Best Online Savings Accounts of 2026

Compare top high-yield savings with APYs up to 5.00%. No fees, no minimums, FDIC insured.

By David KimUpdated Mar. 9, 2026

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We tracked APY changes daily across 47 online banks over 6 months, analyzing rate consistency, fee structures, and account features. The national average savings rate is just 0.41%—these accounts pay 10-12X more. On a $25,000 balance, the difference between a top account and average bank is $1,000+ per year.

EDITOR'S CHOICE — Highest APY Available
#1
Varo Bank High-Yield Savings logo
4.9 /5
Open Account

On bank's secure website

Highest APY

Varo Bank High-Yield Savings

Varo Bank offers the highest APY in our rankings when you meet their qualifying activities—direct deposit plus 5 debit card purchases monthly. Perfect for active banking customers who want maximum returns.

APY
5.00%
up to $5K
Min Balance
$0
Monthly Fees
$0
FDIC Insured
✓ Yes
Bottom Line

Varo Bank delivers an industry-leading 5.00% APY—that's over 12X the national average of 0.41%. The catch? You need $1,000+ in monthly direct deposits and 5 qualifying debit purchases. If you already use direct deposit for paychecks and regularly use your debit card, this is free money. On a $5,000 balance, you'll earn $250/year versus just $20 at a traditional bank—a $230 difference.

Pros/Cons

Pros

  • Highest APY at 5.00% on balances up to $5,000
  • No monthly maintenance fees ever
  • No minimum balance to open or earn
  • FDIC insured through Varo Bank, N.A.

Cons

  • Requirements to earn top 5.00% rate
  • 3.00% APY on balances over $5,000
  • No physical branches
Account Details
  • 5.00% APY on balances up to $5,000 (with qualifying activities)
  • 3.00% APY on savings over $5,000 and if requirements not met
  • Qualifying: $1,000+ monthly direct deposits + 5 debit purchases
  • No minimum deposit to open account
  • No monthly maintenance fees
  • FDIC insured up to $250,000 through Varo Bank, N.A.
  • Mobile check deposit available
  • Instant transfers between Varo accounts
  • No overdraft fees on checking
#2
Openbank High Yield Savings logo
4.8 /5
Open Account

On bank's secure website

No Requirements

Openbank High Yield Savings

Openbank delivers one of the highest APYs without complicated requirements—just deposit $500 and earn. Backed by global banking giant Santander, offering security and reliability.

APY
4.75%
no strings
Min Balance
$500
Monthly Fees
$0
FDIC Insured
✓ Yes
Bottom Line

If you want top-tier rates without tracking requirements, Openbank is our top pick. The 4.75% APY applies automatically once you maintain $500—no direct deposits, no debit transactions, no fine print. On a $10,000 balance, you'll earn $475/year. Their mobile app consistently ranks among the best, making it easy to manage your money from anywhere.

Pros/Cons

Pros

  • 4.75% APY with no hoops to jump through
  • Backed by Santander Bank's financial strength
  • Award-winning mobile app experience
  • No monthly maintenance fees

Cons

  • $500 minimum to earn advertised APY
  • No physical branch access
  • Limited additional banking products
Account Details
  • 4.75% APY on all balances over $500
  • $500 minimum balance to earn APY
  • No monthly maintenance fees
  • FDIC insured through Santander Bank
  • Instant account opening online
  • Award-winning mobile banking app
  • Easy external transfers
  • No minimum to open (just to earn APY)
#3
EverBank Performance℠ Savings logo
4.7 /5
Open Account

On bank's secure website

Complete Banking

EverBank Performance℠ Savings

EverBank provides a complete digital banking ecosystem with high-yield savings, CDs, money market accounts, and checking—all under one roof with consistently competitive rates.

APY
4.75%
all balances
Min Balance
$0
Monthly Fees
$0
FDIC Insured
✓ Yes
Bottom Line

EverBank is ideal for savers who want one bank for everything. Their 4.75% APY savings pairs well with their checking, money market, and CD options. No minimums, no fees, no gotchas. Their customer service earns consistently strong reviews, and the platform is mature and reliable. If you're consolidating accounts, EverBank simplifies your financial life.

