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High interest savings accounts are once again drawing attention as interest rates remain elevated compared to just a few years ago. While the Federal Reserve has begun easing its benchmark rate, savers can still find competitive yields that significantly outperform traditional savings accounts. That makes this a critical moment for anyone holding cash to reconsider where their money sits.
At their core, high-yield savings accounts are designed to help your money grow faster without taking on market risk. These federally-insured deposit accounts typically offer rates far above the national average, which currently sits at just 0.38%, according to the FDIC. Today’s top available high-yield savings rate, though, which is offered by Axos Bank, is substantially higher at 4.21%.
Still, not all high-yield savings accounts are created equal and the interest rate is just one factor worth weighing. Whether you’re building an emergency fund, saving for a home or just looking to stop leaving money on the table, the question is which high-yield savings account is actually worth opening right now?
High-yield savings account rates: Key takeaways
- Current top APY: 4.21%
- Difference vs. national average: More than 10x higher
- FDIC/NCUA insured: Yes
- Rate type: Variable
The best high-yield savings accounts compared
Rates and information verified April 14, 2026. Note: Savings yields differ depending on the bank. Estimated earnings are rounded to the nearest whole number and assume the rate remains constant for one year. All savings account rates are variable and subject to change at any time.
Axos Bank
- APY: 4.21%*
- Minimum balance for APY: $1,500 avg daily balance + $1,500/mo direct deposit
- Access: Web/app; 90,000+ ATMs
- Est. Earnings on $10K (1 yr): $421
- Min. Deposit to Open: $0
- Bonus: N/A
- Fixed or Variable: Variable
- Monthly fees: None
- Best For: Checking + savings bundle
- FDIC Insured: Yes
SoFi
- APY: Up to 4.00%**
- Minimum balance for APY: None
- Access: Web/app
- Est. Earnings on $10K (1 yr): Up to $400
- Min. Deposit to Open: $0
- Bonus: Up to $300 cash bonus
- Fixed or Variable: Variable
- Monthly fees: None
- Best For: Everyday banking + savings
- FDIC Insured: Yes
LendingClub
- APY: Up to 4.00%***
- Minimum balance for APY: None (requires $250+/mo deposits)
- Access: Web/app; ATM card included
- Est. Earnings on $10K (1 yr): Up to $400
- Min. Deposit to Open: $0
- Bonus: N/A
- Fixed or Variable: Variable
- Monthly fees: None
- Best For: Disciplined monthly savers
- FDIC Insured: Yes
Marcus by Goldman Sachs
- APY: 3.65%
- Minimum balance for APY: None
- Access: Web/app
- Est. Earnings on $10K (1 yr): $365
- Min. Deposit to Open: $0
- Bonus: N/A
- Fixed or Variable: Variable
- Monthly fees: None
- Best For: No-fee, no-strings savings
- FDIC Insured: Yes
Synchrony
- APY: 3.50%
- Minimum balance for APY: None
- Access: Web/app; optional ATM card; 400,000+ ATMs
- Est. Earnings on $10K (1 yr): $350
- Min. Deposit to Open: $0
- Bonus: N/A
- Fixed or Variable: Variable
- Monthly fees: None
- Best For: Flexible access, no minimums
- FDIC Insured: Yes
UFB Direct
- APY: 3.26%
- Minimum balance for APY: None
- Access: Web/app; 90,000+ fee-free ATMs
- Est. Earnings on $10K (1 yr): $326
- Min. Deposit to Open: $0
- Bonus: N/A
- Fixed or Variable: Variable
- Monthly fees: None
- Best For: ATM access without branch
- FDIC Insured: Yes (via Axos Bank)
American Express
- APY: 3.20%
- Minimum balance for APY: None
- Access: Web/app
- Est. Earnings on $10K (1 yr): $320
- Min. Deposit to Open: $0
- Bonus: N/A
- Fixed or Variable: Variable
- Monthly fees: None
- Best For: Trusted brand, existing AmEx customers
- FDIC Insured: Yes
Capital One 360
- APY: 3.20%
- Minimum balance for APY: None
- Access: Web/app; branches; Capital One Cafés
- Est. Earnings on $10K (1 yr): $320
- Min. Deposit to Open: $0
- Bonus: N/A
- Fixed or Variable: Variable
- Monthly fees: None
- Best For: Branch access
- FDIC Insured: Yes
* Promotional rate for Axos ONE bundle. Requires $1,500 monthly direct deposit and $1,500 average daily balance in checking; or $5,000 monthly deposits and $5,000 average daily balance. Base rate is 1.00% APY.
