Category: Savings Accounts

High-yield savings accounts (HYSAs) pay significantly more interest than traditional savings accounts at big banks. In 2026, the best accounts offer annual percentage yields (APYs) of 4.50% to 5.00% or more — compared to the national average of around 0.46% at brick-and-mortar banks.

What Is a High-Yield Savings Account?

A high-yield savings account is a federally insured deposit account that pays a higher APY than conventional savings accounts. Most HYSAs are offered by online banks and credit unions, which have lower overhead and pass the savings on as higher interest rates.

Your money is FDIC insured up to $250,000 per depositor per institution, so there is no additional risk compared to keeping money at a traditional bank.

Best High-Yield Savings Accounts in 2026

1. Marcus by Goldman Sachs

Marcus consistently ranks among the top HYSAs. It offers no monthly fees, no minimum balance requirement, and a competitive APY. Transfers to and from external accounts take 1-3 business days. There is no checking account, so Marcus works best as a dedicated savings vehicle alongside your main bank.

2. Ally Bank

Ally offers one of the strongest all-around online banking experiences. The savings account earns a competitive rate with no minimum balance and no monthly fees. Ally also offers checking accounts, CDs, and investment accounts — making it a practical one-stop shop for online banking.

3. SoFi Bank

SoFi’s high-yield savings account offers a top-tier APY when you set up direct deposit, plus a cash bonus for new members who meet deposit requirements. SoFi also offers checking and investing, and no account fees.

4. CIT Bank

CIT Bank’s Platinum Savings account offers a high APY for balances of $5,000 or more. Below that threshold the rate drops significantly, so this account rewards savers with a larger emergency fund or savings goal.

5. Discover Online Savings

Discover’s savings account is straightforward: no fees, no minimum balance, and a competitive rate. Backed by a well-known brand, it’s a solid choice for savers who want reliability without complexity.

How to Choose the Right High-Yield Savings Account

When comparing accounts, focus on these factors:

• APY: The annual percentage yield is the actual return you earn after compounding. Look for the highest available APY with no strings attached (e.g., no minimum balance requirement to earn the advertised rate).
• Fees: Monthly maintenance fees eat into your earnings. Stick to accounts with $0 monthly fees.
• Minimum balance: Some accounts require a minimum balance to earn the top APY. Know the threshold before opening.
• Withdrawal limits: Federal regulation D used to cap savings withdrawals at 6 per month; this rule was suspended in 2020 but many banks still enforce similar limits. Check before you open.
• Transfer speed: How quickly can you move money to your checking account? Most online banks take 1-3 business days. Some (like Ally or SoFi) can be faster.
• FDIC/NCUA insurance: All accounts on this list are insured. Never put savings in an account that is not federally insured.

How Much Can You Earn in a High-Yield Savings Account?

At 4.75% APY, a $10,000 balance earns approximately $475 in interest over 12 months. A traditional savings account at 0.46% APY earns just $46 on the same balance. Over several years, that gap compounds substantially.

Where to Keep Your Emergency Fund

A high-yield savings account is the right home for your emergency fund. It is liquid (you can access funds within a few days), FDIC insured, and earns meaningful interest while you wait. Do not put your emergency fund in stocks, CDs with early withdrawal penalties, or illiquid investments.

Are High-Yield Savings Accounts Safe?

Yes. As long as the bank is FDIC insured and your balance is under $250,000, your deposits are fully protected even if the bank fails. Online banks are subject to the same federal regulations as traditional banks.

Bottom Line

The best high-yield savings accounts in 2026 offer APYs of 4.50% to 5.00% with no fees and no minimum balance requirements. If you are keeping money at a big bank earning 0.01%, moving it to an HYSA is one of the highest-return, zero-risk financial moves you can make.

Related: What Is an Emergency Fund (and How to Build One) 2026

Related: What Is a Money Market Fund? 2026 Guide

Related: Credit Union vs. Bank: Which Is Better for You in 2026?

This article contains affiliate links. We may earn a commission when you apply through our links.

Best Savings Account Interest Rates 2026: Full Comparison

The national average savings account rate at traditional banks is around 0.46% APY. Online high yield savings accounts are paying 4.00%-5.25% APY. That gap represents real money — on a $20,000 balance, the difference is $888 per year in extra interest.

This page compares the best savings account rates available in May 2026 across high yield savings accounts, money market accounts, and CDs.

Best High Yield Savings Account Rates — May 2026

Bank	APY	Min. Deposit	Monthly Fee	FDIC Insured
LendingClub LevelUp Savings	5.00%*	$0	$0	Yes
SoFi Savings (with direct deposit)	4.60%*	$0	$0	Yes
Marcus by Goldman Sachs	4.40%*	$0	$0	Yes
Ally Bank	4.35%*	$0	$0	Yes
American Express High Yield	4.35%*	$0	$0	Yes
Synchrony Bank High Yield	4.50%*	$0	$0	Yes

*Rates as of May 2026. APYs are variable. Verify current rates on each bank’s official website. LendingClub’s 5.00% APY requires a $250/month minimum deposit. SoFi’s 4.60% requires direct deposit setup.