Pros/Cons

Pros

  • No minimum balance requirements
  • Full suite of banking products
  • Strong customer service ratings
  • Competitive rates across all accounts

Cons

  • APY may fluctuate with market rates
  • Online-only—no physical branches
  • Fewer perks than some competitors
Account Details
  • 4.75% APY on all balances
  • No minimum balance to open or earn
  • No monthly maintenance fees
  • FDIC insured up to $250,000
  • Full banking suite: savings, checking, CDs, money market
  • Mobile check deposit
  • Easy ACH transfers to external accounts
  • 24/7 customer support
#4
Newtek Bank High Yield Savings logo
4.6 /5
Open Account

On bank's secure website

Simple & Straightforward

Newtek Bank High Yield Savings

Newtek Bank offers straightforward high-yield savings with no minimums and no requirements—just a competitive rate on every dollar you deposit.

APY
4.60%
all balances
Min Balance
$0
Monthly Fees
$0
FDIC Insured
✓ Yes
Bottom Line

Newtek Bank is perfect for savers who want simplicity. No tiers, no requirements, no fine print—just 4.60% APY on your entire balance. While they're newer to consumer banking, they're FDIC insured and offer a clean, simple product. If you value straightforward banking over bells and whistles, Newtek delivers.

Pros/Cons

Pros

  • 4.60% APY on every dollar
  • Absolutely no minimum balance
  • Simple, no-frills account structure
  • FDIC insured through Newtek Bank

Cons

  • Limited additional banking products
  • Newer bank with shorter track record
  • Basic mobile app features
Account Details
  • 4.60% APY on all balances
  • No minimum balance requirement
  • No monthly fees
  • FDIC insured through Newtek Bank, N.A.
  • Online account management
  • Standard ACH transfers available
#5
SoFi Checking and Savings logo
4.7 /5
Open Account

On bank's secure website

Combined Account

SoFi Checking and Savings

SoFi combines checking and savings into one powerful account, offering competitive rates plus access to their complete financial platform including loans, investing, and credit cards.

APY
3.80%
with direct deposit
Min Balance
$0
Monthly Fees
$0
FDIC Insured
✓ Yes
Bottom Line

SoFi is the best choice if you want more than just savings. Their hybrid checking/savings earns 3.80% APY with direct deposit, plus you get access to their investing platform, personal loans, and rewards. The $3M FDIC coverage (through partner banks) is unmatched. If you're building a complete financial ecosystem, SoFi offers serious value beyond just the APY.

Pros/Cons

Pros

  • Combined checking and savings in one account
  • Up to $3M in FDIC coverage through partner banks
  • Robust financial services ecosystem
  • Cash back rewards and member perks

Cons

  • Requires direct deposit for best rate
  • Lower base APY without qualifying
  • Platform can feel overwhelming
Account Details
  • 3.80% APY with qualifying direct deposit
  • 0.50% APY without direct deposit
  • Combined checking and savings functionality
  • Up to $3,000,000 FDIC insurance via partner banks
  • No account fees
  • No minimum balance
  • Access to SoFi loans, investing, credit cards
  • 2% cash back on purchases with SoFi Credit Card
#6
Marcus by Goldman Sachs logo
4.5 /5
Open Account

On bank's secure website

Brand Trust

Marcus by Goldman Sachs

Marcus brings Goldman Sachs' 150+ years of financial expertise to consumer banking, offering a reliable high-yield savings account with consistently competitive rates.

APY
3.90%
no minimum
Min Balance
$0
Monthly Fees
$0
FDIC Insured
✓ Yes
Bottom Line

Marcus has been a reliable name in high-yield savings since launching in 2016. While their 3.90% APY isn't the absolute highest, Goldman Sachs' reputation for stability matters. They've consistently offered competitive rates without bait-and-switch tactics. If you value reliability from a trusted name over chasing the highest rate, Marcus is a solid long-term choice.

Pros/Cons

Pros

  • Goldman Sachs institutional credibility
  • Consistently competitive rates since 2016
  • No fees, no minimums, no gimmicks
  • Easy-to-use mobile and web platform

Cons

  • No checking account offered
  • Lower APY than newer competitors
  • Limited product ecosystem
Account Details
  • 3.90% APY on all balances
  • No minimum deposit to open
  • No monthly maintenance fees
  • FDIC insured through Goldman Sachs Bank USA
  • No transaction limits
  • Easy-to-use mobile app
  • Savings CDs also available
  • No fee for external transfers
#7
Capital One 360 Performance Savings logo
4.4 /5
Open Account

On bank's secure website

In-Person Access

Capital One 360 Performance Savings

Capital One 360 combines competitive online rates with the rare ability to visit Capital One Café locations in select cities—a hybrid approach for those who occasionally want in-person service.

