High-yield savings accounts are delivering up to 5.00% APY as of May 8, 2026—that’s significantly higher than the FDIC’s national average of 0.38%. For someone genuinely interested in making their money work for them, this comparison tells you everything you need to know.
Whether you’re looking to build an emergency fund, save toward a big expense like a dream vacation, sock away funds until you have enough to buy gold or silver, or contribute toward a retirement nest egg, earning interest with a high-yield savings account is just a smart move. You get meaningful returns and your funds remain comparatively liquid.
The three accounts we’ve identified with the highest annual percentage yields are as follows:
- Earn up to 5.00% with Varo Money.
- Earn up to 4.50% with SoFi.
- Earn up to 4.21% with Axos Bank.
Best savings account rates today
Fortune has partnered with the financial industry consultants at Curinos to give you an accurate look at the highest savings account rates on the market. The most generous rates can be found with Varo Money, SoFi, and Axos Bank for the time being. Read on to see our full list of HYSAs and find the one that’s right for your needs.
What the Fortune/Curinos partnership means for your savings
Curinos brings over thirty years of financial data expertise to the table. We get daily reports from Curinos on savings and CD rates from financial institutions nationwide and use this info to compile our list. You can rest assured that Fortune is providing data-driven recommendations designed to help you make an informed choice.
Historical national average savings rates
While the average savings account rate has increased from the lows seen from 2020 to 2022, it’s still far below the APYs available on the most generous high-yield savings accounts on our list.
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Reasons to choose a high-yield savings account
First, we’ll note that “high-yield savings account” isn’t technically its own account type. It’s the term we apply to any savings account offering rates meaningfully above the industry standard. In other words, it’s a helpful shorthand.
In many cases, traditional savings accounts are offered by brick-and-mortar banks while high-yield savings accounts are available from banks and credit unions that operate mostly or entirely online. By not having to pay for physical branch infrastructure, and sometimes by only offering a slimmed-down slate of products, online branches can often reward their customers with higher APYs.
If you’re comfortable with online banking, moving to a high-yield account can increase the interest you earn in a meaningful way. Depending on how much you deposit and your specific account’s APY, you’re looking at potentially hundreds more annually than you’d get from a traditional savings account.
How much interest you might earn with a higher APY
Consider this scenario: You have $5,000 that stays put for an entire year. And let’s assume for the sake of the hypothetical that your APY remains unchanged for that period. The earnings difference between a 5.00% APY and a 0.40% APY makes the case for switching clearly.
Criteria when choosing a high-yield savings account
When shopping around for a HYSA, these factors deserve your attention:
- Competitive rates. Search for APYs that meaningfully increase your earnings potential.
- Low or zero minimums. Many high-yield accounts don’t require large opening deposits, which is a plus for folks who are just starting out on their savings journey.
- No maintenance costs. Avoid accounts that charge monthly fees eating into your accumulated interest.
- Withdrawal flexibility. You want to know you’ll be able to transfer your money when you need it. Be aware of withdrawal restrictions and foreign ATM charges.
- Deposit guarantees. Verify FDIC coverage if opening an account with a bank, or NCUA coverage with a credit union.
Note, you will owe taxes on the interest you earn.
Frequently asked questions
Are savings account rates going to fall?
Potentially. Banks typically adjust rates in response to Federal Reserve decisions. With the Fed cutting rates several times in late 2025—favorable for borrowers, less so for savers—there’s a reasonable expectation that savings rates could decrease if banks foresee another cut happening in 2026.
Can I lose money in a high-yield savings account?
Before opening an account, confirm it carries FDIC or NCUA protection—this safeguards your money up to a $250,000 maximum per financial institution. Also, take confidence in knowing that unlike stocks, your savings account won’t experience swings dependent on the market, though inflation beating your account’s APY could potentially erode your purchasing power.
Is a high-yield savings account still worth it?
Yes. Even with recent rate cuts, many high-yield accounts still offer up to or even over 4.00% APY. These accounts remain the straightforward, safe way to generate substantial interest on your money while still leaving it available for you to access. For those willing to tie up funds for a set period of time, a CD might possibly offer better returns.
SoFi Disclaimers
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE
1.
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
2.
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
3.
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-ratesheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
4.
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
5.
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 within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount 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. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time.
6: 0.70% Savings APY Boost
Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
7:
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
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SoFi Plus is a premium membership that gives members access to our best rewards, benefits, and more when they pay the SoFi Plus Subscription Fee. Between 12/9/25–3/30/26, members with Eligible Direct Deposit or Qualifying Deposits will receive complimentary access to SoFi Plus. Benefits are subject to change and may not be available to everyone. All terms and conditions applicable to the use of SoFi Plus apply. To learn more about SoFi Plus and available benefits and terms, please see the SoFi Plus page.
SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC, Loans originated by SoFi Bank, N.A., NMLS #696891, (www.nmlsconsumeraccess.org). Advisory services are offered through SoFi Wealth, LLC an SEC-registered investment adviser. Brokerage products are offered through SoFi Securities LLC, member FINRA/SIPC. ©2026 SoFi Technologies, Inc.
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Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees.
10:
Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 45 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify. Probability percentage is subject to decrease.
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SoFi Plus members can schedule an unlimited number of appointments with a financial planner during periods in which the SoFi Plus member meets the eligibility criteria set forth in section 10(a) of the SoFi Plus Terms and Conditions. SoFi members who are not members of SoFi Plus can schedule one (1) appointment with a financial planner. The ability to schedule appointments is subject to financial planner availability. SoFi reserves the right to change or terminate this benefit at any time with or without notice. Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov
