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If you're looking into opening a new bank account, you've likely seen the letters HYSA thrown around. So what does HYSA stand for?
It stands for high-yield savings account. A HYSA is an account that gets you an annual percentage yield (APY) that's higher than the national average, which currently sits at 0.40% (as of 11/17/25). Money you have in an HYSA will accrue interest at the APY rate offered by the financial institution that hosts your account.
Every bank offers different APYs, and even those will vary over time, but we recommend seeking out an HYSA with an APY that's roughly ten times the national average at a minimum — that means that 4.00% APY is a good place to start.
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.
4.30%Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
Minimum Balance for APY
$0
Bonus Offer
Up to $300New 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 3.60% 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 3.60% 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 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found athttp://www.sofi.com/legal/banking-rate-sheet.
Why We Like It
Earn a $50 or $300 bonus and up to 4.30% APY1 <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 3.60% 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 3.60% 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 11/12/25. 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> on your money with eligible direct deposit
Limited-Time Offer: +0.70% Boost on Savings APY for 6 months on new accounts with eligible Direct Deposit. Terms Apply.2 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) 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>
No account, overdraft, or monthly fees3 <p>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></p>
Get your paycheck up to two days early with direct deposit4 <p>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.</p>
Access additional FDIC insurance up to $3 million5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">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>.</b></p>
Savings accounts are designed to help you save money, unlike a checking account, which is meant to help you conduct transactions. Also known as high-interest savings accounts, high-yield savings accounts are bank accounts that work similarly to traditional savings accounts but offer a higher interest rate.
This difference is important. The higher APY that comes with an HYSA means you'll get a better return on your money.
For example, let's compare a traditional savings account that earns 0.50% APY to a high-interest savings account that earns 4.00%.
Let's say you're like me right after college. I had about $5,000 saved up, and I was just learning about savings accounts and debating which type to open. Assuming I didn't make any additional deposits, here's how much I was looking at earning with each type of savings account over the course of three years:
Regular savings account with 0.50% APY: $5,075.38
High-yield savings account with 4.00% APY: $5,624.32
That's a pretty significant difference — needless to say, I chose the high-yield account. It's also important to note that the gap would be even wider if I kept making additional monthly deposits and left the money there over a longer period of time.
The best high-yield savings accounts
Many of the best savings accounts could be classified as high-yield, but like I said, enough banking institutions offer accounts with 4.00% APY or higher that we'd recommend drawing the line there to make sure you get the most out of your account.
We also recommend looking for an account with no monthly service fees and no-to-low minimum balance requirements. Here are a few good options:
3.90% (as of 11/26/25)6 <p>APY means Annual Percentage Yield. APY is accurate as of 11/26/25. 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>
Up to 3.60% with direct deposit7 <p>Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a></p>
$0
$03 <p>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></p>
3.40%8 <p>The Annual Percentage Yield (APY) as advertised is accurate as of November 26, 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>
$09 <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.</p>
$0
Wealthfront Cash Account10 <p>Wealthfront Cash account is offered by Wealthfront Brokerage LLC, Member of FINRA/SIPC. Wealthfront Brokerage is not a bank. We convey funds to partner banks who accept and maintain deposits, provide the interest rate, and provide FDIC insurance. Rate is subject to change.</p>
3.75% 12 <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>
$0 (balances under $5,000 earn a lower APY)
$0
Pros and cons of a high-yield savings account
Before you sign up for a high-yield savings account, it's best to learn about the advantages and disadvantages.
Pros
Accessibility
A higher rate of return
Lower fees
Cons
Limited features
Longer wait for funds
You can't access a branch
Pros
Accessibility: Most high-yield savings accounts are offered by online banks and are typically accessible online or via a mobile banking app, making it easy to transfer and deposit money. You can perform pretty much all your transactions online, including opening new accounts, making ACH (Automated Clearing House) transfers, and more.
A higher rate of return: Since overhead costs for online savings accounts are lower, they're able to pass on their savings to you by way of a higher interest rate.
Lower fees: Most high-yield savings accounts don't charge monthly maintenance fees or other service fees commonly found with traditional savings accounts.
Cons
Limited features: Not all high-yield savings accounts are the same. Some may not offer features like ATM access or a debit card, meaning you're limited to depositing and withdrawing funds via ACH, direct deposit, wire transfer, or requesting a check. But you can check out our list of the best savings account options with ATM access for some that do.
Longer wait for funds: Since your options may be limited to online transfers, you may have to wait a few business days for these types of transactions to process. It's not exactly helpful if you need cash right away.
You can't access a branch: Since most high-yield savings accounts only offer online banking, that means you can't go in person to do your banking. If not being able to visit a brick-and-mortar bank is a dealbreaker, then you'll need to consider another option.
One thing to be aware of with all savings accounts, not just high-yield accounts, is that you will likely be limited in the number of withdrawals you can make. To me, this is actually a positive. I don't want to be able to take money out of my savings all the time. I want to really think if I need that money before I withdraw it from my account.
How to choose the right HYSA for you
Comparing different offerings is helpful since many banks offer varying interest rates and features. That way, you can find the best fit for your needs, whether your priority is earning the highest rates or having more convenient access to your cash.
Here's what you should consider when comparing high-yield savings accounts:
Fees: I always make sure to first look at what fees I'll be charged when evaluating savings accounts. Some banks charge maintenance fees that may take a chunk out of your interest earnings. There could also be other monthly fees or charges, such as excess transaction or balance transfer fees.
