Best High-Yield Savings Accounts 2026: Up to 4.21%

Written by

Margarette Burnette

Reviewed by

Kate Ashford, WMS™

Edited by

Tony Armstrong

Last updated on August 21, 2026

Fact Checked

Reviewed by

Kate Ashford, WMS™

Edited by

Tony Armstrong

Fact Checked

Today’s best rate on a high-yield savings account is offered by Axos Bank (up to a 4.21% annual percentage yield when you have a linked checking account and certain deposit requirements are met). For savers who prefer fewer requirements, Climate First Bank offers a 4.01% APY.

To earn Axos Bank’s high rate, you must either maintain a $1,500 average daily balance and receive at least $1,500 in monthly direct deposits, or maintain a $5,000 average daily balance and receive at least $5,000 per month through transfers or check deposits. Both options require a linked Axos checking account.

Peak Bank offers the same rate as Climate First Bank, but has a slightly higher opening deposit requirement.

We researched more than 110 savings accounts to find the strongest options. The best high-yield savings accounts have annual percentage yields, or APYs, that are much higher than what most banks offer. The higher the APY, the faster your savings will grow.

APYs shown are current as 21, 2026. All other information is current as of July 31, 2026.

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Best High-Yield Savings Accounts 2026

Maximize your emergency fund and financial growth with competitive annual percentage yields reaching up to 4.21% APY.

Automated Savings Growth Simulator

Initial Deposit Amount ($):

Annual Percentage Yield (APY %):

First-Year Estimated Return: $5,210.50

Why Choose a High-Yield Savings Account (HYSA)?

High-yield savings accounts offer interest rates significantly higher than traditional brick-and-mortar bank accounts. By securing rates between 3.8% and 4.21% APY, your capital actively outpaces standard inflation metrics while maintaining complete liquidity.

Essential Factors When Selecting Digital Banking Institutions

Always verify that your chosen financial platform or partner bank carries official government deposit insurance (such as FDIC protection up to $250,000 per depositor in the United States). Furthermore, carefully review account maintenance fee schedules, minimum balance prerequisites, and compound interest frequency schedules.

Wallet expert tip

Higher rates mean more interest earned. Our writers and editors picked these high-yield savings accounts (HYSAs) because they pay a lot more than standard savings accounts.

Why trust Wallet

Strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.

Around 100 financial institutions surveyed by our team of experts.

More than 60 data points considered for each bank and credit union to be eligible for our roundups. For this specific page, more than five data points were considered per institution.

Key takeaways

A high-yield savings account is a type of federally insured savings product that earns rates that are much better than the national average.
HYSAs with low opening deposit requirements can earn as much as 4% APY. The national average rate is just 0.38%.
We recommend HYSAs with low or no monthly fees, manageable minimum deposit requirements, perks like savings tools and calculators, and consistently high rates.
Money in a high-yield savings account is safe. It is federally insured up to $250,000 per depositor.
Some HYSAs didn’t make our list because they have restrictive features.

More y Perspective

"A great savings rate alone isn’t enough to land a spot on this page. I also look closely at the overall banking experience, including how easy it is to move money, the quality of customer support and mobile app ratings. Some accounts with very high rates didn’t make the cut because they offer limited transfer options or have poorly rated apps. That can make managing your savings more frustrating than it should be."

Margarette Burnette

Full list of editorial picks

When selecting the best high-yield savings accounts, Wallet uses multiple data points. They include monthly fees, minimum balance requirements, APY, mobile app ratings and customer service hours. Click the financial institution’s name in the table below to read a full review.

