Savings rates moved again in 2026. The Federal Reserve raised its target range on September 16, 2026, while the typical savings account still pays well under 1%. This guide lists the high-yield savings accounts we checked on the providers’ own pages on October 13, 2026, with the rate, the minimum, and the catch for each.
The short version: the best ongoing rates we found are between 3.50% and 4.20% APY, no one we checked still advertises a standing 5.00% savings rate, and the FDIC’s national average for savings is 0.37% (last updated September 21, 2026). Rates are variable, so treat the table below as a dated snapshot and confirm the number on the bank’s site before you open an account.
What changed for 2026
- The Fed raised its target range by a quarter point on September 16, 2026, to 3.75%–4.00%. Its last move before that was a cut in December 2025, to 3.50%–3.75%. The Fed’s next scheduled meeting is October 27–28, 2026.
- The standing 5.00% rate from our 2025 guide is gone. The highest ongoing rate we found is 4.20% (Happen Bank), and that one needs deposits each month. The highest rate with no conditions is 3.90% (Bask Bank).
- As of October 13, 2026, Axos, UFB, Openbank, Bask and SoFi each advertise a new-customer boost for up to six months, with sign-up deadlines between October 31 and December 31, 2026. Each boost then drops back to the standard rate. We list both numbers.
- Discover and LendingClub changed. Capital One completed its acquisition of Discover in May 2025, and Discover’s savings page now redirects to Capital One’s 360 Performance Savings (3.10%). LendingClub’s bank now operates as Happen Bank.
- We dropped Newtek, Zynlo and Poppy from the old list because we could not confirm their current rates on an official page. Varo now pays up to 3.75%, on the first $5,000 only, and only with qualifying direct deposits.
- The FDIC’s national average savings rate is 0.37% as of September 21, 2026.
Quick answer: the top 5 savings rates we found
- Happen Bank (formerly LendingClub) LevelUp Savings: 4.20% APY. Happen’s rate page says the account needs at least $250 in deposits in each evaluation period; otherwise it pays 3.00%.
- Bask Bank Interest Savings: 3.90% APY. No minimum balance and no monthly fee, with no conditions on the standard rate.
- Openbank High Yield Savings: 3.80% APY. $500 to open. New customers get a 0.35% boost for six months if they open by November 3, 2026.
- Axos Summit Savings: 3.75% APY. No minimum. New customers who open between October 1 and 31, 2026 with code SUM26 earn 4.01% for up to six months.
- Synchrony High Yield Savings: 3.55% APY. No minimum deposit, no minimum balance and no monthly fee.
Rates checked October 13, 2026. Where a provider’s page gives its own “accurate as of” date, the table shows it.
How we chose
We read each rate, minimum and fee on the provider’s own page, not on a comparison site, and we show the date that page gives. We looked only at accounts open to most US residents, insured by the FDIC (directly or through partner banks), with no monthly fee. We ranked by the rate you keep earning, not by the sign-up promotion, and we say plainly when a rate needs direct deposit, monthly deposits, a balance cap or a new account. If we could not confirm something on an official page, we left it out or flagged it.
High-yield savings rates compared (October 13, 2026)
| Account | APY | Minimum | The catch | Rate date on provider page |
|---|---|---|---|---|
| Happen Bank LevelUp Savings (formerly LendingClub) | 4.20% | No minimum opening deposit | Needs $250 or more in deposits per evaluation period; otherwise 3.00% | Oct 12, 2026 |
| Bask Bank Interest Savings | 3.90% | No minimum balance | None for the standard rate; Bask also lists a boost to 4.30% for up to six statement periods for new customers who open both Interest Savings and Interest Checking between Oct 1 and Dec 31, 2026 | Oct 13, 2026 |
| Openbank High Yield Savings | 3.80% | $500 to open | New customers: 4.15% for six months, open by Nov 3, 2026 | Checked Oct 13, 2026 (page shows no date) |
| Axos Summit Savings | 3.75% | No minimum initial deposit | New customers who open Oct 1–31, 2026 with code SUM26: 4.01% for up to six months | Oct 13, 2026 |
| Synchrony High Yield Savings | 3.55% | No minimum deposit | None | Oct 13, 2026 |
| Wealthfront Cash Account | 3.55% base | See Wealthfront | Not a bank. Cash is swept to program banks. Up to 4.45% with boosts | Oct 1, 2026 |
| Marcus by Goldman Sachs Online Savings | 3.50% | No minimum deposit | None; Marcus says maximum balance limits apply | Oct 13, 2026 |
| SoFi Savings | 3.30% with eligible direct deposit | No minimum balance | Up to 4.20% for up to six months with a 0.90% boost (new members who open by Dec 31, 2026 and set up eligible direct deposit or $5,000 in qualifying deposits within 60 days) | Sep 23, 2026 |
| UFB Portfolio Savings | 3.26% | No minimum deposit | New customers who open by Oct 31, 2026 with code UFB75: 4.01% for up to six months | Oct 13, 2026 |
| Barclays Online Savings | 3.20% | No minimum to open | None | Oct 7, 2026 |
| Ally Savings Account | 3.10% | $0 | None | Oct 12, 2026 |
| Capital One 360 Performance Savings | 3.10% | No minimum | None. This is where Discover’s savings page now sends you | Oct 13, 2026 |
| American Express High Yield Savings | 3.10% | No minimum | None | Oct 13, 2026 |
| Varo Savings | Up to 3.75% on the first $5,000; 1.00% on balances over $5,000 | No minimum | Needs a Varo bank account, direct deposits totaling $1,000 or more each month, and a positive balance at month end. Varo’s page still dates this rate July 1, 2026 | Jul 1, 2026 |
Best high-yield savings accounts by situation
Highest ongoing rate: Happen Bank LevelUp Savings (4.20%)
Happen Bank is the new name for LendingClub’s bank. Its LevelUp Savings pays 4.20% on the full balance when the account receives at least $250 in deposits during the evaluation period, and 3.00% when it does not. Interest payments, account bonuses, credits and refunds from the bank do not count as deposits. If you move money in every month anyway, this is the highest ongoing rate we found. If your deposits are irregular, the standard rate is below several no-condition accounts.
