Axos Bank

Best Savings Accounts (as of Summer 2026)

Since interest rates on savings accounts change often, here's a rundown of the top-rated options based on current rankings, along with the well-known brands people commonly use.

Top High-Yield Picks Right Now

Newtek Bank – Personal High Yield Savings was rated the top pick in NerdWallet's 2026 awards. Newtek Bank's Personal High Yield Savings was selected as the best savings account in NerdWallet's 2026 Best-Of Awards, with no monthly fee and a 4.20% APY — one of the highest rates around. However, there's a catch right now: Newtek Bank says it's currently not accepting new applications due to overwhelming demand, though interested customers can join a waitlist via the bank's website.

Other strong current rates:

• Forbright Bank offers up to 4.15%, with a $1,000 minimum balance requirement.
• Climate First Bank offers a strong 4.01% APY for savers who prefer a lower minimum, and Peak Bank offers the same rate but has a slightly higher opening deposit requirement.
• Elevault High-Yield Savings offers 4.34% APY on balances up to $500,000, with no minimum deposit requirement and no monthly fees.
• Axos One offers the potential to earn a boosted APY of up to 4.21% by meeting simple deposit and balance requirements.

Well-Known Brands People Actually Use

These are the household names that consistently show up across multiple "best of" lists and have large, established customer bases:

• Capital One 360 Performance Savings — one of the most popular online savings accounts, backed by a major traditional bank brand
• Marcus by Goldman Sachs — a widely used high-yield savings option from Goldman Sachs
• Ally Bank Savings Account — a longtime favorite among online-only banks, known for its user-friendly app and no-fee structure
• SoFi Checking and Savings — popular with younger savers who want banking and savings combined
• Synchrony Bank High Yield Savings — a well-established online bank option
• Quontic Bank High Yield Savings — another frequently recommended online option

As one review notes: Leading options from well-known banks like Capital One, American Express, Ally, and Marcus provide competitive yields with no monthly fees, though top rates often require qualifying activity. American Express also offers a widely-used high-yield savings account, trusted for its brand reputation.

Why Online Banks Dominate the Rankings

Online banks are a good option for high-yield savings accounts because they consistently offer competitive rates. They can do this because they have much lower overhead than traditional banks with physical locations, so they don't need to pay real estate costs or hire tellers and branch managers—instead, they pass these savings on to customers as higher interest rates.

By contrast, if you're using a big traditional bank, don't expect much: many national banks offer an APY of only 0.01% on their savings accounts—that's the case for JPMorgan Chase Bank, Bank of America and U.S. Bank, three of the largest U.S. banks. To put that in perspective, over one year, $1,000 stored in a savings account with a 0.01% APY will earn just 10 cents of interest.

What to Look For

The best high-yield savings accounts have a high annual percentage yield (APY), low balance requirement and few fees. For context on how good these rates really are: the average APY across all savings accounts as of July 20, 2026, was 0.38%, while a number of high-yield savings accounts were offering APYs of 4% and higher.

Also important — safety: if your bank is insured by the F

High-yield savings accounts (HYSAs), primarily from online banks and some credit unions, currently offer the best options. They provide APYs many times the national average (around 0.4–0.6% APY) while keeping funds liquid, FDIC- or NCUA-insured (typically up to $250,000 per depositor, per institution), and accessible.

As of late July/early August 2026, top rates reach about 4.0–4.26% APY, though they are variable and change frequently with market conditions (e.g., Fed rate moves). Traditional big banks like Chase or Bank of America often pay near 0.01–0.05% and are generally not competitive for pure savings.

Key Factors for Choosing a Savings Account

• APY (interest rate): Higher is better for growth; compound daily/monthly.
• Fees and minimums: Prefer $0 monthly fees and low/no opening or balance minimums.
• Accessibility: Easy ACH transfers, mobile app quality, ATM access (if needed), customer service.
• Features: Goal “buckets,” bonuses, linked checking.
• Reliability and ease: Established brands people widely use tend to have better apps, support, and fewer quirks (e.g., transfer limits or no mobile deposit).
• Safety: Confirm FDIC/NCUA insurance.

Rates and terms can change daily—always verify directly on the provider’s site before opening. New-account bonuses are common.

Top High-Rate Options (Highest Current Yields)

These often come from lesser-known or specialized online banks. They maximize earnings but may have more requirements, limited features (e.g., no ATM card or restricted deposits), or less brand familiarity.

