Highest HYSA APY by bank in 2026 — ranked
Top online banks pay 4.25–4.60% APY on savings — 450× more than Chase or Bank of America. Here's the full ranked list.
Top online banks consistently pay 4.25–4.60% APY on savings accounts with no minimum balance and no monthly fees — compared to 0.01% at Chase or Bank of America. On a $25,000 balance, that gap is worth $1,100–$1,150 per year.
Online banks can offer these rates because they have no physical branch overhead. The top five (SoFi, Marcus, Ally, Amex HYSA, Discover) have maintained competitive rates throughout the 2022–2024 rate cycle.
Rates above are approximate as of Q1 2026 and change frequently with Federal Reserve policy. Always verify the current APY on the bank's website before opening an account.
Last updated 2026-04-01 · FDIC National Rates and Rate Caps
What the Data Says You Should Do
Compare top HYSA rates side-by-side, then see how a CD ladder compares when you know you won't need the money for 12–24 months.
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FAQ
Which bank has the highest HYSA APY right now?
As of Q1 2026, SoFi leads at approximately 4.60% APY, followed by Marcus (Goldman Sachs) at 4.50% and Ally at 4.35%. Rates change with Fed policy — check each bank's current offer before opening.
Why do Chase and Bank of America pay 0.01% on savings?
Large traditional banks have massive deposit bases and don't need to compete on savings rates to attract customers. They rely on brand recognition and branch convenience. Online banks with no branch overhead must compete on rate.
Is SoFi's HYSA safe?
Yes. SoFi Bank is FDIC-insured up to $250,000 per depositor. SoFi also offers pass-through FDIC insurance up to $2M for eligible members through their SoFi Checking and Savings product.
Do I need to switch my checking account to get a high HYSA rate?
No. Most banks let you open a HYSA with just a routing number and account number for ACH transfers. You keep your existing checking account and transfer funds in and out as needed.
Sources
- FDIC National Rates and Rate Caps (Q1 2026)
- Federal Reserve H.15 Selected Interest Rates (Q1 2026)
For general guidance only — individual results vary. Not financial, legal, or tax advice.