Best High-Yield Savings Accounts (HYSA) - Updated Monthly
Top HYSAs Compared
SoFi Checking & Savings
Best for: All-in-one banking with high rates and no hidden fees.
- No minimum balance required
- No monthly maintenance fees
- Up to $2M FDIC insurance (via sweep network)
- Requires direct deposit for highest APY
Pros
- High APY on savings
- Excellent mobile app
- Cashback on debit purchases
Cons
- Requires direct deposit for top tier
- No physical branches
Marcus by Goldman Sachs
Best for: Simple, fee-free savings from a trusted financial institution.
- No minimum deposit required
- No monthly fees whatsoever
- Same-day transfers to other banks
- $250k FDIC insurance
Pros
- Consistently competitive rates
- Clean, easy-to-use app
- No direct deposit required
Cons
- No checking account option
- No ATM access or debit card
Wealthfront Cash Account
Best for: Highest yield seekers comfortable with a cash management account.
- $1 minimum opening deposit
- No monthly account fees
- Up to $8M FDIC insurance (via partner banks)
- Automated investing integration
Pros
- Industry-leading APY
- Massive FDIC insurance limit
- Free early direct deposit
Cons
- Not a traditional bank
- Cash deposits have a fee
Ally Bank Savings
Best for: Excellent customer service and intuitive savings buckets.
- No minimum balance required
- No monthly maintenance fees
- Savings "Buckets" for goal tracking
- $250k FDIC insurance
Pros
- Buckets make organizing easy
- 24/7 customer service
- Surprise Savings feature
Cons
- Rates often lag slightly behind top tier
- No physical branches
Discover Online Savings
Best for: Current Discover customers wanting a solid savings add-on.
- No minimum balance required
- No monthly fees
- Highly rated mobile app
- $250k FDIC insurance
Pros
- No fees for insufficient funds
- Great 24/7 US-based support
- Frequent sign-up bonuses
Cons
- Rates aren't the absolute highest
- No ATM card for savings alone
Capital One 360 Performance
Best for: Those who want high yields but occasional physical branch access.
- No minimum balance required
- No monthly fees
- Access to Capital One Cafes & branches
- $250k FDIC insurance
Pros
- Physical branches available (some areas)
- Top-tier mobile app
- No balance tiers for APY
Cons
- Lower rates than pure online banks
- Cafes are limited to major cities
Betterment Cash Reserve
Best for: Investors already using Betterment's robo-advisor platform.
- $10 minimum deposit
- No monthly fees
- Up to $2M FDIC insurance (via partner banks)
- New customer APY boosts available
Pros
- High baseline APY
- Seamless integration with investments
- High FDIC limits
Cons
- Slower transfer times
- Not a direct bank account
What is a High-Yield Savings Account (HYSA)?
A High-Yield Savings Account (HYSA) is a type of deposit account that typically pays a significantly higher interest rate than a traditional savings account. Online banks are usually able to offer these higher rates because they have lower overhead costs compared to brick-and-mortar banks.
HYSAs are an essential tool for personal finance, especially for storing your emergency fund, saving for a down payment, or holding cash you plan to need in the short term. They offer the perfect balance of earning a return while keeping your money liquid and safe.
How to Choose the Best HYSA
When comparing high-yield savings accounts, consider the following factors:
- Annual Percentage Yield (APY): This is the most critical metric. The higher the APY, the more your money will grow over time through compound interest. Rates are variable and can change with the Federal Reserve's target rate.
- Fees and Minimums: Look for accounts with no monthly maintenance fees and low or zero minimum balance requirements. Fees will quickly eat into any interest you earn.
- FDIC Insurance: Ensure the bank is a Member FDIC (or uses partner banks that are). This protects your deposits up to $250,000 per depositor, per institution, in the event of a bank failure.
- Access and Features: Consider how quickly you can transfer money to your primary checking account. Some accounts offer "buckets" or sub-accounts to help you save for specific goals, which can be highly motivating.
Cash Management Accounts vs. Traditional HYSAs
You might notice some options on our list (like Wealthfront and Betterment) are labeled as "Cash Management Accounts" rather than traditional bank accounts. These are typically offered by non-bank financial institutions (like brokerages or robo-advisors).
They work similarly to an HYSA and often offer higher APYs and massively expanded FDIC coverage by sweeping your deposits into multiple partner banks behind the scenes. However, they may not offer the same exact features as a traditional bank account, so it's important to understand the structure before depositing funds.