8 best high-yield savings accounts for 2026
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Key takeaways
- The FDIC's national average savings rate was 0.37% as of September 21, 2026, so $10,000 earns about $37 a year at that rate and $427 at Peak Bank's 4.27%.1
- When choosing a high-yield savings account, compare three things: the rate you'll keep after any promotion ends, what that rate requires each month, and the minimum or balance tier it applies to.
- The best high-yield savings accounts for 2026 are Peak Bank, Live Oak Bank, and Wealthfront, because Peak pays 4.27% and Live Oak 4.00% with no deposit rule, and Wealthfront pays a 3.55% base rate with up to $8 million in FDIC coverage through its program banks.
In this article
- The best high-yield savings accounts at a glance
- Best high-yield savings accounts at banks
- Best high-yield cash accounts at investing apps
- Methodology for choosing the best high-yield savings accounts
- How much will $10,000 make in a high-yield savings account?
- What are the key differences between a cash account and a high-yield savings account?
- How to choose a high-yield savings account in 4 steps
- How to compare a high-yield savings rate with a CD rate
- Frequently asked questions about the best high-yield savings accounts
Key takeaways
- The FDIC's national average savings rate was 0.37% as of September 21, 2026, so $10,000 earns about $37 a year at that rate and $427 at Peak Bank's 4.27%.1
- When choosing a high-yield savings account, compare three things: the rate you'll keep after any promotion ends, what that rate requires each month, and the minimum or balance tier it applies to.
- The best high-yield savings accounts for 2026 are Peak Bank, Live Oak Bank, and Wealthfront, because Peak pays 4.27% and Live Oak 4.00% with no deposit rule, and Wealthfront pays a 3.55% base rate with up to $8 million in FDIC coverage through its program banks.
The best high-yield savings account for most savers in October 2026 is Peak Bank's Envision High Yield Savings, which pays 4.27% APY with no deposit rule and a $100 minimum. Axos ONE pays 5.00% for 6 months with monthly direct deposits, while Live Oak Bank pays 4.00% with no minimum.
Two of the highest advertised rates are six-month promotions, so this guide lists each account's rate with no conditions met next to its headline rate. It compares five bank savings accounts and three cash accounts at investing apps on the rate you'll keep, what it requires, the minimum, and the deposit insurance.
The best high-yield savings accounts at a glance
The best high-yield savings accounts at a glance are below, with each headline rate set next to the rate you'll keep if you don't meet its conditions.
| Account | Headline APY | What the headline rate requires | APY with no conditions met | Minimum to open | Best for |
|---|---|---|---|---|---|
| Peak Bank Envision High Yield Savings | 4.27% | A new account; 3.40% at $500,000+ | 4.27% | $100 | The highest rate with no conditions |
| Axos ONE Savings | 5.00% for 6 months, then 4.21% | $1,500 in monthly direct deposits and a $1,500 average balance, or $5,000 in deposits and a $5,000 average balance | 1.00% | $0 | Direct deposit savers |
| Happen Bank LevelUp Savings | 4.20% | $250 or more deposited each statement cycle | 3.00% | $0 | Saving a set amount each month |
| Live Oak Bank Personal Savings | 4.00% | Nothing | 4.00% | $0 | No minimum |
| SoFi Checking and Savings | 4.20% for up to 6 months, then 3.30% | A first SoFi account opened by 12/31/26 with direct deposit, or $5,000 in deposits every 31 days | 0.80% | $0 | Checking and savings in one app |
| Wealthfront Cash Account | 3.55% base; 4.20% for 3 months for new clients; up to 4.45% | New client boost on up to $150,000; +0.25% with an invested account and monthly deposits | 3.55% | Not stated on its Cash page | Cash next to a managed portfolio |
| Public High-Yield Cash Account | 3.30%; 3.75% with Reserve | Public Reserve at $20 a month for 3.75% | 3.30% | $0 | Cash with no subscription |
| Robinhood high-yield cash | 3.6% | Robinhood Gold at $5 a month; self-directed taxable accounts | Not in the program without Gold | $0 | Robinhood Gold members |
APYs from each provider's own site, observed October 10, 2026, with each provider's own as-of date in its pick. Rates are variable and subject to change.
