Best High-Yield Savings Accounts (2026)

A high-yield savings account is a federally insured savings account that pays a significantly higher APY than the national average of 0.01%. Most HYSAs are offered by online banks that operate without expensive branch networks, passing those savings to customers through better rates.

Your money works exactly like any other savings account — you can deposit and withdraw freely, and interest compounds on your balance every month. The key difference is purely the rate. Where a Chase or Bank of America savings account might pay $1 per year on $10,000, a top HYSA pays $459.

For a deeper dive into how HYSAs work, read our complete guide to high-yield savings accounts.

Both HYSAs and CDs are FDIC-insured and pay competitive rates, but they serve different purposes. The right choice depends on when you need your money and whether you want rate flexibility or rate certainty.

Our take: If you might need the money within 12 months, go with a HYSA. If you have cash you will not touch for a specific period and want to lock in today's rate, consider a CD or a CD ladder strategy. Many savers use both — a HYSA for their emergency fund and CDs for longer-term savings goals.

Money market accounts (MMAs) are another option for earning competitive interest on your savings. Like HYSAs, they are FDIC-insured and offer variable rates. The key differences come down to access and features:

• •Check-writing and debit cards — Most MMAs include check-writing privileges and a debit card. HYSAs typically do not, which can make accessing your money slightly less convenient.
• •Interest rates — HYSAs often have a slight edge in APY because they offer fewer features. The rate difference is typically small, but it compounds over time.
• •Minimum balances — Some MMAs require higher minimum balances ($2,500 to $25,000) to earn the top rate or avoid fees. Most HYSAs have no minimums at all.

Bottom line: If you want the highest rate with no strings attached, choose a HYSA. If you need check-writing or debit card access on your savings, a money market account may be more practical. Read our full HYSA vs Money Market comparison.

Every account in our comparison table above is backed by FDIC insurance, which protects your deposits up to $250,000 per depositor, per insured bank. This is the same protection that covers savings accounts at Chase, Wells Fargo, and every other FDIC member bank.

Key points about FDIC coverage:

• •$250,000 per depositor, per bank — If you have more than $250,000, spread deposits across multiple FDIC-insured banks for full coverage.
• •Backed by the U.S. government — FDIC insurance is backed by the full faith and credit of the United States. No depositor has ever lost a penny of FDIC-insured funds.
• •Online banks are equally protected — FDIC coverage applies identically to online banks and brick-and-mortar institutions. The higher APY at online banks does not come with any reduction in deposit protection.
• •Some accounts cover more — Fintech platforms like Betterment and Wealthfront spread your deposits across multiple partner banks, which can provide FDIC coverage well beyond $250,000.

Read our complete guide to FDIC insurance →

If you want to lock in today's rates while keeping some flexibility, a CD ladder is a smart complement to a HYSA. The strategy is simple: divide your savings across CDs with staggered maturity dates (for example, 3-month, 6-month, 9-month, and 12-month CDs). As each CD matures, you either reinvest at the current rate or move the money back to your HYSA.

This approach gives you the rate certainty of CDs with the regular access of a HYSA, since a CD matures every few months.

Build a custom CD ladder with our calculator →