Minimum balance amount: Some accounts have minimum balance requirements that mean you need to keep a certain amount in the account in order to earn interest. I would recommend looking for one with no minimum balance if possible so that you don't have to worry about tracking how much is in your account.
Initial deposit requirements: Some minimum deposit amounts are higher than others. Ideally, you would find one that offers a low or $0 minimum deposit, especially if you're just starting out.
APY: Some high-yield savings accounts offer high interest rates — but only for a certain period of time. Other accounts may have tiered rates, meaning the interest rate can change depending on how much you have in the account. Make sure to do your due diligence and fully understand what your APY will be with any given account.
Transfer options: Investigate how you can transfer from one bank account to another as well as if you can deposit money via mobile check deposit or ACH transfers.
ATM access: Does the bank issue a debit card that you can use at an ATM? And, if so, I would make sure to find out which ATM network the bank uses so you can determine whether there are any in your area. There's no use having an ATM card if you don't have any machines around where you can use it.
Mobile app and website access: Many banks offering high-yield savings accounts also offer apps to help you manage your money or even help you automate monthly deposits. Make sure the bank you're using offers the sort of digital and website access that works best for you. I personally like to look for apps that provide visualizations and savings goals features that allow me to easily keep track of my savings.
4.7
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.
Openbank High Yield Savings - 4.20% APY13 <p>Interest Rates and Annual Percentage Yields (APYs) are accurate as of 12:01 AM ET September 23, 2025. The products and rates we offer may vary between locations, are available in select markets only, and are subject to change without notice. Rate for this product will be based on the residential ZIP code entered when account is opened within online application process. This is a variable-rate account and the rate applicable may change at our discretion any time without notice. A minimum deposit of $500 is required to open a Openbank High Yield Savings account. Personal accounts only.</p>
<p>Openbank is a division of Santander Bank, N.A. Member FDIC. There is a maximum of $250,000 of deposit insurance from the FDIC per depositor for each category of account ownership. Visit FDIC.gov for details. Deposits at Santander Bank, N.A., and Openbank are combined for the purposes of calculating FDIC insurance limits (FDIC Cert #29950) and are not separately insured.</p>
Earn 10x the national savings average for Savings deposit products as published on FDIC.gov.
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.
Use Cash App As Your All-in-One Financial Services Platform
Bank14 <p>Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Savings provided by Cash App, a Block, Inc. brand.</p><p class="">Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Direct Deposit provided by Cash App, a Block, Inc. brand.</p> without all the fees—save, send, and spend your money the way you want.15 <p class="">Your balance is eligible for FDIC pass-through insurance through our Program Banks Wells Fargo Bank, N.A. and/or Sutton Bank, Members FDIC for up to $250,000 per customer when aggregated with all other deposits held in the same legal capacity at each Program Bank above, if certain conditions are met. Cash App is a financial services platform, and not an FDIC-insured bank. Prepaid debit cards issued by Sutton Bank, Member FDIC. See <a href="https://cash.app/legal/us/en-us/card-agreement">terms and conditions</a>. </p> Get paid up to 2 days early – up to 2 days earlier than most banks16 <p>Your first deposit may take longer depending on your employer.</p>
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.
2025 award winnerBest Checking and Savings Combo
SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit
Limited-Time Offer: Earn a $50 or $300 bonus and up to 4.30% APY on Savings (3.60% APY1 <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 3.60% 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 3.60% 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 11/12/25. 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> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.2 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) 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> FDIC Insured.5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">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>.</b></p>
The short answer is no, you can't lose your money.
The longer answer is that high-yield savings accounts offer the same types of security as regular savings accounts. In other words, your savings account is either insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA) up to $250,000.
You can ask the bank or credit union if it's FDIC- or NCUA-insured — or check through the FDIC's BankFind or the NCUA's website.
Do you pay taxes on interest?
Any interest you earn in a high-yield savings account is considered taxable income in the eyes of the IRS. According to the IRS, you'll be taxed on any interest you earn over $10.
Your bank should send you a copy of Form 1099-INT or 1099-OID each year. This form will show the interest you earned in the previous year. Whether or not your bank sends you the form, you'll still need to report interest earned in your tax return.
How much interest can you earn on a savings account?
According to the Federal Deposit Insurance Corporation (FDIC), the average interest rate on savings accounts is 0.40% (as of 11/17/25). However, there are some high-yield savings accounts that offer much higher interest rates. Some banks offer rates as high as 5.00% or more, which gives you a much higher return on your money.
Can a savings account APY change?
Yes, the annual percentage yield (APY) on savings accounts can fluctuate. Savings account rates are variable, and can change quickly without notice.
Bottom line
When it comes to saving money, high-yield savings accounts offer a significant advantage over standard savings accounts. With competitive rates and the power of compound interest, these accounts could help you reach your financial goals faster.
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.
2025 award winnerBest Checking and Savings Combo
High APY of up to 4.30% on Savings (3.60% APY1 <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 3.60% 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 3.60% 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 11/12/25. 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> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.2 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) 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>
Paycheck access up to 2 days early with direct deposit4 <p>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.</p>
No monthly maintenance or overdraft fees3 <p>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></p>
Streamlined savings and savings goals with Vaults
Access to a large ATM network17 <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p>
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SoFi Checking and Savings
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Wealthfront Cash Account10 <p>Wealthfront Cash account is offered by Wealthfront Brokerage LLC, Member of FINRA/SIPC. Wealthfront Brokerage is not a bank. We convey funds to partner banks who accept and maintain deposits, provide the interest rate, and provide FDIC insurance. Rate is subject to change.</p>
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