The average savings account pays 0.08% APY. The best high-yield savings accounts pay over 4%. That means on a $10,000 balance, you'd earn $8 per year at a big bank—or over $400 at the accounts below.
We reviewed 50+ savings accounts and ranked the top options by APY, fees, minimums, and bonus offers. All accounts below are FDIC insured and have no monthly fees.
Top Picks at a Glance
Quick Comparison
| Bank | APY | Bonus | Min Balance | Monthly Fee |
|---|---|---|---|---|
| SoFi | 4.30% | $300 | $0 | $0 |
| Axos ONE | 4.31% | — | $0 | $0 |
| CIT Bank | 3.75% | $300 | $5,000 | $0 |
| Quontic | 3.75% | — | $100 | $0 |
Best High-Yield Savings Accounts
SoFi Checking & Savings
$300 BonusAll-in-one checking and savings with 4.30% APY. No monthly fees, no minimum balance. Get up to $300 bonus with qualifying direct deposit. Includes early paycheck access and up to $2M FDIC insurance.
Axos ONE®
4.31% APYThe highest APY we've found at 4.31% with qualifying direct deposit. Integrated checking and savings with no monthly fees. Get paid up to 2 days early and unlimited ATM fee refunds.
CIT Bank Platinum Savings
$300 BonusEarn 3.75% APY on balances of $5,000+. Get a $300 bonus when you deposit $50,000 or more and maintain for 90 days. FDIC insured with daily compounding interest.
Quontic High-Yield Savings
3.75% APYSimple, no-frills savings at 3.75% APY with no balance tiers. Just $100 to open. Access to 90,000+ fee-free ATMs nationwide. FDIC insured.
What Is a High-Yield Savings Account?
A high-yield savings account (HYSA) works exactly like a regular savings account—but pays significantly more interest. While the national average savings rate is around 0.08% APY, the best high-yield accounts pay 4% or more.
The difference adds up fast. On a $25,000 emergency fund:
Big bank (0.08% APY): $20/year in interest
High-yield account (4.30% APY): $1,075/year in interest
That's over $1,000 in free money just by moving your savings to a different account. The switch takes about 10 minutes.
How to Choose a High-Yield Savings Account
1. Compare APY
APY (Annual Percentage Yield) is your interest rate. Higher is better. The best accounts currently pay between 3.75% and 4.31% APY. Watch for tiered rates that require high balances.
2. Check for Fees
Avoid accounts with monthly maintenance fees—they eat into your interest. All accounts on our list have $0 monthly fees.
3. Look at Minimums
Some accounts require minimum balances to earn the advertised APY or avoid fees. If you're starting small, choose an account with no minimums like SoFi or Axos.
4. Verify FDIC Insurance
Only keep your money in FDIC-insured accounts. This protects your deposits up to $250,000 per bank. Some banks offer extended coverage through partner banks.
5. Consider Bonuses
Some banks offer cash bonuses for new customers. SoFi and CIT Bank currently offer up to $300. Free money on top of high interest.
Frequently Asked Questions
Yes. As long as the account is FDIC insured, your money is protected up to $250,000 per depositor, per bank. All accounts on our list are FDIC insured.
Most transfers to external banks take 1-3 business days. Some accounts offer instant transfers to linked accounts or ATM access for immediate cash.
Online banks don't have physical branches to maintain, so they pass those savings to customers through higher interest rates. It's the same FDIC-insured money, just a better return.
Yes. Many people open accounts at multiple banks to take advantage of bonuses and stay under FDIC limits. There's no limit to how many you can have.
High-yield savings rates are variable—they can go up or down. If rates drop, your APY will decrease. That said, they'll still beat big bank rates.
If you're earning less than 1% APY, yes. The switch takes about 10 minutes and could earn you hundreds more per year. You can keep your big bank checking for daily spending and move just your savings.
Our Top Pick: SoFi
4.30% APY + up to $300 bonus. No fees, no minimums. Takes 5 minutes to open.
Open a SoFi AccountHow We Picked These Accounts
We reviewed 50+ savings accounts from online banks, credit unions, and traditional banks. We ranked them by APY, fees, minimum requirements, FDIC coverage, and bonus offers. We update this list monthly to reflect rate changes. Accounts must have no monthly fees and full FDIC insurance to make our list.
Disclosure: Gabcast is reader-supported. When you open an account through our links, we may earn a commission at no extra cost to you. This helps us keep the site running and our research free. APYs are accurate as of December 2025 and may change at any time. All accounts are FDIC insured.
