moves with Fed policy | Variable, moves with Fed policy | None, locked for term |
| Best For | Emergency fund, short-term goals, parking cash | Everyday saving, low-balance accounts | Active savers wanting flexibility + check writing | Locking in a rate for a defined period |
APY data reflects New York averages tracked in our database as of September 22, 2026. Rates are variable and may differ by institution. See individual product pages for full details.
Savings Calculators for New York
At NY’s top rate of 6.00% from Suffolk Federal Credit Union, a $10,000 deposit earns $600 annually. Enter your balance to see your exact return.
Savings Goal CalculatorA 3-month emergency fund for the median New York earner is roughly $12,700. At 1.968% APY, saving $1,060/month gets you there in about 12 months. Set your target and see your exact timeline.
CD vs. High-Yield SavingsNew York’s high-yield savings average is 1.968% APY, variable and always accessible. A local CD may offer a higher fixed yield in exchange for locking in your deposit. Compare both side-by-side to find the better fit for your timeline.
Budget CalculatorBefore you can grow your savings, you need to know how much you can set aside each month. The median New York earner makes $50,891/year. Track your income vs. expenses to find your monthly surplus, then put it to work at 1.968% APY.
Retirement PlannerA $25,000 high-yield savings balance earning 1.968% APY grows to roughly $36,918 over 20 years with compounding. See how your current savings trajectory lines up with your retirement income needs.
Methodology & Data Sources
Independent, Free, and Unbiased Rate Comparisons: MonitorBankRates.com is an independent rate comparison service. Our New York savings rate tables are free for consumers to use, and we do not receive payment from any financial institution to be included or to be ranked in any particular order. Listings are based solely on the rates each institution publicly advertises on its own website.
A Note on Third-Party Rate Tools: Some pages on our site also feature rate comparison widgets and tools provided by third-party partners. These tools may include sponsored listings or affiliate links, and we may receive compensation when users click through them. We clearly label these widgets so you can tell at a glance which rates come from our independent MonitorBankRates.com tables and which come from our advertising partners.
Direct-Sourced & Verified Savings Rate Data: We aggregate savings account rates for New York directly from the official websites of banks and credit unions using our proprietary rate aggregation technology and a dedicated team of rate updaters. Every savings rate displayed on MonitorBankRates.com is highly accurate and trustworthy.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available yields in New York. We feature a comprehensive mix of institutions, from neighborhood credit unions and competitive regional banks to large national institutions available to savers in NY.
Daily Updates & Time-Stamped Accuracy: Our rate updaters verify and update savings rates daily. Because savings account yields can fluctuate rapidly, every product listed features its own specific “last updated” date, giving you complete transparency.
Frequently Asked Questions about Savings Accounts in New York
What is a High-Yield Savings Account (HYSA)?
Are savings accounts in New York safe?
How often do savings rates change in New York?
Do I need a minimum deposit to open a savings account?
What is the difference between a Savings Account and a Money Market Account?
Are online banks better than local banks in New York?
How do I open a savings account in New York?
Best Savings Rates in New York
- Suffolk Federal Credit Union
Youth Savings Account: 6.00% APY - Ocean Financial Federal Credit Union
Youth Savings: 5.13% APY - N C P D
Youth/Teen/Milestone Savings: 5.09% APY - Together Credit Union
Accelerate It Savings: 5.00% APY - Bank of Greene County
e-BUSINESS SAVINGS: 5.00% APY
Cities in New York