Best high-yield savings accounts at banks
These five bank accounts pay between 4.00% and 5.00% at their headline rates, and three of them pay less if you miss a monthly condition.
Best for the highest rate with no conditions: Peak Bank
Ideal for: A saver with up to $499,999 who wants the highest rate on this list without setting up direct deposit or a monthly transfer.
Our take: Peak Bank's Envision High Yield Savings pays 4.27% APY on balances under $500,000 and 3.40% at $500,000 and above, as of October 1, 2026.2 You'll need $100 to open it, and Peak holds opening funds for 5 business days.
Peak says the advertised rate is for new accounts only, and there are no monthly maintenance fees. Peak Bank is a division of Idaho First Bank, its deposits are FDIC-insured, and it serves consumer accounts only, with one account per customer.
| Category | Best for the highest rate with no conditions |
| Headline APY | 4.27% |
| What the headline rate requires | A new account; 3.40% at $500,000+ |
| APY with no conditions met | 4.27% |
| Minimum to open | $100 |
Pros:
- Highest rate here with no deposit rule
- Same 4.27% on every balance under $500,000
- No monthly maintenance fees
Cons:
- Advertised rate stated for new accounts only
- Opening deposit held for 5 business days
- One account per customer
Best for direct deposit savers: Axos ONE
Ideal for: A saver who can route a paycheck of $1,500 or more a month into Axos and wants the highest promotional rate on this list.
Our take: Axos ONE pays new customers up to 5.00% APY on savings for their first 6 months, then 4.21% on balances under $250,000 and 3.50% from $250,000, as of October 10, 2026.3 Those rates need one of two conditions in Axos ONE Checking each month, posted by the 25th, and the savings account earns 1.00% in a month you miss them.
There are no monthly maintenance, minimum balance, or overdraft fees, and Axos offers up to $2.5 million in additional FDIC coverage through its Insured Deposit Program. So plan to keep $1,500 in checking every month, not only the savings balance.
| Category | Best for direct deposit savers |
| Headline APY | 5.00% for 6 months, then 4.21% |
| What the headline rate requires | $1,500 in monthly direct deposits and a $1,500 average balance, or $5,000 in deposits and a $5,000 average balance |
| APY with no conditions met | 1.00% |
| Minimum to open | $0 |
Pros:
- Highest promotional rate here, 5.00% for 6 months
- 4.21% after the promotion on balances under $250,000
- Up to $2.5 million in additional FDIC coverage
Cons:
- 1.00% in any month without the deposits and checking balance
- Promotion limited to new customers' first 6 months
- 3.50% at $250,000 and above
Best for saving a set amount each month: Happen Bank LevelUp Savings
Ideal for: A saver who already moves $250 or more into savings every month and wants a bank rate without a direct deposit rule.
Our take: Happen Bank, which was LendingClub until its name change, pays a 4.20% LevelUp Rate as of October 9, 2026 on the full balance of any LevelUp Savings account that receives $250 or more in a statement cycle. Miss a month and the account earns the 3.00% Standard Rate.
The first month that counts is the third statement cycle after you open the account. There's no minimum to open, no account fees, and deposits are FDIC-insured to $250,000, so set up an automatic $250 monthly transfer on the day you open it.
| Category | Best for saving a set amount each month |
| Headline APY | 4.20% |
| What the headline rate requires | $250 or more deposited each statement cycle |
| APY with no conditions met | 3.00% |
| Minimum to open | $0 |
Pros:
- 4.20% with any $250 monthly deposit, not only a paycheck
- No minimum to open and no account fees
- 3.00% floor in a month you miss
Cons:
- Rate drops to 3.00% in any cycle under $250
- First qualifying month is the third statement cycle
- Standard FDIC coverage only, $250,000
Best for no minimum: Live Oak Bank
Ideal for: A saver starting with any amount who wants one fixed set of terms: no minimum, no monthly condition, and no tiers.
Our take: Live Oak Bank's Personal Savings pays 4.00% APY as of September 28, 2026, with no minimum opening balance or deposit, and you'll earn interest from a $0.01 balance. There are no monthly maintenance fees and no deposit rule, so 4.00% is the rate you keep.
