Best high-yield savings accounts for March 2026: Up to 5% APY without a fee

A high-yield savings account (HYSA) is a foundational account that turns your dusty, stagnant money into a profitable workhorse. The average savings account earns a yawn-worthy 0.39%, per the FDIC, but the best high-yield savings accounts offer APYs (annual percentage yields) of up to 5.00% as of this writing.

If you want to earn interest on your money while still keeping it liquid enough to access in an emergency, putting those funds in a HYSA just makes sense. We’ve selected 10 savings accounts we think stand out in terms of a high APY and other important features such as rate caps and online banking. Read on for our top picks as well as comparisons to other types of accounts you might be considering.

Rates and bank details accurate as of March 16, 2026 and are subject to change.

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Best high-yield savings accounts at a glance

Bank	APY	Minimum deposit	Minimum to earn APY	Learn more
MyBankingDirect	4.02%	$500	$0	View offer at Bankrate
Colorado Federal Savings Bank	3.80%	$0	$1	View offer at Colorado Federal Savings Bank
Varo Money	5.00%	$0	$0	View offer at MoneyLion
Vio Bank	4.03%	$0	$0	View offer at MoneyLion
EverBank	3.90%	$0	$0	View offer at MoneyLion
Axos Bank	4.21%	$0	$0	View offer at Axos Bank
LendingClub	4.00%	$0	$0	View offer at MoneyLion
Zynlo Bank	3.85%	$0	$0.01	View offer at MoneyLion
First Foundation Bank	3.75%	$1,000	$0.01	View offer at MoneyLion
Bread Savings	4.00%	$100	$100	View offer at Bread Savings

MyBankingDirect	View offer at Bankrate
APY	4.02%
Minimum deposit	$500
Minimum to earn APY	$0
Colorado Federal Savings Bank	View offer at Colorado Federal Savings Bank
APY	3.80%
Minimum deposit	$0
Minimum to earn APY	$1
Varo Money	View offer at MoneyLion
APY	5.00%
Minimum deposit	$0
Minimum to earn APY	$0
Vio Bank	View offer at MoneyLion
APY	4.03%
Minimum deposit	$0
Minimum to earn APY	$0
EverBank	View offer at MoneyLion
APY	3.90%
Minimum deposit	$0
Minimum to earn APY	$0
Axos Bank	View offer at Axos Bank
APY	4.21%
Minimum deposit	$0
Minimum to earn APY	$0
LendingClub	View offer at MoneyLion
APY	4.00%
Minimum deposit	$0
Minimum to earn APY	$0
Zynlo Bank	View offer at MoneyLion
APY	3.85%
Minimum deposit	$0
Minimum to earn APY	$0.01
First Foundation Bank	View offer at MoneyLion
APY	3.75%
Minimum deposit	$1,000
Minimum to earn APY	$0.01
Bread Savings	View offer at Bread Savings
APY	4.00%
Minimum deposit	$100
Minimum to earn APY	$100

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MyBankingDirect

My Banking Direct is an arm of Midwest regional bank Flagstar Bank, N.A. It’s an online bank that offers, most notably, an extremely lucrative savings account.

Why we picked MyBankingDirect 

MyBankingDirect performs the best in the categories that matter most to a savings account. Its return rate is high at 4.02%. Earning this generous rate is simple, as it requires no minimum balances or monthly activity to qualify. This is a no-frills account with no monthly fees that does one thing good: APY.

The one slight mark against the account is that it requires a $500 minimum opening deposit. Most financial institutions on our best-of list don’t have this requirement. Also note that MyBankingDirect is fully digital, so you can’t service your account in-branch

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Colorado Federal Savings Bank

Colorado Federal Savings Bank is headquartered in Greenwood Village, Colorado. It’s an online bank with few offerings in the way of deposit accounts—but it offers one of the most compelling high-yield savings accounts on the market.

