Best High-Yield Savings Accounts of January 2026: Earn Up to 4.00% APY

Grow your savings faster with the best high-yield savings accounts from our partners, offering up to 10x higher APY (annual percentage yield) than traditional savings accounts.¹

Last updated Jan. 8, 2026 | By FinanceBuzz Editors

Bank/Institution	APY Annual Percentage Yield	Bonus Offer	Open Account	Bonus Offer
2026 AWARD WINNER Best Online Checking
5.0 FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.	4.00 % APY With $0 min. balanceEarn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.	Limited-Time Offer: +0.70% boost on Savings APY to up to 4.00% for up to 6 months on new accounts² <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> + $50 or $300 Bonus with eligible direct deposit.³ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> Terms apply.	Learn More on SoFi's secure website Member FDIC	Limited-Time Offer: +0.70% boost on Savings APY to up to 4.00% for up to 6 months on new accounts² <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> + $50 or $300 Bonus with eligible direct deposit.³ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> Terms apply.
2026 AWARD WINNER Best Savings for Customer Service
5.0 FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.	3.30 % APY With $0 min. balance⁴ <p class="">There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you. The Annual Percentage Yield (APY) as advertised is accurate as of December 30, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded.</p>	-	Learn More on American Express' secure website Member FDIC	-
4.3 FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.	3.80 % APY With $1 min. balance⁵ <p>APY means Annual Percentage Yield. APY is accurate as of 01/08/26. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $1.00.</p>	Limited-Time Offer: Use code GIFT to earn a cash bonus each quarter based on your savings balance. Earn $20 for $10,000, $50 for $25,000, $100 for $50,000, $200 for $100,000, or $500 for $250,000 or more. Visit site for full details.⁶ <p>New customers only. Earn a cash bonus when you deposit and maintain funds with partner banks on the Raisin platform. Customers will receive $20 quarterly (up to $80/year) for depositing between $10,000 and $24,999, $50 quarterly (up to $200/year) for depositing between $25,000 and $49,999, $100 quarterly (up to $400/year) for depositing between $50,000 and $99,999, $200 quarterly (up to $800/year) for depositing between $100,000 and $249,999, and $500 quarterly (up to $2,000/year) for depositing $250,000 or more. </p><p>To qualify for the bonus, you must be a new Raisin customer who opens and funds their first account using promo code GIFT between December 1, 2025 and January 14, 2026. Your first qualifying deposit must be made before January 14th, 2026 to be eligible for the first quarter's bonus. You must maintain your balance through the end of each quarter to earn cash payouts every three months. You can add more funds before the bonus deposit deadline (January 14, April 14, July 14, October 14) if you'd like to move up to a higher bonus tier.</p><p>Bonus cash will be deposited by Raisin into the customer’s Cash Account within 30 days of the quarter's end. This offer is available to new customers only and may not be combined with any other bonus offers. Raisin reserves the right to modify or terminate this offer at any time. For full details, please visit https://www.raisin.com/en-us/gift-2026.</p>	Learn More on Raisin's secure website Member FDIC	Limited-Time Offer: Use code GIFT to earn a cash bonus each quarter based on your savings balance. Earn $20 for $10,000, $50 for $25,000, $100 for $50,000, $200 for $100,000, or $500 for $250,000 or more. Visit site for full details.