The best high-yield savings accounts are hitting rates up to 5.00% APY as of May 12, 2026—and that’s genuinely impressive compared to the FDIC’s recorded national average of 0.38%. If you’re serious about making your money work harder, opting for a high-yield account over a traditional savings account is one of the best moves you can make.
Whether you’re focused on building an emergency fund, saving up for that dream vacation, thinking about investing in precious metals, or planning for retirement, putting your cash into a high-yield savings account just makes sense. You’re not taking on any real risk, but you’re potentially earning hundreds more per year than you would in a traditional account.
The three accounts we’ve identified with the highest annual percentage yields are as follows:
- Earn up to 5.00% with Varo Money.
- Earn up to 4.50% with SoFi.
- Earn up to 4.21% with Axos Bank.
Best savings account rates today
Fortune has partnered with the financial industry consultants at Curinos to give you an accurate look at the highest savings account rates on the market. The most generous APYs we’re seeing currently come from Varo Money, SoFi, and Axos Bank. Read on to see our full list of HYSAs and find the one that’s right for your needs.
What the Fortune/Curinos partnership means for your savings
We rely on Curinos—a firm with over thirty years tracking financial services data—to keep tabs on what rates banks are offering. Each business day, we get a report from Curinos with updated data on savings and CD APYs from a wide range of financial institutions. We build our list by doing the legwork so you don’t have to.
Historical national average savings rates
While the average savings account rate has increased from the lows seen from 2020 to 2022, it’s still far below the APYs available on the most generous high-yield savings accounts on our list.
Reasons to choose a high-yield savings account
Real quick, let’s note “high-yield savings account” isn’t technically its own special account category. It’s just what we call any savings account offering rates that are noticeably higher than what you’ll find at your average bank. Financial professionals use the term to distinguish them from the rest of the pack.
The difference usually comes down to this: traditional banks with branch locations tend to offer lower rates because they’re paying for physical infrastructure. Online banks offering high-yield accounts have stripped things down—no branches, fewer services—which means they can pass those savings on to you in the form of higher earning rates.
If you’re comfortable banking online and you want to maximize what you earn, switching to a high-yield savings account could transform your returns. We’re talking about potentially hundreds of dollars more annually, depending on how much you deposit and what APY your HYSA offers.
How much interest you might earn with a higher APY
Here’s a hypothetical: take $5,000 sitting untouched for a year. In an account earning 5.00% APY, you’d make significantly more than you would in a 0.40% APY account, as shown by the estimates below.
Moving your money from a traditional account to a high-yield option is one of the easiest financial moves you can make—and should pay off in spades.
Criteria when choosing a high-yield savings account
When you’re evaluating accounts, keep these priorities in mind:
- Strong interest rates. Hunt for a competitive APY that will genuinely boost your earnings, not just a minor difference.
- Low or no minimums. Many high-yield accounts don’t require you to bring a big chunk of cash upfront, which is great if you’re just getting started on your saving journey.
- No monthly fees. Avoid accounts that charge you just to hold your money—those fees eat directly into your interest.
- Easy access to your funds. Make sure you can withdraw or transfer money when you need it, and pay attention to withdrawal limits or foreign ATM charges.
- Security. Confirm your account is FDIC-insured if it’s at a bank, or NCUA-insured if it’s a credit union. That’s your safety net.
One important thing to be aware of is that you’ll owe taxes on whatever interest you earn.
Check Out Our Daily Rates Reports
- Discover the highest CD rates, up to 4.20% for May 11, 2026.
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- Discover current refi mortgage rates report for May 11, 2026.
- Discover current ARM mortgage rates report for May 11, 2026.
- Discover the current price of gold for May 11, 2026.
- Discover the current price of silver for May 11, 2026.
Frequently asked questions
Are savings account rates going to fall?
It’s possible. When the Federal Reserve adjusts its benchmark rate, banks typically follow suit. Since the Fed made several rate cuts in late 2025—good news for people looking to borrow, but less so for savers—there’s a possibility some banks will decrease savings account rates accordingly if they think there’s another cut on the horizon in 2026.
Can I lose money in a high-yield savings account?
Before you open an account, make absolutely sure it’s FDIC or NCUA insured. That protection covers your deposits up to a $250,000 maximum per institution. Unlike funds invested in the stock market, your money in a savings account isn’t at risk of wild swings. That said, if inflation runs ahead of your APY, you could lose purchasing power over time.
Is a high-yield savings account still worth it?
Yes. Even with recent Fed rate cuts, plenty of high-yield savings accounts are still offering APYs approaching or even above 4.00%. They remain one of the smartest, lowest-risk ways to earn noteworthy interest on your money while keeping it accessible. If you’re willing to lock your money away, a CD might potentially give you a better rate—but for flexibility, a high-yield savings account is tough to beat.
SoFi Disclaimers
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE
1.
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
2.
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
3.
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-ratesheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
4.
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. 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
5.
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $300 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time.
6: 0.70% Savings APY Boost
Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
7:
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
8:
SoFi Plus is a premium membership that gives members access to our best rewards, benefits, and more when they pay the SoFi Plus Subscription Fee. Between 12/9/25–3/30/26, members with Eligible Direct Deposit or Qualifying Deposits will receive complimentary access to SoFi Plus. Benefits are subject to change and may not be available to everyone. All terms and conditions applicable to the use of SoFi Plus apply. To learn more about SoFi Plus and available benefits and terms, please see the SoFi Plus page.
SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC, Loans originated by SoFi Bank, N.A., NMLS #696891, (www.nmlsconsumeraccess.org). Advisory services are offered through SoFi Wealth, LLC an SEC-registered investment adviser. Brokerage products are offered through SoFi Securities LLC, member FINRA/SIPC. ©2026 SoFi Technologies, Inc.
9:
Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees.
10:
Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 45 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify. Probability percentage is subject to decrease.
11:
SoFi Plus members can schedule an unlimited number of appointments with a financial planner during periods in which the SoFi Plus member meets the eligibility criteria set forth in section 10(a) of the SoFi Plus Terms and Conditions. SoFi members who are not members of SoFi Plus can schedule one (1) appointment with a financial planner. The ability to schedule appointments is subject to financial planner availability. SoFi reserves the right to change or terminate this benefit at any time with or without notice. Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov
