Best High-Yield Savings Accounts for August 2026: Up to 4.50%

Key takeawaysToday’s best high-yield savings account rate is up to 4.50% APY with GO2bank, though it applies only to the first $5,000. Several other high-yield savings accounts offer APYs of 4.00% or higher.When comparing high-yield savings accounts, consider fees, features and benefits in addition to annual percentage yield (APY).After five years, $10,000 in a HYSA with a 4% APY would be $12,167, compared to $10,191 in a traditional account with 0.38% APY.The average savings account yield is 0.38% as of the latest FDIC data. If you’re looking for a higher yield—one that provides some protection against inflation—a high-yield savings account (HYSA) might be a good choice.Many high-yield savings accounts offer interest rates higher than the national average, and some might offer promotional rates to boost your savings even further. APYs in the “Best high-yield savings accounts of August 2026” table are accurate as of August 4, 2026. Best high-yield savings accounts of August 2026When comparing high-yield savings accounts, look beyond APY to consider what features and benefits might fit your needs.Best forAPYMonthly feeOpening depositBalance requirements for highest APYGO2bankGoal setters4.50%$5 waivable fee$0Only $5,000 total earns APYAxos ONE Yield4.21%$0$0$0 in savings; $1,500 in bundled checking accountCIT Bank Platinum SavingsMultiple savings options4.10%$0$100$5,000, APY boost valid for first six monthsE*Trade Premium SavingsInvestors4.00%$0$0$0Centier BankIndependent banking4.00%$0$1$0Valley Direct High Yield SavingsIntroductory rate4.00%$0$1,000$0.01Bread SavingsFintech savings3.95%Waivable $5 for paper statements$100$0EverBank Performance SavingsSecure banking3.90%$0$0$0SoFi SavingsAutomatic contributions3.80%$0$0$0; requires direct deposit or $5,000 monthly depositWestern Alliance BankSet-it-and-forget-it savings3.80%$0$500$0Sallie MaeStudent savers3.75%$0$0$0Varo BankSmall balances3.75%$0$0Only the first $5,000 earns highest APYBarclays Tiered SavingsSecondary savings3.65%$0$0$250,000Marcus by Goldman SachsAccount transfers3.40%$0$0$0Synchrony BankDirect ATM access3.30%$0$0$0Alliant High-Rate SavingsCredit union3.01%$0$5$100Ally Online SavingsOnline saving3.00%$0$0$0American ExpressAll-in-one digital banking3.00%$0$0$0Capital One 360 Performance Savings Ease of access3.00%$0$0$0Citi Accelerate SavingsHigh balances3.00%$4.50 waivable service fee$0$0Best credit union savings accountAlliant High-Rate SavingsAnnual Percentage Yield (APY)3.01%Minimum Deposit Required$5Monthly Fees$1 waivable paper statement feeAlliant is a full-service credit union offering checking accounts, credit cards, loans and IRAs in addition to its high-yield savings option. Savings accounts are NCUA-insured up to $250,000 and monitored for fraud 24/7. Alliant offers a feature that lets you open up to 19 supplemental savings accounts to track individual goals such as saving up for a wedding, vacation or emergency fund. It also offers a kids’ savings account for customers who want to start teaching their children healthy financial habits (and the kids’ account offers the same yield as high-yield accounts).To become an Alliant Credit Union member, you need to be a current or retired employee from a business that partners with Alliant, be a domestic partner or family member of an Alliant member or live or work in one of its eligibility communities near the credit union’s Chicago headquarters. If you don’t meet any of these eligibility requirements, you can become an Alliant Credit Union Foundation advocate, and Alliant Credit Union will make a $5 contribution on your behalf.Why we chose it: As a digital credit union, Alliant makes it relatively easy for almost anyone to become a member and open a savings account. Its High-Rate Savings accounts come with no maintenance fees, and you can open an account with just a $5 deposit.Alliant High-Rate Savings has a reasonably competitive rate, although it’s not the highest. It offers fee-free access to more than 80,000 ATMs, with card use available for the savings account if you don’t have an Alliant checking account debit card.Caveats: To earn the advertised yield, you must maintain a balance of at least $100. Alliant has no physical branches, so if in-person access is important to you, this might not be the right credit union choice.Best for online savingAlly Online SavingsAnnual Percentage Yield (APY)3.00%Minimum Deposit RequiredNo minimum opening balanceMonthly FeesNo monthly maintenance feeAlly is a strong option for robust customer support and digital tools to optimize your savings. It offers multiple automated savings features, including a round-up program and a feature that monitors linked accounts for saving opportunities. While this bank doesn’t have any physical branches, it does provide 24/7 customer support via phone, chat or email. Customers can deposit checks remotely and manage their accounts via web or mobile app.However, if you’re just looking for the highest yield, you might want to search elsewhere.Though Ally’s APYs are competitive, other online banks offer higher rates.Why Erin Gobler, money writer at Buy Side, recommends Ally:"Ally's buckets feature makes it easy to save for multiple financial goals at once. I keep one bucket for my emergency fund and one for each goal I'm saving for, allowing me to earn the same rate without dipping into funds that are earmarked for something else. The automatic round-ups and surprise savings features both help me boost my savings without thinking about it."Why we chose it: In addition to offering a competitive yield (though not the highest), Ally provides personal finance tools designed to help you save for multiple goals with “buckets.” Additionally, it’s relatively easy to set up automatic savings with its Round Ups and Surprise Savings features. The Round Ups feature rounds up purchases made in your Ally checking account and transfers the amount to your savings when you accrue at least $5. With Surprise Savings, Ally monitors linked checking accounts for balances that exceed your typical spending needs and automatically transfers that amount to savings.Ally’s all-digital platform allows remote check deposit, and you can access your money (with an Ally checking account) at more than 75,000 Allpoint and MoneyPass ATMs. Ally also offers up to $10 per statement cycle in reimbursement for fees charged by other ATM networks.Caveats: There are no physical branches, so if you need in-person banking and customer service, this online bank might not be the best option for you. You’re also limited to 10 withdrawals per month.Best for all-in-one digital bankingAmerican ExpressAnnual Percentage Yield (APY)3.00%Minimum Deposit Required$0The American Express high-yield savings account offers 3.00% APY with daily compounding (and interest deposited monthly). It takes just a few days to open your account and fund it (if you’re doing so with an external account). Once your account is open, you can manage all of your banking accounts and personal credit cards in one place through American Express’s highly rated mobile app.The funds in your American Express high-yield savings account are FDIC-insured up to $250,000 per accountholder. The account has no minimum deposit, no fee to open and no monthly maintenance fees.Why Lauren Nowacki, deputy editor at Buy Side, recommends AMEX: "While its APY isn't as competitive as other accounts on the list, an American Express high-yield savings account has no minimum deposit requirement or monthly fees and interest accrues daily. Signing up is easy, and customer service is available 24/7. As an account holder, I like being able to manage my AMEX credit card and high-yield savings account together on its user-friendly site or highly rated mobile app."Why we chose it: If you already have an American Express checking account or credit cards, then the all-in-one app experience will be a major draw of this savings account. You can access all of your accounts in one place, and quickly move money between your American Express savings and checking accounts. You’ll also have access to more than 70,000 fee-free ATMs (something you won’t be eligible for if you only have the savings account).The American Express high-yield savings account is easy to open, as there are no minimum deposit requirements or monthly fees. Additionally, 24/7 customer service ensures you’ll be able to get help with your account whenever you need it.Caveats: American Express has a lower APY than some other banks on our list. Its lack of physical branches can cause delays in accessing your money, especially if you don’t also have an American Express checking account. You can’t withdraw funds from your savings account at an ATM, and external transfers take a couple of days (and that’s after the time required to link your accounts, which takes about one business day). And even with an American Express checking account, there are no cash deposits.Best for yieldAxos High-Yield Savings AccountAnnual Percentage Yield (APY)4.21%Minimum Deposit RequiredNo minimum in savings; $1,500 minimum in bundled checking accountMonthly FeesNo monthly maintenance feeWith no account fees, high APYs and access to a network of over 95,000 fee-free ATMs, the Axos ONE checking and savings bundle is a convenient and affordable option for savers. Axos offers 24/7 customer service and a highly rated mobile app that lets you easily transfer