Why we picked Colorado Federal Savings Bank 

A 3.80% APY is nothing to sneeze at. And with just a $1 minimum required to earn interest—with no monthly fees and no minimum opening deposit—this is a foolproof destination for your money. The bank also doesn’t enforce a cap on its impressive return rate, so it’s great for those with high balances. 

Here’s the catch: Colorado Federal doesn’t offer a checking account or money market account. That means accessing your money will be slightly more cumbersome than having your checking and savings under the same roof. This is certainly a problem that can be overlooked for such high APY, but it’s worth noting.

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Varo Bank

Founded in 2015, Varo Bank is online-only and offers products such as bank accounts and a credit card. As a neobank, it has over 3 million customers with a mission to make financial inclusion available to all.

Why we picked Varo Bank 

At the time of writing, no other bank matches the incredible 5.00% APY offered by Varo. It’s got no monthly fees, meaning every dime you earn is essentially pure profit—and there’s a very accessible minimum deposit required to open an account. As long as you’ve got at least $0.01 in your account, you’ll earn interest.

That said, Varo has two sizable footnotes:

1. You must receive qualifying direct deposits totaling $1,000 or more in your account each month.
2. The 5.00% rate applies to a maximum balance of $5,000. Any money beyond that number will earn a less impressive 2.50%.

This makes this savings account best for those planning to keep a comparatively low balance in it.

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Vio Bank

A relatively new kid on the block, Vio Bank was established in 2018 as the online banking division of MidFirst Bank—the largest privately owned bank in the U.S. It specializes in savings, CDs, and money market accounts.

Why we picked Vio Bank 

Vio Bank’s impressive 4.03% APY applies to all balances with absolutely no extracurricular monthly activities necessary to earn it. There are no monthly fees, either. Vio does stipulate that you must deposit at least $100 to open an account, but that shouldn’t be an issue for most who are in the market for a high-yield savings account. 

Vio Bank isn’t perfect for everyone, however. It doesn’t offer a checking account, so deploying your money isn’t as easy as with banks that allow you to instantly transfer funds between checking and savings. It does issue a money market account, but it doesn’t offer a debit card or check-writing privileges. In other words, you’ll need to transfer your money to an external bank before you can spend it. 

Vio Bank is also fully digital, meaning there are no physical branches you can visit. 

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EverBank

One of the rare financial institutions on this list with brick-and-mortar locations, EverBank manages to offer highly competitive APY without being one of those online-only banks with little-to-no overhead. It is headquartered in Jacksonville, Florida, with its physical presence existing mostly in Florida, California, and New York.

Why we picked EverBank 

We think you won’t find a lower-maintenance high-yield savings account that’s more accessible than what EverBank has on offer. No minimum opening deposit, no monthly fees, no required monthly behavior to achieve its 3.90% APY.  

Plus, its mobile app receives an impressive 4.7 stars on Google Play and the Apple App Store as of this writing—one of the highest ratings on our list. A solid online banking experience is an important factor to consider when deciding which HYSA to open.

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Axos Bank

Axos Bank is an online-only bank founded in 2000 that offers a range of personal and business banking products, including checking accounts, savings accounts, CDs, and loans.

Why we picked Axos Bank 

Axos Bank’s ONE savings account stands out for its high APY of up to 4.21%—currently the second highest return rate on this list. You’ll earn the full 4.21% APY on balances under $500,000. Any money above that will earn a slightly lower 4.01%.

This account has no monthly maintenance fees, but it is part of Axos Bank’s ONE program, which bundles checking and savings accounts together.

This bundled deal comes with an impressive checking account APY of 0.51%.

For the privilege of this high savings account return rate, you’ll need to achieve one of two things each month:

• Receive $1,500+ in total qualifying monthly deposits and maintain a minimum daily balance of $1,500+, OR
• Receive $5,000+ in total qualifying monthly deposits

If you fail to do this, you’ll earn a standard rate of 1.00% APY.