Highest rate with nothing to remember: Bask Bank (3.90%)
Bask Interest Savings pays 3.90% with no monthly fee and no minimum balance requirement. Bask is a division of Texas Capital Bank, an FDIC member, and deposits are insured through it. If you want one rate that does not depend on how you use the account, this is the one to beat.
Best known name: Marcus by Goldman Sachs (3.50%)
Marcus pays 3.50% with no fees and no minimum deposit. Its page lists same-day transfers of $100,000 or less to and from other banks and a contact center that is open 24 hours a day. Barclays (3.20%), Ally (3.10%) and American Express (3.10%) are the other large names, each with no minimum.
Best if you want checking and savings together: SoFi
SoFi opens a checking and a savings account together. Savings earns 3.30% with eligible direct deposit and there are no account fees. New members who set up eligible direct deposit (or $5,000 in qualifying deposits) within 60 days can add a 0.90% boost for up to six months (4.20% in total) if they open by December 31, 2026, and a direct deposit of $1,000 or more can earn a $50 bonus, or $400 for $5,000 or more. SoFi says deposits may be insured up to $3 million through its program banks. SoFi’s page gives its savings rate as current as of September 23, 2026.
Best for large balances beyond $250,000: Wealthfront or SoFi
Standard FDIC coverage is $250,000 per depositor, per insured bank, per ownership category. Wealthfront says its Cash Account has access to up to $8 million of FDIC insurance through program banks, and SoFi says up to $3 million. Wealthfront is not a bank: its Cash Account page says it sweeps Cash Account deposits to program banks, which provide the FDIC coverage. Its base APY is 3.55% as of October 1, 2026; a new client’s 0.65% boost for three months plus a 0.25% boost for clients who invest and deposit monthly can take it to 4.45%, on balances up to $150,000.
Best for a full-service bank app: Ally and Capital One
Ally’s Savings Account pays 3.10% on every balance tier, with no monthly fee, no minimum, and savings Buckets for organizing goals. Capital One 360 Performance Savings also pays 3.10% on all balances and has no fees, and Capital One also has Cafés if you want in-person help. They pay less than Bask or Marcus. You are paying for the app, the support and the other accounts.
New-customer promotions: read the second number
Several providers on this list advertise a boost for new customers, each with a dated sign-up window. Axos Summit Savings goes from 3.75% to 4.01% for up to six months for accounts opened October 1–31, 2026. UFB Portfolio Savings goes from 3.26% to 4.01% for up to six months for accounts opened by October 31, 2026. Openbank goes from 3.80% to 4.15% for six months for accounts opened by November 3, 2026. Bask goes from 3.90% to 4.30% for up to six statement periods for new customers who open savings and checking by December 31, 2026. SoFi goes from 3.30% to 4.20% for up to six months for accounts opened by December 31, 2026. Axos also advertises up to 5.00% (on balances up to $49,999.99) for the first six statement cycles on its Axos ONE bundle for accounts opened in October 2026, which needs a checking account that receives at least $1,500 in qualifying direct deposits a month and keeps a $1,500 average daily balance, or under its second option $5,000 in qualifying deposits a month and a $5,000 average daily balance before the promotional rate applies.
A promotion is worth taking when the standard rate is already competitive, because you will earn the standard rate for years after the boost ends. Compare the second number, not the first. Customers who held an Axos Bank or UFB Direct account before are not eligible for those two offers.
How much more will you earn?
