If your money is sitting in a traditional savings account right now, you're leaving hundreds — possibly thousands — of dollars on the table every year. The national average savings account APY is just 0.41%. Meanwhile, the best high-yield savings accounts are paying over 4.50%.
That's not a small difference. On $20,000 in savings, that gap is worth over $800 per year in extra interest — for literally doing nothing differently except moving your money.
We reviewed more than 20 banks and credit unions to find the best high-yield savings accounts available right now. Here's what we found.
Quick Comparison: Best High-Yield Savings Accounts
| Bank | APY | Min. Balance | Monthly Fee | FDIC Insured |
|---|---|---|---|---|
| Marcus by Goldman Sachs Best Overall | 4.50% | $0 | None | ✅ Yes |
| SoFi High-Yield Savings | 4.60% | $0 | None | ✅ Yes |
| Ally Bank Online Savings | 4.35% | $0 | None | ✅ Yes |
| American Express HYSA | 4.25% | $0 | None | ✅ Yes |
| Discover Online Savings | 4.25% | $0 | None | ✅ Yes |
Our Top Picks — Reviewed
Marcus by Goldman Sachs consistently ranks as one of the best high-yield savings accounts available. With a 4.50% APY, zero fees, no minimum balance, and the backing of one of the world's most trusted financial institutions, it's our top overall pick for most people.
Who it's best for: Anyone who wants a straightforward, high-interest savings account with zero complexity. No checking account required, no hoops to jump through.
Open a Marcus Account →SoFi offers the highest APY on our list at 4.60% — but there's a catch: you need to set up direct deposit to qualify. If you can do that, SoFi is hard to beat. You also get a checking account, early paycheck access, and up to $2M in FDIC insurance through their partner banks.
Ally is one of the most beloved online banks for good reason. Their "Savings Buckets" feature lets you divide your savings into separate goals (emergency fund, vacation, down payment) — all within one account. The rate is competitive and the user experience is best-in-class.
Why Your Regular Bank is Robbing You (Quietly)
The average traditional bank savings account pays 0.41% APY. Chase pays 0.01% on most accounts. Bank of America: 0.01%. Wells Fargo: 0.01%.
These are not rounding errors. These are the rates big banks set on purpose — because most people don't check, and the banks keep the difference.
Here's what that costs you in real money:
- $5,000 in savings at 0.01% APY = $0.50/year in interest
- $5,000 in savings at 4.50% APY = $225/year in interest
- Difference: $224.50 per year. For doing nothing differently.
On $25,000, that gap is $1,122 per year. That's a car payment. A vacation. Several months of groceries.
How to Choose the Right High-Yield Savings Account
The APY is important but it's not the only thing to consider. Here's what to look for:
1. APY (Annual Percentage Yield)
This is the effective annual rate you earn, including compounding. Higher is better, but a 0.1% difference on $10,000 is only $10/year — don't agonize over small gaps.
2. Fees
Monthly maintenance fees can wipe out your interest gains. Only consider accounts with no monthly fees. All our picks have zero fees.
3. Minimum Balance Requirements
Some accounts require $500 or $1,000 to open or avoid fees. Our top picks require $0.
4. FDIC Insurance
Every account on our list is FDIC-insured up to $250,000 per depositor. Your money is safe.
5. Access to Your Money
Can you transfer money easily? How many business days does it take? Most online banks take 1–3 business days for transfers.
Frequently Asked Questions
Bottom Line
There's no good reason to keep your savings in a traditional big-bank account earning 0.01%. Opening a high-yield savings account takes less time than watching a TV episode, and the returns are immediate and guaranteed.
Our top pick for most people is Marcus by Goldman Sachs — 4.50% APY, no fees, no minimum, no tricks. If you want direct deposit and the highest possible rate, go with SoFi at 4.60%.
Either way — move your money. Your future self will thank you.