The 5 Best High-Yield Savings Accounts (July 2026)
Advertiser Disclosure: Santrel Money may earn a commission when you open an account through links on this page. This does not affect our rankings or recommendations. Rates are accurate as of July 2026 and are subject to change — always confirm the current APY on the bank's website.
If your savings are sitting in a traditional big-bank savings account, you're probably earning close to nothing. The national average savings rate is currently just 0.38% APY. Meanwhile, the best high-yield savings accounts (HYSAs) are paying 3.5% to 4.2% — roughly ten times the average — with no added risk, since these accounts are FDIC-insured up to $250,000 per depositor, per bank.
Park $10,000 in a top account earning 4% instead of the national average and you'll pocket roughly $360 more per year for doing absolutely nothing differently. Here are our five favorite high-yield savings accounts right now, and who each one is best for.
Quick Comparison
Account APY Minimum to Open Monthly Fee Best For Axos ONE Up to 4.21% $0 $0 Highest rate Bask Bank Interest Savings Up to 4.10% $0 $0 Rate boosts CIT Bank Platinum Savings 3.75% $100 $0 Larger balances ($5K+) Marcus by Goldman Sachs 3.40% $0 $0 Simplicity SoFi Checking & Savings 3.10% $0 $0 All-in-one banking + bonus
1. Axos ONE — Best Overall Rate (Up to 4.21% APY)
Axos ONE is a bundled checking and savings account that currently pays one of the highest savings rates available anywhere — up to 4.21% APY — with no monthly fees and no minimum deposit to open.
The catch: the top rate isn't automatic. To unlock it, you'll need to either receive at least $1,500 in monthly direct deposits and keep a $1,500 average daily balance, or meet the bank's alternative qualifying activity requirements. Miss the requirements in a given month and you'll earn a lower rate.
Why we like it:
Highest APY on our list when you qualify
No monthly maintenance fees
Checking and savings work together in one app
Watch out for:
Rate requirements mean this isn't a "set it and forget it" account
Online-only — no branches
Best for: Savers who already use direct deposit and want to squeeze out the absolute highest yield.
→ Open an Axos ONE account <!-- affiliate link -->
2. Bask Bank Interest Savings — Best Rate Boosts (Up to 4.10% APY)
Bask Bank, the online arm of Texas Capital Bank, is running one of the more generous promotions in the HYSA space right now. New customers can earn a 0.10% rate boost by opening and funding an account by the end of July 2026, and both new and existing customers can stack an additional 0.25% boost by setting up $2,500 or more in qualifying automated deposits each statement period — bringing the total yield up to 4.10% APY.
Why we like it:
No minimum opening deposit or monthly fees
Stackable rate boosts reward consistent savers
Strong phone support hours, including Saturdays
Watch out for:
The boosted rate depends on meeting deposit requirements
Online-only, no ATM access
Best for: Savers who automate their deposits and want to be paid extra for it.
→ Open a Bask Bank account <!-- affiliate link -->
3. CIT Bank Platinum Savings — Best for Larger Balances (3.75% APY on $5,000+)
CIT Bank's Platinum Savings account pays a strong 3.75% APY — but only on balances of $5,000 or more. Below that threshold, the rate drops to a token amount, so this account only makes sense if you're bringing a meaningful balance with you.
Why we like it:
Competitive rate with no monthly fees
Just $100 to open
Can pair with a CIT checking account for ATM access
Watch out for:
Balances under $5,000 earn a very low rate
Transfers can be slower than some competitors
Best for: Anyone with an established emergency fund of $5,000 or more who wants a reliable rate.
→ Open a CIT Platinum Savings account <!-- affiliate link -->
4. Marcus by Goldman Sachs — Best for Simplicity (3.40% APY)
Marcus doesn't top the rate charts, but it wins on frictionlessness: no fees, no minimum deposit, no hoops, no tiers. You get 3.40% APY on every dollar from day one, with unlimited withdrawals and transfers and the backing of one of the biggest names in finance.
Why we like it:
Zero fees and zero minimums — the full rate on any balance
No withdrawal or transfer limits
Clean, simple app and same-day transfers to many banks
Watch out for:
Rate trails the leaders by about half a point
No checking account or ATM access
Best for: Savers who want a no-maintenance account they never have to think about.
→ Open a Marcus account <!-- affiliate link -->
5. SoFi Checking & Savings — Best All-in-One + Sign-Up Bonus (3.10% APY)
SoFi's combined Checking and Savings account pays 3.10% APY on savings when you set up direct deposit — and right now, new customers can earn a cash bonus of up to $400 depending on the size of their qualifying direct deposits.
Beyond the rate, SoFi is arguably the best full banking replacement on this list: you get a checking account, ATM access, automatic round-up savings, and "Vaults" to organize money toward specific goals. Through SoFi's insured deposit program, FDIC coverage extends up to $3 million — well beyond the standard $250,000.
Why we like it:
Up to $400 new-customer bonus with qualifying direct deposits
Full checking + savings combo with ATM access
Expanded FDIC insurance coverage
Watch out for:
The savings APY drops significantly without direct deposit
Out-of-network ATM fees aren't reimbursed
Best for: Anyone who wants to move their entire banking relationship to one high-yield hub — and grab a bonus on the way in.
→ Open a SoFi account <!-- affiliate link -->
How We Chose These Accounts
We compared dozens of high-yield savings accounts on four factors:
APY — the single biggest driver of how fast your money grows
Fees and minimums — a great rate means nothing if fees eat it
Accessibility — how easily you can move money in and out
Trust and stability — FDIC insurance and institutional track record
Every account on this list is FDIC-insured, charges no monthly maintenance fee, and pays at least eight times the national average savings rate.
Are Rates Going Up or Down?
The Federal Reserve has held its benchmark rate steady at 3.50%–3.75% through the first half of 2026, following a series of cuts in late 2025. Savings yields have drifted slightly lower as a result, and if the Fed cuts again, HYSA rates will likely follow. Translation: today's 4%+ rates aren't guaranteed to stick around. If you've been putting off moving your savings, the earning gap you're leaving on the table only compounds.
Frequently Asked Questions
Is a high-yield savings account safe? 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. Every account on this list qualifies.
Can the bank change my rate? Yes. HYSA rates are variable and can change at any time without notice. That's the trade-off for keeping your money fully liquid — if you want to lock in a rate, consider a CD instead.
Do I have to switch banks completely? No. Most people keep their existing checking account and simply link a high-yield savings account to it, transferring money back and forth as needed. Transfers typically take one to three business days.
Will I owe taxes on the interest? Yes — interest earned in a savings account is taxable income. Your bank will send you a 1099-INT if you earn $10 or more in a year.
Rates verified July 2026. APYs are variable and may have changed — check each bank's website for current terms before opening an account.