Here is the arithmetic for a year at 3.90% (Bask’s rate) against the FDIC’s 0.37% national average savings rate, assuming the rate stays the same for the year. It will not, but it shows the size of the gap.
| Balance | At 3.90% | At 0.37% (national average) | Difference |
|---|---|---|---|
| $1,000 | $39.00 | $3.70 | $35.30 |
| $5,000 | $195.00 | $18.50 | $176.50 |
| $15,000 | $585.00 | $55.50 | $529.50 |
| $25,000 | $975.00 | $92.50 | $882.50 |
A $10,000 balance earns about $390 a year at 3.90%, or $32.50 a month, against about $37 a year at the national average.
Are high-yield savings accounts safe?
Yes, when the money is at an FDIC-insured bank. Deposits are insured up to $250,000 per depositor, per insured bank, per ownership category, and the banks state it on their sites. Credit unions are insured by the NCUA, also up to $250,000. If you hold more than that at one bank, spread it across banks or use a program that sweeps cash to several banks, and check what the program covers before you rely on it.
Wealthfront is the one provider above that is not a bank. Its Cash Account places your cash with program banks that carry the FDIC insurance, so read how that works before you use it for money you cannot afford to lose.
What the Fed’s move means for your savings rate
The Fed went from cutting in late 2025 to raising in September 2026. But a savings rate is set by each bank, and every rate above is variable, so a bank can change it at any time. Nobody can tell you where these rates will be in six months. Pick an account you would still be happy with at a rate half a point lower, and be ready to move the money if a bank stops being competitive.
If you want a fixed rate for a set time, a CD is the alternative (see our CD rates guide). As of October 13, 2026, Marcus lists a 12-month CD at 4.40% APY and Synchrony lists a 13-month CD at 4.40% APY. You give up easy access in exchange, and early withdrawals usually cost interest.
How to choose
- Balance over about $250,000 or a goal of more FDIC coverage: check the coverage program before the rate.
- You can add money every month: Happen Bank LevelUp Savings is the highest ongoing rate we found.
- You want to set it and forget it: Bask (3.90%) or Marcus (3.50%).
- You are moving your paycheck anyway: look at SoFi, or the Axos ONE bundle if you meet its direct deposit rule.
- You want a boost and are willing to move later: Axos Summit, UFB or Openbank, then check the standard rate when the boost ends.
Red flags: a rate that is only for the first few months, a cap on the balance that earns the top rate, monthly fees or high minimums that cancel the interest, and any account that is not FDIC-insured or NCUA-insured.
How to open a high-yield savings account
- Have your ID, Social Security number, address and a funding source (a bank account, check or wire) ready.
- Apply on the bank’s own site. Many online applications take only a few minutes.
- Link your current bank, verify the link, and transfer a small amount first to make sure it works.
- Turn on two-step sign-in and set up an automatic monthly transfer.
- Save a screenshot of the rate and terms on the day you open, so you can compare later.
Frequently asked questions
Which savings account has the highest interest rate?
Among the accounts we checked on October 13, 2026, Happen Bank LevelUp Savings has the highest ongoing rate at 4.20%, and it requires at least $250 in deposits per period. The highest rate with no conditions is Bask Bank at 3.90%. Some new-customer promotions pay more for up to six months. The highest is Axos ONE at up to 5.00% for accounts opened in October 2026, but it needs direct deposits or large monthly deposits into a linked checking account, and the rate drops afterward.
Are online high-yield savings accounts safe?
They are as safe as any FDIC-insured account: up to $250,000 per depositor, per insured bank, per ownership category. Check that the bank shows it is a member of the FDIC. An online bank has the same insurance as a branch bank.
How often do savings rates change?
Any time. Every account above has a variable rate, which the provider can change at any time, including after you open the account. The dates in our table show when each provider last posted its number.
How much will $10,000 earn in a high-yield savings account?
At 3.90% APY, about $390 over a year, or about $32.50 a month, if the rate does not change. At the FDIC national average of 0.37%, the same $10,000 earns about $37 a year.
Do I pay tax on savings interest?
Yes. Interest is taxable income. Banks must report interest of $10 or more to the IRS and send you a Form 1099-INT, and you should report smaller amounts too.
Is a promotional rate worth taking?
It can be, if the standard rate after the promotion is still competitive and you do not mind moving later. Read the end date, the direct deposit rule and the balance limit. Some promotions, such as Axos Summit and UFB, exclude people who already had an account at Axos or UFB Direct.
Which one to pick
Pick the account whose rule you can live with. If you can deposit every month, Happen Bank is the highest ongoing rate we found. If you want no conditions, Bask is next at 3.90%, ahead of Openbank, Axos and Synchrony. If you want a big name, Marcus pays 3.50%. Whatever you choose, compare it to the 0.37% national average, and keep an eye on our savings rate tracker for changes after this check.
Next, decide how much cash to hold. Our emergency fund guide walks through the size of a cash cushion, and our piece on building bulletproof personal finance habits covers a savings plan that works. If you also want interest on everyday money, see our guide to the best checking accounts or the full list of best online banks.
Rates last checked October 13, 2026. We show the provider’s own date next to every rate.
This guide is for general information and is not financial advice. Rates are variable and can change at any time; confirm the current rate and terms on the provider’s site before you open an account.
