We evaluated over 40 banks and credit unions based on APY, fees, and accessibility. Here are our top picks for maximizing your savings.
Zogby is an independent, advertising-supported comparison service. We may receive compensation from the companies whose products appear on this site. This compensation may impact how, where, and in what order products appear. Zogby does not include every financial company or every product available in the marketplace.
Key Takeaways
- 1 The best high-yield savings accounts currently offer APYs between 4.20% and 4.75%—more than 10x the national average of 0.45%.
- 2 All of our top picks have zero monthly maintenance fees and zero minimum balance requirements, making them accessible to everyone.
- 3 Online banks consistently offer higher APYs than traditional brick-and-mortar banks due to lower overhead costs.
- 4 Your deposits are FDIC-insured up to $250,000 per depositor, per institution, making high-yield savings accounts extremely safe.
- 5 APYs are variable and can change at any time—consider a CD if you want to lock in today's high rates.
Our Top Picks for High-Yield Savings
1. SoFi Checking and Savings
APY
4.60%
Min Deposit
$0
Monthly Fee
$0
Founded in 2011 at Stanford and headquartered in San Francisco, SoFi obtained its national bank charter from the OCC in January 2022—a milestone that allows it to hold deposits directly and offer FDIC insurance (Certificate #26881) without relying on a partner bank. With over 13.7 million members as of late 2025 (up 34% year-over-year) and more than $3.6 billion in annual revenue, SoFi has rapidly become one of the largest digital-first financial platforms in the U.S. Its savings account offers 4.60% APY with qualifying direct deposit, fee-free overdraft coverage up to $50 via Overdraft Protection, and Vaults for organizing savings by goal. The account integrates seamlessly with SoFi Invest, SoFi Relay (a free credit-score and spending tracker), and SoFi's lending products.
Pros
- No account fees or minimum balance requirements
- Up to 4.60% APY with direct deposit
- Early paycheck access up to 2 days
Cons
- Highest APY requires direct deposit
- No physical branch locations
2. Discover® Bank
APY
4.25%
Min Deposit
$0
Monthly Fee
$0
Discover Bank traces its roots to 1911 as Greenwood Trust Company in Delaware and rebranded in 2000 under Discover Financial Services, which Sears originally launched in 1985. FDIC-insured under Certificate #35546, Discover was acquired by Capital One in May 2025 and now operates as a division of Capital One, N.A. Its Online Savings Account charges zero fees of any kind—no monthly maintenance, no excess-withdrawal penalties, and no minimum balance. Discover has earned J.D. Power awards for customer satisfaction, and its 100% U.S.-based customer service team is available 24/7 by phone. The mobile app supports instant transfers between Discover accounts and external bank-to-bank transfers typically settle within one business day.
Pros
- Absolutely no fees of any kind
- 24/7 U.S.-based customer support
- Strong mobile app with easy transfers
Cons
- APY slightly below top competitors
- No physical branch access
3. Marcus by Goldman Sachs
APY
4.40%
Min Deposit
$0
Monthly Fee
$0
Launched in October 2016 as Goldman Sachs' first-ever consumer banking platform, Marcus is named after the firm's founder, Marcus Goldman, who started the company in 1869. By 2024, Marcus had amassed over $100 billion in consumer deposits and serves more than 3 million customers globally. The High-Yield Online Savings Account features no fees, no minimums, and daily compounding interest. Marcus has consistently kept its APY within the top 10% of online savings rates, rarely dropping it aggressively during rate-cut cycles. The platform also offers a No-Penalty CD (withdraw after just 14 days with no fee) and personal loans up to $40,000 with no origination fees.
Pros
- Backed by Goldman Sachs
- Consistently competitive APY
- No-penalty CD option available
Cons
- No checking account or debit card
- Limited product ecosystem compared to full-service banks
4. Ally Bank
APY
4.20%
Min Deposit
$0
Monthly Fee
$0
Originally founded in 1919 as GMAC (General Motors Acceptance Corporation) and rebranded as Ally Bank in 2009, Ally is headquartered in Detroit with its banking subsidiary based in Sandy, Utah. FDIC-insured under Certificate #57803, Ally held over $182 billion in total assets as of early 2025, making it one of the largest online-only banks in the country. Its Online Savings Account features Savings Buckets for organizing up to 30 separate goals within a single account, a Surprise Savings tool that uses algorithms to automatically move safe-to-save money, and round-up transfers from Ally checking. Ally also offers 24/7 customer support and consistently earns 4.7+ star ratings for its mobile app on both iOS and Android.