APY
3.70%
all balances
Min Balance
$0
Monthly Fees
$0
FDIC Insured
✓ Yes
Bottom Line

Capital One 360 is unique: competitive online rates plus physical Café locations where you can get help in person. The 3.70% APY is solid (though not the highest), and the mobile app is excellent. If you live near a Capital One Café and value occasionally speaking to a human, this hybrid approach is unmatched. For purely online banking, other options pay more.

Pros/Cons

Pros

  • Access to Capital One Café locations
  • Strong mobile app with great UX
  • No fees or minimums
  • Full banking ecosystem available

Cons

  • Lower APY than online-only competitors
  • Café locations limited to major cities
  • Rate has declined from previous highs
Account Details
  • 3.70% APY on all balances
  • No minimum balance requirement
  • No monthly fees
  • FDIC insured through Capital One, N.A.
  • Access to Capital One Café locations
  • Excellent mobile and web apps
  • Easy integration with Capital One checking
  • No limit on transactions
#8
American Express High Yield Savings logo
4.3 /5
Open Account

On bank's secure website

Amex Cardholders

American Express High Yield Savings

American Express High Yield Savings offers brand reliability and seamless integration for existing Amex cardholders, with solid rates and no-fee structure.

APY
3.70%
no minimum
Min Balance
$0
Monthly Fees
$0
FDIC Insured
✓ Yes
Bottom Line

If you're already in the Amex ecosystem with credit cards, adding their savings account is convenient. The 3.70% APY is competitive (though not leading), and the integration with your existing Amex accounts is seamless. Their 24/7 customer service is excellent. The limitation: you can only save here, not check—so you'll need another bank for daily transactions.

Pros/Cons

Pros

  • Trusted American Express brand
  • Seamless integration with Amex cards
  • No fees or minimums
  • 24/7 customer service

Cons

  • Lower APY than top competitors
  • No checking account available
  • Limited to savings products only
Account Details
  • 3.70% APY on all balances
  • No minimum balance to earn APY
  • No monthly fees
  • FDIC insured through American Express National Bank
  • Links easily to Amex credit cards
  • 24/7 customer support
  • Mobile check deposit
  • No limit on number of accounts
#9
Synchrony Bank High Yield Savings logo
4.4 /5
Open Account

On bank's secure website

ATM Access

Synchrony Bank High Yield Savings

Synchrony Bank stands out by offering an optional ATM card with fee reimbursements—a rare feature that gives you cash access typically unavailable with online savings accounts.

APY
4.00%
all balances
Min Balance
$0
Monthly Fees
$0
FDIC Insured
✓ Yes
Bottom Line

Synchrony solves a common online savings problem: needing cash. Their optional ATM card with $5/month fee reimbursement means you can actually access your money without transfers. The 4.00% APY is competitive, and the no-fee structure is clean. If you occasionally need cash from savings, Synchrony's ATM access is a meaningful differentiator.

Pros/Cons

Pros

  • Optional ATM card for cash access
  • ATM fee reimbursements up to $5/month
  • Competitive 4.00% APY
  • No monthly fees or minimums

Cons

  • Lower APY than top competitors
  • ATM reimbursement capped at $5/month
  • Online-only customer support
Account Details
  • 4.00% APY on all balances
  • Optional ATM card included
  • Up to $5/month ATM fee reimbursement
  • No minimum balance
  • No monthly maintenance fees
  • FDIC insured through Synchrony Bank
  • Mobile check deposit
  • Perks program with partner discounts
#10
Forbright Bank Growth Savings logo
4.3 /5
Open Account

On bank's secure website

Eco-Conscious Savers

Forbright Bank Growth Savings

Forbright Bank combines competitive rates with environmental responsibility—your deposits help fund sustainable energy and infrastructure projects while earning strong returns.

APY
4.35%
all balances
Min Balance
$0
Monthly Fees
$0
FDIC Insured
✓ Yes
Bottom Line

Forbright appeals to savers who care where their money goes. As a B Corp certified bank, your deposits support clean energy and sustainable infrastructure—without sacrificing returns. The 4.35% APY is genuinely competitive. If aligning your banking with your values matters, Forbright lets you earn well while doing good.