Financial institution	Wallet savings account rating	APY	Minimum balance to open
Axos Bank (Axos ONE® checking and savings), Member FDIC.	3.9.	4.21% (after meeting certain requirements).	No minimum to open.
Newtek Bank, Member FDIC.	5.0.	4.20%.	$100 minimum to open.
Climate First Bank, Member FDIC.	5.0.	4.01%.	$50 minimum to open.
Vio Bank, Member FDIC.	5.0.	3.99%.	$100 minimum to open.
Peak Bank, Member FDIC.	5.0.	4.01%.	$100 minimum to open.
Bread Savings®, funds insured by FDIC.	5.0.	3.95%. Bread Savings disclosure Bread Savings adds: "All Bread Savings APYs are accurate as of 06/18/2026. APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For high-yield savings accounts, a minimum of $100 is required and must be deposited in a single transaction. For high-yield savings accounts, the rate may change after the account is opened. Rates are compared against competitor rates published by Wallet.com and the institutions themselves as of 06/18/2026. Wallet.com obtains the data from the various banks that it tracks and its accuracy cannot be guaranteed." FDIC insurance up to $250,000 per depositor for each ownership category.	$100 minimum to open account.
Varo Bank, Member FDIC.	4.8.	3.75% on balances up to $5,000 when certain deposit requirements are met (read review for details).	No minimum to open.
Ivy Bank, Member FDIC.	4.9.	3.85%.	$2,500 minimum to open.
Axos Bank (Summit Savings), Member FDIC.	4.5.	3.75%.	No minimum to open.
BrioDirect, funds insured by FDIC.	4.1.	3.75%.	$5,000 minimum to open.
Happen Bank, Member FDIC.	5.0.	4.00% if certain requirements are met (otherwise 3.00%).	No minimum to open account.
Openbank by Santander, Member FDIC.	4.9.	3.80%. Santander Bank disclosures Santander Bank says: "Openbank High Yield Savings is currently available to individuals who reside in the 50 states and the District of Columbia. *Interest Rates and Annual Percentage Yields (APYs) are accurate as of 12:01 am Eastern Time June 3, 2026. The products and rates we offer may vary between locations, are available in select markets only, and are subject to change without notice. Rate for this product will be based on the residential zip code entered when account is opened within online application process. This is a variable-rate account and the rate applicable may change at our discretion any time without notice. A minimum deposit of $500 is required to open a Openbank High Yield Savings account. Personal accounts only. Openbank is a division of Santander Bank, N.A. Member FDIC. There is a maximum of $250,000 of deposit insurance from the FDIC per depositor for each category of account ownership. Visit FDIC.gov for details. Deposits at Santander Bank, N.A., and Openbank are combined for the purposes of calculating FDIC insurance limits (FDIC Cert #29950) and are not separately insured."	$500 minimum to open account.
Zynlo Bank, funds insured by FDIC.	5.0.	3.85%.	No minimum to open account.
Western Alliance, Member FDIC.	4.4.	3.80%.	$500 minimum to open.
Bask Bank, Member FDIC.	4.5.	3.75%.	No minimum to open account.
EverBank, Member FDIC.	5.0.	3.90%.	No minimum to open account.
Popular Direct, Member FDIC.	5.0.	3.90%.	$100 minimum to open.
Forbright Bank, Member FDIC.	4.5.	3.85%. Higher rate available if certain requirements are met.	No minimum to open account.
Barclays, Member FDIC.	4.5.	3.50%. Higher rate available if certain requirements are met.	No minimum to open account.
CIT Bank, Member FDIC.	4.5.	3.75%. Higher rate available if certain requirements are met.	$100 minimum to open account.
SoFi, Member FDIC.	4.8.	3.10% (variable and subject to change). Higher rate available if certain requirements are met. SoFi disclosure "Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. 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. Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC."	No minimum to open account.
Valley Bank, opened via Raisin, funds insured by FDIC.	4.6.	3.96%.	$1 minimum to open account.
Synchrony Bank, Member FDIC.	3.9.	3.30%.	No minimum to open account.
TAB Bank, Member FDIC.	4.5.	3.61%.	No minimum to open account.
UFB Direct, Member FDIC.	3.9.	3.26%.	No minimum to open account.
*ETRADE**, Member FDIC.	4.5.	3.50%.	No minimum to open account.
Quontic Bank, Member FDIC.	3.9.	3.20%.	$100 minimum to open account.
Marcus by Goldman Sachs, Member FDIC.	4.6.	3.40% APY (annual percentage yield) as of 06/02/2026.	No minimum to open account.
American Express, Member FDIC.	3.9.	3.00% Annual Percentage Yield (APY) as advertised is accurate as of 07/09/2026. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.	Minimum to open = $0.
Capital One 360, Member FDIC.	4.3.	3.00%.	No minimum to open account.

How our savings expert picked the accounts on this page

This page’s author, Margarette Burnette, has spent decades researching savings accounts and identifying the best options. At Wallet, she and her colleagues use an objective scoring rubric to rate around 100 banks, credit unions and other financial service providers.

When Margarette evaluates savings accounts, APYs carry the most weight, followed by monthly fees, savings or budgeting features, and deposit requirements. Accounts with sign-up bonuses get extra credit.

In general, the best savings accounts come with high rates, low fees and features that genuinely help you save money over time.

Wallet's best savings account for 2026: Newtek Bank Personal High Yield Savings

Newtek Bank’s Personal High Yield Savings was selected as the best savings account in Wallet’s 2026 Best-Of Awards. The account has no monthly fee and earns a 4.20% APY — one of the highest rates around.