funds and deposit checks. You can also enroll in the Axos Insured Deposit Program to get up to $2.5 million in FDIC insurance, well above the standard $250,000 limit.Some in-network ATMs allow cash deposits. Otherwise, you’ll need to make your deposit with a participating retailer, which might come with a fee up to $4.95.Why we chose it: The Axos ONE savings account consistently offers one of the highest APYs of those on this list, and you can earn a 0.51% APY on the bundled checking account as well. Axos provides access to a large network of fee-free ATMs and doesn’t charge monthly or overdraft fees. Caveats: You have to meet deposit and balance requirements to earn the highest APY on the Axos ONE checking and savings bundle, so those who have less to save or plan to use this as a secondary account might have a hard time earning a high yield. There are two ways to earn the highest APY:Set up a monthly qualifying direct deposit* of at least $1,500 and maintain an average daily balance of at least $1,500 in your Axos ONE checking accountMake $5,000 or more in qualifying deposits each month and maintain an average daily balance of at least $5,000 in your Axos ONE checking account*Qualifying deposits must clear your account by the 25th each month. If you don’t meet one of these requirements, your APY goes down to 1.00%. Plus, Axos doesn’t have physical branches. If you prefer to bank in person, this might not be a good choice for you. Best for secondary savingsBarclays Tiered SavingsAnnual Percentage Yield (APY)3.50% - 3.65%Minimum Deposit Required$0If you already do most of your banking somewhere else but want to take advantage of a high APY, the Barclays Tiered Savings account might be a good option for your additional savings. While it’s not an ideal primary bank account because of its lack of physical branches or checking accounts, it offers a generous return on funds you want to store away for a rainy day or savings goal.Balances below $250,000 earn 3.50% APY, while balances of $250,000 and higher earn 3.65%. The maximum balance you can keep in this account is $1 million. Your Barclays savings account is FDIC-insured for up to $250,000.Why we chose it: The Barclays Tiered Savings account offers competitive APYs, even for its lower tiers: 3.50% APY for balances below $250,000 and 3.65% for balances of $250,000 and up. There are no maintenance fees with this account, and interest is compounded daily. Barclays also has its Online Savings account, which offers a 3.30% APY regardless of your balance. Though the account has a lower APY, it has a higher maximum balance, making it ideal for customers who exceed the $1 million limit on the tiered savings account.Caveats: Making deposits or withdrawals is less convenient with this account because Barclays is an online-only bank and doesn’t offer checking accounts. You’ll need to either link to an external bank account to transfer funds, mail a check to deposit money in your account or call to request that a check be mailed to you for withdrawals.Best fintech savingsBread SavingsAnnual Percentage Yield (APY)3.95%Minimum Deposit Required$100Monthly Fees$5 fee for paper statementsBread Financial offers a convenient, no-frills savings account that includes above-average yields with daily compounded interest that is credited monthly and zero monthly fees—though you will pay $5 if you request a paper statement. Its mobile app earns high ratings on the App Store and Google Play and lets users easily make deposits or transfers.If you prefer to work with a bank that offers multiple accounts and additional features like ATM access, a Bread Savings account might not be the best fit for you. Though its savings account comes with a competitive APY and no monthly fees, its offerings are fairly basic, with no option to open a checking account.Why we chose it: Bread Financial is the parent company of Comenity Capital Bank, and that’s where its FDIC-insured products are housed. It functions similarly to a neobank because it's online-only and tech-forward. In some cases, neobanks use third parties to manage their relationships with FDIC-insured banks, which can lead to situations where you might not be able to access your money if the third party has problems—but the actual FDIC-insured institution hasn’t failed. Bread is unlikely to have that outcome since it owns the bank.Bread Savings offers a competitive APY and doesn’t charge maintenance fees. You aren’t required to maintain a minimum balance to keep your account, though you will need to make an initial deposit of $100.Caveats: Most of the accounts on this list don’t require an opening deposit, but Bread Savings does. There’s also no associated checking account with Bread Savings, although it does offer credit cards. Additionally, if you request a paper statement, you must pay a $5 fee.Best savings account for ease of accessCapital One 360 Performance SavingsAnnual Percentage Yield (APY)3.00%Minimum Deposit RequiredNo minimum opening balanceMonthly FeesNo monthly maintenance feeThe Capital One 360 Performance Savings account is our top pick for high-yield savings accounts, thanks to its competitive APY and lack of monthly fees, opening deposit and minimum balance requirements. Unlike countless other online-only banks, Capital One offers the best of both worlds, combining bricks-and-mortar service with digital accessibility. Customers who prefer the convenience of remote banking can monitor their accounts online and via mobile app, taking advantage of features like account alerts, card lock and credit monitoring. Meanwhile, those who require in-person customer service can visit one of the bank’s 60+ nationwide cafes, 260+ branches and 70,000+ fee-free ATMs. Savers also have the option to link their accounts to a Capital One checking account and can rest easy knowing that their balance is FDIC-insured (up to a $250,000 limit).Why we chose it: Even though the Capital One 360 Performance Savings account doesn’t pay the highest APY, it consistently yields more than the national average. Capital One also performs consistently well in customer satisfaction, scoring significantly higher than the industry average in J.D. Power’s 2026 U.S. Direct Banking Satisfaction Study. The bank also earned the highest ranking in J.D. Power’s U.S. National Banking Association Study for six consecutive years, indicating that consumers are consistently satisfied with its offering. Capital One has cafes and branches nationwide and more than 70,000 fee-free ATMs. It also offers a feature-rich mobile app for customers who prefer online banking.The Capital One 360 Performance Savings account comes with no minimums and no maintenance fees, and you earn the highest yield on your total balance. You can connect your savings account to a Capital One 360 Checking account for easy transfers.Caveats: Capital One’s interest rate is competitive, but other savings products offer higher yields. Additionally, while many savings accounts have daily compounding interest, the Capital One 360 Performance Savings account compounds monthly, which leads to a slightly lower yield.Best savings account for independent bankingCentier BankAnnual Percentage Yield (APY)4.00%Minimum Deposit Required$1Indiana-based Centier Bank, the largest independent family-owned bank in the state, offers an attractive interest rate on its high-yield savings account, which has no monthly fees or balance requirements and a $1 minimum deposit to open. Because Centier Bank’s high-yield savings account is backed by fintech platform Raisin, savers nationwide can get access to the bank’s top rate. Raisin partners with banks and credit unions across the country to offer online-only rates on accounts opened through its marketplace. It can be a significant benefit for savers who want access to top savings rates offered by local banks when they don’t necessarily live within the financial institutions’ service areas.Centier Bank, opened in 1895, has served its customers for five generations. Its long history and commitment to the community can be appealing to savers who are looking for stability and reliability from an independent financial institution. Its high-yield savings account is available through Raisin, a financial platform founded in 2012 that provides savings products through its online marketplace. In addition, though Raisin isn’t FDIC-insured, savings are FDIC-insured against institutional failure through the custodian bank that holds the funds.However, the advertised rate only applies when opening an account through Raisin; applying directly through Centier Bank’s website will result in a different rate.Why we chose it: Centier Bank is a private family-owned financial institution with over a century of experience. The bank is now in its fifth generation of ownership. Its high interest rate makes it a compelling option, but the bank truly shines for its depth of experience and community commitment. Centier Bank operates a network of branches in Indiana with a focus on developing and supporting the neighborhoods it serves through charity drives, financial literacy courses and a network of staff ambassadors to liaise with the community. Its partnership with fintech platform Raisin allows savers to access the best of both worlds: a stable, reputable financial institution accessible nationwide via Raisin’s online marketplace.The high-yield savings account is administered by Raisin, which handles account setup, management