Source: FDIC National Rates and Rate Caps

Best CD Rates — May 2026

CDs (Certificates of Deposit) lock your money for a fixed term and offer a guaranteed rate that does not change even if the Fed cuts rates.

Bank	Term	APY	Min. Deposit
Bread Financial	12-month	5.15%*	$1,500
Synchrony Bank	12-month	5.10%*	$0
Marcus by Goldman Sachs	12-month	5.05%*	$500
Ally Bank	12-month	4.85%*	$0
Discover Bank	12-month	4.80%*	$2,500

*CD rates as of May 2026. Early withdrawal penalties apply. Confirm current rates before opening.

Best Money Market Account Rates — May 2026

Money market accounts often pay competitive rates and may come with check-writing privileges or a debit card — more flexibility than a standard savings account.

Bank	APY	Min. Balance
Sallie Mae Money Market	4.65%*	$0
UFB Direct Money Market	4.55%*	$0
Vio Bank Cornerstone MMA	4.53%*	$100

*Rates as of May 2026. Variable and subject to change.

HYSA vs. CD vs. Money Market: Which Is Right for You?

Account Type	Liquidity	Rate Security	Best For
High Yield Savings	High (withdraw anytime)	Variable (changes with Fed)	Emergency fund, short-term savings
Certificate of Deposit	Low (penalty for early withdrawal)	Fixed for term	Money you will not need for 12+ months
Money Market Account	High (often has debit card/checks)	Variable	Operating cash you want to earn more on

How the Federal Reserve Affects Your Rate

The federal funds rate is the rate banks charge each other for overnight loans. It is set by the Federal Open Market Committee (FOMC) and reviewed 8 times per year.

When the FOMC raises this rate, it costs banks more to borrow money. To attract deposits, they raise the rates they pay on savings accounts. When the FOMC cuts rates, savings rates tend to fall within days to weeks.

Online banks pass through rate changes faster than big traditional banks. If you keep savings at Chase or Bank of America, the rate rarely moves even when the Fed raises rates significantly.

Source: Federal Reserve Open Market Operations

How Much More Can You Earn by Switching?

The math is clear. On a $25,000 balance:

• At 0.46% APY (national average): $115/year
• At 4.50% APY (top online HYSA): $1,125/year
• Difference: $1,010 per year

The switch takes 15-30 minutes. Most online banks let you link your existing bank account for transfers. There is no penalty for leaving a savings account.

Frequently Asked Questions

What is a good interest rate for a savings account in 2026?

In May 2026, a good savings account APY is 4.25% or higher. The national average at traditional banks is around 0.46%. If your savings account is paying below 2%, you should move your money.

Are high interest savings accounts safe?

Yes, as long as the bank is FDIC-insured. FDIC insurance covers up to $250,000 per depositor per institution. All accounts on this list are fully insured.

Should I use a savings account or a CD in 2026?

A high yield savings account gives you flexibility — withdraw at any time. A CD locks your money for a fixed term but typically offers a higher guaranteed rate. If you will not need the money for 12+ months, a CD can make sense.

How does the Federal Reserve affect savings account rates?

When the Fed raises rates, savings account rates rise. When the Fed cuts rates, savings rates follow. Online banks typically pass through rate changes faster than traditional banks.

Is it worth switching banks for a higher savings rate?

Usually yes. On a $10,000 balance, the difference between 0.50% APY and 4.50% APY is $400 per year. Switching takes about 15-30 minutes.

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This article contains affiliate links. We may earn a commission when you apply through our links.

Best High Yield Savings Account for Beginners 2026

If your money is sitting in a traditional bank savings account earning 0.01% APY, you are losing money to inflation every single day. High yield savings accounts pay 400 to 500 times that rate. And they are just as safe.

I looked at the top high yield savings accounts available to beginners in 2026 — accounts with no minimum balance requirements, no monthly fees, and no complicated conditions to earn the top rate. Here is what I found.

Top Picks at a Glance

Bank	APY	Min. Deposit	Monthly Fee	Best For
SoFi Savings	Up to 4.60%*	$0	$0	Direct deposit bonus APY
Marcus by Goldman Sachs	4.40%*	$0	$0	Simple, no conditions
Ally Bank	4.35%*	$0	$0	Full-service online banking
LendingClub LevelUp Savings	5.00%*	$0	$0	Highest rate with monthly deposit
American Express High Yield Savings	4.35%*	$0	$0	Trusted brand, no minimums

*Rates as of May 2026. APYs are variable and subject to change without notice. Verify current rates on each bank’s official website before opening an account.