It’s also worth noting that Axos Bank offers expanded FDIC coverage of $2.5 million. That’s significantly more than you’d normally get from a bank, making this a better destination for big balances.

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LendingClub

Originally founded as an online lending marketplace in 2006, San Francisco-based LendingClub now offers a high-yield savings account. And it’s a good one.

Why we picked LendingClub

LendingClub’s savings “LevelUp” savings account comes with an excellent 4.00% APY with no fees and no minimum balance. Its one minor annoyance is that you must deposit at least $250 into the account each month to earn that rate. If you don’t, you’ll earn a (still respectable) 3.00%.

This little detail makes LendingClub’s savings account less of a set-and-forget option than many competitors.

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Zynlo Bank

A digital bank founded in 2020, ZYNLO Bank is part of PeoplesBank which is headquartered in Holyoke, Massachusetts. ZYNLO issues high-yield checking, savings, money market accounts, and CDs.

Why we picked ZYNLO Bank 

Earning ZYNLO’s 3.85% APY with its Tomorrow Savings account is simple: Keep a minimum of $0.01 in your bank account. You won’t be subject to fees or throttled earning rates. Plus, ZYNLO does not enforce transfer limitations on its savings account. While many banks limit the number of transactions you can make with your savings account (often six per statement cycle), ZYNLO lets you transfer as often as you like. 

It’s worth noting that ZYNLO Bank’s mobile app receives an average score of 3.75 across Google Play and Apple App Store reviews as of this writing. That’s far and away the lowest rating on Fortune’s list of top savings account options. The mobile banking experience is important—especially for a fully online bank with no option to service your account in-person. So, if you highly prioritize this factor, a different pick on our list might be better for your needs

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First Foundation Bank

First Foundation Bank was founded by Rick Keller of the Keller Group, a wealth management firm that was started in 1990 and added banking products in 2007. First Foundation was officially chartered in 2008 and currently supplies a full suite of deposit offerings for personal consumers and businesses, as well as wealth management services.

Why we picked First Foundation Bank

First Foundation Bank’s high-yield savings account offers a stellar APY. On top of that, the minimum balance to earn the APY is only $0.01.

This savings account does not charge monthly maintenance fees, and unlike some of the options on our list, there’s no checking account required.

The minimum opening deposit is a bit steep at $1,000. While this may not be a barrier for someone who has already started saving, it could be challenging if you’re only beginning your journey (e.g. recent grads just starting to build an emergency fund).

Bread Savings

Founded in 1996, Bread Financial is the parent company of Bread Savings and was called Alliance Data until 2022. Its specialty is loans and credit cards, while Bread Savings is its consumer deposit division.

Why we picked Bread Savings 

The Bread Savings Account offers a top-notch 4.00% APY with one simple requirement: Deposit at least $100 upon account opening. Bread also says it “encourages” you to maintain a $100 balance, but you won’t be charged a fee if you drop below that threshold.

Similar to other HYSAs on this list, Bread doesn’t issue a checking account. You’ll instead use this financial institution as a home for your excess funds and transfer them to your primary bank when you need access.

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Savings accounts with the highest current rates

Perhaps you’re simply interested in the highest APY you can earn from a savings account, full stop. In that case, see the list we’ve curated below in partnership with Curinos, a leading provider of financial industry data and analytics.

What Is a High-Yield Savings Account (HYSA)?

A high-yield savings account works just like a traditional savings account. It’s a deposit account at a credit union or bank that you can use for saving and earning interest on your money. The main difference is that the high-yield savings account offers a much higher APY on the money you keep in your account.

When you deposit money in a high-yield savings account, your savings will grow thanks to the magic of compound interest. This means you’ll earn interest on the principal balance in your account and any interest you earned previously. For example, if you deposited $100 in your account and earned $10 in interest over the past few months, you would then earn interest on the entire $110.

Pros and cons of high-yield savings accounts

If you’re considering putting your money in a high-yield savings account, there are a few key benefits and drawbacks to be aware of.