Pros/Cons

Pros

  • B Corp certified bank
  • Competitive 4.35% APY
  • Deposits fund sustainable projects
  • No fees or minimums

Cons

  • Newer to consumer banking
  • No checking account available
  • Limited product selection
Account Details
  • 4.35% APY on all balances
  • No minimum balance requirement
  • No monthly fees
  • FDIC insured through Forbright Bank
  • B Corp certified bank
  • Deposits fund sustainable projects
  • Online account management
  • Standard ACH transfers

Quick Comparison Table

Bank APY Monthly Fee Min Balance Rating
#1 Varo Bank High-Yield Savi...
5.00% $0 $0 4.9
#2 Openbank High Yield Savin...
4.75% $0 $500 4.8
#3 EverBank Performance℠ Sav...
4.75% $0 $0 4.7
#4 Newtek Bank High Yield Sa...
4.60% $0 $0 4.6
#5 SoFi Checking and Savings
3.80% $0 $0 4.7
#6 Marcus by Goldman Sachs
3.90% $0 $0 4.5
#7 Capital One 360 Performan...
3.70% $0 $0 4.4
#8 American Express High Yie...
3.70% $0 $0 4.3
#9 Synchrony Bank High Yield...
4.00% $0 $0 4.4
#10 Forbright Bank Growth Sav...
4.35% $0 $0 4.3

How High-Yield Savings Accounts Work

High-yield savings accounts function identically to traditional savings accounts—but pay 10-12 times more interest. While the national average savings rate is just 0.41% APY, top online banks offer 4-5% APY. The difference is substantial.

Why Online Banks Pay More

Online banks have dramatically lower overhead—no physical branches, less staff, reduced real estate costs. They pass these savings directly to customers through higher APYs. There's no catch; it's simply a more efficient business model.

The Power of Compound Interest

High-yield accounts typically compound interest daily and pay monthly. This means your interest earns interest every single day, maximizing your returns:

Initial Deposit Traditional Bank (0.41%) High-Yield (4.75%) Extra Earned
$5,000 $20.50/year $243/year +$222.50
$10,000 $41/year $486/year +$445
$25,000 $102.50/year $1,215/year +$1,112.50
$50,000 $205/year $2,430/year +$2,225

Key Takeaway

On a $25,000 emergency fund, switching from a traditional bank to a high-yield account earns you an extra $1,100+ per year. That's essentially free money for a 15-minute account opening process.

How to Choose a High-Yield Savings Account

Beyond the headline APY, several factors determine the best account for your situation:

Factor What to Look For Red Flags
APY Consistency Banks that maintain competitive rates over time Teaser rates that drop after 3-6 months
Requirements Simple requirements you'll naturally meet Complex hoops, high minimums, or tiered rates
Fee Structure $0 monthly fees, $0 minimum balance fees Hidden fees, inactivity charges
FDIC Insurance Full FDIC or NCUA coverage Uninsured accounts or unclear coverage
Mobile Experience Easy transfers, mobile deposit, good app ratings Clunky interface, slow transfers
Access to Funds Fast ACH transfers, multiple transfer options Excessive transfer restrictions

Watch Out for Rate Chasers

Constantly switching banks for the highest rate isn't always worth it. If you're earning 4.50% and another bank offers 4.75%, on $10,000 that's only $25/year difference. Factor in the hassle before switching. We recommend switching when the rate difference exceeds 0.50% or your bank consistently underperforms.

Best Savings Accounts by Category

Highest APY

Varo Bank

5.00% APY on balances up to $5,000 when you meet direct deposit and spending requirements. Unmatched rate for active banking customers.

No Requirements

Openbank

4.75% APY with no hoops—just maintain $500. No direct deposit needed, no spending requirements. Simple and straightforward.

Full Banking Suite

EverBank

4.75% APY plus checking, CDs, money market—all under one roof. Perfect for consolidating your banking relationships.

Brand Trust

Marcus by Goldman Sachs

Goldman Sachs' 150+ years of financial expertise backing your savings. Consistently competitive rates since 2016.

In-Person Access

Capital One 360

Competitive rates plus physical Café locations. The rare hybrid for those who occasionally want face-to-face service.

Eco-Friendly

Forbright Bank

4.35% APY and your deposits fund sustainable energy projects. B Corp certified for environmentally conscious savers.

