If your money is still sitting in a traditional savings account earning 0.39% or less, you are leaving serious money on the table. In February 2026, the best high yield savings accounts (HYSAs) in the United States are offering up to 5.00% APY that is more than 12 times the national average.
Whether you are building an emergency fund, saving for a down payment, or just want your cash to work harder while staying accessible, a High Yield Savings Account is one of the smartest and safest moves you can make right now.
In this guide, we break down the best HYSAs available in 2026, compare APYs, fees, and features side by side, and explain exactly what to look for before opening an account.
Quick Answer: The top HYSA rate in February 2026is 5.00% APY at Varo Bank (on balances up to $5,000 with qualifying direct deposits). For no strings attached high rates, Climate First Bank and Axos Bank offer 4.21% APY with $0 minimum deposit.
What Is a High Yield Savings Accounts?
A high yield savings account is a federally insured savings product that earns a much higher interest rate than a standard savings account. The term is not an official banking category it simply describes accounts from banks and credit unions that offer Annual Percentage Yields (APYs) well above the national average.
As of February 17, 2026, the FDIC reports the national average savings APY is just 0.39%. Meanwhile, the best HYSAs are paying 4.00% to 5.00% APY up to 900 times more lucrative than accounts at big banks like Chase, Bank of America, and Wells Fargo, which commonly pay just 0.01% APY.
Most HYSAs are offered by online only banks. Because they have no physical branch costs to cover, they pass those savings directly to customers in the form of higher interest rates and lower fees.
Why 2026 Is Still a Great Time to Open a High Yield Savings Accounts
The Federal Reserve cut interest rates three times in late 2025, which did bring HYSA rates down slightly from their 2023/2024 peaks. However, the Fed paused rate changes in January 2026, and another cut is not widely expected before Q2 2026 at the earliest.
What this means for you: rates remain highly competitive right now, and waiting could mean missing out. Locking into a strong HYSA today makes sense while rates are still hovering at or above 4.00%.
Pro Tip: HYSA rates are variable they can drop at any time after the Fed cuts rates. If you want to lock in a guaranteed rate, consider pairing your HYSA with a Certificate of Deposit (CD). Many top CDs are still offering above 4.00% APY in early 2026.
Best High Yield Savings Accounts of 2026 | Side by Side Comparison
Here is how the top HYSAs stack up as of February 2026. Rates are variable and subject to change.
| Bank / Institution | APY (Feb 2026) | Min. Deposit | Monthly Fees | Best For |
|---|---|---|---|---|
| Varo Bank | Up to 5.00% | $0 | None | Max APY seekers |
| Climate First Bank | 4.21% APY | $0 | None | Eco-conscious savers |
| Axos Bank | 4.21% APY | $0 | None | Full-service banking |
| Newtek Bank | 4.20% APY | $0 | None | High APY + no fees |
| EverBank | ~4.09% APY | $0 | None | Checking + savings combo |
| LendingClub | Top tier* | $0 | None | Monthly savers ($250+/mo) |
| Capital One 360 | ~3.80% APY | $0 | None | Brand trust + easy UX |
| SoFi Bank | Up to 4.00% | $0 | None | Checking + savings bundle |
LendingClub top tier APY applies when you deposit $250 or more per month. Rates sourced from Bankrate, NerdWallet, and Fortune/Curinos (February 2026). Rates are variable and subject to change.
Our Top Picks | Best High Yield Savings Accounts in 2026
1. Varo Bank | Best for Maximum APY
Varo Bank leads the pack with an eye catching 5.00% APY the highest rate on our list. That said, the top rate applies only to balances up to $5,000 and requires qualifying monthly direct deposits. Balances above $5,000 earn a lower rate. Still, for savers with a modest emergency fund or short term savings goal, this is an exceptional return.
