Last Updated: March 2026

Best High-Yield Savings Accounts 2026

Maximize your savings. A high-yield savings account can help you grow your money faster than a standard savings account.

What’s on this page?

  1. Best HYSA 2026 (top of page)
  2. HYSA rates
  3. How a HYSA works
  4. HYSA pros and cons
  5. How to open a HYSA
  6. Best HYSA summaries
  7. Frequently Asked Questions

High-yield savings account rates

Savings account rates fluctuate based on the economy and competition among banks. The current national average, or APY, is 0.42%. The best high-yield savings accounts have much higher rates with APYs of around 4% or more:

  • Average savings account rates: 0.42% APY

    (Based on the latest FDIC estimates)

  • Best high-yield savings account rates: 4.35% APY

    (Based on rates from our featured financial institutions)

What is APY?

Annual percentage yield, or APY, measures how much interest your account can earn over a year. The higher the APY, the more money you can earn.

Keep reading to learn more about how high-yield savings accounts work, or explore our best high-yield savings account 2026 reviews.

How a high-yield savings account works

With a high-yield savings account, or HYSA, your deposits earn more over time. These accounts can be a smart way to grow your savings faster, particularly when it comes to building emergency funds or saving for future goals.

Here’s how a $5,000 deposit into a high-yield savings account would grow at different rates:

  • Account growth with 0.42% APY
    • 1 Year: $5,021
    • 3 Years: $5,063
    • 5 Years: $5,106
  • Account growth with 4% APY
    • 1 Year: $5,200
    • 3 Years: $5,624
    • 5 Years: $6,083

High-yield savings account pros and cons

Pros

  • Higher APY compared to a traditional savings account
  • Better return on your money, helping savings grow faster
  • Offers guaranteed returns, as the interest rate is fixed and not subject to market fluctuations like stocks
  • Accounts are FDIC insured up to $250,000, providing guaranteed protection for deposits
    (This applies to all accounts featured on our site but may not apply to accounts from other financial institutions.)

Cons

  • May have restrictions on the number of monthly withdrawals or transfers
  • Less ideal if you need frequent access to funds

How to open a high-yield savings account

To open a high-interest savings account, start by visiting the bank’s website and completing the application. The process is quick and typically takes only a few minutes. You may need to provide proof of identification, such as your Social Security number or tax ID, which is a standard requirement for opening any bank account.

Once your account is set up, you can link an existing bank account to transfer money in and out of your HYSA account. Some accounts may require an opening deposit, which is usually between $1 and $100.

Additional steps for opening a specialized bank savings account:

  • Kids savings account
    To open a kids savings account, you’ll need to list a parent or guardian as a shared account holder in the application. The account can be turned over to the child when they reach a certain age, typically 18. The best kids savings account combines high APY with no or low fees, making it ideal for maximizing growth and achieving long-term goals like saving for college or major purchases.

  • Joint savings account for couples
    To open a joint savings account, simply indicate in your application that there will be multiple account holders and provide any necessary information to verify both individuals identity. The best joint account for savings will have high rates and low fees for couples, family members, or business partners who want to save together and earn high returns on their deposits.

Disclaimers

Ratings Disclaimer: The star ratings of our teams are established by our editorial team, utilizing scoring formulas that consider various data points for each financial product and service.

SoFi Disclaimer: New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25)for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

CIT Bank Disclaimer: This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria. Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate. The Promotion begins on February 13, 2026, and ends April 13, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions. The promotion can end at any time without notice.

Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100. Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of January 20, 2026. For complete list of account details and fees, see our Personal Account disclosures.

E*TRADE Disclaimers: ¹As of 02/11/2026, the Annual Percentage Yield (APY) of the Premium Savings Account offered by Morgan Stanley Private Bank, National Association is 3.75%. Your interest rate and APY may change at any time and fees may reduce earnings. Please visit https://us.etrade.com/bank/bank-rates#tab_5 for information regarding this account's current interest rate and corresponding APY.

²No minimum initial deposit is required to open an account. However, account must be funded within 30 days to remain open.

³Transfer Money transactions made between existing accounts will be processed immediately. Funds deposited to accounts via Transfer Money from external accounts will be available for investment or withdrawal on the third business day after the date of deposit if transferred by 4 p.m. ET.

Our Top Rated

SoFi logo

9.9

SoFi® Checking & Savings

Convenient, high-yield banking

SoFi®’s combination Checking and Savings Account is designed for easy money growth, featuring some of the best annual percentage yields around. Customers can take advantage of up to 4.00% APY with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/2025), zero account fees, solid customer support, and access paychecks two days ahead of time.

Pros

  • High APY
  • No monthly or overdraft fees
  • Earn $50 or $300 when you sign up and set up eligible direct deposit
  • 24/7 customer support

Cons

  • Cash deposit charge
  • Varying min. balance requirements
Read Review View Rates
American Express logo

9.7

American Express® Savings

Save more effortlessly with no fees

The American Express® High Yield Savings Account is designed to help maximize savings with no minimum balance requirements and no monthly fees. Offering a competitive 3.30% APY (as of 12/30/2025), it features daily compounding interest to boost long-term growth. With easy online account management, auto-deposit options, and the trusted support of American Express, it provides a simple and reliable way to grow savings.

Pros

  • Competitive APY
  • No min. balance requirements
  • Daily compounding interest
  • Auto-deposit capabilities

Cons

  • No check-writing capabilities
  • Not for everyday spending
Read Review View Rates

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Frequently Asked Questions (FAQ)

Authentic online banks follow strict regulations and provide FDIC insurance, just like traditional banks. They also use advanced encryption and cybersecurity measures to protect your personal information and funds. Always practice smart internet safety and rely on reputable resources when making financial decisions.
You can start using your high-interest savings account immediately after approval, which often takes 10 to 15 minutes. Once approved, you can log in and make deposits or withdrawals via online transfers, ATMs, or physical branches if available.
Yes, you can open multiple high-yield savings accounts. This approach can be helpful for people organizing different savings goals, such as emergencies, large expenses, weddings, or other large purchases.
Online banks and online financial institutions typically have the best high-yield savings account rates due to their lower operating costs from maintaining fewer or no physical branches. It's a popular choice for individuals who want the best returns on their deposits without taking on large investment risks.
The best savings banks can offer high interest rates because they often have lower operating costs. Many focus on online banking instead of maintaining expensive branch networks, allowing them to save money. These savings are passed on to customers through better rates on savings accounts.
Yes, many high-yield savings bank accounts can be opened with low or no initial deposit. If a deposit is required, it’s typically between $50 and $100.