and support. The advertised interest rate is only available for accounts opened through Raisin’s platform; opening an account directly through Centier Bank’s website might net you a different savings rate. You can deposit money by linking an external bank account, and you can withdraw money by transferring funds to a Raisin cash account when you want to access them. Caveats: Centier Bank’s account is offered through its partnership with Raisin, so all support and account access is managed by Raisin. As a result, you won’t have access to Centier Bank ATMs, and customer service requests are handled by emailing or calling Raisin’s support team. In addition, the high-yield savings account is the only banking product Centier Bank offers through Raisin’s platform, which might differ from the products Centier Bank offers at its bricks-and-mortar locations.Best for multiple savings optionsCIT BankMinimum Deposit Required$100CIT Bank’s Platinum Savings account is the standout for its high APY, but the bank offers additional savings account options that might be a better fit for lower balances. You must have a balance of at least $5,000 to earn the highest APY. If you have less than this in your Platinum Savings account, the APY drops to 0.25%. You can also earn up to 4.10% with its Platinum Savings Boost, which is valid for the first six months after opening an account. CIT's Savings Connect account offers an APY of 3.65% with just a minimum opening deposit of $100. The bank also offers a Savings Builder tiered account that earns more the more you save, but its APY tops out at 1.00%.Why we chose it: CIT Bank has multiple savings account options that offer interest rates ranging from 1.00% to 4.10% APY. All of CIT’s savings accounts have no monthly fees, and interest is compounded daily. CIT Bank also has a money-market account that offers an APY up to 1.55%. The various account options allow savers to choose the best fit for their goals, whether they want to give their money plenty of time to grow, save for a short time before accessing their funds or establish a savings habit by starting with a small amount. Caveats: To get the best APY available, you need to keep $5,000 or more in a Platinum Savings account. All of CIT Bank’s savings account options require an initial deposit of at least $100. Its two highest-yielding account options, Platinum Savings and Savings Connect, offer competitive rates, but the Savings Builder and money-market accounts both come with relatively low rates. Additionally, CIT Bank doesn’t have any physical branches, so you’ll need to be comfortable doing all your banking online. You also won’t be able to access the money in your savings account at an ATM. Instead, you’ll need to initiate an electronic or wire transfer to another account.Best savings account for high balancesCitiAnnual Percentage Yield (APY)3.00%Minimum Deposit Required$0Monthly Fees$4.50 waivable service feeThe Citi Accelerate Savings account offers a competitive APY and fee-free access to Citi ATMs. But where the account really shines is with its relationship tiers, making it a strong choice for savers with high balances. Relationship tiers start for balances of $30,000 or more and come with additional benefits including waived fees for using non-Citi ATMs, increased transfer and withdrawal limits and discounts on Citi mortgages and personal loans.There’s no minimum deposit required to open or maintain your account, though you can waive the monthly fee by having at least $500 in your account. Citi’s high-yield savings account is FDIC-insured for up to $250,000 per depositor. Why we chose it: Citi’s Relationship Tiers reward account holders with higher balances. As you grow your savings, you’ll unlock perks like waived fees, higher transfer and ATM withdrawal limits, and even access to Citi’s wealth management team. Your other Citi accounts, including those of your immediate family members, all count toward your tier.Citi offers automatic recurring transfers, purchase round-ups and direct deposit to help you save. You can easily move money around through real-time transfers and mobile check deposits. Citi also has more than 65,000 fee-free ATMs across the country, which will appeal to customers who want the option to regularly withdraw cash without worrying about added costs.Caveats: While Citi’s rates are competitive, they aren’t among the highest on our list. Additionally, there’s a $4.50 monthly fee, which can be waived with a higher balance tier, a $500 or higher average monthly balance or a Citi checking account. Finally, the Citi Accelerate Savings account is generally only available in states that don’t have a heavy branch presence. If you live in California, Connecticut, Maryland, Nevada, New Jersey, New York, Virginia, Washington, D.C., or certain markets in Florida or Illinois, you’ll only have access to a regular Citi savings account, which has a lower APY.Best for investorsE*Trade Premium Savings AccountAnnual Percentage Yield (APY)4.00%Minimum Deposit Required$0If you’re looking for a savings account that blends with your investing goals, E*Trade by Morgan Stanley is a compelling option. E*Trade’s Premium Savings Account allows you to instantly move funds into your investment accounts with Morgan Stanley. If you prefer the flexibility to quickly and easily reallocate funds to reach your financial goals, this can be a good option.Even as a stand-alone savings account, it has attractive features that are worth considering. With no minimum balance requirements, no maintenance fees and a competitive APY (including a six-month promotional rate), it can be a useful place to stash funds even if you don’t take advantage of a brokerage account. Plus, it carries FDIC insurance up to a whopping $500,000. Why Molly Grace, money writer at Buy Side, recommends E*Trade Premium Savings:"I like E*Trade’s high-yield savings account for investors because it’s easy to transfer money to your brokerage account. This is particularly convenient if your goal is to maximize your yields—instead of keeping all your savings in cash, you can easily invest in low-risk funds like Treasury ETFs that might offer higher yields."Why we chose it: E*Trade, which is owned by Morgan Stanley, offers this account along with access to a commission-free online brokerage. The Premium Savings Account allows you to move funds between your investments and savings without leaving the E*Trade platform.E*Trade's premium account offers a competitive 4.00% APY on your savings, but only for the first six months. After that, you’ll earn at the base rate of 3.25%. If you deposit at least $20,000 of new money into the account within the first 30 days, you’ll also get a cash bonus of between $300 and $2,000.Money in the savings product comes with a higher FDIC insurance coverage limit of $500,000 because its program is connected to multiple banks and distributes your money across them to help you receive a higher limit. There are no minimum balances and no monthly fees, and the APY is competitive with other high-yield savings accounts.Caveats: While there is no minimum deposit requirement to open an account, you must fund it within 30 days to keep it open. While you can easily move money between your savings and E*Trade brokerage accounts, otherwise accessing your account is more challenging. You can’t deposit cash, there is no ATM access and there are no physical branches to get cash from.Best savings account for secure banking EverBank Performance® SavingsAnnual Percentage Yield (APY)3.90%Minimum Deposit Required$0EverBank’s various security measures, which include custom account alerts, paperless statements, online education and instituted employee training, give clients a safe place to store their money and offer peace of mind during online and mobile transactions. The bank’s fraud support can help with lost or stolen debit cards as well as suspicious activity, while ID theft coverage might help certain clients receive up to $1,000 in reimbursement coverage. In addition, EverBank is FDIC-insured up to $250,000 per depositor.Adding to this account’s appeal is an APY that is highly competitive, zero balance requirements and no monthly maintenance fees. You can manage your account via EverBank’s website or mobile app, giving you easy digital access to your funds.Why we chose it: The EverBank Performance Savings account not only boasts a competitive APY but also makes banking as seamless as possible, thanks to its lack of fees (no monthly maintenance or overdraft fees). There is also no minimum requirement to open an account or maintain it. Interest is compounded daily and deposited monthly. If you’re looking to open additional accounts, EverBank also offers CDs, checking accounts and money-market accounts with competitive rates. You can access money from your checking or money-market accounts at one of EverBank’s 80,000 fee-free ATMs. If you use an out-of-network ATM, you’ll be reimbursed for up to $15 monthly, or receive unlimited reimbursements if you have at least $5,000 in your account. While the EverBank Performance Savings account doesn’t come with an ATM card, you can easily link it to an EverBank checking account and withdraw the funds you need. EverBank employs several measures to provide a secure banking experience, including sending real-time account alerts and educating clients on the best ways to protect their accounts, identity and electronic devices from scammers. It also