Editor's note (July 31, 2026): Due to "overwhelming demand" for its Personal High Yield Savings product, Newtek Bank says that it is currently not accepting new applications. Interested customers can join a waitlist via the bank's website. Other Newtek products are still available. Check back for additional updates.

High-yield savings account rates today: latest updates (August 21, 2026)

As 2026, high-yield savings account rates are trending slightly downward. Since early June, 13 accounts on our list have changed rates. Ten lowered their APYs, while three, E*TRADE, Peak Bank, and Valley Bank, increased their rates.

The national average savings rate is currently 0.38%, unchanged since April 20, 2026. The top accounts on our list earn roughly 10 times the national average.

What the Fed’s recent decisions mean for savings rates right now

On July 29, 2026, the Federal Reserve announced that it would leave the federal funds rate unchanged. The target range remains between 3.50% and 3.75%. This is the fifth rate announcement of 2026, all resulting in no change. The next announcement is scheduled for September 16, 2026.

Savings account rates often respond to changes in the Fed’s benchmark rate. When the Fed cuts rates, for example, savings rates tend to fall. High-yield savings accounts generally have not had large APY swings as of late. Some HYSAs have had small rate dips, while a few others have had minor increases.

» Learn more about what the Fed rate announcement means for savings accounts

What is the highest-paying account today?

As 21, 2026, Axos Bank has a rate of 4.21% if certain requirements are met. You'll need to either maintain an average balance of $1,500 and receive at least $1,500 in monthly direct deposits into a linked Axos checking account, or maintain a $5,000 average balance and receive at least $5,000 per month in transfers or checks into the linked account.

Climate First Bank's savings account earns a 4.01% APY with a $50 minimum opening deposit. That's one of the highest APYs on our list among banks that have minimal deposit requirements. Peak Bank also offers a 4.01% APY, but it requires a $100 opening deposit.

What about Pibank's high-yield savings account?

Pibank offers a high savings rate (4.10% APY) with no monthly fee. But its overall banking experience falls short of the other accounts on our list. For one, money transfer options are very limited. Additionally, Pibank's iOS and Android apps, which appear to be the primary way to manage the account, both receive poor user ratings.

🤓

y Tip

The Fed lowered its benchmark interest rate three times in late 2025 but has kept rates steady in 2026 so far. Excellent rates are still available on savings accounts, but they are trending lower.

Historical savings account interest rates

The graph below shows how savings rates have changed over the last few years. We chose a handful of online banks and one national bank to compare.

In 2023 and 2024, online banks raised savings APYs above 4%, and in some cases above 5%. Since those peaks, rates have fallen, though they remain much higher than the national average.

The savings account at the national bank remained at 0.01% APY.

Note: Rates are shown only for dates when any bank’s APY or the national average changed. Current rates may change at any time. APYs are interest rates compounded over one year.

How can HYSAs help fight inflation?

Inflation can reduce purchasing power over time. A competitive APY allows your savings to grow faster and helps preserve more of your money’s value. HYSAs can help offset the effects of inflation by earning significantly higher rates than traditional savings accounts. See our rate tracker that compares inflation to HYSAs.

Alternatives to high-yield savings accounts

High-yield savings account vs money market account

High-yield savings accounts and money market accounts are both types of savings accounts, but MMAs typically offer debit cards and checks. This gives customers the ability to make a few purchases each month. Both types of accounts generally let you link to other deposit accounts, such as checking accounts, to make electronic withdrawals and deposits. But with the added benefit of debit cards or checks, money market accounts give easier access to your funds. This can be helpful if you need fast access to your cash. However, some MMAs also charge monthly fees and have high minimum opening deposits.

» Want to explore more? See our list of the best money market accounts

High-yield savings account vs certificate of deposit (CD)

High-yield savings accounts and certificates of deposit are both federally insured deposit accounts. But CDs tend to have higher rates in return for locking in your money for a set time period. CDs are best for funds that can be put away for the entire CD term, which usually lasts from a few months to five years or more. If you have a short-term savings goal for an item you’d like to purchase in a few years, consider opening a CD. Funds in high-yield savings accounts can generally be withdrawn at any time. (There may be a limit of six per month of certain types of withdrawals, though.) Compared to a CD, a high-yield savings account is a better option for an emergency fund.

» Learn more about the best CD rates

High-yield savings account vs checking account

The difference between a high-yield savings account and a checking account is that a high-yield savings account is used for building your account balance, while a checking account is used for everyday spending. Some checking accounts earn interest or offer cash-back rewards, but a high-yield savings account likely pays more interest. As noted above, a HYSA may limit certain types of withdrawals to a maximum of six per month.