● APY: Up to 5.00%
● Minimum deposit: $0
● Monthly fees: None
● FDIC insured: Yes
● Conditions: Requires direct deposit and a balance under $5,000 for the top rate
2. Climate First Bank | Best No Strings APY
For savers who want a top rate without jumping through hoops, Climate First Bank delivers 4.21% APY on all balances with no minimum deposit and no monthly fee. As an added bonus, this is a values driven bank focused on funding climate solutions a great pick for environmentally conscious savers.
● APY: 4.21%
● Minimum deposit: $0
● Monthly fees: NoneFDIC insured: Yes
3. Axos Bank | Best for Full Service Online Banking
Axos Bank matches Climate First Bank at 4.21% APY while also offering a broader suite of banking products, including checking, CDs, and investment accounts. If you want to keep all your finances under one roof at an online bank, Axos is a top contender.
● APY: 4.21%
● Minimum deposit: $0
● Monthly fees: None
● FDIC insured: Yes
4. Newtek Bank | NerdWallet 2026 Best Savings Award Winner
Newtek Bank’s Personal High Yield Savings account earned NerdWallet’s 2026 Best-Of award for best savings account, offering 4.20% APY with no minimum balance and no monthly fees. Important note: as of early February 2026, Newtek is not accepting new applications due to overwhelming demand. You can join their waitlist at their website.
● APY: 4.20%
● Minimum deposit: $0
● Monthly fees: None
● Availability: Waitlist only as of February 2026
5. EverBank Performance Savings | Best for House Savers
EverBank is an excellent choice for savers building toward a major goal like a home purchase. Its Performance Savings account earns a top tier APY on all balances with no maintenance fees or minimum balance requirement. EverBank also offers highly rated checking accounts, making it a solid full service option.
● APY: ~4.09%
● Minimum deposit: $0
● Monthly fees: None
● FDIC insured: Yes
6. LendingClub | Best for Regular Monthly Savers
LendingClub rewards consistent saving behavior. Deposit $250 or more per month, and you unlock their top tier APY. Their app is highly rated, there is no monthly fee, and account setup is straightforward. If you have a regular savings habit, LendingClub makes it worth your while financially.
● APY: Top tier with $250+ monthly deposit; competitive standard rate otherwise
● Minimum deposit: $0
● Monthly fees: None
● Comes with an ATM card
7. Capital One 360 Performance Savings | Best for Brand Trust
Capital One may not have the absolute highest APY on this list, but it offers something online only banks can struggle to match: a trusted brand name, award winning mobile app, and the option to visit physical locations if needed. Their 360 Performance Savings account earns a competitive rate on all balances with no fees and no minimums and pairs seamlessly with their popular checking account.
● APY: ~3.80%
● Minimum deposit: $0
● Monthly fees: None
● Physical locations available
8. SoFi Bank | Best Checking + Savings Bundle
SoFi won NerdWallet’s 2026 Best Overall Bank award. Its combined Checking and Savings account earns up to 4.00% APY on savings when you set up direct deposit or enroll in SoFi Plus. If you are looking for a one stop shop digital bank that also offers loans, investment accounts, and financial planning tools, SoFi is worth serious consideration.
● APY: Up to 4.00% (with qualifying conditions)
● Minimum deposit: $0
● Monthly fees: None (standard)
● FDIC insured: Yes (via partner banks)
What to Look for When Choosing a High Yield Savings Accounts
Not all HYSAs are created equal. Beyond the APY headline, here are the key factors every American saver should evaluate:
APY | But Read the Fine Print
The advertised APY is the starting point, not the whole story. Some accounts (like Varo) offer elite rates only on certain balance tiers or with qualifying direct deposits. Always check whether the top APY applies to your specific situation before opening an account.
No Monthly Fees
Monthly maintenance fees can quietly eat away at your interest earnings. Every account on our list above charges zero monthly fees and that should be your baseline expectation. If a bank charges a fee, make sure the APY more than offsets it.
Minimum Balance Requirements
Many top HYSAs require no minimum balance to open and earn the advertised rate. A few require a small minimum or a monthly deposit threshold. Check this carefully, especially if you are just starting out.