** SoFi’s 4.00% includes a limited-time 0.70% APY boost for new members for up to 6 months (boost added to standard 3.30% APY with eligible direct deposit). Without direct deposit or qualifying deposits, savings earns 1.00% APY.
*** LendingClub LevelUp rate of 4.00% APY applies when $250 or more is deposited in the previous statement cycle’s evaluation period. Standard rate is 3.00% APY.
What is a high-yield savings account?
A high interest savings account works like a traditional savings account. You deposit money, and your balance earns interest over time, but at a rate dramatically higher than you would get with a traditional savings account.
“Now is still a good time to open a high-yield savings account, as interest rates are still higher than they were during the COVID era, even though inflation pushed rates up quickly afterward. We are still seeing decent rates,” Dana Menard, founder and lead financial planner at Twin Cities Wealth Strategies, Inc., says.
That rate difference generally comes down to overhead. Traditional brick-and-mortar banks pay for branches, staff and physical infrastructure, which are costs that eat into what they’re able to offer depositors. On the other hand, most high-yield savings accounts come from online-only banks, which can and often do pass their leaner cost structure on to customers in the form of better rates.
In turn, the earnings gap between a top high-yield savings account and a conventional bank account can be substantial. On a $10,000 deposit, here’s how the math works at today’s rates:
Top high-yield savings account (Axos Bank)
- Rate: 4.21% APY
- Estimated earnings on $10,000 at the one-year mark: $421
National average
- Rate: 0.38% APY
- Estimated earnings on $10,000 at the one-year mark: $38
Typical big-bank savings (e.g., 0.01% APY)
- Rate: 0.01% APY
- Estimated earnings on $10,000 at the one-year mark: $1
Note: Savings yields differ depending on the bank. Earnings are rounded to the nearest whole number. National average per FDIC, April 2026.
It is important to note, however, that all savings account rates are variable, meaning they can rise or fall at any time without prior notice. If you want a rate that stays fixed, a certificate of deposit (CD) locks in your yield for a set term, though your money is less accessible during that period.
“Savers should take advantage of current rates by opening accounts now since nobody can predict what rates will ultimately do by year’s end. Given the uncertainty the Iran War has brought into the market, with prices peaking, rates could possibly go down from where they are today. Plus, if rates rise later, high-yield savings accounts should adjust accordingly,” Menard says.
Best high-yield savings accounts by category
Best high-yield savings rate: Axos Bank
Axos Bank’s ONE bundle currently offers the highest APY on our list at 4.21%, but earning it requires some legwork. You’ll need to meet a monthly direct deposit requirement and maintain a minimum average daily balance, which makes this a natural fit for people who are already using direct deposit and want to maximize every dollar in savings. The pairing with a checking account that earns its own competitive rate is a genuine perk, not just a marketing hook.
The catch, though, is that if you fall short of the deposit or balance requirements in any given month, your rate drops significantly to the base 1.00% APY. So, this account requires but ultimately rewards consistent behavior.
Best for everyday banking and savings: SoFi
SoFi’s checking and savings combination account is a good example of why this financial institution is widely recognized as one of the best options for both bankers and savers. New members can earn up to 4.00% APY through a promotional rate boost for the first six months, and the base rate of 3.30% APY (with direct deposit) remains well above average once that window closes. There are no monthly fees, no minimums, and the app receives consistently high marks for usability.
The main limitation is that SoFi Savings functions as a companion to its checking product. That, in turn, means it’s generally best suited for savers who want a unified financial home rather than a standalone savings vehicle.
