Discover has published a detailed guide outlining seven types of savings accounts, highlighting the savings gap between what you earn and what you could earn each year. The national average savings account interest rate is just 0.39% APY as of March 2026, according to the FDIC. The best high-yield savings accounts are paying rates ten times higher across dozens of competitive online banking institutions. The difference between physical bank branches and online banks is due to their overhead costs, including rent, staffing, and building maintenance. Online banks pass the savings directly to customers through significantly higher interest rates on deposits. Discover's guide outlines seven savings account categories, each designed for a different financial purpose and savings timeline.