High-Yield Savings Accounts 2026: APY, Fees & Picks

What a high-yield savings account is

A high-yield savings account is an ordinary savings account that pays a variable rate well above what many traditional banks pay. For reference, the FDIC’s national rate for savings accounts was 0.38% in the national rates it published on August 17, 2026. Online banks and fintech apps offer several times that, but the headline APY usually comes with conditions: a direct deposit, a minimum monthly deposit, a paid plan or a cap on the balance that earns the top rate.

This guide explains what to check, then compares a few options available to US residents. Rates are variable and change often: every APY below is dated, and the provider’s own page is the one that counts on the day you open an account. We have not opened these accounts ourselves; the figures come from the providers’ published terms.

What to check before you move your savings

• The condition behind the headline rate. Some banks pay their best APY only with eligible direct deposit or a minimum amount deposited every month. Read what happens if you miss it.
• Caps and tiers. A rate may apply only up to a certain balance, or only to one account per customer.
• Promotional boosts. A boost that lasts a few months is not the long-term rate. Note the end date.
• Fees. A monthly plan fee can cancel out the extra interest on a modest balance.
• Withdrawal limits. Some savings accounts limit the number of withdrawals per statement cycle.
• Deposit insurance. The FDIC insures deposits up to $250,000 per depositor, per FDIC-insured bank, per ownership category. If the app you use is not itself a bank, check which bank holds the money: FDIC insurance covers the failure of that bank, not the failure of the app company.
• Taxes. Interest is taxable income. According to the IRS, you should receive Form 1099-INT if you were paid $10 or more of interest, and you must report all taxable interest even if you don’t receive the form.

Comparison at a glance

Account	Savings APY (as published)	Main conditions	Monthly fee	Who holds the deposits
SoFi Checking and Savings	3.10% with eligible direct deposit or $5,000 in deposits every 31 days; 0.80% otherwise (rates as of 5/28/2026)	Checking and savings are opened together	$0 account fees	SoFi Bank, N.A., Member FDIC
Revolut High Yield Savings (US)	3.5% (Standard), 3.75% (Premium), 4% (Metal) (APYs as of 9/1/2026)	One High Yield account, limited to $10,000 in customer-initiated deposits	$0, $9.99 or $16.99 depending on plan	Cross River Bank, Member FDIC (Revolut is not a bank)
Ally Bank Savings	3.00% on all balance tiers (shown on Ally’s site on 9/17/2026)	Limit of 10 withdrawals per statement cycle	$0	Ally Bank, Member FDIC
Capital One 360 Performance Savings	Variable; see Capital One’s page	No minimum balance	$0	Capital One, Member FDIC

SoFi: strong rate if you can meet the deposit condition

SoFi pays 3.10% APY on savings and Vaults for members with eligible direct deposit or at least $5,000 in qualifying deposits every 31 days, and 0.80% APY otherwise; checking balances earn 0.50% APY (rates as of May 28, 2026, variable). SoFi states there is currently no cap on the 3.10% rate.

Two limited-time offers were running on September 17, 2026:

• APY boost: new SoFi Checking and Savings members who open their first account between 9/3/2026 and 12/31/2026 and set up eligible direct deposit (or $5,000 in qualifying deposits) within 60 days get an extra 0.90% on one savings account for up to six months, as long as the deposits continue.
• Direct deposit bonus: $50 for $1,000–$4,999.99, or $400 for $5,000 or more, in eligible direct deposits received within 25 days of the first one (promotion running until 12/31/2026). SoFi notes that bonuses may be reported to the IRS as miscellaneous income.

SoFi’s fee sheet (effective May 18, 2026) lists no monthly maintenance, minimum balance or overdraft fee. Deposits are insured up to $250,000, and members can opt in to the SoFi Insured Deposit Program for up to $3M of FDIC coverage through a network of partner banks.

