Reviewed by WiseIQ Editorial Team· Banking & Savings Editor · 7 years in banking
Editorially independent
Updated March 2026
How Much Could You Earn?
Deposit Amount
APY
Annual Earnings
$450
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Not Financial Advice: APY rates change frequently and may differ from rates shown. WiseIQ is not a licensed financial advisor. Always verify current rates directly with the institution before opening an account.
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Highest APY
Marcus High-Yield Savings
Goldman Sachs Bank USA
Best Rate
4.50%
Annual Percentage Yield (APY)
Marcus by Goldman Sachs consistently offers one of the highest APYs available with zero fees and no minimum balance. Backed by one of the world's most trusted financial institutions.
No monthly fees
No minimum balance
FDIC insured up to $250,000
Easy transfers to/from any bank
24/7 customer support
WiseIQ may earn a referral fee if you open an account. APY subject to change.
Ally Online Savings Account
Ally Bank
Best Full Bank
4.35%
Annual Percentage Yield (APY)
Ally is one of the most popular online banks — combining a high-yield savings account with a full checking account, no fees, and an award-winning mobile app.
No monthly fees
No minimum balance
Checking account available
24/7 customer support
Buckets feature for savings goals
WiseIQ may earn a referral fee if you open an account.
SoFi High-Yield Savings + Checking
SoFi Bank, N.A.
Best Bundle
4.20%
Annual Percentage Yield (APY) with direct deposit
SoFi bundles savings and checking into one account. With direct deposit, you earn 4.20% APY on savings and get early paycheck access up to 2 days early.
No monthly fees
Checking + savings in one
Get paid 2 days early
Up to $2M FDIC insured
$300 bonus with qualifying direct deposit
WiseIQ may earn a referral fee if you open an account.
Capital One 360 Performance Savings
Capital One
Best Brand Name
4.10%
Annual Percentage Yield (APY)
Capital One's online savings account offers a competitive rate with the trust of a major bank. Open in minutes, no fees, and access to 70,000+ ATMs.
No monthly fees
No minimum balance
70,000+ free ATMs
Mobile check deposit
WiseIQ may earn a referral fee if you open an account.
Discover Online Savings
Discover Bank
No Fees
4.25%
Annual Percentage Yield (APY)
Discover Online Savings offers a competitive APY with zero fees of any kind and a 30-day money-back guarantee (subject to Discover's program terms). Backed by one of the most recognized names in consumer banking.
No monthly fees, no minimum balance
30-day money-back guarantee (subject to Discover's program terms)
FDIC insured up to $250,000
24/7 US-based customer service
Free transfers to any bank
WiseIQ may earn a referral fee if you open an account. APY subject to change.
American Express High-Yield Savings
American Express National Bank
Trusted Brand
4.35%
Annual Percentage Yield (APY)
American Express brings its trusted brand to high-yield savings with a competitive APY, no fees, and no minimum balance. Backed by one of the most recognized names in financial services.
No monthly fees
No minimum balance required
FDIC insured up to $250,000
Easy online account management
Trusted brand with 170+ year history
WiseIQ may earn a referral fee if you open an account. APY subject to change.
Synchrony High-Yield Savings
Synchrony Bank
ATM Card Included
4.75%
Annual Percentage Yield (APY)
Synchrony consistently offers one of the highest APYs available and uniquely provides an ATM card for easy access to your savings — rare among high-yield accounts. Unlimited ATM fee reimbursements.
One of the highest APYs available
ATM card for easy access to savings
Unlimited ATM fee reimbursements
No monthly fees, no minimum balance
FDIC insured up to $250,000
WiseIQ may earn a referral fee if you open an account. APY subject to change.
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How to shop rates without hurting your score, what's negotiable, and current rate benchmarks for May 2026.
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Sources & Methodology
WiseIQ's editorial team researches and fact-checks all content using primary sources. Our recommendations are based on independent analysis and are not influenced by advertiser relationships.
A high-yield savings account is excellent for emergency funds and short-term goals, but consider alternatives for:
Money you won't need for 1+ years: A 12-month CD typically offers 0.3–0.5% more APY than a savings account with no additional risk. For money you can lock up, a CD ladder is more efficient.
Retirement savings: A high-yield savings account is taxable. A Roth IRA or traditional IRA offers tax advantages that compound significantly over decades. Max your tax-advantaged accounts before holding excess cash in a savings account.
Emergency funds above 6 months of expenses: Once your emergency fund is fully funded, additional cash above that threshold is better deployed in a taxable brokerage account or I-Bonds, which historically outperform savings rates over 5+ year periods.
You carry high-interest debt: Paying off a 20%+ APR credit card balance is a guaranteed 20% return — far better than any savings account rate. Prioritise high-interest debt elimination before building savings above your emergency fund.
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A high-yield savings account (HYSA) is a savings account that pays significantly more interest than a traditional savings account. Top HYSAs currently offer 4.5–5.1% APY, compared to the national average of 0.47% APY at traditional banks.
Yes — as long as the bank is FDIC-insured (or NCUA-insured for credit unions), your deposits are protected up to $250,000 per depositor, per institution. All major online banks like SoFi, Marcus, and Ally are FDIC-insured.
Financial experts recommend keeping 3–6 months of living expenses in an easily accessible savings account as an emergency fund. Beyond that, consider investing excess savings in a brokerage account or retirement account for higher long-term returns.
APY (Annual Percentage Yield) accounts for compound interest and represents what you actually earn on savings. APR (Annual Percentage Rate) is used for loans and doesn't include compounding. Always compare savings accounts by APY.
