The national average savings account rate is 0.39%. The best high-yield savings accounts in America right now pay up to 5.00% APY, which is more than 12 times higher. On a $10,000 balance, that difference works out to $461 in extra interest per year for doing exactly nothing different.
If you still keep your emergency fund in a big-bank savings account earning 0.01%, you are losing real money every single month. Inflation in 2026 is running at 2.8%, so any account earning less than that is shrinking your purchasing power by the day.
We compared current APY rates from Bankrate, NerdWallet, CNBC Select, and the FDIC as of April 2026. Every account on this list is FDIC-insured up to $250,000, charges zero monthly fees, and can be opened online in under 10 minutes. The rankings are based on APY first, account features second, and no-fee structures third.
Quick Comparison Table
| Rank | Bank | APY | Min Balance | Monthly Fee | FDIC |
|---|---|---|---|---|---|
| 1 | Varo Bank | Up to 5.00% | $0 | $0 | Yes |
| 2 | Pibank Savings | 4.40% | $0 | $0 | Yes |
| 3 | Axos ONE Savings | 4.21% | $0 | $0 | Yes |
| 4 | Newtek Bank | 4.20% | $0 | $0 | Yes |
| 5 | CIT Bank Platinum Savings | 4.10% (with promo) | $5,000 | $0 | Yes |
| 6 | Vio Bank Cornerstone | 4.03% | $100 open | $0 | Yes |
| 7 | SoFi Checking and Savings | 4.00% (with direct deposit) | $0 | $0 | Yes |
| 8 | Openbank by Santander | 4.00% | $500 open | $0 | Yes |
| 9 | Bask Bank Interest Savings | 4.00% | $0 | $0 | Yes |
| 10 | CIT Bank (standard) | 3.75% | $5,000 | $0 | Yes |
| 11 | Marcus by Goldman Sachs | 3.65% | $0 | $0 | Yes |
| 12 | Capital One 360 Performance | 3.60% | $0 | $0 | Yes |
| 13 | Ally Bank Online Savings | 3.20% | $0 | $0 | Yes |
APY rates verified as of April 2026 and subject to change. Data sources: Bankrate, NerdWallet, CNBC Select, individual bank websites.
1. Varo Bank: Up to 5.00% APY
Varo Bank earns the top spot on this list by offering the highest promotional APY currently available in America: 5.00%. The catch is that you need to meet qualifying activity each month (at least $1,000 in direct deposits) to earn the top tier rate, and you need to maintain a balance under $5,000 to earn 5.00% on the full amount.
APY: 5.00% on balances up to $5,000 with qualifying activity; 3.00% above $5,000
Minimum deposit: $0
Monthly fees: None
ATM access: 55,000+ Allpoint ATMs fee-free
FDIC insurance: Yes, up to $250,000
Best for: Savers with under $5,000 who receive regular direct deposits. The 5.00% rate on small balances beats every other option on this list.
The downside: The rate drops sharply above $5,000. If you are saving more than that, accounts 2-4 on this list will earn you more total interest.
2. Pibank Savings: 4.40% APY
Pibank is a newer entrant to the US high-yield savings space that has quickly gained traction among savers who want strong rates without balance caps or promotional gimmicks. The 4.40% APY applies to all balances with no tiering.
APY: 4.40% on all balances
Minimum deposit: $0
Monthly fees: None
FDIC insurance: Yes, through partner bank
Best for: Savers with balances over $5,000 who want a consistent high rate without jumping through promotional hoops.
3. Axos ONE Savings: 4.21% APY
Axos Bank has been a reliable online bank since 2000 and consistently ranks among the top for APY. The ONE Savings account pays 4.21% APY with no minimum balance requirement.
APY: 4.21% on all balances
Minimum deposit: $0
Monthly fees: None
ATM access: Unlimited domestic ATM fee reimbursement
FDIC insurance: Yes, up to $250,000
Best for: Savers who want a well-established online bank with a strong mobile app and ATM reimbursements.
4. Newtek Bank: 4.20% APY
Newtek Bank launched its high-yield savings account in 2023 and has aggressively competed with the top-tier APY offers. The rate applies across all balance tiers.
APY: 4.20% on all balances
Minimum deposit: $0
Monthly fees: None
FDIC insurance: Yes, up to $250,000
Best for: Savers who prioritize APY over brand recognition. Newtek is smaller than Marcus or Ally but fully FDIC-insured and stable.
5. CIT Bank Platinum Savings: 4.10% APY (With Promo)
CIT Bank is a division of First Citizens Bank and one of the most recognized online savings options. The Platinum Savings account pays 3.75% APY on balances over $5,000 as its standard rate, but new customers using the promo code CITBOOST earn an additional 0.35% APY for six months, bringing the total to 4.10%.
APY: 4.10% for 6 months with promo code CITBOOST, then 3.75% standard
Minimum deposit: $100 to open, $5,000 to earn top APY
Monthly fees: None
FDIC insurance: Yes, up to $250,000
Best for: Savers with $5,000+ who want a rate boost for the first 6 months. Just remember the rate drops after the promo ends.