Pros

• High ongoing rate with direct deposit, no balance cap stated
• No account fees
• Optional extended FDIC coverage

Cons

• Without direct deposit or $5,000 a month in deposits, savings earn 0.80% APY
• Only available as a combined checking and savings account
• No physical branches

See SoFi’s current rates

Revolut: the top rate is tied to a plan and capped

Revolut’s US app offers a High Yield Savings account whose APY depends on your plan: 3.5% on Standard ($0/month), 3.75% on Premium ($9.99/month) and 4% on Metal ($16.99/month), with other savings accounts at 2.9%, 3% and 3.1% respectively (APYs as of September 1, 2026). Only one High Yield account is allowed, it is limited to $10,000 in customer-initiated deposits, and the combined balance of all savings accounts is capped at $250,000 per customer.

Revolut is not a bank. Its savings accounts are provided by Cross River Bank, Member FDIC, and insured up to $250,000. FDIC insurance covers the failure of the partner bank; Revolut’s US site states, for its card account, that it does not protect funds in the event of Revolut’s own failure.

Do the math before paying for a plan to get a higher rate. On a $10,000 balance, the difference between 3.5% and 4% APY is about $50 a year, while the Metal plan costs $16.99 a month, or $203.88 a year. A paid plan only makes sense if you want its other benefits.

Pros

• Competitive rate on the Standard plan, which has no monthly fee
• Savings sit in the same app as spending and currency exchange

Cons

• The top rate needs a paid plan and applies to $10,000 in deposits at most
• Not a bank: deposits are held by a partner bank

See Revolut

Other options worth comparing

• Ally Bank Savings showed 3.00% APY on all balance tiers on September 17, 2026, with no monthly maintenance fee or minimum balance, savings “buckets” to organize goals, and a limit of 10 withdrawals per statement cycle.
• Capital One 360 Performance Savings has no fees to open or keep the account and no minimum balance. Capital One notes that Capital One and Discover Bank deposit accounts opened on or after May 18, 2025 are counted together for FDIC coverage, which matters if you hold large balances at both.
• Cash at a broker is not a savings account. At Interactive Brokers, for example, IBKR Pro clients with a net asset value above $100,000 earn 3.13% on USD cash above $10,000, and nothing on the first $10,000 (rates read on September 17, 2026). Brokerage cash is protected by SIPC, not FDIC, unless it is swept to banks through a deposit program.

How to choose

1. You can route your paycheck: SoFi’s direct-deposit rate applies to your whole savings balance.
2. You keep up to $10,000 in savings and already use Revolut: the Standard plan’s High Yield account pays a competitive rate with no plan fee.
3. You don’t want any deposit condition: compare Ally and Capital One’s current rates.
4. Your balance is above $250,000: spread it across banks or ownership categories, or use an extended-coverage program such as SoFi’s.

FAQ

Is a high-yield savings account safe?

If the money is held at an FDIC-insured bank, deposits are insured up to $250,000 per depositor, per bank, per ownership category. With a fintech app, check the name of the partner bank in the terms.

Can the APY change after I open the account?

Yes. All the rates above are variable and can change at any time, including after you open the account.

Do I pay tax on savings interest?

Yes. Interest is taxable in the year it is credited to your account. According to the IRS, you should receive Form 1099-INT for $10 or more of interest, and you must report all taxable interest either way.

Is a CD better than a high-yield savings account?

A CD locks your money for a fixed term in exchange for a fixed rate, with a penalty for early withdrawal. A savings account keeps the money available but its rate can drop. Compare the CD rate with the savings APY and decide how long you can leave the money untouched.

Conclusion

The best high-yield savings account is the one whose conditions you will actually meet. SoFi pays 3.10% APY (as of 5/28/2026) to members with direct deposit, with no account fees. Revolut’s Standard plan pays 3.5% APY (as of 9/1/2026) on up to $10,000 in deposits. Ally and Capital One need no deposit condition. Check each provider’s page on the day you open an account, since every one of these rates is variable.