Best Online Savings Accounts of

How We Chose the Best High Yield Savings Accounts

If you want to maximize your money, opening a high yield savings account can be a very smart move. These accounts do exactly as their name implies: They earn a higher-than-average interest rate on deposits, enabling your savings to grow much faster than they would with a traditional savings account.

These accounts are typically offered by online banks and credit unions, which don’t have the overhead costs of brick-and-mortar facilities and are therefore able to pass extra savings along to customers in the form of higher interest rates.

But not all high yield savings accounts are the same, and unless you know what to look for—and what to look out for, you may find yourself disappointed in your choice. Our team of experts spent countless hours researching and identifying the most important considerations when choosing one of these account. We then used that criteria to narrow our search for the best options on the market today.

The Most Important Criteria

There is a lot to consider when selecting the best high yield savings account for your specific needs and financial goals. Below, we lay out the most universal and critical considerations, which we used to guide our own search.

High Yields

Obviously, one of the most appealing aspects of a high yield savings account is the higher interest rate, otherwise known as the annual percentage yield (APY). In some cases, high yield savings accounts earn as much as 10 times the rate of traditional savings accounts. Generally speaking, any bank offering an APY of four percent or higher is worth a look, so that’s where we started our search.

Of course, it’s important to keep in mind that, as with any savings account, the interest rates on high yield savings accounts are variable. So while you may secure a very high APY when you apply, it is susceptible to fluctuations—especially if the Federal Reserve changes its benchmark fund rate.

Reasonable Requirements

Many online banks have strict requirements for opening a high yield savings account—or for securing the highest APYs. With some banks, you can’t open one of these accounts unless you make a sizable minimum deposit. Others require you to maintain a minimum balance in order to continue earning the best interest rate.

If you’re comparing your options, look for online banks without strict requirements for opening an account. Our list of the best high yield savings accounts includes banks that have no—or minimal—requirements for opening and maintaining an account.

Minimal Fees & Restrictions

With some high yield savings accounts, too many fees and restrictions can offset the benefits. Some banks, for example, have monthly maintenance fees and a cap on the amount of money you can have in your account at any one time. Others enforce strict limits on withdrawals or transfers—they restrict how much you can take out or move at one time. Our researchers took all of this into account when compiling our list of the best high yield savings accounts, looking for those with no—or very minimal—fees and restrictions. 

Convenience

While high yield savings accounts promise to grow your money faster, many make you jump through hoops to actually access that money. The best options make it easy, offering remote deposit and ATM access (the very best offer fee-free access). Online banks that have user-friendly mobile apps that enable 24/7 access to your account and allow you to link your external accounts for seamless transfers are also a plus. Some online banks even enable you to automatically deposit a certain percentage of your paycheck into your savings account, a favorite feature of customers. And of course, the best options include unlimited access to friendly and knowledgable customer service representatives who can help you navigate the online banking experience.

Safety

The best way to ensure your money is safe is to make sure you use a federally insured high-interest savings bank account. Funds in these accounts are insured up to $250,000 per depositor, per ownership category by the Federal Deposit Insurance Corporation (FDIC). If you’re using a credit union, the National Credit Union Administration (NCUA) has a fund that also federally insures up to $250,000 per depositor. These protect your savings if the bank or credit union dissolves. All of the high yield savings accounts on our list include these protections. If you want to check the coverage for an institution that is not on our list, you can search for it using the FDIC’s BankFind search page (for banks) or the NCUA’s research page (for credit unions).

DISCLOSURE
SoFi
1. $50 or $400 Bonus
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 $400 (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 received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. 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 5/15/2026 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 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet

2. APY disclosures
APY disclosures Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 9/23/26. 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

3. Fee Policy
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/.

4. Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

5. ATM Access
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

6. Early Access to Direct Deposit Funds
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.

7. Overdraft Coverage
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-rate-sheet. 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.

8. 0.90% Savings APY Boost
Earn up to 4.20% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.30% APY as of 9/23/26) 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#4. SoFi Bank, N.A. Member FDIC.

Axos
Tiered variable APY. Balance & activity requirements apply. Learn more.

Synchrony
Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.