1. Marcus by Goldman Sachs — Best for Simplicity

Marcus is the online banking arm of Goldman Sachs. It offers a high yield savings account with no minimum deposit, no monthly fees, and no conditions to earn the top rate. You open it, deposit money, and earn 4.40% APY. That is it.

There is no checking account at Marcus, which keeps things simple. You link your external bank account and transfer money in and out. Transfers typically take 1-3 business days.

What we like:

• No minimum opening deposit
• No monthly fees
• No conditions — everyone earns the top APY
• FDIC-insured up to $250,000

What to watch:

• No checking account — transfers to external accounts take 1-3 days
• No mobile check deposit

2. SoFi Savings — Best APY With Direct Deposit

SoFi offers up to 4.60% APY on savings when you set up direct deposit into your SoFi account. Without direct deposit, the rate drops to 1.20%. If you are willing to route your paycheck through SoFi, the rate is one of the best available. SoFi also offers a full checking account, debit card, and ATM fee reimbursement.

What we like:

• Up to 4.60% APY with direct deposit
• Full checking + savings combo
• No fees, no minimums
• ATM fee reimbursements nationwide

What to watch:

• Top APY requires direct deposit setup
• Without direct deposit, APY falls to 1.20%

3. Ally Bank — Best for Full Online Banking

Ally Bank is one of the most established online banks in the US. It offers a high yield savings account at 4.35% APY with no minimum and no fees. Ally also has a checking account, CDs, investment accounts, and auto loans — all under one roof.

If you want to do most of your banking in one place online, Ally is the easiest starting point. The mobile app is well-rated and transfers to external banks are fast.

What we like:

• 4.35% APY with no conditions
• Full suite of products: checking, CDs, investments
• 24/7 customer service
• Highly rated mobile app

What to watch:

• No physical branches
• No cash deposits accepted

4. LendingClub LevelUp Savings — Best Rate If You Deposit Monthly

LendingClub offers a 5.00% APY on its LevelUp Savings account when you deposit at least $250 per month. If you miss a month, the rate drops to 4.50% for that month — still competitive. This is the highest rate on the list, but it requires consistent monthly deposits to maintain.

What we like:

• 5.00% APY — highest rate on this list
• Even the lower tier (4.50%) beats most competitors
• No monthly fees

What to watch:

• Must deposit $250+ per month to earn 5.00% APY

5. American Express High Yield Savings — Best for Existing Amex Customers

American Express offers a high yield savings account at 4.35% APY with no minimum and no fees. It integrates cleanly with your existing American Express credit card account. If you already have an Amex card, this is the lowest-friction way to start earning more on your savings.

How High Yield Savings Rates Work

High yield savings account rates are tied to the federal funds rate — the rate set by the Federal Reserve. When the Fed raises rates (as it did aggressively in 2022-2023 to fight inflation), HYSA rates rise with it. When the Fed cuts rates, HYSA rates fall.

This means the rates listed above will change over time. The accounts on this list consistently rank among the highest available. But always verify the current rate on the bank’s official website before you open an account.

Source: Federal Reserve Selected Interest Rates

Is a High Yield Savings Account Right for You?

A high yield savings account is the right place for:

• Your emergency fund (3-6 months of expenses)
• Money you are saving for a goal within the next 1-3 years
• Cash you want to keep liquid but earning more than checking

It is not the right place for money you want to grow over 10+ years. For long-term goals, index funds and retirement accounts (401k, IRA) deliver much higher returns over time. A high yield savings account is for money you need to keep safe and accessible.

Frequently Asked Questions

What is a high yield savings account?

A high yield savings account is a savings account that pays a much higher interest rate than a standard bank savings account. Traditional banks often pay 0.01% APY. High yield savings accounts at online banks often pay 4%-5% APY or more. The money is still FDIC-insured up to $250,000.

Is my money safe in a high yield savings account?

Yes, as long as the bank is FDIC-insured. The FDIC insures deposits up to $250,000 per depositor, per institution, per ownership category. All the accounts on this list are FDIC-insured.

How much money do I need to open a high yield savings account?

Many high yield savings accounts have no minimum opening deposit. Marcus by Goldman Sachs, SoFi, and Ally all allow you to open an account with $0.

Can I withdraw money from a high yield savings account at any time?

Yes. High yield savings accounts are liquid. You can transfer money out at any time. The Federal Reserve removed the 6-withdrawal-per-month limit in 2020. Some banks still enforce their own limits — check your account terms.

Do high yield savings account rates change?

Yes. Rates are variable and move with the federal funds rate set by the Federal Reserve. When the Fed raises rates, HYSA rates tend to rise. When the Fed cuts rates, HYSA rates tend to fall.

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For check-writing access alongside high yields, compare a money market account to a high-yield savings account.