offers fraud support and ID theft coverage in the event your information is compromised or you suspect unauthorized activity.Caveats: EverBank is largely online and only has a handful of locations in Florida, California and New York. If you prefer in-person customer service or anticipate needing to visit a local branch regularly, this might not be the right fit for you.Best savings account for goal settersGO2bankAnnual Percentage Yield (APY)4.50%Minimum Deposit Required$0Monthly Fees$5 waivable feeGO2bank helps goal-oriented savers organize their savings into separate vaults that they can name, assign icons to and track progress. This keeps their money separated into various goals, while still earning a high APY on the total amount saved. You can move money from savings to checking (or vice versa) with ease through GO2bank’s highly rated mobile app. Clients who frequently transfer and withdraw can do so with confidence knowing that GO2bank offers overdraft protection up to $300. Though there are no physical branches, if you want to deposit cash into your account, you can do so at specific nationwide retailers like Walgreens, CVS and Walmart for a fee of up to $4.95. You can also deposit checks by taking pictures of them in the mobile app, much like mobile check deposits at other banks.Why Reina Marszalek, senior editor at Buy Side, recommends GO2bank: "GO2bank earns a spot on our list thanks to its highly competitive APY (on balances up to $5,000), lack of restrictive requirements and customizable savings tools. Account holders can create up to five savings "vaults," each with its own name and icon, making it easy (and fun!) to set goals and keep track of them." Why we chose it: GO2bank allows up to five savings vaults that you can customize with a name and icon. Separate your money into different savings goals and track your progress with percentages that show how close you are to reaching your goal. Once you’re ready to use the money, you can transfer the funds to your GO2bank checking account and withdraw it for free from one of the bank’s nationwide ATMs.The 4.50% APY applies to the total amount of money across all vaults, up to $5,000, and is the highest APY on our list. While other banks save the best rates for clients who meet a certain account threshold, there’s no minimum deposit or balance requirement to earn the full rate. GO2bank also rewards its clients with 7% cashback on virtual gift cards purchased through its mobile app and $50 for every referral that becomes a client, up to $1,500 per year.Caveats: You must have a GO2bank checking account in order to open a high-yield savings account. Additionally, while GO2bank has a high APY, it only applies to balances up to $5,000; any savings over that amount won’t earn interest. The interest also compounds quarterly, so you won’t see the balance grow monthly like other high-yield savings accounts. Instead, you’ll see growth every three months. Best for account transfersMarcus by Goldman SachsMinimum Deposit Required$0Marcus by Goldman Sachs is the online-only branch of Goldman Sachs, offering savings accounts and CDs. Marcus by Goldman Sachs doesn’t offer a checking account, but you can link your external bank accounts and transfer funds to and from the accounts as much as you want with no fees from the platform. Once in the account, your money is insured by the FDIC for up to $250,000 and is accessible by bank transfers, which can sometimes be completed the same day.Why we chose it: Marcus by Goldman Sachs doesn’t charge fees for transfers to and from your account, and there are no limits to how many withdrawals you can make. You can keep tabs on your money through the platform's transfer tracker, which provides information on when it was scheduled and when your funds should arrive in your account. You can also set up recurring and scheduled transfers and take advantage of same-day requests for large transfer amounts if you make them before 12 p.m. ET.If you want to know how a Marcus account stacks up against other institutions, the platform’s high-yield savings calculator allows you to compare your return from a Marcus account with the return you might get at other banks as well as compared to the national average.Caveats: Since there are no physical branches nor ATM access for Marcus savings accounts, you can only withdraw money by transferring funds out of the savings account. And since the platform does not offer checking accounts, you’ll need to initiate a transfer to an external financial institution that might charge a fee.Best for student saversSallie MaeAnnual Percentage Yield (APY)3.75%Minimum Deposit RequiredNo minimum balance requirementsMonthly FeesNo maintenance fees Student loan provider Sallie Mae offers a no-frills high-yield savings account for savers looking to earn a competitive yield with no fees and no minimum balance requirement. But if you’re looking for a savings account with additional features or a connected checking account, you should explore other options. Sallie Mae’s high-yield savings doesn’t come with any extras like ATM access, and its other banking offerings are limited.Why Valerie Morris, deputy editor at Buy Side, recommends Sallie Mae:"Sallie Mae's high-yield savings account stands out because it offers a competitive APY in a straightforward product. There are no monthly fees or minimums, and no additional charges when transferring funds to use them. While Sallie Mae is most known as a popular student loan provider, its savings account would benefit anyone who wants a no-frills banking product with a high yield."Why we chose it: Maintenance and balance fees can reduce your earnings, so an account that pairs a competitive yield with zero fees can be an attractive option for college students. Sallie Mae’s savings account charges no monthly maintenance fees, has no minimum balance requirement and offers an attractive APY—currently 3.75%. You can also easily make digital check deposits using the Sallie Mae Banking mobile app.Sallie Mae has a history of providing financial support to college students, transitioning from a government-sponsored entity to a private company in 2004. Since then, it has focused largely on helping college students and their families navigate the private student loan process and manage finances. It also offers an online piggy bank called SmartyPig that pays a yield of 3.60% APY, plus certificates of deposit (CD) and money-market accounts.Caveats: Sallie Mae doesn’t offer access to checking accounts or an ATM network. To access your funds in cash, you’ll have to link your Sallie Mae account to an external account that offers a way to make cash withdrawals. This is an online savings account with no in-person branch access, and customer support is only available over the phone. Its mobile app also has low ratings on the App Store and Google Play.Best for automatic contributionsSoFiAnnual Percentage Yield (APY)3.80%Minimum Deposit RequiredNo minimum opening balanceMonthly FeesNo monthly maintenance feeSoFi’s savings accounts come bundled with a checking account that earns a 0.50% APY—well above the national average. If you struggle to save, you might like SoFi Savings. The bank rounds up purchases you make with your SoFi debit card and transfers the change to your savings account. SoFi doesn’t charge account fees and offers free withdrawals at Allpoint ATMs.To qualify for the highest APY tier, you have to receive a monthly direct deposit in your account, deposit at least $5,000 each month or pay for a SoFi Plus membership. Otherwise, your APY goes down to 1.00%. Why we chose it: If you’re looking for convenient tools to help you automatically prioritize your savings, SoFi Savings might be worth considering. It has a round-up feature you can turn on that allows you to round each purchase you make with your debit card up to the next dollar and deposit that amount into your savings. It also offers savings vaults, which allow you to earmark funds for different goals within your account. For example, you might set up vaults for an emergency fund, a vacation and the down payment for a house. Visualizing the amount you set aside for each goal can help you plan more effectively.SoFi’s checking and savings accounts come bundled, and the checking account also earns interest. This makes it a good option if you’re looking for one place where you can do all of your banking while also earning a high yield.Caveats: SoFi Savings offers an APY up to 3.10%, plus a six-month 0.70% boost, but you’ll have to meet certain requirements to earn these higher rates. The 3.10% APY is available to customers who set up direct deposit, deposit $5,000 or more into their accounts every 31 days or pay for a SoFi Plus membership. The 0.70% boost is available to those who open a new account by Dec. 31, 2026, and set up eligible direct deposit. If you don’t meet the requirements, your APY will be 1.00%. Best for direct ATM accessSynchronyAnnual Percentage Yield (APY)3.30%Minimum Deposit Required$0Synchrony’s no-frills high-yield savings account offers 3.30% APY on your cash, with no monthly fees and no minimum deposit to open your account. You can easily deposit cash into your account by transferring it from an existing Synchrony or non-Synchrony bank account, depositing a mobile check, receiving a direct deposit or wire transfer, or mailing in a personal or cashier’s check. You can make ATM withdrawals using your optional ATM card or through an