Best for savers who deposit monthly: LendingClub
LendingClub’s LevelUp Savings account is one of a small number of high interest savings accounts that reward saving behavior, not just account balances. Deposit at least $250 into the account in a given statement cycle and you’ll earn 4.00% APY on your entire balance. Miss that threshold and you’ll still earn 3.00%, which is still competitive, but is also a meaningful drop.
LendingClub is also one of the rare online savings accounts that includes an ATM card with no ATM fees, which adds meaningful liquidity for savers who occasionally need cash access. Savers who can’t reliably hit the $250 monthly deposit requirement, though, may find themselves toggling between rates month to month, which could be frustrating to track.
Best no-fee, no-minimum savings account: Marcus by Goldman Sachs
For savers who are skeptical of conditional rates or tired of reading fine print, Marcus delivers a genuinely clean proposition. This account strips away the friction points with no monthly fee, no minimum opening deposit, no minimum balance to earn the full APY and no cap on withdrawals or transfers. The 3.65% rate isn’t the highest available, but it requires nothing beyond simply opening and funding the account.
The notable gap, however, is that Marcus offers no checking account and no ATM access, so it functions best as a dedicated savings vehicle paired with a primary checking account maintained elsewhere.
Best for branch access: Capital One 360
For savers who want the rate of an online bank but the occasional ability to walk into a branch, Capital One solves a real problem by offering both a top-tier high interest savings account and a physical presence. The 360 Performance Savings account earns 3.20% APY with no minimum balance, no fees and no deposit requirement, making it similar in structure to the best online-only options. But Capital One also has hundreds of branches and its distinctive Capital One Café locations in major markets, give in-person savers a level of access that online-only banks simply can’t match.
That said, at 3.20%, Capital One’s high-yield savings rate trails some of the top competitors on this list by a meaningful margin, so savers purely chasing yield may want to look elsewhere.
Best for a fully online option: American Express
American Express is better known for its credit cards, but its high-yield savings account is a straightforward, no-nonsense savings product that earns 3.20% APY with no monthly fees, no minimum deposit and no minimum balance required. The account is entirely online, and American Express offers 24/7 phone support specifically for savings account holders, a level of customer service that many online-only banks don’t match.
The trade-off, however, is the rate. At 3.20% APY, American Express isn’t near the top of this list, and unlike some competitors, there are no promotional rates, bonuses or ATM access to sweeten the deal.
Mini Reviews: Additional Picks
Synchrony Bank
Synchrony’s High Yield Savings account earns 3.50% APY with no minimum balance, no monthly fees and an optional ATM card that provides access to more than 400,000 fee-free ATMs — a meaningful advantage over most online savings accounts, which offer no cash access at all. The limitation is that Synchrony offers no checking account, so it’s a savings-only destination and not a primary banking hub.
Learn more about Synchrony here.
UFB Direct
UFB Direct’s Portfolio Savings account earns 3.26% APY on all balances, with no monthly fees, no minimum deposit and a complimentary ATM card that works across a 90,000-machine fee-free network. The main downside is that UFB, like most online savings accounts, doesn’t offer branches and provides fewer product options than a full-service bank.
CIT Bank
CIT Bank’s Platinum Savings account earns 3.75% APY — one of the stronger unconditional rates on this list — but only if you maintain a balance of $5,000 or more. Drop below that threshold and the rate falls sharply to 0.25% APY, which is one of the main limitations to flag, and some customers have reported long customer service wait times, which is worth keeping in mind if accessible support is a priority for you.
Learn more about CIT Bank here.
Latest savings rate news
The Federal Reserve held its benchmark federal funds rate steady at a target range of 3.50% to 3.75% at its April 29, 2026, meeting, the third pause of the year following several rate cuts in late 2025. The Fed’s decisions directly influence what banks are willing to pay on savings deposits, and after a string of reductions that began in the fall of 2024, high-yield savings account yields have been gradually easing from the highs above 5% seen in 2023 and early 2024.
That said, the rate environment for savers remains meaningfully favorable right now. Top high-yield savings account rates are still running at roughly 10 times the national average of 0.38%, and the Fed’s current pause has given rates time to stabilize rather than continue their slide. The next Federal Reserve rate announcement is scheduled for April 29, 2026.
