High-Yield Savings Accounts: Find the Best Rates (May 2026)

Mother's Day was yesterday, but the advice applies year-round: take care of the things that take care of you.

Your emergency fund takes care of you when life gets messy. Make sure it's in an account that actually grows.

A 0.01% rate isn't taking care of anyone. It's just taking up space.

High-yield savings accounts (HYSAs) offer rates worth your time. Make the switch today.

Our Picks for the Best High-Yield Savings Accounts of 2026

Disclaimers

Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.

Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of February 17, 2026.

* Platinum Savings APY Boost Promotion Terms and Conditions

This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.

Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.

The Promotion begins on February 13, 2026, and ends May 31, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.

The promotion can end at any time without notice.

For complete list of account details and fees, see our Personal Account disclosures.

CIT General Disclosure

For complete list of account details and fees, see our Personal Account disclosures. https://www.cit.com/cit-bank/resources/forms

The annual percentage yield (APY) is accurate as of January 8, 2026 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.

Accurate as of the time of publication. The national average rate referenced is from the FDIC’s published National Rates and Rate Caps for Savings deposit products, accurate as of March 16, 2026. See the FDIC website for more information.

Best HYSA rates today, May 11, 2026

Bank Account APY Requirements Varo Savings up to 5.00% Qualify to earn 5.00% APY on up to $5,000, and 2.50% APY on any amount above that. Go2bank up to 4.50% On savings vault balances up to $5,000 when your checking account is active and in good standing. Pibank Savings 4.40% No min. balance Axos ONE® up to 4.21% Receive at least $1,500 in total monthly qualifying direct deposits and maintain an average daily balance of at least $1,500 Newtek Bank Personal High Yield Savings 4.20% No min. balance to open, min. $0.01 required to earn interest

Data source: Issuing banks. Rates are accurate as of May 10, 2026.

Featured account:

Right now, with the CIT Platinum Savings account, earn up to 4.10%* APY for a limited time with a savings balance of $5,000 or greater. Just use code CITBOOST at sign-up. Growing your savings balance has never been easier. Check out our full review to learn more, or click below to open an account now.

Member FDIC.

Limited-time Offer:

Earn up to 4.10% APY with promo code CITBoost Circle with letter I in it.

With the 6 month Boost limited-time offer, you earn 4.10%* APY on balances over $5,000 (balances less than $5,000 earn 0.60%* APY). After the boost is complete you will continue to earn standard rates-- 3.75% APY for balances over $5,000 (balances less than $5,000 earn 0.25% APY). The minimum to open a Platinum Savings account is $100. Member FDIC. No monthly service fees.

APY

up to 4.10%* Rate info Circle with letter I in it. 4.10%* APY for balances of $5,000 or more; otherwise, 0.60%* APY

• Competitive APY
• No account opening or maintenance fees
• Unlimited number of external transfers (up to daily transaction limits)
• FDIC insured
• Interest compounds daily so your money can grow a bit faster

• Balance requirement for maximum APY
• No branch access; online only

CIT Platinum Savings is a no-frills high-interest savings account that offers one of the highest APYs we've found available today -- as long as you can maintain a $5,000 minimum balance. Plus, customers can make an unlimited number of transfers and withdrawals each month (many savings accounts have monthly limits).

Open a CIT Platinum Savings Account

Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.

Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of February 17, 2026.

* Platinum Savings APY Boost Promotion Terms and Conditions

This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.

Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.

The Promotion begins on February 13, 2026, and ends May 31, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.

The promotion can end at any time without notice.

For complete list of account details and fees, see our Personal Account disclosures.

CIT General Disclosure

For complete list of account details and fees, see our Personal Account disclosures. https://www.cit.com/cit-bank/resources/forms

At Motley Fool Money, we rate savings accounts on a five-star scale, shown in tenths of a point to highlight even small differences between products. Accounts are evaluated across four main criteria:

• APY
• Brand and reputation
• Fees and minimum requirements
• Accessibility and features

Scores may be adjusted to reward limited-time high rates or penalize accounts with excessive fees. Our goal is to highlight accounts that are competitive, easy to use, and backed by trusted institutions. Learn more about how Motley Fool Money rates bank accounts.

