The quick answer
The best high-yield savings account right now is Marcus by Goldman Sachs for most savers — no fees, no minimums, and a consistently competitive APY. If you want everything in one app (checking + savings + investing), SoFi is the strongest all-in-one option. For savers who already bank with Ally, staying put makes sense — the rate is competitive and the experience is excellent.
Why this matters more than you think
The average traditional savings account pays 0.45% APY as of May 2026. High-yield savings accounts at online banks are paying 4.00–4.75% APY on the same FDIC-insured deposits. On a $20,000 emergency fund, that difference is roughly $860 per year — real money that most people are leaving on the table by keeping cash at a brick-and-mortar bank.
The Fed rate environment has moderated from its 2023 peak, but online savings rates remain meaningfully above traditional banks because online institutions carry lower overhead and compete aggressively on yield to attract deposits.
Best high-yield savings accounts in 2026
1. Marcus by Goldman Sachs — Best overall
APY: 4.10% (as of May 2026 — rates change, verify before opening)
Minimum balance: $0
Monthly fee: $0
FDIC insured: Yes
Checking account: No
Marcus has been a top-tier HYSA since Goldman Sachs launched it in 2016, and it maintains that standing by keeping things simple: no fees, no minimums, no gimmicks. The rate is consistently near the top of the market, and the no-frills experience is a feature rather than a bug — there's nothing to configure or optimize, just money earning a strong return.
The main limitation is that Marcus is savings-only. You'll need to link an external checking account for transfers, which take 1–3 business days. If you want a debit card or checking features, you'll need another account.
Best for: Savers who want a dedicated, no-nonsense savings account and already have a checking account elsewhere.
2. Ally Bank — Best for full-service online banking
APY: 4.00% (as of May 2026)
Minimum balance: $0
Monthly fee: $0
FDIC insured: Yes
Checking account: Yes
Ally is the gold standard for online banking as a full package. The savings rate is strong, the checking account earns interest on its own, and features like "buckets" (sub-accounts for different savings goals within one account) make it genuinely useful for intentional savers. Customer service is also a standout — phone support is available 24/7 with minimal hold times.
Ally's savings APY is typically a few basis points below the very top-paying accounts, but for most people the convenience of doing everything at one institution more than compensates.
Best for: People who want to consolidate checking and savings at one online bank with a strong overall experience.
3. SoFi High-Yield Savings — Best for all-in-one finances
APY: Up to 3.80% with direct deposit (1.20% without, as of May 2026)
Minimum balance: $0
Monthly fee: $0
FDIC insured: Up to $2M via partner banks
Checking account: Yes (joint checking + savings account)
SoFi's savings rate is competitive, but the full-rate APY requires a qualifying direct deposit or $5,000/month in transfers. If you set up direct deposit, SoFi becomes one of the most comprehensive banking apps available — it combines checking, high-yield savings, investing accounts, personal loans, and student loan refinancing under one roof with a clean mobile experience.
The FDIC coverage up to $2M (via SoFi's network of partner banks) is a notable advantage for savers with larger balances who want to stay under FDIC limits without opening multiple accounts.
Best for: People who want to consolidate multiple financial products at one fintech — especially those who also want a brokerage or have student loans.
4. American Express High Yield Savings — Best for Amex cardholders
APY: 3.90% (as of May 2026)
Minimum balance: $0
Monthly fee: $0
FDIC insured: Yes
Checking account: No
American Express's savings account is often overlooked because Amex is known for credit cards, but it runs a legitimate high-yield savings product with a strong rate, zero fees, and the reliability of a large financial institution. The main convenience factor is for existing Amex cardholders — managing savings and credit cards in the same app is a small but real quality-of-life improvement.
Best for: Existing Amex cardholders who want savings in the same ecosystem.
What to look for when comparing HYSA accounts
- The actual APY, not the promotional rate. Some accounts advertise a high introductory rate that drops after 3–6 months. Look at the ongoing "standard" APY, and check whether it requires a minimum balance or direct deposit to qualify.
- Transfer speed. Most online savings accounts require ACH transfers to move money in or out, which typically take 1–3 business days. If you need frequent or same-day access, this matters. Some accounts (like SoFi's combined checking/savings) give you more flexibility.
- FDIC insurance limits. The standard FDIC limit is $250,000 per depositor, per bank. If you have more than $250K to save, either spread across multiple institutions or look for accounts that use partner bank networks to extend coverage (SoFi offers up to $2M this way).
- Minimum balance requirements. The accounts listed above all have $0 minimums, but some HYSAs require $1,000–$5,000 to earn the advertised rate. Read the fine print.
- Rate consistency. APYs on savings accounts are variable — they move with the Fed funds rate. The accounts listed here have a track record of maintaining competitive rates across rate cycles, not just when rates peaked.
HYSA vs. money market accounts vs. CDs
All three are FDIC-insured and earn more than a standard savings account. The key differences:
- HYSA: Fully liquid. No lock-up. Rate is variable — it will move with Fed decisions.
- Money market account (MMA): Similar to HYSA but sometimes includes check-writing privileges. Rates are comparable.
- CD (certificate of deposit): Locks your money for a fixed term (3 months to 5 years) in exchange for a guaranteed fixed rate. Useful if you're confident you won't need the money and want to lock in current rates before they fall.
For an emergency fund or money you might need within the next 1–2 years, a HYSA is the right tool. For money you won't touch for 12+ months, a short-term CD ladder is worth considering alongside a HYSA.
The bottom line
Open a high-yield savings account today. The 10 minutes it takes to open a Marcus or Ally account will earn you hundreds of dollars per year in interest you're currently not collecting. Start with Marcus if you just want a simple, top-rate account. Start with Ally if you want checking and savings under one roof. Start with SoFi if you want everything — banking, investing, loans — in one app.
Any of these is a better choice than leaving cash in a big-bank savings account earning next to nothing.