The takeaway for savers here is that excellent rates are still available, but the window for the highest yields seen over the past two years has narrowed. Savers who haven’t moved their money into a high-yield account yet have a genuine incentive to act before rates move lower.
High-yield savings account rates: Historical rate trends
The information below tracks the Federal Reserve’s benchmark federal funds rate target range over the past two years. High interest savings account rates typically move in the same direction as the Fed rate, though individual banks adjust on their own timelines and by varying amounts.
- December 2025-April 2026: 3.50% to 3.75%
- October 2025-November 2025: 3.75% to 4.00%
- September 2025: 4.00% to 4.25%
- December 2024-August 2025: 4.25% to 4.50%
- November 2024: 4.50%–4.75%
- September-October 2024: 4.75% to 5.00%
- April 2024-August 2024: 5.25% to 5.50%
Source: Federal Reserve
How to choose a high-yield savings account
Comparing your high-yield savings account options can be tricky, but it’s important to do so before opening any account, as the rates, terms and conditions can vary dramatically depending on the account and institution. Here’s how to compare your options:
Read the fine print
The advertised rate isn’t always what you’ll earn. Look closely at whether the APY requires a minimum balance, a bundled checking account, a minimum monthly deposit or a direct deposit to qualify. If any of those conditions go unmet, some accounts pay significantly less.
- Compare both the promotional rate and the standard ongoing rate.
- Understand exactly what triggers a rate reduction.
Avoid unnecessary fees
Monthly maintenance fees can erode your interest earnings, particularly on smaller balances. Most top high-yield savings accounts charge no monthly fees, but verify that before you open an account.
- Look for accounts with no monthly maintenance fees.
- Watch for excessive withdrawal or wire transfer fees that may apply.
Ensure you can meet the minimum balance requirements
Some accounts require a minimum balance to earn the advertised APY. Others require a minimum deposit just to open. The best accounts on our list impose neither.
- Look for accounts with $0 minimum balance requirements to earn the top rate.
- Check whether a minimum opening deposit is required.
Compare access options
How you move money in and out of your high-yield savings account matters. Most online savings accounts allow electronic transfers, but ATM access and direct branch access vary widely.
- If ATM access matters, look for accounts that include a complimentary ATM card and free ATM options.
- If branch access is a priority, make sure that the banks or financial institutions you’re considering have brick-and-mortar locations that are easily accessible to you.
Verify FDIC/NCUA insurance coverage
Every account on this list is insured by either the FDIC or NCUA, meaning your deposits are federally protected up to $250,000 per depositor, per institution. Banks are insured by the FDIC and credit unions are insured by the NCUA, both with equivalent protections.
- Always verify insurance status before opening any high-yield savings account.
- If you’re depositing more than $250,000, consider spreading balances across multiple institutions to ensure you’re fully protected.
Who should open a high-yield savings account?
- Emergency fund builders: A high-yield savings account is the ideal home for three to six months of living expenses, as it keeps your money liquid, secure and earning significantly more than a traditional account.
- First-time savers: With options that include no minimums and no fees, there’s no barrier to entry with a high-yield savings account, and the earning difference is immediate.
- Future homebuyers: Saving for a down payment over one to three years? Parking that money in one of the top high-yield savings accounts rather than a standard account can mean hundreds or thousands of dollars in additional interest earnings.
- Large-purchase savers: Whether you’re saving for a car, a home renovation or another major expense, a high-yield savings account keeps your money working until you need it.
- Retirees with cash reserves: For cash held outside investment accounts — whether for short-term needs or as a buffer — a high-yield savings account offers security and a meaningful yield with no market risk.
One strategy worth considering is using multiple high-yield savings accounts for separate savings goals. This approach creates natural guardrails against dipping into funds earmarked for a specific purpose. Just be mindful that FDIC coverage is capped at $250,000 per depositor per institution, so savers with large balances spread across accounts at the same bank may want to distribute across separate institutions to preserve full coverage.
Pros and cons of high-yield savings accounts
Pros
- Increased earning potential: Rates on high-yield savings accounts are significantly higher than traditional savings accounts or many big-bank accounts, vastly increasing the earning potential without additional hurdles.
- Protected funds: The funds you deposit are FDIC- or NCUA-insured up to $250,000 per depositor.
- Higher earnings with lower risk: With a high-yield savings account, you’re earning interest on your funds while removing market risk, meaning your principal is not exposed to investment losses.
- Easy accessibility: The funds deposited in a high-yield savings account remain accessible, unlike CDs, which carry early withdrawal penalties if you need to access your money before the term ends.
Cons
- Variable rate risk: All high-yield savings account rates are variable, which means they can — and do — fall when the Fed cuts rates or when banks decide to lower their own margins. That means the rate you open with may not be the rate you earn a year from now, which can benefit you if rates rise, but can hurt your earnings if rates fall.
- Withdrawal limitations: While the federal rule limiting savings account transfers to six per month has been officially relaxed, many banks still enforce their own limits, and some charge fees for excess transactions.
- Online-only friction: Most high-yield savings accounts are offered by online banks, which means limited or no branch access, limited in-person service options and a reliance on electronic transfers that can be slower than traditional options.
Alternatives to high-yield savings accounts
Not every savings goal calls for a high-yield savings account. Here’s a brief comparison of related alternatives:
Certificate of deposit (CD)
What it is:
- Fixed-rate account that locks your money for a set term (3 months to 5 years)
- Higher rates for longer terms.
What it’s best for:
- Money you won’t need for a defined period; savers who want to lock in a rate before anticipated Fed cuts
Money market account (MMA)
What it is:
- An interest-bearing account that often combines savings and checking features, including check-writing or a debit card
What it’s best for:
- Savers who want high-yield savings account-level rates with more flexible access tools
Traditional savings account
What it is:
- Standard bank savings account with FDIC insurance
- Rates are typically much lower than high-yield savings accounts
What it’s best for:
- Savers who want in-person service and are comfortable with lower yields
What’s the difference between “member FDIC” and “funds insured by the FDIC”?
When a bank is a direct member of the Federal Deposit Insurance Corporation, it will advertise itself as “Member FDIC.” That designation means the bank itself is the insured institution, and your deposits — up to $250,000 per depositor, per institution, per ownership category — are directly protected.
Some fintech companies and digital banking platforms aren’t FDIC members themselves but partner with banks that are. In those cases, you’ll see language like “funds insured by the FDIC” or “deposits held at [Partner Bank], Member FDIC.” Your money still receives the same protection, but it passes through a partner bank’s accounts to get there.
This is why reading the fine print matters. The protection is equivalent, but you should verify which underlying bank holds your deposit and whether you already have other funds at that same institution that could affect your coverage limit.
Credit unions are not FDIC members. Instead, they are insured by the National Credit Union Administration (NCUA), which offers the same $250,000 per-member, per-institution protections as FDIC insurance for bank depositors. All accounts on our list are either FDIC-insured directly or insured through an FDIC-member partner bank.
How often can I take money out of a high-yield savings account?
Federal Regulation D, which once required banks to limit savings account withdrawals to six per month, was suspended by the Federal Reserve in April 2020 and has not been reinstated. In practice, however, many banks still enforce their own limits on transfers and withdrawals — often six per statement cycle — and may charge excess transaction fees if you exceed them. Always check your specific account’s terms before assuming unlimited withdrawals are permitted.
For accounts that include ATM access, cash withdrawals are typically treated separately from electronic transfers, though daily ATM withdrawal limits apply. Some banks, for example, cap ATM withdrawals at $1,000 per day, while others may cover ATM withdrawals without a fee on a broad network. If you anticipate needing frequent or large cash withdrawals, these features should factor into your account selection.
It’s also worth noting that some banks require withdrawals to be made by electronic transfer to a linked external account, with processing times of one to three business days (or more in certain cases). Savers who need immediate cash access in an emergency should account for this transfer lag when sizing their emergency fund or deciding whether to supplement their high-yield savings account with a checking account at the same institution.
