Best high-yield savings accounts in February 2026
High-yield savings account is a savings account with higher interest rate than traditional savings accounts, usually offered online-only.
What is a High-Yield Savings Account?
A High-Yield Savings Account (HYSA) is exactly what it sounds like: a savings account that pays you significantly more interest than a standard bank account.
While the average savings account in the U.S. pays a measly 0.46% (or less), HYSAs can pay 3.50% to 5.00% APY.
The catch? There usually isn’t one. These accounts are typically offered by online banks (like Ally, Marcus, or SoFi) that don’t have expensive physical branches to maintain. They pass those savings on to you in the form of higher interest rates.
Why use one?
- Beat Inflation: If your money is sitting in a checking account, it is losing purchasing power every year. An HYSA helps you keep up.
- Zero Risk: Unlike the stock market, your principal is protected. These accounts are FDIC insured (up to $250k), meaning the government backs your money.
- Liquidity: Unlike a Certificate of Deposit (CD) that locks your money away for months, you can withdraw cash from an HYSA whenever you need it (though excessive withdrawals may be limited).
When should you use an HYSA?
- Emergency Fund: This is the perfect home for your 3-6 months of “rainy day” cash. It’s safe, accessible, and growing.
- Short-Term Goals: Saving for a wedding next year? A house down payment in 2 years? A vacation in 6 months? Put it here.
- NOT for Long-Term Wealth: For goals 5-10+ years away (like retirement), investing in the stock market historically offers better returns than savings accounts.
How to understand the table below
- APY (Annual Percentage Yield): The actual interest rate you earn in a year, including compound interest. Higher is better.
- Min to Open: The minimum deposit required to open the account.
- Fees: Monthly maintenance fees. We generally recommend accounts with $0 monthly fees.
- FDIC Insurance: Confirms the bank is federally insured, protecting your deposit up to $250,000 per depositor.
Top High-Yield Savings Accounts (February 2026)
Ordered by APY potential:
| APY | Institution | Min to Open | Max Balance | Monthly Fee | FDIC Insurance |
|---|---|---|---|---|---|
| Up to 5.00% | Varo Savings → | $0 | $5,000 (for max rate) | $0 | Yes |
| 4.60% | Pibank → | $0 | ∞ | $0 | Yes |
| 4.21% | Axos Bank (High Yield) → | $250 | $500k | $0 | Yes |
| 4.20% | Openbank → | $500 | ∞ | $0 | Yes |
| 4.02% | Vio Bank → | $100 | ∞ | $0 | Yes |
| Up to 4.00% | SoFi Checking & Savings → | $0 | ∞ | $0 | Yes (up to $2M) |
| 3.75% | CIT Bank (Platinum) → | $100 | ∞ | $0 | Yes |
| 3.65% | Marcus by Goldman Sachs → | $0 | $1M | $0 | Yes |
| 3.50% | American Express® HYSA → | $0 | $5M | $0 | Yes |
| 3.30% | Ally Bank → | $0 | ∞ | $0 | Yes |
Interest Rate vs. APY
You might see both terms thrown around.
- Interest Rate: The simple rate of interest you earn.
- APY (Annual Percentage Yield): This is the number that matters. It includes the effect of compounding—interest earning interest.
Example: If you put $10,000 in an account with a 4% interest rate that compounds daily, at the end of the year you’ll have more than just 4% ($400). You’ll have earned interest on your interest, resulting in an APY slightly higher than 4%.
Disclaimer: This is not a financial advice and Maxint is not affiliated with any financial instiution, product or service.