Best High-Yield Savings Accounts in 2026

Best High-Yield Savings Accounts

The best high-yield savings accounts (HYSAs) offer high annual percentage yields (APYs), low or no fees, easy access to your money, and backing from the Federal Deposit Insurance Corporation (FDIC). The following options stand out for competitive rates, flexible requirements, and nationwide availability. 

Bank	Best for	APY	Opening deposit	Minimum balance required for highest APY
Varo	Highest potential APY	Up to 5%	$0	$1,000 minimum monthly direct deposit and positive checking and savings account balance
Axos	Checking and savings account bundle	Up to 4.21%	$0	Receive a minimum of $1,500 in qualifying direct deposits and keep the same average daily balance in linked checking account
LendingClub	Monthly savers	Up to 4%	$0	$250 monthly deposit
SoFi	Member benefits	Up to 4%	$0	Direct deposit or $5,000 monthly deposit
Forbright	No fees or minimums	Up to 3.85%	$0	$0
Quontic	Underserved communities	Up to 3.35%	$100	$0

Information shown in table current as of May 1, 2026

How we chose the best high-yield savings accounts

We chose these financial institutions based on a mix of savings APY, deposit requirements, account fees and features, ease of use, third-party customer reviews, and nationwide access.

Deep Dive: The Best High-Yield Savings Accounts

Here are more details about each bank and savings account, and why they made our list of top high-yield savings accounts (HYSAs).

Varo savings account: Best for the highest potential APY

• APY: Up to 5%

• Minimum deposit: $0

• Why it’s best: One of the highest APY savings accounts in 2026, with direct deposit and a minimum interest earned of 2.5% on any balance

• Key features: No account or monthly maintenance fees, no minimum balance requirements, a built-in Varo account, round-up savings tools, and the option to transfer a portion of direct deposits into savings

Axos ONE: Best for checking and savings account bundle

• APY: Up to 4.21%

• Minimum deposit: $0

• Why it’s best: Earns above the national average interest rate on checking and savings when you meet monthly requirements

• Key features: No minimum opening deposit, highly rated mobile app, no monthly fees, early paychecks access, mobile check deposits, referral bonuses, a large fee-free ATM network, and up to $2.5 million in FDIC insurance

LendingClub LevelUp: Best for monthly savers

• APY: Up to 4%

• Minimum deposit: $0

• Why it’s best: Encourages monthly deposits for steady growth

• Key features: Higher yield for regular deposits, no account fees, a free ATM card, no minimum opening deposit, and a standard APY that’s higher than the national average savings account rates (if you don’t meet the minimum monthly deposit requirement)

SoFi online savings account: Best for member benefits

• APY: Up to 4%

• Minimum deposit: $0

• Why it’s best: Fee-free savings account with high APY for six months and cash bonus eligibility 

• Key features: No minimum balance requirements, account fees, or overdraft fees, cash rewards for qualifying direct deposits, savings vaults for different goals, checking accounts with debit cards, and automatic savings roundups; additional member perks like financial planning, home loan discounts, and travel savings

Forbright Bank growth savings: Best for no fees or minimums

• APY: Up to 3.85%

• Minimum deposit: $0 

• Why it’s best: Earn a higher interest rate from an eco-conscious bank without jumping through hoops

• Key features: No account fees or minimum opening deposit, offers online banking and in-person branch access, and carbon-neutral operations

Quontic Bank high-yield savings: Best for underserved communities

• APY: Up to 3.35%

• Minimum deposit: $100

• Why it’s best: Offers high rates on savings and a pathway to homeownership for marginalized groups

• Key features: No fees, built-in credit monitoring and financial tools, and banking products designed to support underserved communities through a community development financial institution (CDFI)

What Is a High-Yield Savings Account, and Why Do Rates Matter?

A high-yield savings account is a type of savings account that earns a much higher interest rate than a traditional one. High APY savings account rates are often 10 times the national average for regular savings accounts.

A HYSA is the best savings account for low-risk savers who want to keep their money safe and accessible without risking it in the stock market.

Why your high-yield savings rate matters

Even small differences in high-yield savings account rates can add up over time. Most HYSAs compound interest daily, which means you earn interest every day on your account balance, helping your savings grow faster. A slightly higher APY can mean noticeably more earnings over months or years.

Rates change often based on Federal Reserve policy and market conditions. Since rates can change at any time, it’s worth comparing offers regularly to ensure you’re earning the highest APY on your money.

Where to Get a High-Yield Savings Account

HYSAs are available from online banks, credit unions, and more traditional banks like Bank of America and Capital One. Consider the trade-offs and benefits of each financial institution to determine which is the best fit.

Online-only banks vs. traditional banks

Online banks usually offer the highest APYs because they don’t have the overhead costs of brick-and-mortar banks. Traditional banks provide in-person service and may offer a wider range of banking and lending products, but usually offer lower savings rates.