What to do if you can’t open a high-yield savings account
If your application for a high-yield savings account is denied, ChexSystems may be involved. ChexSystems is a consumer reporting agency used by banks to screen applicants based on past banking history. A bank may flag an applicant for unpaid overdraft fees, returned checks, suspected fraud or other account-related issues that appear in their ChexSystems report. If your high-yield savings account application is rejected, you’re entitled to a free copy of your ChexSystems report, which you can request directly at chexsystems.com.
Once you understand what’s in your report, you have options to deal with the issue. You can dispute inaccurate information directly with ChexSystems, or you can work to resolve any outstanding fees or issues with the bank that reported them. Some institutions offer second-chance savings accounts that are designed for applicants with negative banking history, which can help you build a track record before applying again at a standard bank. The path to resolution isn’t always quick, but most ChexSystems records are cleared after five years, and resolving outstanding issues proactively can shorten that timeline.
How to open a high-yield savings account
- Compare APYs. Use the table above to identify the account that best fits your deposit habits and access needs; don’t just focus on the headline rate.
- Verify FDIC insurance. Confirm the account is FDIC- or NCUA-insured before you proceed.
- Apply to open the account, either online or at a physical branch. Most applications take 10 to 15 minutes and can be completed entirely online.
- Fund your account. Transfer money from your existing checking or savings account, and be sure to meet any minimum deposit requirements tied to your new account.
- Link your primary bank. Connect your existing checking account to enable fast electronic transfers between accounts.
- Monitor your rate. High-yield savings rates are variable, so check your account’s APY periodically and weigh the alternatives if you find that your rate is less than ideal.
Glossary
- APY: The annual percentage yield (APY) is the actual return you earn on a deposit over one year, accounting for compounding interest. The APY is always higher than the nominal interest rate when interest compounds more than once a year, which it typically does on savings accounts.
- Compound interest: The compound interest is the interest calculated on both your original principal and the accumulated interest already earned. Most savings accounts compound daily and credit interest monthly, meaning your balance grows faster than with simple interest.
- Variable rate: A variable rate is an interest rate that can change at any time, typically in response to Federal Reserve policy decisions or individual bank decisions. All high-yield savings account rates are variable.
- FDIC insurance: Federal Deposit Insurance Corporation coverage that protects depositors up to $250,000 per depositor, per FDIC-member institution, per ownership category in the event of a bank failure.
- NCUA: National Credit Union Administration, the federal agency that insures deposits at federally chartered and most state-chartered credit unions, also up to $250,000 per member, per institution.
Frequently asked questions
How do high-yield savings accounts work?
A high-yield savings account works like a standard savings account. You deposit money, it earns interest and it’s federally insured, but at rates that are significantly higher than what traditional banks offer. Interest typically compounds daily and is credited to your account monthly. Rates are variable, though, so they can change at any time without notice.
What is the difference between APY and interest rate?
The interest rate is the base rate a bank pays on your deposit. The APY reflects the total return you’ll earn over a year after accounting for how frequently interest compounds. Because most savings accounts compound daily, the APY is always slightly higher than the stated interest rate. When comparing accounts, always use the APY.
Do I pay taxes on high-yield savings interest?
Yes, you do pay taxes on the interest earned via a high-yield savings account, which is taxable as ordinary income in the year it’s received. Your bank will issue a 1099-INT at year’s end if you earn $10 or more in interest. This applies regardless of whether you withdraw the funds or leave them in the account.
Do high-yield savings rates change?
Yes, high-yield savings rates change frequently. All savings account rates are variable, meaning banks can raise or lower them at any time. Rates tend to rise when the Federal Reserve increases its benchmark rate and fall when the Fed cuts rates. Banks don’t always move in lockstep with the Fed, though, so it pays to monitor your rate periodically.
What does $10,000 earn in a high-yield savings account?
At the current top rate of 4.21% APY, a $10,000 deposit would earn approximately $421 in one year. At the national average of 0.38% APY, the same deposit would earn about $38. At a typical big-bank rate of 0.01%, it would earn about $1.
Can I take money out of a high-yield savings account at any time?
In general, yes, you can take money out of a high-yield savings account at any time, but some banks impose their own limits on the number of transfers or withdrawals per statement cycle — often six per month. Some accounts also require up to three business days for electronic transfers to process. Accounts with ATM access may allow more immediate cash access.
