Newtek Bank

Best Savings Accounts (as of Late August 2026)

Savings account rates have been trending down in 2026 as the Fed has eased rates, but online banks still offer far better returns than traditional big banks. Here's a breakdown of what's actually worth considering right now.

The Rate Gap Is Still Huge

The average APY across all savings accounts as of Aug. 17, 2026, was 0.38%, while there were a number of high-yield savings accounts offering APYs of 4% and higher. Even worse, 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. If you're using one of the "big 4" for savings, you're leaving significant money on the table.

Top Picks People Actually Use

Newtek Bank – Personal High Yield Savings 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. One catch right now: due to "overwhelming demand," Newtek Bank is currently not accepting new applications, though interested customers can join a waitlist, and other Newtek products are still available.

Marcus by Goldman Sachs A long-time favorite for no-fuss saving. Marcus is one of the best no-minimum, no-fee, no-friction options, and Marcus wins on raw APY. Note that rates have come down — Marcus's Online Savings Account now pays 3.40% APY, down from 4.40% in May.

Ally Bank One of the most widely used online banks. The Ally Bank Savings Account has no minimum deposit required to open and zero monthly fees, with account holders able to maximize savings through round-ups, recurring transfers, and tools that analyze checking account spending to transfer "safe-to-save" money. It's also a good pick if you want a strong companion checking account.

SoFi Popular for people who want banking all in one app. In 2026, SoFi Bank, N.A. won NerdWallet's annual award for best overall bank. However, SoFi Checking & Savings gives you the highest combined rates in the category IF you direct-deposit paychecks — without direct deposit, the APY drops significantly.

Capital One 360 Performance Savings Great if you want the online rate but occasional in-person access. Capital One 360 Performance Savings is the best pick for savers who want online savings rates AND occasional branch support.

CIT Bank Platinum Savings Best if you can keep a higher balance. If you have $5K+ to park, CIT Bank Platinum Savings pays one of the highest published APYs — but maintain the $5K minimum strictly, because dropping below it cuts the rate sharply.

American Express High-Yield Savings A trusted brand many already have a card relationship with. The American Express High-Yield Savings Account offers a competitive 3% APY with no minimum opening deposit or minimum balance requirements, and interest compounds daily and is deposited monthly.

How to Choose

1. Emergency fund? Liquidity and reliability matter more than the top rate.
2. Want simplicity? A slightly lower APY with fewer requirements often wins in practice.
3. Higher balance saver? Tiered accounts may unlock higher yields.

Safety Check

High-yield savings accounts (HYSAs) from online banks and fintechs currently offer the best rates—typically 3.8–4.5% APY as of late August 2026, compared to the national average of around 0.38–0.62% APY.

These are variable-rate, FDIC-insured accounts (up to $250,000 per depositor, per institution) with no or low fees, making them ideal for emergency funds or short-term savings. Traditional big banks (e.g., Chase, Bank of America) dominate account openings but pay far lower rates.

Top Recommendations (High Rates + Popularity)

Focus on accounts frequently highlighted in expert reviews (Bankrate, NerdWallet, Forbes, etc.) and those with strong user sentiment or widespread adoption. Rates and terms can change quickly—verify current details directly.

• Axos ONE (Axos Bank): Up to 4.21% APY (often requires meeting direct deposit or balance requirements in a linked checking account; lower base rate otherwise). No monthly fees, low or no minimums for many users. Frequently ranks at or near the top of “best” lists for competitive yields and digital experience. Popular in 2026 reviews.

• CIT Bank Platinum Savings: Up to 4.10% APY (typically on balances of $5,000+). Straightforward high-yield option with strong visibility across comparison sites. A go-to for many savers seeking solid rates without complex requirements.

• SoFi Checking and Savings: Up to ~3.80% APY (or higher with boosts/direct deposit; some promotions reach higher). Combines checking and savings in one app; no fees, strong mobile experience, and high user satisfaction scores. Very popular among digital-native users and frequently recommended.

• Ally Bank Online Savings: Competitive rates (historically strong; check current ~3%+ range in recent data) with popular “buckets” for goal-based saving, excellent app, and strong customer service feedback. One of the most widely used online banks.

• Marcus by Goldman Sachs High-Yield Online Savings: Around 3.40% APY in recent data, with a track record of competitive rates and top customer satisfaction (e.g., JD Power awards). Trusted brand name and straightforward online experience.

• Capital One 360 Performance Savings: Around 3%+ APY range in recent comparisons; benefits from Capital One’s trusted brand, ATM access options, and broad popularity. Good for those wanting some in-person/hybrid features.

Other Notable High-Rate Options

These often appear in top lists but may have more requirements or lower visibility:

• Newtek Bank Personal High-Yield Savings — ~4.20% APY (note: may not be accepting new applications due to demand).
• Go2bank or Elevault — Up to 4.50% and 4.34% respectively on qualifying balances (often smaller balances or with checking ties).
• Bread Savings, Vio Bank, Pibank, Forbright Bank — Frequently in the 3.9–4.1% range with low minimums.

Platforms Like Raisin

These let you access multiple partner banks’ high rates (e.g., NexBank or CNB Bank offerings around 4.15%+) in one place.

Popularity and What People Actually Use

Big traditional banks lead in raw account openings, but for high-yield savers, online/digital players like SoFi, Ally, Capital One, Chime, and Marcus see heavy use due to apps, features, and better rates. Reddit/user sentiment often favors Wealthfront, Varo, Ally, and Marcus for ease, service, and reliability.

Key Tips

• Prioritize FDIC insurance, no monthly fees, easy transfers, and your liquidity needs.
• Some top rates require direct deposits, minimum balances, or linked accounts.
• Rates are variable and can drop with Fed moves.
• For larger balances, consider multiple institutions for full FDIC coverage or cash management accounts from robo-advisors (e.g., Wealthfront, Betterment).
• Always compare current APYs and read terms, as offers change frequently.

Shop around on sites like Bankrate or NerdWallet for the latest, and choose based on your specific needs (e.g., ATM access vs. pure highest rate).