6. Vio Bank Cornerstone Money Market Savings: 4.03% APY
Vio Bank is the online division of MidFirst Bank, one of the largest privately-owned banks in the US. The Cornerstone account pays 4.03% APY with only a $100 minimum opening deposit.
APY: 4.03% on all balances
Minimum deposit: $100 to open
Monthly fees: None
FDIC insurance: Yes, up to $250,000
Best for: Savers who want a money market style account with check-writing ability and ACH transfers combined with top-tier APY.
7. SoFi Checking and Savings: Up to 4.00% APY
SoFi rewards members with qualifying direct deposits by offering the highest-tier APY on their savings balances. Without direct deposit, the rate is 1.00%. With direct deposit, the standard rate is 3.30%, and a current promotion boosts it to 4.00% for eligible members.
APY: Up to 4.00% with direct deposit activity; 1.00% without
Minimum deposit: $0
Monthly fees: None
Extras: Free overdraft coverage up to $50, no-fee ATM access, up to $300 direct deposit bonus
Best for: Anyone who can route their paycheck to SoFi. The combination of high APY, sign-up bonus, and integrated checking makes this one of the best overall deals on this list.
8. Openbank by Santander: 4.00% APY
Openbank is the digital-only banking platform from Santander, one of the largest banks in Europe that entered the US market in 2024. The 4.00% APY is available with a $500 minimum opening deposit.
APY: 4.00% on all balances
Minimum deposit: $500 to open
Monthly fees: None
FDIC insurance: Yes, through Santander Bank N.A.
Best for: Savers who want the stability of a global banking brand combined with a competitive APY.
9. Bask Bank Interest Savings: 4.00% APY
Bask Bank is a division of Texas Capital Bank offering a clean, straightforward high-yield savings product with no minimum balance and no fees.
APY: 4.00% on all balances
Minimum deposit: $0
Monthly fees: None
FDIC insurance: Yes, up to $250,000
Best for: Savers who want simplicity. No tiers, no promos, no minimums. Just a flat 4.00%.
10. CIT Bank Platinum Savings (Standard): 3.75% APY
If you miss the CITBOOST promo or the 6-month promotional period ends, CIT Bank’s standard 3.75% APY on balances over $5,000 still outperforms most competitors.
APY: 3.75% on balances over $5,000; 0.25% below $5,000
Minimum deposit: $100 to open
Monthly fees: None
FDIC insurance: Yes, up to $250,000
Best for: Existing CIT customers or savers who want a trusted name with a solid long-term rate.
11. Marcus by Goldman Sachs Online Savings: 3.65% APY
Marcus has been a fixture among recommended online savings accounts since 2016. Goldman Sachs backing, zero fees, and a strong mobile app make it one of the most popular choices among Americans saving for short-term goals.
APY: 3.65% on all balances
Minimum deposit: $0
Monthly fees: None
Extras: Same-day transfers to other banks, up to $1 million combined deposit insurance with linked accounts
FDIC insurance: Yes, up to $250,000 per depositor
Best for: Savers who value reliability over chasing the top rate. Marcus has never had a major service disruption and offers the smoothest customer experience among online banks.
12. Capital One 360 Performance Savings: 3.60% APY
Capital One offers the 360 Performance Savings account with competitive APY and the benefit of being able to walk into physical Capital One Cafes and branches for in-person support.
APY: 3.60% on all balances
Minimum deposit: $0
Monthly fees: None
Extras: Physical branches available, strong mobile app
FDIC insurance: Yes, up to $250,000
Best for: Savers who want online APY benefits plus the option of in-person banking.
13. Ally Bank Online Savings: 3.20% APY
Ally was one of the first true online-only banks and remains a trusted standard. The 3.20% APY is lower than newer entrants, but Ally’s customer service ratings, mobile app, and Savings Buckets feature (which helps you organize savings goals) keep it competitive.
APY: 3.20% on all balances
Minimum deposit: $0
Monthly fees: None
Extras: Savings Buckets for goal organization, Surprise Savings auto-transfer feature, 24/7 customer service
FDIC insurance: Yes, up to $250,000
Best for: Savers who prioritize customer service and goal-tracking features over the absolute highest APY.
How to Choose the Right High-Yield Savings Account
The highest APY is not always the best choice. Here is how to think about the trade-offs:
If you have less than $5,000: Varo Bank at 5.00% is the best option, since the full rate applies to your entire balance.
If you have $5,000 to $50,000: Pibank (4.40%), Axos (4.21%), or Newtek (4.20%) give you the highest rate on your full balance with no tier restrictions.
If you want established brands: Marcus (3.65%) or Capital One (3.60%) offer slightly lower rates but come from banks most Americans already recognize and trust.
If you want checking + savings integration: SoFi at 4.00% with direct deposit is the best combined account on this list.
