Bottom line Axos Bank (4.21% APY) is our top overall pick for a no-gimmick high rate, followed closely by Wealthfront and Newtek Bank at 4.20%[1][2]. Any of these beats the 0.38% national average[4] by a wide margin.
Not financial advice Rates are promotional and change frequently. Confirm the current APY and terms on the bank's site before opening an account.

Why rates are still high

The Federal Reserve raised its target rate to 3.75%–4.00% on September 16, 2026 — its first hike since July 2023[5]. When the Fed moves, online banks that compete for deposits pass higher rates through quickly. That's why top high-yield savings accounts (HYSAs) are still comfortably above 4% even as the national average sits at just 0.38%[4].

Piggy bank surrounded by coins

The gap matters more than most people realize: on a $10,000 balance, 0.38% earns about $38 a year, while 4.20% earns about $420 — before compounding.

The 8 best high-yield savings accounts

Rates below are the highest published APYs as of September 18, 2026, cross-checked across NerdWallet, Fortune, and Bankrate[1][2][3]. Some are promotional or carry requirements — noted in the table.

AccountAPYFine print
Axos Bank4.21%Highest verified rate; may require linking a checking account and meeting deposit criteria[1][2]
Wealthfront4.20%Compounds monthly; no monthly fee[2]
Newtek Bank4.20%Compounds daily[2]
CIT Bank Platinum Savings4.10%Promo rate; requires $5,000+ balance; standard rate 3.75%[1][3]
Climate First Bank4.01%Lower balance requirements[1]
Peak Bank Envision4.01%—[1][2]
Live Oak Bank4.00%Consistently near the top of rate lists[1][2]
Happen4.00%—[1][3]

What to watch for

  • Promotional vs standard rates. CIT Bank's 4.10% is a promo that requires a $5,000 balance; its standard rate is 3.75%[1]. Know which rate you're actually getting.
  • Conflicting headlines. SoFi is quoted at 4.50% by Fortune but "up to 4.00%" by NerdWallet, likely reflecting different promo tiers[1][2]. We left it off the headline table because the exact rate wasn't verifiable.
  • Requirements. Some banks require a linked checking account, direct deposit, or a minimum balance to earn the top rate[1].
  • FDIC insurance. Confirm the account is FDIC-insured (standard coverage is $250,000 per depositor, per bank).

How to choose

Rate first, then friction. If you'll keep more than $5,000 parked and don't mind a requirement, CIT Bank's promo is fine. If you want the simplest high rate with no balance games, Axos, Wealthfront, or Newtek are the cleaner choices. Most people should simply pick the highest rate from a bank they trust — the differences among the top five are a rounding error[1][2].

Quick tip Check the account's compounding schedule (daily vs monthly) and whether there's a monthly fee — a 4.00% account with a fee can underperform a fee-free 3.85% account.

FAQ

Is a high-yield savings account safe?

Yes, if it's FDIC-insured. Deposits are protected up to $250,000 per depositor, per insured bank, for each account ownership category.

Why is the national average so much lower?

The FDIC's 0.38% national average reflects all banks, including giant brick-and-mortar banks that don't compete on rate. Online banks have lower overhead and pay more[4].

Do these rates change?

Yes — HYSA rates track the Fed's moves. After the September 2026 hike, expect online banks to keep rates near 4% or nudge them higher[5].

Sources

  1. NerdWallet — Best High-Yield Savings Accounts of September 2026 — nerdwallet.com
  2. Fortune — Top high-yield savings rates, Sep 18, 2026 — fortune.com
  3. Bankrate — Best high-yield savings accounts — bankrate.com
  4. FDIC — National Rates and Rate Caps (August 2026) — fdic.gov
  5. Federal Reserve — FOMC statement, September 16, 2026 — federalreserve.gov