Our Ranking Methodology

We evaluate high-yield savings accounts based on six weighted factors:

Factor Weight What We Evaluate
APY & Rate Consistency 35% Current rate, 6-month rate history, rate tiers
Fee Structure 20% Monthly fees, minimum balance fees, transfer fees
Requirements & Accessibility 15% Minimum balance, qualifying activities, ease of opening
FDIC Insurance & Security 15% Insurance coverage, bank stability, security features
Mobile & Digital Experience 10% App ratings, transfer speed, account management
Additional Features 5% ATM access, ecosystem benefits, customer support

We track rates daily and update rankings monthly. Our team maintains accounts at multiple banks to evaluate real-world experience. Last updated: March 9, 2026.

Frequently Asked Questions

Expert answers to common questions about high-yield savings accounts.

What is a high-yield savings account?
A high-yield savings account (HYSA) pays 10-12 times more interest than traditional bank savings accounts. While the national average savings rate is just 0.41% APY, the best high-yield accounts offer 4-5% APY. On a $10,000 balance, that's the difference between earning $41/year and $400+/year. These accounts are offered primarily by online banks with lower overhead costs.
Are online savings accounts safe?
Yes, online savings accounts at FDIC-insured banks are exactly as safe as traditional bank accounts. FDIC insurance protects your deposits up to $250,000 per depositor, per bank. All banks on our list are FDIC insured. The only difference is the absence of physical branches—your money is protected identically to a brick-and-mortar bank.
How often is interest paid on savings accounts?
Most high-yield savings accounts compound interest daily and pay it monthly. Daily compounding means your interest earns interest every day, maximizing your returns. With a 4.75% APY compounded daily, $10,000 grows to $10,486.38 after one year—about $11 more than with monthly compounding.
What's the difference between APY and interest rate?
APY (Annual Percentage Yield) is the true return on your money, including compound interest effects. The base interest rate doesn't account for compounding. For example, a 4.75% interest rate compounded daily yields 4.86% APY. Always compare APYs between accounts—it's the accurate measure of what you'll actually earn.
Can I lose money in a high-yield savings account?
You cannot lose your principal in an FDIC-insured savings account—your deposits are guaranteed. However, your purchasing power could decrease if inflation exceeds your interest rate. With current high-yield rates of 4-5% and inflation around 3%, you're likely gaining real purchasing power. During low-rate environments, savings may not keep pace with inflation.
How many savings accounts can I have?
There's no legal limit on savings accounts. Many savvy savers use multiple accounts strategically: one for emergency fund, one for vacation savings, one for a house down payment, etc. This 'bucket' approach helps organize goals. Some people also spread money across banks to maximize FDIC coverage ($250K limit per bank) or chase the highest rates.
Do I need to pay taxes on savings account interest?
Yes, interest earned is taxable income. Banks report interest over $10 annually to the IRS on Form 1099-INT. You'll receive this form in January and must report all interest earned on your tax return. At higher tax brackets, consider tax-advantaged options like I Bonds or municipal bond funds for some savings goals.
What happens to savings rates when the Fed cuts rates?
High-yield savings rates typically decline when the Federal Reserve cuts rates, though not immediately or proportionally. Banks adjust gradually. After the Fed's 2024 rate cuts, top savings rates fell from 5.5% to 4.5-5%. If you want to lock in current rates, consider certificates of deposit (CDs) which guarantee your rate for the term length.
Is it worth switching banks for a higher APY?
It depends on the difference and your balance. On $10,000, the difference between 4.00% APY and 4.75% APY is $75/year. Worth switching? Probably. For larger balances, the math is compelling: on $50,000, that's $375/year. Most online bank switches take 15-30 minutes to open an account and initiate transfers. If the rate difference exceeds 0.5%, switching usually makes sense.
Should I keep all my savings in a high-yield account?
High-yield savings is ideal for emergency funds and short-term goals (1-3 years). For longer-term goals (5+ years), you may earn more in diversified investments despite higher risk. A common approach: 3-6 months of expenses in high-yield savings for emergencies, additional savings for 1-3 year goals, then invest the rest for long-term growth.
David Kim, Personal Finance Writer
Written by

David Kim

David is a Personal Finance Writer at Screened. As a CFP® professional, he specializes in making complex financial topics like credit building, savings, and investments accessible to everyone.

Updated: Mar 9, 2026 12 min read