⁶ <p>New customers only. Earn a cash bonus when you deposit and maintain funds with partner banks on the Raisin platform. Customers will receive $20 quarterly (up to $80/year) for depositing between $10,000 and $24,999, $50 quarterly (up to $200/year) for depositing between $25,000 and $49,999, $100 quarterly (up to $400/year) for depositing between $50,000 and $99,999, $200 quarterly (up to $800/year) for depositing between $100,000 and $249,999, and $500 quarterly (up to $2,000/year) for depositing $250,000 or more. </p><p>To qualify for the bonus, you must be a new Raisin customer who opens and funds their first account using promo code GIFT between December 1, 2025 and January 14, 2026. Your first qualifying deposit must be made before January 14th, 2026 to be eligible for the first quarter's bonus. You must maintain your balance through the end of each quarter to earn cash payouts every three months. You can add more funds before the bonus deposit deadline (January 14, April 14, July 14, October 14) if you'd like to move up to a higher bonus tier.</p><p>Bonus cash will be deposited by Raisin into the customer’s Cash Account within 30 days of the quarter's end. This offer is available to new customers only and may not be combined with any other bonus offers. Raisin reserves the right to modify or terminate this offer at any time. For full details, please visit https://www.raisin.com/en-us/gift-2026.</p>
5.0 FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.	3.65 % APY With $0 min. balance⁷ <p>Annual Percentage Yield (APY) is subject to change at any time without notice. Rate accurate as of 11/18/2025. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.</p>	-	Learn More on Synchrony's secure website Member FDIC	-
4.3 FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.	3.75 % APY With $5,000 min. balance⁸ <p>Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of Nov. 20 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.</p>	Limited-Time Offer: Earn a $225 cash bonus when you deposit $25,000, or a $300 cash bonus when depositing $50,000 or more⁹ <p>This limited time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025 and can end at any time without notice. Customers will receive a $225 or a $300 bonus provided that the program requirements are met:</p><p>New CIT Bank Customers: Offer valid for a New CIT Bank Customer, who, at account opening, does not have a valid CIT Bank User ID (a “New Customer”), or any open CIT Bank accounts provided that the following requirements are met:</p><p><b>Offer Requirements</b></p><p>New customers must open a Platinum Savings account with a valid Promo Code, “PS2025.” The Platinum Savings account Bonus Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the bonus.</p><p>New customers must deposit at least $25,000 for a $225 bonus, or at least a minimum of $50,000 for a $300 bonus into the enrolled Platinum Savings account within the first 30 calendar days following account opening (the “Funding Period”). The single or multiple deposit(s) of $25,000 or $50,000 or more used to fund the account must come from a funding source outside of CIT Bank. Transfers from existing CIT Bank accounts will not qualify. Funds already on deposit with CIT Bank are ineligible.</p><p>The enrolled Platinum Savings account must be open at the time of the bonus payment to qualify.</p>	Learn More on CIT Bank's secure website Member FDIC	Limited-Time Offer: Earn a $225 cash bonus when you deposit $25,000, or a $300 cash bonus when depositing $50,000 or more⁹ <p>This limited time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025 and can end at any time without notice. Customers will receive a $225 or a $300 bonus provided that the program requirements are met:</p><p>New CIT Bank Customers: Offer valid for a New CIT Bank Customer, who, at account opening, does not have a valid CIT Bank User ID (a “New Customer”), or any open CIT Bank accounts provided that the following requirements are met:</p><p><b>Offer Requirements</b></p><p>New customers must open a Platinum Savings account with a valid Promo Code, “PS2025.” The Platinum Savings account Bonus Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the bonus.</p><p>New customers must deposit at least $25,000 for a $225 bonus, or at least a minimum of $50,000 for a $300 bonus into the enrolled Platinum Savings account within the first 30 calendar days following account opening (the “Funding Period”). The single or multiple deposit(s) of $25,000 or $50,000 or more used to fund the account must come from a funding source outside of CIT Bank. Transfers from existing CIT Bank accounts will not qualify. Funds already on deposit with CIT Bank are ineligible.</p><p>The enrolled Platinum Savings account must be open at the time of the bonus payment to qualify.</p>