Should I have more than one high-yield savings account?
There’s no rule against having more than one high-yield savings account, and many financial planners recommend using separate accounts for separate savings goals — one for an emergency fund, one for a down payment, and so on. Just be aware that FDIC insurance is capped at $250,000 per depositor per institution, so if you’re managing large balances, spreading them across different banks ensures full coverage.
What if I can’t open a high-yield savings account?
If your application is denied, a ChexSystems record may be the reason. You’re entitled to a free copy of your ChexSystems report and can dispute inaccuracies or resolve outstanding issues directly. Many banks also offer second-chance savings accounts for applicants with negative banking history.
What is the best online savings account?
The best online savings account depends on your specific needs. If earning the highest possible rate is the priority and you can meet the direct deposit requirements, Axos Bank’s ONE bundle offers a 4.21% APY currently. If you want a strong rate with no strings attached, Marcus by Goldman Sachs or Synchrony are compelling alternatives.
How much will $10,000 make in a money market account?
Money market account rates vary, but the top accounts currently available are competitive with high-yield savings accounts, often in the 4%–4.50% range. At 4.00% APY, $10,000 would earn approximately $408 in one year. [See today’s best money market rates from CBS News →]
What’s a good APY for a savings account?
In the current environment, any rate at or above 3.50% APY is generally competitive. The national average sits at 0.38%, so anything materially above that is a meaningful improvement. The best accounts on our list range from 3.20% to 4.21% APY.
What are the disadvantages of a CD versus a savings account?
CDs lock your money for a fixed term — anywhere from three months to five years — and impose early withdrawal penalties if you need the funds before maturity. High-yield savings accounts, by contrast, remain accessible at any time. The trade-off is certainty: a CD’s rate is locked in at opening, while a savings account’s variable rate can fall over time. CDs are worth considering when you want to protect a yield you’ve secured and don’t need near-term access to the funds.
HYSA Disclaimers
Sofi
SoFi Checking and Savings:
1. Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/2025. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
3. New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
4. We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at http://www.sofi.com/legal/banking-fees/
5. We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
SoFi Bank, N.A. Member FDIC.
Additional FDIC Insurance – SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
Synchrony
APY for Synchrony Financial high-yield savings accounts is variable and subject to change without notice, including after account opening. Advertised rates are not guaranteed for any specific period and actual earnings may vary. Member FDIC. Additional terms and restrictions apply; visit Synchrony’s website for current rates and complete account details.
CIT Bank Platinum Savings
For complete list of account details and fees, see our Personal Account disclosures.
1. Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
*This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria. Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate. The Promotion begins on February 13, 2026, and ends May 31, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions. The promotion can end at any time without notice.
American Express
APY for American Express high-yield savings accounts is variable and subject to change without notice. No minimum balance is required to open an account, earn the stated APY, or avoid account fees. Mobile app access requires a compatible iOS or Android device. Transfers may be initiated 24/7 online or via the mobile app; processing times may vary based on timing and account activity, and deposited funds may be subject to holds. Business days are defined as Monday through Friday, excluding federal holidays. Additional terms, conditions, and restrictions may apply; please review American Express’ official disclosures for the most current and complete information.
Western Alliance Bank
APY for Western Alliance Bank high-yield savings accounts is variable and subject to change without notice. A minimum deposit of $500 is required to open an account; a minimum balance of $0.01 is required to earn the advertised APY. National average savings rate comparisons are based on FDIC-published National Rates and Rate Caps for savings deposit products and are subject to change. Member FDIC. Additional terms, conditions, and restrictions may apply; please review Western Alliance Bank’s official disclosures for the most current and complete information.
Barclays
APY for Barclays Select Savings is variable and subject to change without notice. The Select Savings APY is based on current market data and may fluctuate; national average APY of 0.38% is sourced from available market data and subject to change. The $200 cash bonus is available to new customers only and subject to terms and conditions, including minimum deposit requirements and eligibility criteria; not all applicants will qualify. Active AARP membership may be required. Additional terms and restrictions apply. Visit Barclays’ website for current rates and complete account details.