Live Oak is a Member FDIC bank, so the standard $250,000 coverage applies. It also runs a cash bonus with a short window, so check its terms on Live Oak's page rather than opening for the bonus.
| Category | Best for no minimum |
| Headline APY | 4.00% |
| What the headline rate requires | Nothing |
| APY with no conditions met | 4.00% |
| Minimum to open | $0 |
Pros:
- No minimum to open and interest from $0.01
- No deposit rule or balance tier
- No monthly maintenance fees
Cons:
- 0.27 points below Peak Bank with the same lack of conditions
- Standard FDIC coverage only, $250,000
- Savings only, with no checking account in the same login
Best for checking and savings in one app: SoFi Checking and Savings
Ideal for: A saver who will move a paycheck to SoFi and wants checking and savings in one app, opened before December 31, 2026.
Our take: SoFi pays up to 4.20% APY on one savings account for up to 6 months: its 3.30% rate as of September 23, 2026 plus a 0.90% boost for a first SoFi Checking and Savings account opened by 12/31/26 with direct deposit or $5,000 in deposits every 31 days.4After the boost the rate is 3.30% with either condition, and without one the account earns 0.80%.
There's no minimum deposit and no monthly, overdraft, or minimum balance fees. Coverage is the standard $250,000, and up to $3 million more through the SoFi Insured Deposit Program. Wealthfront vs SoFi compares SoFi's cash with Wealthfront's.
| Category | Best for checking and savings in one app |
| Headline APY | 4.20% for up to 6 months, then 3.30% |
| What the headline rate requires | A first SoFi account opened by 12/31/26 with direct deposit, or $5,000 in deposits every 31 days |
| APY with no conditions met | 0.80% |
| Minimum to open | $0 |
Pros:
- 4.20% for up to 6 months on a first account with direct deposit
- Checking and savings in one app with no account fees
- Up to $3 million in extra FDIC coverage through its deposit program
Cons:
- Boost lasts up to 6 months
- 0.80% without direct deposit or $5,000 every 31 days
- Boost open only to accounts opened by 12/31/26
Best high-yield cash accounts at investing apps
These three cash accounts sit inside investing apps, and none of the three providers is a bank. Each one places your cash at partner banks or holds it as brokerage cash.
Best for cash next to a managed portfolio: Wealthfront Cash Account
Ideal for: An investor who wants an emergency fund one transfer away from a Wealthfront portfolio, with deposit coverage above $250,000.
Our take: Wealthfront's Cash Account pays a 3.55% base APY as of October 1, 2026, paid by its program banks. New clients get a 0.65% boost for 3 months on up to $150,000, which is 4.20%. An ongoing 0.25% boost applies when you also fund an investing account and make a $1,000 monthly direct deposit or $2,500 in recurring deposits.
There are no account fees, withdrawals to eligible accounts are instant, and Wealthfront spreads deposits across up to 32 program banks for up to $8 million in FDIC coverage. Wealthfront says it isn't a bank, and the Wealthfront review covers its investing fees and IRAs. Open a Wealthfront Cash Account.
| Category | Best for cash next to a managed portfolio |
| Headline APY | 3.55% base; 4.20% for 3 months for new clients; up to 4.45% |
| What the headline rate requires | New client boost on up to $150,000; +0.25% with an invested account and monthly deposits |
| APY with no conditions met | 3.55% |
| Minimum to open | Not stated on its Cash page |
Pros:
- Up to $8 million in FDIC coverage through program banks
- Instant withdrawals to eligible accounts
- Transfers to a Wealthfront investing account in minutes
Cons:
- New-client boost lasts 3 months
- 3.55% base, below the four banks with no-conditions rates of 4.00% or more
- Ongoing boost needs both an investing account and monthly deposits
Best for cash with no subscription: Public High-Yield Cash Account
Ideal for: A Public investor who wants 3.30% on cash with no subscription, no minimum, and coverage above $250,000.
Our take: Public's High-Yield Cash Account pays 3.30% APY with no fees, no subscription, no minimum, no maximum balance, and unlimited transfers. Public places cash at 20 partner banks for up to $5 million in combined FDIC coverage, and says that neither Public Investing nor its affiliates is a bank.