At Motley Fool Money, we rate savings accounts on a five-star scale, shown in tenths of a point to highlight even small differences between products. Accounts are evaluated across four main criteria:

• APY
• Brand and reputation
• Fees and minimum requirements
• Accessibility and features

Scores may be adjusted to reward limited-time high rates or penalize accounts with excessive fees. Our goal is to highlight accounts that are competitive, easy to use, and backed by trusted institutions. Learn more about how Motley Fool Money rates bank accounts.

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Why the rate gap still matters right now

Three Fed rate cuts in 2025. Three holds to start 2026. And yet, the best high-yield savings accounts are still paying up to 5.00% APY -- well above the 0.38% national average that most traditional savings accounts are stuck at.

That gap isn't academic. On a $10,000 balance, the difference between 0.38% and 4.00% APY is roughly $362 in additional interest per year. On larger balances, it compounds into real money quickly.

Online banks have continued competing aggressively for deposits, which has kept top rates elevated longer than many expected. Whether that continues depends on what the Fed does next -- and another cut or two before year's end remains a possibility. The practical takeaway: the window is open now, and opening an account today is the simplest way to take advantage of it.

Deposits are FDIC-insured up to $250,000 per depositor, your money stays fully accessible, and there are no penalties for withdrawals. The case for switching is straightforward.

Three steps to your first high-yield savings account

Getting set up is genuinely quick. Here's the short version:

1. Pick an account. Prioritize APY, but also check for monthly fees (top accounts have none) and transfer options. If you can link it to your existing checking account at the same bank, transfers are usually faster.
2. Complete the application. Everything happens online. You'll enter your name, address, date of birth, and Social Security number. Most applications take under five minutes.
3. Fund it. Transfer money from your checking or current savings account. Standard transfers clear within a few business days, though some banks offer same-day or next-day options.

From there, the account does the work. Set up recurring transfers if you want to build savings automatically, and update any direct deposits to route straight to your HYSA.

The numbers behind compound interest

Compound interest is simple in theory -- you earn interest on your balance, and then you earn interest on that interest. The effect feels slow at first, but it accelerates. Here's what it looks like at 4.00% APY with no additional deposits:

Starting Balance After 1 Year After 5 Years After 10 Years After 20 Years $1,000 $1,040 $1,217 $1,480 $2,191 $5,000 $5,204 $6,105 $7,454 $11,113 $10,000 $10,407 $12,210 $14,908 $22,226 $20,000 $20,815 $24,420 $29,817 $44,452

Data source: Author's calculations.

Compare that to the same balance earning the national average of 0.38%, and the difference in long-term growth is substantial. The best accounts today can deliver more than 10x the interest of a typical bank savings account -- with zero additional risk to your principal.

Browse today's best high-yield savings accounts.

• Sources

FAQs

• It will likely drop, though not necessarily by the same amount or on the same timeline. Banks set their own rates and don't move in perfect lockstep with the Fed. Some pass cuts through quickly; others hold rates steady longer to stay competitive. That said, it's reasonable to expect gradual rate decreases if the Fed resumes cutting. Opening an account now lets you capture today's higher rates for as long as they last.

• Absolutely -- many people do. HYSAs function just like traditional savings accounts: you can deposit and withdraw freely, transfer to and from checking, and set up automatic contributions. The main difference is that they typically don't come with a debit card or in-person branch access. If you're comfortable banking online, there's no practical downside to making an HYSA your main savings vehicle.

• Most HYSAs compound interest daily and credit it to your account monthly. That means your balance earns a small amount of interest every day, which is then added to your principal at the end of each month -- and the following month, you earn interest on a slightly larger balance. It's a small distinction compared to monthly compounding, but over time, daily compounding does result in marginally more earnings.