High-Yield Savings Account
A high-yield savings account (HYSA) is an FDIC-insured deposit account that pays a materially higher annual percentage yield (APY) than a typical brick-and-mortar savings account. The category emerged with internet-only banks in the early 2000s and has grown to include offerings from established banks (Marcus by Goldman Sachs, Capital One 360, Discover, Synchrony), credit unions, and fintechs like SoFi. Today's leading HYSAs typically pay 10 to 20 times the FDIC's published national average savings rate, which sat at roughly 0.40% APY in early 2026 [verify with current FDIC National Rates table]. The key trait that distinguishes HYSAs from CDs: the rate is variable. Banks can change the advertised APY at any time and typically follow Federal Reserve rate moves on the way down at least as quickly as on the way up.
Current US high-yield savings account rates
Typical range across leading online high-yield savings accounts. Rates change frequently — verify the current rate at the institution before opening an account.
See top banks →Current rates at these banks may fall outside the range shown above — verify at the institution.
- · Direct deposit bonus eligible
- · FDIC insured via partner banks
- · No monthly fee
- · Same-day transfers (limits apply)
- · No minimum balance
- · No monthly fee
- · No minimum balance
- · Telephone customer service
- · No monthly fee
These are widely-recognized banks offering high-yield savings accounts. APYCalculator does not earn commissions on links from this site and is not affiliated with any of these institutions.
Three things to verify before you open an HYSA.
1. FDIC insurance. Every reputable HYSA at a US bank is insured by the Federal Deposit Insurance Corporation up to $250,000 per depositor, per insured bank, per ownership category. The "per ownership category" phrase matters — a single account, a joint account, and a retirement account at the same bank are treated as separate ownership categories and are each insured to $250,000 individually. You can verify a bank's FDIC coverage at the FDIC's BankFind tool by searching the institution's name. Fintechs like SoFi and Wealthfront are not banks themselves; they sweep your deposits into one or more partner banks, and the FDIC coverage flows through those banks. This means coverage at a sweep-based fintech can scale well above $250,000 — but only if you don't already hold accounts at the partner banks.
2. Fee schedule. Most online HYSAs charge no monthly maintenance fee, no minimum balance fee, and no ACH transfer fee. Watch the fine print for outgoing wire fees (often $20–$30), paper statement fees (typically $1–$5/month), and excessive-withdrawal fees. Until April 2020, federal Regulation D limited savings account withdrawals to six per month; the Fed suspended that limit during the pandemic and has not reinstated it, but some banks still apply their own withdrawal caps.
3. Rate stability. A leading HYSA today is not necessarily a leading HYSA next quarter. Some banks use teaser rates that drop after 6 or 12 months. Read the bank's published rate change history if one is available — Marcus, Ally, and Discover all publish historical rate timelines. APY is variable and not guaranteed.