The interest rate for a deposited amount in a bank varies widely based on several factors. Here are the primary determinants:

• Type of Account: Interest rates differ between savings accounts, checking accounts, and certificates of deposit (CDs).
• Bank or Credit Union: Different financial institutions offer varying rates based on their own financial strategies and competitive pressures.
• Amount Deposited: Higher balances often attract higher interest rates.
• Term Length (for CDs): Longer terms typically offer higher interest rates but may restrict access to the funds for the duration of the term.
• Market Conditions: Overall economic conditions and the prevailing interest rate environment set by central banks (e.g., the Federal Reserve in the U.S.) influence deposit interest rates.

For example, as of late 2024, high-yield savings accounts might offer interest rates between 4% and 5% APY (Annual Percentage Yield), while standard savings accounts may offer much lower rates, sometimes as low as 0.01% APY. CDs can offer competitive rates, often higher than savings accounts, but the money is locked for a specific term.

To find the best current interest rates, it is best to:

• Consult Bank Websites: Check the websites of various banks and credit unions. Many banks list their current interest rates online.
• Use Comparison Websites: Websites that compare financial products can provide an overview of current rates.
• Contact Banks Directly: Speak with a bank representative to inquire about current rates and any special offers.

For current savings account and CD rates in the U.S. you can check the following resources:

• NerdWallet's List of High-Yield Savings Accounts
• Bankrate's Savings Account Interest Rates