Pros
- Savings buckets for goal tracking
- Full suite of banking products
- Excellent mobile and web experience
Cons
- APY not the highest available
- No cash deposit options
5. Synchrony Bank
APY
4.75%
Min Deposit
$0
Monthly Fee
$0
Originally chartered in 1988 as Monogram Bank and rebranded as Synchrony Bank in June 2014, Synchrony is a subsidiary of Synchrony Financial (NYSE: SYF), headquartered in Stamford, Connecticut, with its banking operations based in Draper, Utah. FDIC-insured under Certificate #27314, Synchrony is best known as America's largest provider of private-label store credit cards, partnering with over 500,000 retail locations. Its High Yield Savings Account consistently offers one of the highest APYs in the market—frequently topping competitors by 20-30 basis points. The account includes an optional ATM card for cash withdrawals at ATMs nationwide, a rare feature among savings accounts. Synchrony's interest compounds daily and is credited monthly, maximizing returns for high-balance savers.
Pros
- Among the highest APYs available
- No minimum balance or monthly fees
- Optional ATM card for savings access
Cons
- Limited banking product offerings
- Less well-known brand name
What Is a High-Yield Savings Account?
A high-yield savings account works just like a regular savings account, but pays a significantly higher interest rate—often 10 to 12 times the national average. These accounts are typically offered by online banks, which can pass on their lower overhead costs in the form of better rates for customers.
Your deposits are FDIC-insured up to $250,000 per depositor, per institution, making high-yield savings accounts one of the safest places to keep your emergency fund or short-term savings.
High-Yield Savings Accounts Compared
| Provider | APY | Min Deposit | Monthly Fee | Rating |
|---|---|---|---|---|
|
SoFi Checking and Savings
Top Pick
|
4.60% | $0 | $0 |
4.9
|
|
Discover® Bank
|
4.25% | $0 | $0 |
4.8
|
|
Marcus by Goldman Sachs
|
4.40% | $0 | $0 |
4.8
|
|
Ally Bank
|
4.20% | $0 | $0 |
4.7
|
|
Synchrony Bank
|
4.75% | $0 | $0 |
4.6
|
Our Methodology
Our team evaluated over 40 online banks and credit unions, testing account features, comparing APYs, and assessing the overall customer experience to determine our top high-yield savings account picks.
APY & Rate Competitiveness
30%We compared each account's APY to the national average and to competitors, factoring in rate consistency over time rather than just promotional rates.
Fees & Minimums
25%We evaluated monthly maintenance fees, minimum balance requirements, minimum deposits to open, and any other account charges that could erode your earnings.
Account Features & Usability
25%We assessed mobile app quality, savings tools (buckets, round-ups, auto-save), transfer speeds, and the overall user experience of each bank's platform.
Safety & Customer Support
20%We verified FDIC insurance coverage, reviewed customer service availability and quality, and assessed each institution's financial stability and reputation.
Frequently Asked Questions
Sarah Chen
Senior Senior Financial Editor
Sarah Chen is a certified financial planner (CFP®) and senior editor at Zogby with over 12 years of experience covering banking and high-yield savings accounts. She holds a degree in Economics from Columbia University and has been published in The Wall Street Journal, Bloomberg, and Forbes. Sarah's work focuses on making complex financial products accessible to everyday consumers.
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Important Banking & Savings Disclaimers
- APYs (Annual Percentage Yields) shown are accurate as of the date of publication and are subject to change at any time without notice. APYs may vary by region. Contact the bank directly for the most current rates.
- Deposits at FDIC-insured banks are insured up to $250,000 per depositor, per insured bank, for each account ownership category. Credit union deposits are insured by the NCUA up to the same limits.
- Minimum deposit requirements, monthly maintenance fees, and other account terms may apply. Review the account's fee schedule and terms before opening.
- Zogby is not a bank. We are an independent comparison service. We do not offer banking products or hold deposits on your behalf.
The information provided on this page is for general informational and educational purposes only. It is not intended as, and should not be construed as, financial, legal, tax, or investment advice. Always consult with a qualified professional before making any financial decisions.
Editorial Independence
Our recommendations are based on independent research and analysis. While Zogby may receive compensation from some partners listed on this page, our editorial team maintains full independence over our rankings and ratings. Compensation does not influence which products we recommend or how we rate them.