Today's Top High-Yield Savings Accounts

Limited-Time Offer

2026 AWARD WINNER Best Online Checking

SoFi Checking and Savings

5.0

Learn More on SoFi's secure website, Member FDIC

APY

4.00%

Minimum Balance for APY

Bonus Offer

Up to $300

Why We Like It

Limited-Time Offer: +0.70% Boost on Savings APY to earn up to 4.00% APY² Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC. for up to 6 months on new accounts. Terms apply.
Earn a $50 or $300 bonus when you sign up and set up an eligible direct deposit³ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.
No account, overdraft, or monthly fees¹⁰ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>
Get your paycheck up to two days early with direct deposit¹¹ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Access additional FDIC insurance up to $3 million¹² SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.

Learn More on SoFi's secure website, Member FDIC

2026 AWARD WINNER Best Savings for Customer Service

American Express® High Yield Savings

5.0

Learn More on American Express' secure website, Member FDIC

APY

3.30%

Minimum Balance for APY

Bonus Offer

N/A

Why We Like It

Earn a competitive 3.30% annual percentage yield (APY)¹³ The Annual Percentage Yield (APY) as advertised is accurate as of December 30, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded. from a trusted brand
No minimum deposits or balances required, and no monthly fees¹⁴ There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you.
Award-winning financial institution with 24/7 access to customer service representatives
Accounts offered by American Express National Bank, Member FDIC, Terms Apply

Learn More on American Express' secure website, Member FDIC

Limited-Time Offer

Excellent For High Interest From a Trusted Institution

Western Alliance Bank High-Yield Savings

4.3

Learn More on Raisin's secure website, Member FDIC

APY

3.80%

Minimum Balance for APY

Bonus Offer

$20 - $500 Each quarter; See site for full details

Why We Like It

Limited-Time Offer: Use code GIFT to earn a cash bonus each quarter based on your savings balance. Earn $20 for $10,000, $50 for $25,000, $100 for $50,000, $200 for $100,000, or $500 for $250,000 or more. Visit site for full details.⁶ New customers only. Earn a cash bonus when you deposit and maintain funds with partner banks on the Raisin platform. Customers will receive $20 quarterly (up to $80/year) for depositing between $10,000 and $24,999, $50 quarterly (up to $200/year) for depositing between $25,000 and $49,999, $100 quarterly (up to $400/year) for depositing between $50,000 and $99,999, $200 quarterly (up to $800/year) for depositing between $100,000 and $249,999, and $500 quarterly (up to $2,000/year) for depositing $250,000 or more. To qualify for the bonus, you must be a new Raisin customer who opens and funds their first account using promo code GIFT between December 1, 2025 and January 14, 2026. Your first qualifying deposit must be made before January 14th, 2026 to be eligible for the first quarter's bonus. You must maintain your balance through the end of each quarter to earn cash payouts every three months. You can add more funds before the bonus deposit deadline (January 14, April 14, July 14, October 14) if you'd like to move up to a higher bonus tier.Bonus cash will be deposited by Raisin into the customer’s Cash Account within 30 days of the quarter's end. This offer is available to new customers only and may not be combined with any other bonus offers. Raisin reserves the right to modify or terminate this offer at any time. For full details, please visit https://www.raisin.com/en-us/gift-2026.
Earn 3.80% (as of 01/08/26) APY⁵ APY means Annual Percentage Yield. APY is accurate as of 01/08/26. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $1.00. from a trusted, top U.S. bank
Enjoy 24/7 online access to your account and funds
Powered by Raisin's intuitive savings marketplace
FDIC insured, no fees, $1 minimum deposit

Learn More on Raisin's secure website, Member FDIC

Excellent For Digital-First Banking

Synchrony Bank High Yield Savings

5.0

Learn More on Synchrony's secure website, Member FDIC

APY

3.65%

Minimum Balance for APY

Bonus Offer

N/A

Why We Like It

Earn 3.65% APY on your savings⁷ Annual Percentage Yield (APY) is subject to change at any time without notice. Rate accurate as of 11/18/2025. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.
Let your money work for you with great rates: count on it. Open a High Yield Savings account with Synchrony today. Member FDIC.
Savings products with competitive rates, no required minimum balances, and no monthly fees.
Save easy with Synchrony Bank. Our app makes it a snap to bank anywhere; manage accounts from your smartphone or tablet.