electronic or wire transfer.Synchrony is FDIC-insured, meaning the money in your account is protected up to $250,000 per depositor per ownership category.Why we chose it: When you open a high-yield savings account with Synchrony, you have the option to receive an ATM card connected to your account, making your funds more accessible than savings balances typically are. Synchrony offers competitive rates and charges no fees on its savings accounts. You can also get money back if you incur ATM fees. Caveats: Because it doesn’t offer checking accounts, Synchrony isn’t a great option if you’re looking for one place to do all your banking. It is also an online-only bank, which can make depositing cash more difficult. Mobile check deposits are limited to $2,000 per day.Best for introductory rateValley DirectMinimum Deposit Required$1,000Valley Direct, which is a part of Valley National Bank, offers an online high-yield savings account that’s separate from its traditional bank account options. It promotes a 12-month introductory 4.00% APY for new customers and 3.40% for existing Valley Direct and Valley National Bank customers. You’ll need at least $1,000 to open your account, but will then have access to competitive rates with no monthly fees.Valley Direct’s high-yield savings account is FDIC-insured up to $250,000. The bank boasts human customer support and trustworthy security measures, which include biometric logins and fraud detection. It also has a highly rated mobile app that allows you to deposit checks, transfer funds and monitor your account on the go.Why we chose it: Valley Direct’s 4.00% APY for new customers is among some of the highest rates on the market right now. Even its lower rate for existing customers beats out many other accounts. For example: New customers with an account balance of $10,000 who are eligible for the 4.00% APY would earn $400 in the first year with daily compounding, credited monthly. Meanwhile, existing customers eligible for the 3.40% rate would earn $340.There’s no monthly fee for this account, creating little downside if you can meet the higher minimum deposit. Once you’ve opened your account, you can move money around using bank transfers, Zelle, direct deposit and mobile check deposit.Caveats: Valley Direct requires a minimum deposit of $1,000 to open its high-yield savings account. If you’re new on your savings journey, that might be too high of a hurdle for you to reach. The bank’s maximum APY is only available to new customers for 12 months—existing customers and those who have had accounts within the past year will earn a lower rate.Best savings account for small balancesVaroAnnual Percentage Yield (APY)3.75%Minimum Deposit Required$0Varo Bank offers a competitive yield on its savings account on the first $5,000 of your balance, and then just 1% APY on the rest of your savings. Interest is compounded daily and paid into your account monthly. With no minimum balance or monthly fees, there’s a lower barrier to entry to opening an account. Varo provides automatic saving tools, like round-ups and instant transfers, to help you grow your savings even more. The money in your Varo Bank savings account is FDIC-insured up to $250,000.In addition to its savings benefits, Varo also offers a robust app that includes tools like 24/7 live support, real-time transaction alerts, fast transfers and credit tracking. The tradeoff is that there are no physical branches, so you can’t do any of your banking in person.Why we chose it: Varo Bank has a competitive APY, offering 3.75% for certain customers on the first $5,000 deposited. The account has no minimum balance or monthly fees.It’s easy to set up automated transfers in your Varo savings account. If you have a regular direct deposit, such as a paycheck, you can set up an automatic transfer for an amount of your choice. You can also round up your purchases to the nearest dollar and transfer the extra money into your Varo savings account.While Varo Bank doesn’t have physical branches of its own, you can access its network of more than 40,000 fee-free ATMs and deposit cash into your account at stand-alone CVS stores for free or at other participating retailers for up to $4.95.Caveats: Varo Bank’s maximum APY doesn’t apply across the board. You’ll only earn it on the first $5,000 of your balance, and must have a direct deposit of at least $1,000 per month set up with a Varo Bank account to get the maximum yield. Any amount over $5,000 has an APY of 1%, a much lower APY than other banks on this list.Best for set-it-and-forget-it savingsWestern AllianceAnnual Percentage Yield (APY)3.80%Minimum Deposit Required$500Western Alliance Bank’s High-Yield Savings Premier account is a no-frills account with a competitive yield at 3.80% APY. While the account lacks the user-friendly app interface and bells and whistles of some of its competitors, it’s an effective place to park your savings for a higher-than-average return. Your funds are FDIC-insured up to $250,000.Western Alliance’s savings account requires a $500 minimum deposit with no monthly fees or ongoing balance requirements. You can deposit to or withdraw from your account through a linked checking or savings account, either at Western Alliance or at another bank.Why we chose it: Western Alliance Bank is a solid option for someone who wants to take an “out of sight, out of mind” approach to their savings. The lack of debit card or ATM access creates a natural barrier between these funds and your daily spending. To access your money, you’ll have to wait a couple of days to transfer funds to a linked bank account. If you find yourself often impulsively withdrawing from your savings, Western Alliance’s account could help remove some of the temptation.While the account requires $500 to open, there are no ongoing minimum balance requirements. There are also no monthly fees no matter what your balance is. While this account doesn’t have the highest APY of any bank on our list, it offers a competitive yield.Caveats: Western Alliance Bank’s main downside is its lack of accessibility. The bank also doesn’t make it particularly easy to access your money in person or online. There are branches in only six states, yet there are few options for depositing or withdrawing money in other ways, including no cash or check deposits and no ATM withdrawals. Additionally, the minimum deposit might be too big of a hurdle for some savers.Why trust WSJ Buy Side? Best high-yield savings account newsDeposit account interest rates tend to fluctuate based on the economy and the federal-funds rate. Federal Reserve officials kept the benchmark federal-funds rate unchanged in their first five meetings of 2026. While policymakers and industry experts had initially predicted at least one rate cut later this year, rising inflation and energy disruptions from conflict in the Middle East have made the future uncertain. In fact, at the conclusion of the July 29 meeting, three of the 12 officials voted for a quarter-point hike, marking the first time since September 2016 that three officials dissented in favor of the same rate outcome.While the current elevated rates are bad news for prospective home buyers, they’re good news for savers. The Fed’s decision to keep rates stable could mean your savings rate will remain high.What is a high-yield savings account? A high-yield savings account is a type of savings account that offers an interest rate that’s higher than the typical APY. There is no uniform threshold for how high the interest rate must be to be considered a high-yield account, but many financial institutions tout APYs that are significantly higher than the national rate. Savers often open a high-yield account to earn the most interest on their cash—such as funds earmarked for a large purchase or emergencies—while keeping it in an account that’s easy to access.Expert take“When choosing a high-yield savings account, be sure to read the fine print. Some banks will offer a promotional APY, but it typically expires in a matter of months. Before you open an account, check the standard rate to ensure it's competitive.” Reina Marszalek, senior personal finance editor How to open a high-yield savings accountOnce you choose a high-yield savings account, you’ll fill out an application with your name, Social Security number and contact information. After you’re approved, you’ll need to fund your new account. That’s typically done by transferring money from a traditional savings or checking account. That means you’ll also need the routing and account numbers for the bank account you’ll use to fund your new high-yield savings account. You might also be able to fund the account regularly through automatic transfers or direct deposit with your employer, which will require additional information. If you want to fund the account through direct deposit, you’ll need to provide your employer with the high-yield savings routing and account numbers. The interest on the funds you deposit will compound, growing your savings daily or monthly as scheduled by your financial institution. You can continue depositing money into the account or withdrawing money when you need it.Why some high-APY accounts didn’t make our listThere are many high-yield savings accounts out there and each one provides its own set of benefits. However, to compile our list of the best high-yield savings accounts, we used specific criteria that include high APYs, low or no fees as well as support and additional benefits for clients. While there were some accounts that offered high APYs, they had high monthly maintenance fees or balance requirements that didn’t meet our standards. Many credit unions were also omitted because they were more exclusive, limiting membership to residents of certain states, employees of specific companies or members of certain organizations or religious groups.Which high-yield savings account is best for your balance?When choosing the best high-yield savings account for your financial goals, it’s important to consider the minimum account balance required to earn the highest yield. Sometimes, the financial institution with the highest APY might not be the best choice depending on how much money you wish to deposit.Under $5,000GO2bank’s high-yield savings account has the highest APY on our list. However, you only earn 4.50% APY on the first $5,000. Any amount over $5,000 won’t earn any interest.$5,000 to $25,000You can earn a 4.10% APY from CIT Bank’s platinum savings account if your balance is at least $5,000, during a six-month promotional period after opening the account. Once that period ends, you will earn 3.75%. Any amount below $5,000 earns 0.25% APY, which is significantly lower than the other high-yield savings accounts on our list.$25,000+Axos ONE has the second-highest APY on the list, but doesn’t place limits on earning that APY like the top account does. That means you can earn 4.21% APY on your full balance up to $249,999. Once your balance equals or surpasses $250,000, your APY lowers to 3.50%.Over FDIC limits ($250,000+)To receive the highest APY offered through a Barclays Tiered Savings account (3.65%), you need a minimum balance of at least $250,000. Any amount below that earns an APY of 3.50%.What to do if your high-yield savings account rate dropsHigh-yield savings accounts have variable APYs, meaning they can change over time. Rate changes often happen when there’s more competition with other deposit accounts, there’s an economic shift or, more commonly, the Federal Reserve increases or decreases the federal-funds rate.If your high-yield savings account rate drops, review current APYs from other financial institutions to see if your rate is still within range of other accounts or if there are higher rates available. If you find a better rate and want to switch, make sure you first understand the terms, features and pros and cons of the new high-yield savings account. You could also look into a different savings product that could get higher yields, like a money- market account or CD—which has a fixed rate that won’t change. Calculate the difference in annual or monthly earnings between your current rate and the new rate to make sure the switch is worth it. When are savings rates going to fall? Market conditions and the federal-funds rate influence the interest rates that financial institutions offer on their savings products. The Federal Open Market Committee meets eight times a year to determine appropriate policy to manage the labor market, inflation and economic conditions. If the Federal Reserve lowers interest rates at its meeting, we can expect to see interest rates for savings, CDs and other interest-bearing accounts dip in response. What is a good APY for a high-yield savings account in August 2026?Ideally, the best APY for a high-yield savings account is the highest one currently available, such as GO2bank’s 4.50% offering. However, two high-yield savings accounts with the same APYs could have different balance requirements that will impact your earning potential. For example, GO2bank only offers 4.50% on balances up to $5,000, and doesn’t pay interest on anything above that. If you have a very large account balance, you could earn more by choosing a slightly lower APY that applies to your entire balance.When comparing banks and credit unions, you will see that many offer high-yield savings accounts with APYs at least 10 times higher than the national average. To help you determine what a competitive rate is, you can compare bank and credit union offerings to the top 1% average of high-yield savings accounts. Any savings account rate that matches or beats that could be considered a good APY.Who should open a high-yield savings account?High-yield savings accounts are a good option for anyone looking to make the most of their short-term savings goals, such as building an emergency fund or saving for a down payment on a house. While both CDs and high-yield savings accounts require time to grow funds, the money in a HYSA can be moved at your discretion at any point, while still offering high APYs. With CDs, on the other hand, many charge a penalty worth at least several months of interest if you withdraw your money before the term is up. Should I have more than one high-interest savings account?For some savers, a single savings account works just fine, while others find that having multiple accounts better suits their needs. There’s no one-size-fits-all recommendation; it ultimately comes down to personal preference and how easily you’re able to manage multiple accounts.Some situations where you might consider having multiple high-yield savings accounts include:You have more than $250,000 in savings: FDIC insurance only covers deposits up to $250,000, so if you have more than that in a single account, you’re at risk of losing money in the event of a bank failure. Spreading out your savings across more than one bank can ensure you’re fully covered (though you might also want to consider whether you’re keeping too much in savings and if it’s worth it to invest some of those funds).You could be getting a higher APY elsewhere: If you are satisfied with your current bank but other institutions are paying higher APYs on their savings accounts, it might be worth opening another account to take advantage of the higher rate. To take advantage of other banks’ perks: It’s not uncommon for banks to run promotions to try to attract new clients, such as cash bonuses for opening a new account. If you don’t mind taking the time to sign up, you could earn some extra cash or other benefits by having multiple accounts.To easily track your savings goals: Some people like to have more than one account to keep their savings goals separate and easily track their progress. You might keep your emergency savings in one account and then savings for other expenses like vacations or bills in another, for example.If you decide to open additional high-yield savings accounts, pay attention to the fees and minimum balance requirements that come with each account. How much money should I keep in a savings account?A good rule of thumb is to keep at least three to six months’ worth of living expenses in a savings account for emergencies, such as becoming unexpectedly unemployed or needing to pay for urgent repairs to your home. Beyond that, you can continue to add to your savings according to your needs and goals.However, it’s also possible to keep too much money in a savings account—particularly if you exceed the $250,000 FDIC insurance limit in a single account. Having money in savings is important for emergencies when you need access to cash very suddenly. If that money is invested, you wouldn’t be able to access it until you sell those investments—and if the market happens to be down, you risk not having sufficient funds. Once you have a well-funded savings cushion, though, you should consider increasing the amount you put toward retirement or your taxable investment accounts. Money that’s invested generally grows faster than the funds you keep in a high-yield savings account. What is the difference between a high-yield savings account and a traditional savings account?Traditional savings accounts pay very little interest—typically less than 1%. This is below the average rate of inflation, which means your money actually loses value over time in these accounts.It’s common to see these types of savings accounts offered at big financial institutions with a lot of bricks-and-mortar locations. There are benefits to keeping your money with these banks. If you have a branch near you, you can easily make in-person withdrawals or deposits. It can also be more convenient to open a savings account at the same institution you do the rest of your banking with, so you can easily transfer funds from checking to savings (or vice versa).Good to knowIn a proprietary WSJ Intelligence study of n=265 readers, 68% of respondents said that interest-earning potential is the biggest motivator when opening a savings account. If earning a higher interest rate is important to you, you might want to consider moving your funds to a high-yield account.Many of the institutions that offer high-yield savings accounts are online banks with few or no physical branches, meaning you might have to do all your banking virtually. This can make it challenging to deposit or withdraw cash. As long as your bank is FDIC-insured, your money is just as safe in a high-yield savings account as it is in a traditional savings account.What is the highest-paying high-yield savings account today?The highest APY available changes frequently and might come with some strings attached. For example, GO2bank offers an APY of 4.50%, but only on the first $5,000 of your balance. As of August 2026, several other accounts offer APYs of more than 4.00%, according to DepositAccounts.com. Keep in mind that, because interest rates fluctuate, the highest-paying accounts and yields available might change.What are the fees associated with a high-yield savings account?Fees on high-yield savings accounts can vary from bank to bank, so it’s important to compare your options before deciding where to keep your money. Many high-yield savings accounts have low or no fees, though some charge monthly fees or have minimum initial deposit requirements to open an account. You might also see accounts that only pay the highest APY if you keep your balance above a certain threshold.Is it worth putting money into a high-yield savings account? A high-yield savings account can be beneficial whether you want to save for a future goal, build an emergency fund or just prefer to keep cash available. Savings accounts afford you a safe and accessible place to stash your money while offering interest to keep the funds on deposit, and a high-yield savings account offers a higher rate than the national average. If you plan to keep any of your money in a savings account, it might make sense to look for one that has the highest APY in addition to the accessibility and features that matter most to you. How to choose the best high-yield savings accountYour high-yield savings account comparison should include factors that matter most to you, in addition to APY. What factors impact interest rates?High-yield savings account rates are heavily influenced by the federal-funds rate, which is a benchmark set by the Federal Reserve. If the Federal Reserve raises its rate, banks often increase the yield they pay on savings. On the other hand, if the Federal Reserve cuts rates, as it did three times in 2025, from September through December, interest rates on financial products are likely to fall.In addition to the federal-funds rate, business goals impact interest rates. Banks and credit unions might offer competitive yields to attract depositors. Financial institutions might also offer higher introductory rates for a certain amount of time to encourage savers to open new accounts. A financial institution usually sets its rates based on how much profit it wants to make on the difference between yields paid to depositors and interest earned from the loans it makes. For example, a bank might pay you 4.15% APY to keep your money in an account and lend those funds to a borrower at 8.99% APR. Minimum deposit and balance requirementsEven though a higher yield is a strong incentive to choose a savings account, other factors to consider include minimum deposit and balance requirements.Minimum deposit: Review how much you need to open an account. Some high-yield savings accounts have no minimum deposit requirements, while others require $100 or more. Minimum balance: You might be required to maintain a minimum balance to avoid a monthly fee or to earn the advertised yield. It might not be the best high-yield savings account for your needs if you can't meet the requirements.Confirm that your bank deposits are protected by the Federal Deposit Insurance Corporation (FDIC). (Credit union deposits are protected by the National Credit Union Administration.)Withdrawal limits and restrictionsEven though there’s no longer a regulatory requirement to limit certain withdrawals and transactions to six per month, some banks and credit unions impose restrictions. Check the account to determine whether a penalty accompanies withdrawals and transfers beyond a certain number.Understand how the institution differentiates between withdrawals, transfers and other transactions. Some institutions might allow unlimited transfers between connected accounts but restrict the number of cash withdrawals. Expert take“Be aware that rates can fluctuate on a regular basis and that can significantly impact your yield. To make your decision, you should also consider factors like compounding frequency, monthly fees, minimum deposit and balance requirements, and whether the bank or credit union is insured.” Valerie Morris, deputy personal finance editorBest banks and credit unions offering high-yield savings accountsTo get the best high-yield savings account for you, compare to three to five other options. You might find a better fit for your needs by exploring additional online savings accounts, credit unions or traditional banks.Top online banks with high-yield savings accountsVio Bank: Vio Bank, which is a division of MidFirst Bank, offers an online high-yield savings account with an attractive APY, currently 4.00%. You can open an account with a minimum deposit of $100, and there are no monthly service fees (aside from a $5 fee if you opt to receive paper statements). However, unlike online counterpart Ally Bank, it doesn’t offer access to live chat or a broad network of ATMs. Happen Bank: Happen Bank (formerly LendingClub) has a LevelUp Savings account that offers a competitive APY of 4.00% for customers who deposit at least $250 each month. If you don’t deposit enough to earn the top APY, the rate drops to 3.00%, which is still higher than traditional savings rates. The account comes with no fees and no minimum balance requirement. Best credit unions for high APYsPenFed: As with Alliant, PenFed allows anyone to join, regardless of occupation or geographic location. The Premium Online Savings yield is much higher than the national average but typically lower than that of other online savings products. Digital Federal Credit Union: Anyone can join by meeting basic criteria and opening an account with $5. This credit union account offers a much higher yield than many other products, but you only earn the yield on the first $1,000 in the account. After that, the yield is lower than the national average.Traditional banks offering competitive high-yield savings ratesU.S. Bank: With more than 2,000 branches, this might be the most attractive option for in-person banking. The Bank Smartly Savings account earns a yield that aligns with other high-yield accounts, but you must connect it to a Bank Smartly Checking account or a Safe Debit account. You need $25 as an opening deposit.PNC Bank: You can earn 3.15% in a PNC High Yield Savings account, which is available in about half of all U.S. states (generally only those where the bank doesn’t have a physical presence). The account has no monthly fees and no minimum deposit or balance requirements, making it financially accessible to customers in qualifying states.What are the benefits of high-yield savings accounts?Higher-than-average APY: With a HYSA, you can access higher yields than you would receive with a more traditional savings account. Your money grows faster as you earn a higher rate of return, and you’re more likely to reach your financial goals sooner.Low-risk: High-yield savings accounts are considered a comparatively safe option. As long as your institution is backed by the FDIC or National Credit Union Administration (NCUA), your cash is protected in the event of institutional failure (up to federal limits). You don’t have to worry about losing your principal due to market conditions. However, you do need to consider inflation risk. High liquidity: While the money in a HYSA isn’t meant for day-to-day transactions, it is easy to access when needed. Unlike other banking options that have specific term lengths, it’s highly liquid, and you can usually transfer the money to another account or withdraw it quickly. If you need the money for an emergency or have met your goal and want to use it for a major purchase, there’s usually no wait to access the funds.High-yield savings accounts: Pros and consBefore opening a high-yield savings account, you should understand what the potential advantages and disadvantages are.ProsEarn a higher yield on your cash, especially if it compounds daily or weeklyProtected by FDIC or NCUA insurance, so your money is safe from institution failure, up to a certain amountTypically easy to open onlineConsYields might still not beat inflation or provide enough for long-term wealth buildingYou might need a higher opening balance or be subject to yield tiers to get the best yieldMany financial institutions that offer HYSAs don’t have branches, making it difficult for those who want in-person bankingSome banks have withdrawal and transaction limits, and if you exceed those you could face fees or penaltiesDo I have to pay taxes on my savings account?Interest you earn on a savings account is taxable. If you earn more than $10 in a year from your savings account, your bank is required to send you a Form 1099-INT showing the taxable interest you received. Any amount of interest you earn has to be reported when you do your taxes. Interest earned on a savings account is taxed as ordinary income. Alternatives to high-yield savings accountsA high-yield savings account is one financial tool that can help you earn the most for your money, but it’s not the only one. Depending on whether you prefer easier access to your money or you want to lock in your APY before interest rates dip, here are some alternatives to consider: Money-market accounts: A money-market account combines some of the features you find in a high-yield savings account with the convenience of a checking account. They are typically covered by FDIC or NCUA insurance, depending on whether you open an account with a bank or a credit union. This can be a good option if you want easy access to your money while earning a higher interest rate.Certificates of deposit (CDs): If you don’t need immediate access to your funds, you might consider opening a