If your savings are sitting in a traditional bank account earning 0.01% APY, you're essentially losing money to inflation every single day. Meanwhile, online banks and credit unions are offering rates of 4% APY or higher — that's a 400x difference.
On a $10,000 balance, that's the difference between earning $1 per year and earning $400+ per year. Same money, same FDIC insurance, completely different outcome.
We track savings rates monthly and update this page with the best options available. Here are our top picks right now.
Top High-Yield Savings Accounts (February 2026)
| Bank | APY | Min. Balance | Monthly Fee |
|---|---|---|---|
| Marcus by Goldman Sachs | 4.25% | $0 | $0 |
| Ally Bank | 4.00% | $0 | $0 |
| Discover | 4.10% | $0 | $0 |
| Capital One 360 | 4.00% | $0 | $0 |
| Wealthfront Cash | 4.25% | $0 | $0 |
| SoFi Checking & Savings | 4.30% | $0 | $0 |
Rates as of February 2026. APYs are variable and subject to change. Please verify current rates before opening an account.
Our Top Picks in Detail
Marcus consistently offers one of the highest savings rates from a major bank. Backed by Goldman Sachs, it combines competitive rates with the reliability of a 150+ year-old financial institution. There's no minimum deposit, no monthly fees, and transfers from external banks are fast.
Marcus also offers no-penalty CDs if you want to lock in rates without sacrificing flexibility. The mobile app is clean and simple — though it's savings-only (no checking account), which means you'll need a separate bank for everyday spending.
SoFi offers the highest APY on our list — with a catch. You need to set up direct deposit to get the top rate (otherwise it's lower). But if you're willing to route your paycheck through SoFi, you get a combined checking and savings account earning 4.30% with no fees, no minimums, and up to $2M in FDIC insurance through their partner banks.
The all-in-one approach is appealing: checking, savings, and even investing all in one app. SoFi also occasionally runs bonus promotions for new members (check their site for current offers).
Ally has been a leader in online banking for over a decade. While the rate isn't always the absolute highest, Ally wins on overall experience. The app is excellent, customer service is available 24/7, and features like "buckets" (sub-accounts for different savings goals) make organizing your money effortless.
Ally also offers checking, CDs, investing, and mortgage products — so you can consolidate most of your financial life in one place. For a set-it-and-forget-it savings experience, Ally is hard to beat.
How to Choose a High-Yield Savings Account
All the accounts above are solid choices, but here's what to prioritize when deciding:
APY matters, but stability matters more. Some smaller banks offer "teaser" rates that drop after a few months. The banks on our list have a track record of keeping rates competitive long-term.
Check for fees. Every account on our list has zero monthly fees. If any bank charges you a fee to save your own money, walk away.
FDIC insurance is non-negotiable. All our picks are FDIC insured (up to $250,000 per depositor, per bank). Your money is just as safe in an online bank as it is in a brick-and-mortar branch.
Consider the ecosystem. If you want everything in one place (checking, savings, investing), SoFi or Ally make sense. If you just want the highest rate on savings alone, Marcus or Wealthfront are great picks.
Frequently Asked Questions
Are online savings accounts safe?
Yes. Online banks are FDIC insured, just like traditional banks. Your deposits are protected up to $250,000 per depositor, per insured bank. The only difference is that online banks don't have physical branches, which is exactly why they can offer higher rates — they save money on real estate and pass those savings to you.
Why are online banks able to offer higher rates?
Traditional banks like Chase or Bank of America spend billions on branch locations, staff, and overhead. Online banks operate with far lower costs and pass those savings to customers in the form of higher interest rates. It's really that simple.
Can I lose money in a high-yield savings account?
No — your principal is always safe in an FDIC-insured account. The interest rate can go up or down (it's variable), but you'll never lose the money you deposited. That said, if inflation is higher than your APY, the purchasing power of your savings decreases over time, which is why investing is important for long-term goals.
How often should I check for better rates?
We update this page monthly. Rates tend to move with the Federal Reserve's interest rate decisions. It's worth checking every few months, but don't chase tiny rate differences — the hassle of switching banks for an extra 0.1% usually isn't worth it.