• OMB Bank: Around 4.26% APY (sometimes rate-guaranteed for an initial period like 60 days). Higher opening deposit possible (e.g., $5,000 in some reports).
• Axos Bank (Axos ONE): Up to ~4.21% APY with linked checking and deposit/direct deposit requirements (e.g., average balances and monthly inflows). Strong for those who can meet the criteria; no minimum to open in many cases.
• Forbright Bank Growth Savings: ~4.15% APY (sometimes with temporary boosts). Competitive, no monthly fees, low or no minimums in base offerings.
• CIT Bank Platinum Savings: Up to 4.10% APY (often requires $5,000+ balance for the top rate; lower balances earn much less; temporary boosts available). Low opening minimum ($100), no monthly fees. Multiple savings options.
• Others frequently near 4.00–4.10%: Climate First Bank, Peak Bank, Bask Bank, Vio Bank, Happen Bank, Limelight Bank, Bread Savings, and various credit unions (e.g., Abound CU up to ~4.25% on limited balances, with membership requirements).

These can outperform popular brands by a full percentage point or more, which compounds meaningfully on larger balances.

Top Brands/Products People Actually Use (Balance of Rate, Features, and Popularity)

These established online banks and fintechs are widely recommended and used for their reliability, excellent apps, customer service, and features. Rates are solidly above average (typically 3.0–3.8%+ recently) but usually trail the absolute highest. They suit most people better for everyday use.

• Ally Bank Online Savings (~3.00% APY): Extremely popular. No fees or minimums. Standout features include “buckets” for organizing savings goals, excellent mobile app, strong customer service, and tools that help people save more effectively. Highly rated overall and a frequent go-to recommendation.
• Marcus by Goldman Sachs Online Savings (~3.40% APY): Simple, no fees or minimums, competitive among big-name options, and strong customer satisfaction (e.g., JD Power recognition in some periods). Trusted Goldman Sachs backing; great for set-it-and-forget-it savers. Limited deposit methods in some cases (no mobile check deposit historically).
• Capital One 360 Performance Savings (~3.00% APY): Very widely used. No fees/minimums. Easy integration with Capital One ecosystem, access via Capital One Cafés (in-person options in some areas), solid app. Convenient for those who want some physical presence.
• SoFi Checking and Savings (up to ~3.10–3.80%+ APY with direct deposit or qualifying deposits; temporary boosts and SoFi Plus options can push higher on portions of balances, e.g., up to 4.50% on limited amounts for Plus members): Popular all-in-one option, especially with younger users. Combines checking + savings, early direct deposit access, no fees, potential cash bonuses (e.g., up to $400), and extra perks. Rate drops significantly without meeting deposit criteria.
• Synchrony Bank High Yield Savings (~3.30% APY): No fees or minimums. Competitive rate, ATM access, and solid reputation for consistent offerings.
• American Express High Yield Savings (~3.00% APY) and Discover Online Savings (~3.00–3.30% range in recent data): Trusted big brands, no fees/minimums, straightforward experiences. Good if you already have relationships with them.

Other mentions in user discussions and reviews include E*TRADE/Morgan Stanley Premium Savings and various credit unions (if you qualify via employer, location, or small donation/fee).

Quick Comparison Tips and Recommendations by Need

• Maximize pure yield / large balances: Start with current top-rate lists from Bankrate, NerdWallet, Investopedia, or Forbes Advisor (e.g., OMB, Axos if you qualify, Forbright, CIT). Be prepared for more research on transfer logistics.
• Everyday reliability + features (most people): Ally (tools), Marcus (simplicity/trust), Capital One (convenience), or SoFi (all-in-one + potential higher rate with DD).
• No/low requirements preferred: Marcus, Ally, Capital One, Synchrony, Amex.
• Want checking too or bonuses: SoFi or Axos.
• ATM access important: Synchrony or ones bundled with checking.

Additional advice:

• Keep your emergency fund (3–6+ months of expenses) here for liquidity and safety—don’t chase yield into riskier options for short-term money.
• Automate transfers. Watch for promotional rates that drop later.
• If balances exceed insurance limits, use multiple institutions or services like IntraFi Network Deposits.
• Credit unions can be excellent (sometimes higher rates) if membership is easy.
• Compare total picture: a slightly lower rate with better tools/service may help you save more overall.

Rates fluctuate, so cross-check live data on sites like Bankrate, NerdWallet, or the banks themselves, and read the fine print on requirements, compounding, and withdrawal limits (Reg D-style limits are mostly gone but some still apply soft limits). Opening is usually quick online with SSN and ID. This is not personalized financial advice—consider your full situation or consult an advisor.