Public Reserve raises the rate to 3.75% for $20 a month. That extra 0.45 points pays the $240 a year only on about $53,333 or more in cash, so on $10,000 Reserve nets $135 a year and the free account pays $330. Reserve also raises Public's IRA match, so price it on the match, and the Public review covers Reserve's full terms.
| Category | Best for cash with no subscription |
| Headline APY | 3.30%; 3.75% with Reserve |
| What the headline rate requires | Public Reserve at $20 a month for 3.75% |
| APY with no conditions met | 3.30% |
| Minimum to open | $0 |
Pros:
- 3.30% with no subscription or minimum
- Up to $5 million in FDIC coverage through 20 partner banks
- No maximum balance and unlimited transfers
Cons:
- Reserve's 3.75% costs $240 a year
- Reserve's cash rate breaks even only around $53,333
- Not a bank account, so no checking features listed
Best for Robinhood Gold members: Robinhood high-yield cash
Ideal for: A Robinhood investor who already pays for Gold, or will, and keeps uninvested cash in a taxable brokerage account.
Our take: Robinhood's High-Yield Cash Program pays Gold members 3.6% APY on eligible cash in self-directed taxable accounts, as of September 17, 2026, with no minimum and no cap.5 Gold costs $5 a month, so the rate covers its $60 a year on about $1,667 in cash, and $10,000 nets about $300 a year.
The first $10,000 of eligible cash stays at Robinhood as a free credit balance, and only cash above that is swept to program banks. IRA cash is not in the program, and bank transfers out take up to four to five days unless you pay 1.5% for an instant withdrawal. The Robinhood review covers Gold's IRA match.
| Category | Best for Robinhood Gold members |
| Headline APY | 3.6% |
| What the headline rate requires | Robinhood Gold at $5 a month; self-directed taxable accounts |
| APY with no conditions met | Not in the program without Gold |
| Minimum to open | $0 |
Pros:
- 3.6% with no minimum and no cap
- Gold's $60 a year covered from about $1,667 in cash
- Cash available to invest in the same app
Cons:
- Requires a $5-a-month Gold subscription
- First $10,000 held as a brokerage free credit balance, not a bank deposit
- IRA cash excluded, and instant withdrawals cost 1.5%
Methodology for choosing the best high-yield savings accounts
- The five bank picks are the accounts that Google's AI Overview and Bankrate both named for this search on October 10, 2026, checked on each bank's own page. The three app picks are the cash accounts at investing apps Tweed reviews.
- Also screened and not picked: CIT Bank Platinum Savings, Capital One 360 Performance Savings, Ally, and E*TRADE Premium Savings.
- Every rate, requirement, and minimum was read from the provider's own account page on October 10, 2026, with the provider's own as-of date recorded. No accounts were opened.
- Four things decided the order: the rate you'll keep with no conditions met, what the headline rate requires each month, the minimum, and the deposit insurance.
- Sign-up bonuses were not scored, because each one has its own deposit size and closing date.
How much will $10,000 make in a high-yield savings account?
$10,000 in a high-yield savings account will make about $300 to $500 in a year at the rates on this list, vs about $37 at the FDIC's 0.37% national average, if the rate stays the same.
| Account | One year at the headline APY | One year at the APY with no conditions met |
|---|---|---|
| Peak Bank | $427 | $427 |
| Axos ONE | $500 (six-month rate) or $421 (after) | $100 |
| Happen Bank | $420 | $300 |
| Live Oak Bank | $400 | $400 |
| SoFi Checking and Savings | $420 (boosted) or $330 (after) | $80 |
| Wealthfront Cash Account | $380 with the ongoing boost | $355 |
| Public | $135 with Reserve after $240 in fees | $330 |
| Robinhood Gold | $300 after $60 in fees | Not in the program |
| FDIC national average | $37 | $37 |
The dollars assume a full year at today's rate, and every rate here is variable, so the provider can lower it at any time. A six-month rate earns its promotional APY for half the year, so the first-year figure sits between the two columns.
What are the key differences between a cash account and a high-yield savings account?
