Best High-Yield Savings Accounts in 2026
Keeping your savings in a traditional bank savings account in 2026 is like leaving money on the table. Big banks like Chase and Bank of America routinely pay 0.01-0.02% APY on savings accounts — meaning $10,000 earns you $2 per year. Meanwhile, the best high-yield savings accounts are paying 4-5% APY, or $400-500 per year on the same balance.
The difference is real money, and switching takes about 15 minutes.
What Is a High-Yield Savings Account?
A high-yield savings account (HYSA) is a federally insured savings account that pays significantly higher interest than traditional bank accounts. Most HYSAs are offered by online banks, which have lower overhead costs (no physical branch network) and pass those savings on as higher interest rates to depositors.
Your money in an HYSA is just as safe as in a traditional bank — all federally insured HYSAs carry FDIC insurance up to $250,000 per depositor, per bank. The difference is purely the interest rate.
What to Look for in a High-Yield Savings Account
APY (Annual Percentage Yield): The stated annual interest rate, accounting for compounding. This is the primary comparison point. Higher is better.
No monthly fees: Most reputable HYSAs charge no monthly maintenance fees. Avoid any account with fees that eat into your interest.
No minimum balance: The best accounts have no minimum balance requirement or at least a low, achievable one.
FDIC insurance: Non-negotiable. Only keep savings at FDIC-insured institutions.
Transfer speed: How quickly can you move money in and out? Most HYSAs take 2-3 business days for external transfers. Some have same-day or next-day options.
Mobile app and online access: Since HYSAs are online-first, the app experience matters. Can you easily check balances, set up transfers, and open multiple accounts?
Best High-Yield Savings Accounts in 2026
Ally Bank
APY: Competitive (check ally.com for current rate) Minimum balance: None Monthly fees: None FDIC insured: Yes
Ally is consistently one of the highest-rated online banks for savings accounts. Beyond the competitive rate, what makes Ally stand out:
- Savings Buckets: Within a single savings account, you can create multiple labeled "buckets" for different goals (emergency fund, vacation, down payment). You don't need to open multiple accounts to organize your savings visually.
- No minimum balance or fees: Open an account with $0.
- Excellent mobile app: Highly rated, easy to use.
- 24/7 customer service: Unusual for an online bank.
- Savings boosters: Features like "Surprise Savings" that analyze your checking account and automatically move small amounts to savings when it's safe to do so.
Ally is a top pick for emergency funds and general savings goals. The Buckets feature makes it particularly useful for people managing multiple sinking funds or savings goals in one place.
Marcus by Goldman Sachs
APY: Competitive (check marcus.com for current rate) Minimum balance: None Monthly fees: None FDIC insured: Yes
Marcus consistently offers rates near or at the top of the market. It's simple, clean, and reliable — exactly what you want from a savings account.
- No fees, no minimums
- Good mobile app
- Option to link external accounts for easy transfers
- Less feature-rich than Ally (no buckets or automatic savings analysis), but the core product is excellent
Marcus is ideal if you want a high-rate savings account with minimal complexity.
SoFi Bank
APY: Up to 4.60% with direct deposit (check sofi.com for current rate) Minimum balance: None Monthly fees: None FDIC insured: Yes
SoFi stands out for offering a notably high rate — but the full rate requires setting up direct deposit. Without it, the rate drops significantly.
SoFi also bundles checking and savings in one account, which can be convenient or inconvenient depending on your preference for separation. It offers a credit card, investment accounts, and loan products, making it more of a financial super-app than a standalone savings account.
Best for people who want to consolidate multiple financial accounts at one institution.
American Express High Yield Savings
APY: Competitive Minimum balance: None Monthly fees: None FDIC insured: Yes
Yes, American Express offers a savings account — no Amex credit card required. It's a no-frills account with a competitive rate and the trust of a well-known brand.
The mobile app is adequate but less polished than Ally or SoFi. The main selling point is the combination of a strong rate and the security of a major financial institution.
Discover Online Savings
APY: Competitive Minimum balance: None Monthly fees: None FDIC insured: Yes
Discover's savings account is straightforward with a competitive rate. Like American Express, it benefits from being backed by a recognizable brand with solid customer service.
Good for people who already bank with Discover or want a trusted name without the complexity of newer fintech banks.
How to Compare Rates Right Now
Rates change frequently — the Federal Reserve's monetary policy decisions affect HYSA rates significantly. To get current rates for any account mentioned here:
- Visit the bank's website directly — rates are always listed prominently
- Check NerdWallet's savings account comparison tool for a side-by-side view
- Look for APY (not just "interest rate") — APY accounts for compounding frequency
NerdWallet is particularly useful for comparing a large number of HYSAs at once. Their comparison table is updated regularly and includes banks mentioned here plus dozens of others.
What to Do With Your HYSA
A high-yield savings account is the right home for:
Emergency fund: 3-6 months of essential expenses, kept accessible but separate from your checking account.
Short-term savings goals: Vacation fund, down payment savings, car replacement fund, anything you'll need within the next 1-5 years.
Sinking funds: Monthly savings for irregular expenses (car maintenance, holidays, medical costs).
It's NOT the right place for:
Long-term investments: For goals more than 5 years out (retirement, long-term wealth building), you want investments that can grow faster than a savings account. Index funds in a Roth IRA or 401k will significantly outperform a savings account over long periods.
Your everyday checking account: Keep your HYSA separate from your spending account. Having to transfer money before spending it creates a helpful buffer between you and impulse spending.
Opening an Account: What to Expect
Opening a high-yield savings account takes about 10-15 minutes online:
- Choose your bank and navigate to their savings account page
- Provide your name, address, Social Security number, and date of birth
- Link an existing bank account for the initial deposit (account and routing number)
- Verify the link with micro-deposits (2-3 small deposits/withdrawals the bank sends to confirm access)
- Fund the account
Most accounts are open and ready within 1-3 business days. The micro-deposit verification typically takes 2-4 days.
The Math: Why This Matters
The difference between a 0.01% traditional savings account and a 4.5% HYSA on different balances:
| Balance | Traditional (0.01%) | HYSA (4.5%) | Annual Difference |
|---|---|---|---|
| $1,000 | $0.10 | $45 | $44.90 |
| $5,000 | $0.50 | $225 | $224.50 |
| $10,000 | $1.00 | $450 | $449 |
| $25,000 | $2.50 | $1,125 | $1,122.50 |
For a typical emergency fund of $10,000-20,000, you're leaving $450-900/year on the table by keeping it in a traditional savings account. That's real money.
The Bottom Line
Switch your savings to a high-yield savings account. It takes 15 minutes, costs nothing, and earns you significantly more on money you're already saving. There's no trade-off — online HYSAs are equally safe (FDIC insured), equally accessible, and strictly better on interest rates.
Ally Bank is an excellent default choice for most people, particularly for its Buckets feature that supports multiple savings goals. If rates matter most and you're willing to set up direct deposit, SoFi's rate is worth considering. Marcus by Goldman Sachs is a reliable, no-frills option if simplicity is your priority.
The specific choice matters less than making the switch. Every month your savings sit in a 0.01% account is interest you'll never get back.