FDIC or NCUA Insurance
Always confirm your savings account is federally insured. FDIC insurance protects bank deposits up to $250,000 per depositor per institution. Credit unions are covered by NCUA insurance to the same limit. Every account on our list carries this protection.
Ease of Access and Transfers
Online banks typically make it easy to link external accounts and transfer funds. Check for any withdrawal restrictions, transfer limits, or foreign ATM fees before committing especially if you may need quick access to your savings.
How Much Can You Actually Earn? A Real Numbers Breakdown
Here is a concrete look at what different savings balances earn at various APY rates over 12 months:
| Balance | 0.39% APY (Avg) | 4.00% APY | 4.21% APY | 5.00% APY |
|---|---|---|---|---|
| $1,000 | $3.90 | $40.00 | $42.10 | $50.00 |
| $5,000 | $19.50 | $200.00 | $210.50 | $250.00 |
| $10,000 | $39.00 | $400.00 | $421.00 | $500.00 |
| $25,000 | $97.50 | $1,000 | $1,052 | $1,250 |
Estimates based on simple interest over 12 months. Actual returns may vary with compounding frequency and rate changes.
The difference is stark. At $10,000 saved, moving from a 0.39% traditional account to a 4.21% HYSA earns you an extra $382 per year just for switching banks.
Frequently Asked Questions (FAQ)
Are high yield savings accounts safe?
Yes. All accounts on this list are either FDIC insured (banks) or NCUA insured (credit unions), protecting your deposits up to $250,000 per depositor per institution. Your money is just as safe as it would be at any major bank.
Will HYSA rates go down in 2026?
Possibly. The Federal Reserve cut rates three times in late 2025, and further cuts are anticipated by many economists later in 2026. However, the Fed held rates steady in January 2026, meaning current high APYs may persist through Q1. Opening an account now locks you in at today’s competitive rates though remember that HYSA rates are variable and can change at any time.
Is a high yield savings account better than a CD in 2026?
It depends on your needs. HYSAs offer flexibility you can deposit and withdraw freely. CDs lock your money for a set term (3 months to 5 years) but often guarantee a fixed rate. If you will not need the funds for a defined period, pairing a CD with your HYSA can maximize your returns. Many top CDs are still offering above 4.00% APY in early 2026.
How do I open a high yield savings account?
Opening a HYSA is entirely online and usually takes under 10 minutes. You will typically need your Social Security number, a government issued ID, and a linked external bank account to fund the initial deposit. Most accounts have no minimum opening deposit requirement.
Do I owe taxes on HYSA interest?
Yes. Interest earned in a high yield savings account is considered taxable income by the IRS. Your bank will issue a 1099 INT form at the end of the year if you earn $10 or more in interest. Factor this into your overall tax planning, especially if you hold a larger balance.
Stop Letting Your Money Sit Idle
Look, the gap between “Big Four” traditional banks and the top tier High Yield Savings Accounts (HYSAs) has become a chasm. When institutions like Chase or Bank of America are still offering a measly 0.01% APY, while the accounts on this list are hitting 4.25% to 5.00%, you aren’t just “saving” money you’re losing purchasing power to inflation. There is absolutely no logical reason to leave your hard earned cash in an underperforming account.
Whether you’re chasing the 5.00% headline rate from Varo, looking for the no strings attached simplicity of Climate First, or wanting the all in one digital power of SoFi, the most expensive thing you can do right now is nothing.
Conclusion | Stop Leaving Free Money on the Table
Look, the financial reality of 2026 is that sticking with a traditional “Big Four” bank at 0.01% APY is essentially paying a loyalty tax to a corporation that isn’t paying you back. When you can pivot to a high yield savings account offering 4.25% to 5.00%, you aren’t just changing banks; you are giving yourself an immediate raise. Whether you choose the 5.00% top tier rate from Varo, the straightforward simplicity of Climate First, or the full digital power of SoFi, the most important step is to stop overthinking and start earning. Pick one account from this list, spend 10 minutes opening it online, and initiate your first transfer today. Every day your money sits in an old school account is interest you will never get back, so take control of your financial wellness right now.