How to choose the best high-yield savings account for you

As you’re evaluating the best HYSA for your situation and goals, the following are a few factors you’ll want to bear in mind:

Return rate

This is the most obvious feature. You want an account that offers a high rate of return, and with the accounts on our list, you may be able to snag an APY up to 5.00%. In any case, you certainly don’t want to settle for something close to the national average savings account APY (again, currently 0.39%).

Compare accounts from different financial institutions to see which offer the best interest rates and benefits—and factor in any fees that will eat away at your profit.

Minimum deposit

Some HYSAs require no minimum deposit. Others may require a small amount, such as $100, and others may require in the range of $2,500. While generally not prohibitive, some account minimums may be a stumbling block for those not ready to drop a large sum of money into a new account.

Requirements to earn APY

Earning interest isn’t always straightforward. Some require you to jump through considerable hoops to achieve the highest rate. As an example, you may need to receive a specific amount in qualifying deposits each month—or keep a minimum balance in your account. If you fail to meet this requirement each month, you may earn an inferior return—or no return at all.

Don’t become entranced by the interest rate alone; pore over the account details to be sure you’re comfortable with the monthly activities you must complete.

Max APY cap

Some sky-high returns you’ll find are subject to a hard cap. For example, an advertised APY may only apply to balances of $5,000 or less. If your balance exceeds this amount, you’ll earn a paltry interest rate for the remainder.

This is an extremely important detail when it comes to HYSAs. An account that offers 4.50% on only a small balance may be inferior to an account that offers 3.50% on a large balance.

Online and mobile banking

If you prefer to do your banking on your desktop or phone, explore the financial institution’s online and mobile platforms before opening an account. Read Apple App Store and Google Play reviews to learn more about the digital platforms and tools available to you and what kinds of features and services are available on those platforms.

How to open a high-yield savings account

Once you’ve found the best high-yield savings account for your situation, formally opening the account is (typically) a snap. Here’s what to do:

1. Check restrictions: Some banks only offer services to specific regions. Before you get too excited about an eye-popping APY, check to see if it’s available in your area.
2. Visit the bank or apply online: Many banks and credit unions allow you to open an account online or through their mobile app. If you prefer, you can usually go to a physical branch to open your account.
3. Fill out your application: You will need to provide some personal information, including your Social Security number or individual taxpayer identification number (TIN), a valid ID (such as a passport or driver’s license), and contact information.
4. Deposit funds: Once your application has been approved, you’ll need to deposit funds into the account—often within a specific time frame to avoid closure. The amount will depend on the bank’s requirements.

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Tips to Maximize Your High-Yield Savings

Keep as much money as possible in your account

Unless you prefer to store your money in a generous certificate of deposit (we’ll cover those in a minute), storing all of your excess funds in a HYSA is the most profitable low-risk money move you can make. Audit your other accounts to see if you can spare to keep any more money in your most profitable account.

Automate transfers

Saving can be difficult, but setting up automatic transfers can be a tremendous help. Instead of trying to squeeze blood from a stone after paying all your necessary (and discretionary) expenses, automate an amount of money to be withdrawn from each paycheck—and work out your budget from the rest. Your savings will grow in a hurry.

Select accounts that compound frequently

The more often your HYSA compounds, the faster your money will snowball. An account that compounds daily or monthly is ideal.

For example: When an account compounds daily, you’ll earn interest on your balance plus any interest you’ve accrued since the previous day. An account that compounds annually will not add APY to your bank balance throughout the year, so you won’t earn that slight extra “interest on interest.”

Occasionally review your rate

You don’t have to jump around from bank to bank whenever you see an impressive return rate, but you should take a quick look at the current HYSA rates a few times each year—just to ensure you’re still earning a competitive APY. If your account is underperforming, it may be time to change banks.

Who Should Open a High-Yield Savings Account?

In short, anyone with a savings account should be intrigued by a high-yield savings account. A savings account is a good idea for every circumstance.