Although you may not get in-person service, online banks are still safe. Like traditional banks, most online banks are member FDIC, which protects your money up to $250,000 per account holder.^[1]

If you want personal service and more product access, consider a traditional bank. But if you want convenience and the highest returns, an online-only bank may be a better option.

Credit unions

Credit unions are nonprofit institutions owned by their members. They return profits to members, helping keep fees low and rates more competitive than traditional banks.

You may need to meet membership requirements, like living in a certain area, working for a specific employer, or joining an institution.^[2] Online credit unions are usually easier to join than brick-and-mortar credit unions, but you can find one by searching for local options in your area.

Credit unions have backing from the National Credit Union Administration (NCUA), which provides the same level of protection as FDIC insurance. They can be a strong alternative if you want lower fees, competitive rates, and more personalized service than traditional banks.

How High-Yield Savings Accounts Work

High-yield savings accounts are deposit accounts, meaning you can make deposits and withdrawals. Deposits can come from cash, wire transfers, direct deposit, checks, or transfers from a linked account (usually a checking account with the same bank or an external account from another bank).

HYSAs pay interest based on your account balance. Interest usually compounds daily and is credited to your account monthly. That means your money earns interest every day on itself, and you see those earnings in your savings deposit account each month.

Unlike CDs, which lock in a fixed rate for the entire term, HYSA rates are variable and can change at any time. So, your APY can rise or fall over time. Banks set their own APYs based on market conditions and Federal Reserve rate changes. When the Fed raises rates, savings APYs often increase. When rates fall, returns usually decrease.^[3]

Features That Matter When Comparing Savings Accounts

While APY is important, it’s not the only feature that matters when searching for the best savings account. You should also look for:

• Monthly fees: ATM, overdraft, monthly maintenance, and excessive withdrawal fees can reduce your interest earnings.

• Minimum requirements: Check for minimum opening and balance requirements to earn interest.

• Accessibility: See how easy it is to transfer and withdraw money before applying.

• Automation: Ability to set recurring deposits to grow your money faster.

• Deposit options: Check out which are instant and which may take time, like external transfers.

• Features and tools: Look for ATM card, online account, and mobile app access, as well as quick money transfer options like Zelle or Google, Apple, or Samsung Pay.

For emergency funds, prioritize access, automation, and no-fee savings accounts. For general savings, focus more on a higher APY to maximize earnings.

Regulation D no longer limits transfers or withdrawals to six per month, so there’s no federal cap.^[4] Banks can set their own limits, but some still limit to six per month.

High-Yield Savings Accounts vs. Other Savings Vehicles

HYSAs aren’t the only savings option available. CDs offer a fixed rate you lock in for a specific term (usually one month to five years), but you’ll pay an early withdrawal penalty if you access the money early.

Traditional savings accounts typically offer APYs similar to the national average, which are much lower than HYSAs. When comparing money market vs. savings accounts, money market accounts offer high APYs, check-writing privileges, and debit card access, but usually require higher deposit and balance requirements to earn the highest APY.^[1]

Here’s how each saving option compares.^[5]

Account Type	Current Average APY	12-Month Return on $10K	Minimum Deposit	Liquidity	Risk
High-yield savings	3.81%	$407	$0–$5,000	High	Low
Certificates of deposit (CDs)	0.21%–1.35% (varies by term)	$21–$135	$0–$10,000	Low	Low
Money market accounts (MMAs)	0.57%	$57	$0–$25,000	Medium	Low
Traditional savings accounts	0.38%	$38	$0–$2,500	High	Low

Rates, deposit requirements, and returns vary by bank and may change at any time.

When to Open a High-Yield Savings Account

Open a high-yield savings account to grow your money without risk. It’s a good option for emergency funds, short-term savings goals, or cash you may need access to soon.

HYSAs are great for short-term goals, but they’re not always the best choice for longer-term savings, like a down payment on a house. CDs offer fixed rates, and banks sometimes offer promotional CD rates that are higher than HYSA rates.

CDs work best when you know you won’t need access to your funds during the term. That can make them more useful later in your savings journey, when your timeline is more predictable, and when you’re close to buying a home.

Investing is another long-term savings strategy, but you risk losing your money if inflation rises or the market performs poorly. Even if HYSA rates drop to 0%, your balance won’t go down. You just won’t earn interest. You’ll also get risk-free growth with a HYSA or CD, as long as you don’t need the money before the CD term ends. 

How to Maximize Earnings in Your High-Yield Savings Account

You can get the most out of your high-yield savings account with a few simple strategies:

• Build a larger balance to benefit from daily compounding.

• Set up automatic deposits.

• Move money from low-interest accounts.

• Link your savings account to a checking account for easy transfers.

• Choose no-fee savings accounts.

• Keep minimum balance requirements if necessary to earn the highest APY.

• Compare rates to find the savings account with the highest interest before applying.

• Look for promotional offers, bonuses, and introductory rates.

• Monitor APY changes regularly, especially when the Fed changes rates.

Consider switching banks if rates change. Switching makes sense if the rate difference outweighs the hassle of moving funds.

Best High-Yield Savings Account FAQs