Bank Interest Rates
Current savings and central bank interest rates across five major economies, for reference and comparison.
| Country | Central bank rate | Typical savings account APY |
|---|
What this page does
Shows current central bank policy rates alongside typical savings account APYs across five major economies, side by side, so you can see how your own bank's rate compares to both the policy backdrop and typical market offers.
Who this is for
Anyone deciding where to park savings, comparing their current bank's rate against the broader market, or trying to understand why savings rates have moved after a central bank announcement.
How to use these figures
Central bank rates set the floor for what commercial banks pay on deposits — when a central bank cuts rates, savings APYs tend to follow within a few months. High-yield online savings accounts typically pay well above the national average; brick-and-mortar bank accounts often pay a fraction of a percent regardless of the base rate.
Why the gap between policy rate and your APY exists
Banks don't have to pass through the full central bank rate to depositors — the difference is effectively their margin. A central bank rate of 4.5% doesn't mean your savings account should also pay 4.5%; it means banks are borrowing/lending at that rate in the interbank market, and have significant discretion in what they then offer consumers. This gap is exactly why shopping around between banks can meaningfully change your actual return, even with the same underlying policy rate.
Central bank rates compared
Common mistakes
- Assuming your bank automatically passes through rate changes. Many traditional banks are slow to raise savings rates when the central bank hikes, but quick to cut them when it lowers — shop around rather than assuming.
- Confusing the central bank rate with your actual savings APY. The central bank rate is a policy tool, not a consumer product rate — it influences but doesn't equal what banks pay depositors.
- Ignoring inflation. A nominal savings rate that's below inflation still means your money loses purchasing power over time, even while the account balance grows.
- Comparing rates across countries without adjusting for currency risk. A higher nominal rate in a foreign currency savings account doesn't automatically mean a better real return once exchange rate movements are factored in.
Related calculators
Frequently Asked Questions
Why is there such a big gap between the central bank rate and my savings APY?
The central bank rate governs interbank lending, not what banks must pay depositors. Banks keep a margin between what they can earn/borrow at and what they offer savers — this gap is effectively bank profit, and it varies significantly between traditional banks and high-yield online savings providers.
Why does my bank pay much less than the central bank rate?
The central bank rate is a policy rate for interbank lending, not a guaranteed consumer product rate. Banks set their own savings APYs, and many traditional banks pay well below the central bank rate regardless of policy changes.
How often do these rates change?
Central banks typically review rates at scheduled meetings (roughly every 6-8 weeks for most major economies), though they can act between meetings in unusual circumstances. Savings APYs can adjust at any time at the bank's discretion.
Should I chase the highest advertised rate?
Check for conditions first — some high-APY accounts require minimum balances, limited withdrawals, or are promotional rates that drop after an introductory period.