The national average rate for savings accounts is 0.43%, per the Federal Deposit Insurance Corporation (FDIC). The best online banks in Illinois and elsewhere offer rates that are considerably ...

How does the Federal Reserve affect what you earn on your savings? The Federal Reserve doesn't directly set what banks pay on savings accounts, certificates of deposit or money market accounts.

When shopping around for savings accounts in New York, make sure the accounts are insured either by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA).