Best High-Yield Savings Accounts
Rates worth chasing — and the accounts that actually deliver them without minimum balance traps or monthly fees.
Updated March 2026
Online savings accounts are paying 3.8% to 4.5% APY as of June 2026 — roughly 10 to 12 times the national average of 0.41%. The five accounts below meet our criteria for no monthly fees, no minimum balance requirements to earn the advertised rate, and FDIC insurance.
| Account | APY | Min. Balance | Monthly Fee | |
|---|---|---|---|---|
SoFi High-Yield SavingsBest Overall SoFi Bank | 4.50% | $0 | $0 | Open a SoFi Account |
Ally Online Savings Ally Bank | 4.20% | $0 | $0 | Open an Ally Account |
Marcus Online Savings Goldman Sachs Bank USA | 4.10% | $0 | $0 | Open a Marcus Account |
Discover Online Savings Discover Bank | 3.90% | $0 | $0 | Open a Discover Account |
American Express High Yield Savings American Express National Bank | 3.80% | $0 | $0 | Open an AmEx Account |
Ally Online Savings
Ally Bank
4.20%
APY
Marcus Online Savings
Goldman Sachs Bank USA
4.10%
APY
Discover Online Savings
Discover Bank
3.90%
APY
American Express High Yield Savings
American Express National Bank
3.80%
APY
SoFi Bank · FDIC Insured
No minimum balance or monthly fees
Ally Bank · FDIC Insured
"Buckets" feature lets you organize goals within one account
Goldman Sachs Bank USA · FDIC Insured
No fees, no minimums, no tricks
Discover Bank · FDIC Insured
No fees on any Discover deposit product
American Express National Bank · FDIC Insured
Trusted brand with strong customer support
What 4.5% APY means in dollars
On a $10,000 balance, 4.5% APY earns you $450 in a year — versus $41 at the national average of 0.41%. On $50,000, that gap is $2,045 vs $205. The difference is real and it compounds. Use our Savings Goal Calculator to run your specific numbers.
How we chose these accounts
There are hundreds of savings accounts that technically qualify as "high-yield." Most aren't worth the time it takes to apply. We filtered for five criteria.
APY without conditions
Some accounts advertise a top rate but require direct deposit, a minimum daily balance, or a certain number of monthly transactions. We only include accounts where the advertised rate applies without jumping through hoops.
No monthly fees
A monthly maintenance fee of $5 erases $60/year in earnings on a $1,000 balance. Every account here has no monthly fee, period.
FDIC insurance
All accounts are FDIC insured up to at least $250,000 per depositor, per institution. SoFi extends this to $2 million via a deposit sweep program.
No minimum balance to earn the rate
Accounts that pay 4.5% on balances above $10,000 and 0.5% below are not on this list. The rate you see is the rate you get at any balance.
Demonstrated rate consistency
We look at how each account has tracked the Fed funds rate over the past 18 months. Some banks are slow to raise rates and fast to cut. The accounts here have tracked the market reasonably closely.
Account details
The table above shows the headline numbers. Here's what actually matters about each account before you apply.
SoFi High-Yield Savings
Best OverallSoFi Bank · FDIC Insured
4.50%
APY
Best for
People who want a no-fee account with direct deposit bonus APY
Pros
- +No minimum balance or monthly fees
- +FDIC insured up to $2M via sweep network
- +Checking + savings in one app
Cons
- –Highest APY requires direct deposit setup
- –No physical branch locations
Ally Online Savings
Ally Bank · FDIC Insured
4.20%
APY
Best for
Savers who want buckets and no-friction transfers
Pros
- +"Buckets" feature lets you organize goals within one account
- +Consistently competitive rates — no direct-deposit requirement
- +Strong mobile app; 24/7 customer service
Cons
- –No cash deposits
- –Transfers can take 1–3 business days
Marcus Online Savings
Goldman Sachs Bank USA · FDIC Insured
4.10%
APY
Best for
Savers who want a simple, no-surprises HYSA from a major bank
Pros
- +No fees, no minimums, no tricks
- +Backed by Goldman Sachs — strong institutional trust
- +Easy external bank linking
Cons
- –No checking account option
- –No mobile check deposit
Discover Online Savings
Discover Bank · FDIC Insured
3.90%
APY
Best for
People who already use Discover cards and want everything in one place
Pros
- +No fees on any Discover deposit product
- +24/7 U.S.-based customer service
- +Easy integration with Discover checking and credit cards
Cons
- –APY slightly below top competitors
- –No branch access
American Express High Yield Savings
American Express National Bank · FDIC Insured
3.80%
APY
Best for
AmEx cardholders who want to keep finances at one institution
Pros
- +Trusted brand with strong customer support
- +No minimum balance or fees
- +Rate has been stable relative to peers
Cons
- –No checking account
- –Rate tends to trail the top 1–2 picks
Who benefits most
A high-yield savings account is the right tool for emergency funds, near-term goals (car, vacation, down payment), or any cash you need to access within a few years. It's not the right tool for everything.
Good fit if…
- You have an emergency fund sitting in a 0.01% checking account
- You’re saving for something 1–3 years away
- You want FDIC insurance and guaranteed returns
- You’re risk-averse and don’t want market exposure
Consider alternatives if…
- →The money won’t be touched for 5+ years — invest it instead
- →You want to lock in today’s rate — a CD may be better
- →You’re maxing out tax-advantaged accounts first (401k, IRA)
- →You need daily liquidity for business cash flow — check HYSA sweep accounts
Rate context: Current HYSA rates of 4–4.5% are well above long-run historical averages, driven by the Fed rate cycle. As the Fed cuts, these rates will fall. If you're planning around a 4% yield being permanent, adjust your expectations — rates in the 2–3% range are more typical over long periods. See our Historical Returns interactive for context.
Frequently asked questions
Are these accounts actually safe?
Yes. All accounts on this list are FDIC insured, meaning your deposits are guaranteed by the federal government up to $250,000 per depositor, per institution. SoFi extends this to $2 million through a deposit sweep network. No FDIC-insured savings account has ever lost principal.
How often do rates change?
Online savings account rates are variable — they can change any time, and typically move in response to Federal Reserve rate decisions. The accounts on this list have historically adjusted within a few weeks of Fed moves, though the exact timing and magnitude varies.
Is there a tax implication?
Yes. Interest earned in a high-yield savings account is taxed as ordinary income in the year it's earned. You'll receive a 1099-INT from your bank if you earn more than $10 in interest annually. For high earners, this is a relevant factor when comparing HYSAs to I-Bonds or municipal money market funds, which can have more favorable tax treatment.
Can I have multiple HYSA accounts?
Yes, and many people do — keeping one account as an emergency fund and another for a specific goal. FDIC insurance limits apply per institution, so spreading large deposits across multiple FDIC-insured banks provides additional coverage.
What's the difference between APY and APR?
APY (Annual Percentage Yield) accounts for compounding, while APR (Annual Percentage Rate) doesn't. For savings accounts, APY is the right number to compare — it tells you what you'll actually earn in a year. Most HYSAs compound daily and pay interest monthly.
Ready to start earning more on your cash?
Opening takes about 5 minutes. No minimum deposit on any of these accounts.