If you want in-person banking option: Capital One 360 is the only account on this list with physical branch access.
How Much Extra Interest Can You Actually Earn?
The difference between a big-bank savings account and a top-tier online savings account is significant. Here is the math on a $25,000 balance:
- Big bank (0.01% APY): $2.50 per year
- Ally Bank (3.20% APY): $800 per year
- Pibank (4.40% APY): $1,100 per year
- Varo under $5K (5.00% APY): $1,250 per year on first $5,000
Moving your emergency fund from a 0.01% account to a 4.20% account is one of the easiest $1,000+ per year you will ever make.
What to Watch Out For
Teaser rates: Some banks advertise high rates that only apply for the first 60-90 days, then drop. Always read the fine print on promotional APY offers.
Balance caps: Varo’s 5.00% only applies to the first $5,000. Check if the advertised rate applies to your full balance or just a tier.
Minimum balance penalties: Some accounts require you to maintain a minimum balance or receive a demoted rate. CIT Bank requires $5,000 for the top tier.
Withdrawal limits: Federal Regulation D was relaxed in 2020, but some banks still limit you to 6 savings transfers per month. Exceeding this can trigger fees.
FDIC insurance limits: $250,000 per depositor per bank. If you have more than that in one bank, split it across multiple institutions to stay fully insured.
Why This Matters for Your Financial Goals
A high-yield savings account is not an investment. It will not make you rich. But it is the right place for money you cannot afford to lose and might need to access within 3 years.
Use high-yield savings for:
- Your 3 to 6 month emergency fund
- Short-term savings goals (car down payment, wedding, vacation)
- Money earmarked for taxes or annual expenses
Do not use high-yield savings for:
- Long-term retirement savings (use a 401(k), IRA, or brokerage account instead)
- Money you will not need for 10+ years (invest it for higher returns)
- Daily spending money (keep that in checking)
For more on where your money should actually be growing, read our guide on 13 common investing mistakes that cost Americans thousands per year. If you are still building up the savings to deposit, check our guide on 13 best side hustles from home that actually pay $1,000+ per month.
Already saving but still feel broke? Read 12 silent money mistakes destroying your finances to make sure you are not losing money in other ways.
Do you have less than $5,000 to save?
Do you receive regular direct deposits?
Do you want an FDIC-insured account?
Is this your emergency fund?
Do you value customer service over rate?
Frequently Asked Questions
What is the best high-yield savings account in America right now?
Varo Bank offers the highest APY at up to 5.00% on balances under $5,000 with qualifying direct deposit activity. For larger balances, Pibank at 4.40% APY and Axos ONE Savings at 4.21% APY lead the market. All three are FDIC-insured and charge no monthly fees.
Are high-yield savings accounts safe?
Yes, as long as they are FDIC-insured. Every account on this list is insured up to $250,000 per depositor by the Federal Deposit Insurance Corporation. This means if the bank fails, the federal government guarantees your money up to the insured limit. In 2023, when Silicon Valley Bank and First Republic failed, every single FDIC-insured depositor received their money back within days.
How much money should I keep in a high-yield savings account?
Financial experts recommend keeping 3 to 6 months of essential living expenses in a high-yield savings account as your emergency fund. For the average American household spending $6,000 per month, that means $18,000 to $36,000. Money you will not need for more than 3 years should be invested in index funds or retirement accounts instead, since those offer higher long-term returns.
Can APY rates go down?
Yes. APY rates on high-yield savings accounts are variable and change based on the Federal Reserve’s interest rate decisions. When the Fed raises rates, savings rates typically rise. When the Fed cuts rates, savings rates fall. The rates listed here are accurate as of April 2026 but should be verified before opening an account.
Is it safe to have more than $250,000 in a high-yield savings account?
FDIC insurance only covers up to $250,000 per depositor per bank. If you have more than that in savings, split your money across multiple FDIC-insured banks to stay fully protected. Alternatively, some banks offer extended FDIC insurance through sweep programs that can cover millions by spreading deposits across partner banks.
Do I pay taxes on high-yield savings account interest?
Yes. Interest earned in a high-yield savings account is taxed as ordinary income at your federal income tax rate. Your bank will send you a Form 1099-INT each January if you earn more than $10 in interest during the year. Interest earned counts toward your taxable income for that year.
How quickly can I access money in a high-yield savings account?
Most online banks allow ACH transfers to and from linked external accounts within 1 to 3 business days. Same-bank transfers between your checking and savings accounts are typically instant. Some banks like Marcus and Ally offer same-day transfers if initiated before their cutoff time. For true instant access, keep a small buffer in your regular checking account for unexpected needs.
Can I have multiple high-yield savings accounts?
Yes. Many savers use multiple high-yield savings accounts to organize money by goal, such as one for emergency funds and another for a down payment or vacation. There is no legal limit to how many accounts you can open, and opening a savings account does not impact your credit score.