The key differences between a cash account and a high-yield savings account are who holds your money and how the deposit insurance is counted. A bank holds a savings account, and an investing app places a cash account's money at partner banks or holds it as brokerage cash.
| High-yield savings account (Peak, Axos, Happen, Live Oak, SoFi) | Cash account at an investing app (Wealthfront, Public, Robinhood) | |
|---|---|---|
| Who holds the money | The bank | Partner or program banks, or the broker for brokerage cash |
| Deposit insurance | $250,000 per depositor per bank, more through some banks' deposit programs | Spread across partner banks: up to $8 million at Wealthfront and up to $5 million at Public; Robinhood's first $10,000 is a brokerage balance |
| Moving money to investments | A bank transfer | Minutes or the same day inside the app |
| Paid tier for a higher rate | None of the five | Public Reserve and Robinhood Gold |
Deposit insurance covers a bank failure, not a rate cut. Coverage spread across many banks applies only once your cash has been placed at those banks.
How to choose a high-yield savings account in 4 steps
To choose a high-yield savings account, work through 4 steps in order: the rate you'll keep, what it requires, the minimum and tiers, and who holds the deposit.
Step 1: Find the rate you'll keep after any promotion
Find the rate you'll keep after any promotion ends, because two of the highest rates on this list last 6 months. Axos ONE and SoFi both drop after the promotion, so read the "APY with no conditions met" column in the glance table before the headline column.
Step 2: Check what the rate requires each month
Check what the rate requires each month, because a missed deposit can lower it. Happen Bank drops to 3.00% in a month under $250, and SoFi drops to 0.80% without direct deposit. So match the condition to a deposit you already make.
Step 3: Match the minimum and balance tiers to your balance
Match the minimum and the balance tiers to your balance, because some rates change at a set amount. Peak Bank's rate drops to 3.40% at $500,000, and Axos's drops to 3.50% at $250,000. Peak also needs $100 to open.
Step 4: Confirm who holds the deposit and the FDIC coverage
Confirm who holds the deposit and how much FDIC coverage applies, because a bank, a program bank network, and a brokerage cash balance are counted differently. The cash account comparison above sets them side by side. Keep balances under $250,000 per bank unless the account's own deposit program covers more.
How to compare a high-yield savings rate with a CD rate
To compare a high-yield savings rate with a CD rate, enter the savings rate you'll keep and a CD's fixed rate for the same term in the Tweed CD calculator, then compare the interest each one pays. A savings rate can fall at any time, and a CD locks its rate in exchange for a penalty if you withdraw early, so the gap between the two results is what you'll get for keeping your cash available.
If the Wealthfront pick fits, you can open a Wealthfront Cash Account.
Frequently asked questions about the best high-yield savings accounts
Which bank gives 7% interest on savings accounts?
No bank among the eight accounts read for this guide gives 7% interest on a savings account. The highest rate here is Axos ONE's 5.00% APY, which lasts 6 months and requires monthly direct deposits. Before opening any account advertising 7%, read its balance cap, its time limit, and what it requires each month.
Could I lose money in a high-yield savings account?
You could lose money in a high-yield savings account only above the FDIC limit of $250,000 per depositor per bank, and only if the bank failed. The rate itself can fall at any time, and a subscription such as Public Reserve can cost more than its extra interest earns on a small balance.
Do you pay taxes on a high-yield savings account?
Yes, you pay taxes on high-yield savings account interest as ordinary income in the year it's credited to your account. Your bank sends Form 1099-INT when it pays you $10 or more in interest, and interest under $10 is still taxable. So set aside part of each interest payment at your tax rate.
Sources
- https://www.fdic.gov/national-rates-and-rate-caps
- https://www.peak.bank/peak-bank/savings
- https://www.axosbank.com/personal/bank/axos-one
- https://www.sofi.com/banking/high-yield-savings-account/
- https://robinhood.com/us/en/support/articles/cash-program-interest-rate/, https://www.happen.com/personal-banking/savings/high-yield-savings, https://www.liveoak.bank/personal-savings/, https://www.wealthfront.com/cash, https://public.com/high-yield-cash-account, https://public.com/reserve
Rates were read from each provider's own site on October 10, 2026, and providers change them. Tweed describes and compares these accounts; it is not a financial advisor and doesn't know which one fits your situation.
Tweed provides educational estimates, not financial advice. Confirm your specific situation with a qualified financial professional.
Personal finance writer, former Forbes contributor and This Week in Fintech writer. He isn't a financial advisor or a CPA.
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