For example, you’ve likely got financial goals that require stringent monthly savings, from a new home appliance to a down payment on a new vehicle. A high-yield savings account can help you earn interest on your savings—and even help you to reach that magic number more quickly.

You’ll also never know when you will need to dip into an emergency savings. Putting those funds into a high-yield savings account can help you to make money in the meantime.

High-yield savings accounts vs. other accounts

A high-yield savings account isn’t the only way to get a solid return from your cash reserves. Here are a few other options to consider:

• Money market account (MMA): Sort of a cross between a checking and savings account, an MMA gives you the flexibility to write checks from your account and access money via ATM withdrawals—all while usually earning a higher interest rate than if you kept your money in a checking account.
• High-interest checking account: Some checking account APYs can rival that of a high-yield savings account. This can be especially helpful for big spenders who have a lot of money coming and going from their checking.
• Certificate of deposit (CD): Certificates of deposit require that you commit to locking up your funds for a fixed amount of time (though you can withdraw your money early for an often exorbitant fee). However, consumers worried that changes to the market may lead to a lower savings account APY will appreciate that when you open a CD at a certain rate, you’re guaranteed that rate for the CD’s full term.

How does the Federal Reserve impact your HYSA?

During the last three meetings in 2025, the Fed has made cut after cut to the federal funds rate. However, its last two meetings (including the latest on March 18, 2026), brought no change to the current 3.50%-3.75% rate.

In the release following the Federal Open Market Committee (FOMC) meeting in March, the Fed wrote, “Available indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, and the unemployment rate has been little changed in recent months. Inflation remains somewhat elevated.”

In light of the FOMC decision, it’s likely your high-yield savings account’s APY will remain the same for the time being. Also note that financial institutions can still choose to adjust rates for reasons not tied to Fed actions.

Our methodology

Fortune compared rates and account details of the best and most popular financial institutions in the U.S. Our methodology ranked each account in certain core categories:

• APY (50%): This number represents the real rate of return on your balance; the higher the APY, the better.
• Minimum amount to earn APY (3%): To earn the highest APY, some banks require that you maintain a certain dollar amount in the account, which is a limiting factor.
• Maximum APY cap (20%): A bank may advertise a high return rate but cap it at a low amount. The more money that qualifies for the highest rate, the higher the financial institution scored.
• Minimum opening deposit (3%): Some banks require a deposit amount when you open your account. A higher opening deposit is less attractive.
• Simplicity to earn APY (14%): Some banks stipulate that you must have qualifying monthly activity to achieve the highest APY—such as a specific amount of qualifying direct deposits. The more complicated the earnings, the lower the score.
• Mobile app rating (10%): Many banks have a mobile app you can use to manage your account. We looked at banks’ mobile app ratings in the Apple App Store and Google Play.

Frequently asked questions

Are high-yield savings accounts safe?

Yes, high-yield savings accounts are safe. They are insured by the FDIC (or NCUA for credit unions) up to $250,000 per account holder.

Can I lose money in a high-yield savings account?

You won’t lose money in a high-yield savings account in the same way you may lose money in a riskier investment, such as stocks. However, you may effectively lose money if your HYSA doesn’t outpace inflation.

How are high-yield savings accounts different from CDs?

High-yield savings accounts allow you to access your money at any time (though there may be monthly limits to how often you can withdraw). A CD demands that you deposit your money and not touch it for a specific period of time, often from 3 months to 5 years. The tradeoff is that CDs often come with even higher return rates that are locked for the duration of the account term.

How often do high-yield savings account rates change?

HYSA rates can change at any moment, and the frequency of the changes are typically in response to a change in the market. From a bank’s pricing decisions to a Fed rate cut, plenty of things can cause a financial institution to reevaluate its APY.

Is a high-yield savings account good for an emergency fund?

Yes, a HYSA is good for an emergency fund. If you don’t plan to touch your money, it will serve you best in a high-yield account.