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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.
Tell the AskMyFinance tool how much you want to save and whether you need immediate access to the money. It will match you to the highest-paying account that fits your needs.
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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Maximize Every Dollar: Top Cash-Back Cards to Pair With Your HYSA
Save more in a high-yield account and earn cash back on daily spending. These no-annual-fee cards work great alongside a HYSA strategy:
Citi Double Cash — 2% cash back on everything, no annual fee
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Chase Freedom Unlimited — 1.5–5% cash back, no annual fee
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Discover it Cash Back — 5% rotating categories + first-year cash back match
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Capital One Quicksilver — 1.5% cash back on all purchases, no annual fee
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Amex Blue Cash Everyday — 3% cash back at US supermarkets
Apply Now