CD. You agree to keep your money on deposit for a specified period, such as three months or up to five years, in exchange for a guaranteed return. At the end of the term, you can choose to cash out your CD or renew it if interest rates are favorable. Bonds: Bonds are issued by companies or governments. When you purchase one, you extend a loan to the issuer and collect interest payments until the bond is repaid. Unlike stocks, you don’t hold a share of ownership in the company when you buy bonds, and bonds don’t have as much liquidity, meaning you might not be able to buy and sell bonds whenever you want. Still, you might choose this option if you prefer receiving regular interest payments over time.Investments: If you’re looking for significant returns to build wealth, investments might be a good option. Investment accounts hold stocks, bonds, cash and other funds. They can offer the highest returns, but also the most volatility. How to maximize earnings with a high-yield savings accountIn a high-yield savings account, your cash has the potential to grow faster, to help you meet financial goals like expanding an emergency fund or taking a vacation.Strategies to get the highest APYCompare rates from multiple financial institutions and consider using a list (like those offered by Buy Side) as a starting point. In some cases, it might make sense to open multiple accounts to take advantage of high yields based on tiers. For example, you might consider putting your first $1,000 in the Digital Federal Credit Union account that offers one of the highest yields while opening an account with CIT that requires a $5,000 minimum to get its advertised best rate. If you can’t meet a higher minimum, consider an account that pays the best-advertised rate on the entire balance until you can open a high-yield account with more stringent criteria for earning the highest APY.How often do interest rates change?Interest rates on high-yield savings accounts can change at any time. It’s at the discretion of the financial institution, although they are influenced by the federal-funds rate. The Federal Reserve makes decisions about its benchmark interest rate eight times a year.When to consider switching accountsIf you can get a substantially higher yield by moving your money, it might make sense. For example, if you have $1,000 and contribute $50 a month in a savings account yielding 3.70% and compounded daily, your total interest earned at the end of the year is $47.99. On the other hand, you might find an account with 4.00% APY compounded daily. At the end of a year, your total interest earned is $51.95. You might decide that the difference of $3.96 isn’t worth the trouble of moving your money to a new account.The switch might be worth it if you’re only earning the national average. At 0.38% APY compounded daily, you might only earn $4.85 in total interest for the year.Additionally, if you have a larger amount of money to deposit and you qualify for a higher APY as a result, it might be worth it to make the move. If you have $30,000, and you add $1,000 to your savings account each month, at the end of the year, compounded daily, the difference between 3.70% APY and 4.50% APY is $1,336.65 vs. $1,631.83.High-yield savings accounts terminologyIf you’re shopping for a high-yield savings account, these are the most common terms you will encounter: Annual percentage yield (APY): The amount of interest earned in a year, including compound interest. Typically, APY is higher than the interest rate because it represents the total interest you earn.Compound interest: Interest earned on the original money you deposit into an account, as well as interest earned on the interest you have accumulated. Interest is compounded at regular intervals, such as daily or monthly. Compounding interest allows you to earn interest faster because the amount earned increases as it includes interest already earned.FDIC insurance: If a bank is FDIC-insured, that means your deposits are protected by the Federal Deposit Insurance Corporation, so you will be reimbursed up to a certain amount if there is a bank failure. Interest: Money a financial institution pays you in return for keeping your money in an account and allowing it to lend to others.Interest rate: The rate at which you earn interest, expressed as an annual percentage of the money you keep in the account.Money-market account (MMA): Deposit account that includes some aspects of a transaction account, such as debit card access. Money-market accounts typically pay a higher-than-average yield, but not as high as a HYSA. Additionally, some money-market accounts require higher average balances to earn a higher yield.Principal: The original amount of money you put into a savings account.Savings account: Deposit account at a financial institution, designed to help consumers keep their money in one place.Historical savings account interest ratesAccording to the FDIC, the national average in January 2022 was 0.06%. It’s higher now, four years later, but if the Federal Reserve cuts rates, the national average could fall. Savings APYs change regularly, moving with market conditions and economic news. This table shows some of the changes to APYs (which represent interest rates compounded over an entire year) over time:August 2026July 2026June 2026May 2026April 2026Capital One3.00%3.00%3.00%3.10%3.20%Ally3.00%3.00%3.00%3.10%3.20%Bread Financial3.95%3.95%3.95%4.00%4.00%Marcus by Goldman Sachs3.40%3.40%3.40%3.50%3.65%Source: Bank websites July rates accurate as of August 4, 2026. Other rates represent the highest APY for that month.Major national bricks-and-mortar banks, like Chase and Bank of America, pay yields much lower than the national average on their savings accounts. For several months, these banks have paid 0.01% APY. Are high-yield savings accounts safe? High-yield savings accounts are generally considered safe if they’re held at an insured institution. The Federal Deposit Insurance Corporation insures banks, and the National Credit Union Administration insures credit unions. Your money is insured against financial institution failure up to federal limits. If the bank or credit union fails, your money is transferred to another institution or you receive it back.What are the risks associated with a high-yield savings account?The FDIC offers protection for up to $250,000 per depositor, per ownership category at each bank it insures. Ownership categories include single accounts, joint accounts, certain retirement accounts, trust accounts and others. If you keep more than the amount you’re insured for in a single high-yield savings account, you risk losing money if the bank fails. This is a risk with both high-yield and traditional savings accounts.A potential downside of keeping your money in a high-yield savings account is that your interest rate can change, so you could earn less on your funds over time if rates go down. If you have a large amount of money in savings, you also risk missing out on higher yields elsewhere, like in the stock market. MethodologyTo choose Buy Side’s best high-yield savings accounts, we looked for accounts offering the highest APYs on deposited funds. We looked for accounts without monthly maintenance fees, or with easily waivable fees, and gave preference to accounts without high balance and deposit requirements over those with high minimums (though in some cases, APYs are competitive enough to justify high minimums). We also considered accessibility, user-friendliness of banking platforms and the customer support availability of the banking institutions that offer these accounts.Banks chosen for this list are FDIC members or offer accounts issued through FDIC members, which protects account holders' deposits. The exceptions are those offered by credit unions, which are protected by a parallel organization, the National Credit Union Administration (NCUA).We regularly review our roster of banks and the terms used to make our selections. We periodically update the story to reflect recent market conditions, so rates quoted are current as of the dateline.Savings rates change frequently, so quotes might not reflect the most recent updates in advertised yields from banks. FAQAre online banks better for high-yield savings?In some cases, online banks can offer higher yields than more traditional bricks-and-mortar institutions. Check with smaller local and regional banks and credit unions to see if they offer yields comparable to online financial institutions.Can I open multiple high-yield savings accounts?Yes, you can open multiple high-yield savings accounts at different financial institutions. Some institutions might not let you open more than one savings account with them.How do high-yield savings accounts compare to CDs?CDs guarantee a rate for a certain period of time, while high-yield savings accounts can change the APY at any time.Do high-yield savings accounts have withdrawal limits?While the federal regulators no longer require limits on monthly withdrawals, individual financial institutions can choose to impose limits if they wish.Meet the writerMolly GraceMolly Grace is a staff money writer at Buy Side covering banking, home equity, investing, mortgages, retirement savings, taxes and budgeting.Erin GoblerErin Gobler is a staff money writer at Buy Side with a focus on investing, banking, and mortgages.Lauren NowackiLauren is a staff editor at Buy Side, focusing on the many facets of personal finance.