» Want to explore checking accounts? Take a look at Wallet's best checking accounts

Additional resources

Last updated on August 21, 2026

Methodology: How we rate banks and credit unions

Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.

100+

Financial institutions reviewed

We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.

30+

Categories assessed

Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.

60+

Data points analyzed

We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.

Savings account star rating categories

The best savings accounts generally have interest rates that are about 10 times the national average, no monthly fees, a low minimum opening deposit, and some savings or budgeting features that can genuinely help customers track goals or allocate funds for specific purposes. Savings accounts with a sign-up bonus get extra marks.

Interest rate

50%

Monthly fees

25%

Distinguishing features for saving or budgeting

15%

Minimum opening deposit

10%

5.0

Wallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.

To recap our selections...

Wallet's Best High-Yield Savings Accounts 2026: Up to 4.21%

Marcus by Goldman Sachs Online Savings Account: Best for Great track record of strong rates, 3.40% APY
SoFi Checking and Savings: Best for Combination savings and checking account, Up to 3.80% APY
Capital One 360 Performance Savings™: Best for Access to in-person withdrawals, 3.00% APY
Happen Bank LevelUp Savings: Best for APY boosts, 4.00% APY
Forbright Bank Growth Savings: Best for High-yield savings with an eco-friendly mission, Up to 4.15% APY
CIT Bank Platinum Savings: Best for Multiple high-yield savings options, Up to 4.10% APY
E*TRADE Premium Savings: Best for Linking to investment accounts, 4.00% for 6mo APY
Western Alliance Bank High-Yield Savings: Best for Personal high-yield savings from a business-oriented bank, 3.80% APY
Bask Interest Savings Account: Best for Online access to savings and short-term CDs, 3.75% APY
EverBank Performance® Savings: Best for Competitive savings rate, 3.90% APY

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Contact Us

Best High-Yield Savings Accounts 2026: Up to 4.21%

Best High-Yield Savings Accounts 2026

Automated Savings Growth Simulator

Why Choose a High-Yield Savings Account (HYSA)?

Essential Factors When Selecting Digital Banking Institutions

Key takeaways

Full list of editorial picks

How our savings expert picked the accounts on this page

Wallet's best savings account for 2026: Newtek Bank Personal High Yield Savings

High-yield savings account rates today: latest updates (August 21, 2026)

What the Fed’s recent decisions mean for savings rates right now

What is the highest-paying account today?

What about Pibank's high-yield savings account?

Historical savings account interest rates

How can HYSAs help fight inflation?

Alternatives to high-yield savings accounts

High-yield savings account vs money market account

High-yield savings account vs certificate of deposit (CD)

High-yield savings account vs checking account

Additional resources

Methodology: How we rate banks and credit unions

Savings account star rating categories

Wallet's Best High-Yield Savings Accounts 2026: Up to 4.21%

What you're looking for is available! Get it right now! Guaranteed results!!

Privacy Policy for

1. Consent

2. Information We Collect

3. How We Use Your Information

4. Log Files

5. Cookies and Web Beacons

6. Google AdSense & DoubleClick DART Cookie

7. CCPA Privacy Rights (Do Not Sell My Personal Information)

8. GDPR Data Protection Rights

9. Children's Information

Disclaimer

Disclaimers for

External Links Disclaimer

Contact Us

Best High-Yield Savings Accounts 2026: Up to 4.21%

Best High-Yield Savings Accounts 2026

Automated Savings Growth Simulator

Why Choose a High-Yield Savings Account (HYSA)?

Essential Factors When Selecting Digital Banking Institutions

Key takeaways

Full list of editorial picks

How our savings expert picked the accounts on this page

Wallet's best savings account for 2026: Newtek Bank Personal High Yield Savings

High-yield savings account rates today: latest updates (August 21, 2026)

What the Fed’s recent decisions mean for savings rates right now

What is the highest-paying account today?

What about Pibank's high-yield savings account?

Historical savings account interest rates

How can HYSAs help fight inflation?

Alternatives to high-yield savings accounts

High-yield savings account vs money market account

High-yield savings account vs certificate of deposit (CD)

High-yield savings account vs checking account

Additional resources

Methodology: How we rate banks and credit unions

Savings account star rating categories

Wallet's Best High-Yield Savings Accounts 2026: Up to 4.21%

What you're looking for is available!
Get it right now! Guaranteed results!!