Learn More on Synchrony's secure website, Member FDIC

Limited-Time Offer

Excellent Rate For High Balances

CIT Bank Platinum Savings

4.3

Learn More on CIT Bank's secure website, Member FDIC

APY

3.75%

Minimum Balance for APY

$5,000

Bonus Offer

Up To $300

Why We Like It

Limited-Time Offer: Earn a $225 cash bonus when you deposit $25,000, or a $300 cash bonus when depositing $50,000 or more⁹ This limited time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025 and can end at any time without notice. Customers will receive a $225 or a $300 bonus provided that the program requirements are met:New CIT Bank Customers: Offer valid for a New CIT Bank Customer, who, at account opening, does not have a valid CIT Bank User ID (a “New Customer”), or any open CIT Bank accounts provided that the following requirements are met:Offer RequirementsNew customers must open a Platinum Savings account with a valid Promo Code, “PS2025.” The Platinum Savings account Bonus Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the bonus.New customers must deposit at least $25,000 for a $225 bonus, or at least a minimum of $50,000 for a $300 bonus into the enrolled Platinum Savings account within the first 30 calendar days following account opening (the “Funding Period”). The single or multiple deposit(s) of $25,000 or $50,000 or more used to fund the account must come from a funding source outside of CIT Bank. Transfers from existing CIT Bank accounts will not qualify. Funds already on deposit with CIT Bank are ineligible.The enrolled Platinum Savings account must be open at the time of the bonus payment to qualify.
Earn 3.75% APY on balances of $5,000 or more⁸ Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of Nov. 20 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
No account opening or monthly services fees¹⁵ For a complete list of account details and fees, see our Personal Account disclosures: <a href="https://cit-fcb-t.cit.com/cit-bank/resources/forms">https://cit-fcb-t.cit.com/cit-bank/resources/forms</a>
Enjoy unlimited transfers and withdrawals each month (many savings accounts have monthly limits)
Member FDIC

Learn More on CIT Bank's secure website, Member FDIC

Ask a Pro: Where should I keep my cash to make it work harder for me?

You’ve built up savings — now it’s time to make that money work. But with so many options, from high-yield savings accounts to CDs to short-term investments, it can be tough to know what’s actually best for you.

That’s why many people turn to fiduciary financial advisors for personalized guidance. An advisor can help you find the right balance between accessibility, safety, and growth so your cash supports both your short-term needs and long-term wealth goals.

This free matching quiz connects you with up to three vetted fiduciary advisors who can help you make a smart move with your money.

Frequently Asked Questions

When picking a new savings account, there are a few key things to consider, like the APY (annual percentage yield) they offer or the fees they charge. And remember, you don’t have to stick with just one account — opening different accounts can help you get the best rates and ensure your money is protected up to the legal limit.

Is my money safe in an online savings account?

Money in an online savings account is covered by protections as long as the account provider is FDIC insured, and virtually all major banks are. You'll typically see it stated as "member FDIC."

FDIC stands for Federal Deposit Insurance Corporation. The FDIC insurance covers accounts up to $250,000 accounts up to $250,000, so if your bank goes under financially, you will still get back all your money, up to that amount. The National Credit Union Administration provides similar insurance for credit unions.

What is a good interest rate for an online savings account?

Savings account interest rates vary from bank to bank and over time. The FDIC indicates the national average interest rate for savings accounts is 0.39% (as of 12/15/25) APY. That means if you see an account with a higher interest rate, it would allow you to beat the average.

What do I need to have to open an online savings account?

Requirements to open an online savings account vary by the financial institution. You generally need to provide your full name, address, contact details, and a Social Security number. Some banks also require you to provide your driver's license information. If you are planning to fund the new account with money from a different bank or credit union, you will also need that account information.

How do I deposit or withdraw money from an online savings account?

The process for depositing and withdrawing money from online savings accounts varies by bank or credit union. Generally, you can fund an online savings account via electronic transfer from another bank account, by direct deposit, or by depositing a check. Withdrawals can generally also be completed by bank-to-bank transfer, or you may be able to request a check or use a debit card if your bank allows it.

How we chose these products

FinanceBuzz evaluated a selection of bank accounts offered by our partners, looking at various criteria including interest rates, minimum deposit requirements, and more. We did not review all products in the category and compensation was considered when evaluating and ordering the products.

SoFi Checking and Savings

🚨 Limited-Time Offer: +0.70% boost to 4.00% APY on Savings for up to 6 months² Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC. + up to $300 Bonus with direct deposit.³ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. Terms apply. Member FDIC.¹² SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.
No account, overdraft, or monthly fees¹⁰ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>
Get your paycheck up to two days early¹¹ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

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