Best High Yield Savings Accounts
By: Conor Keenan, AWMA® | Updated: November 14, 2026
CompareAccounts co-founder and Accredited Wealth Management Advisor® designee with 10+ years covering banking and investing. His work has appeared in The Wall Street Journal, Reuters, and Yahoo Finance.
Editorial Independence: Opinions, recommendations, and reviews are our own. Partner commissions help keep our site free. They do not influence our editorial content.
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Best For: High APY Interest Rates
Western Alliance Bank offers 3.80% APYⓘ on their High-Yield Savings Premier account.
In addition to this high APY, Western Alliance offers $0 account activity or maintenance fees and is insured by the FDIC for up to $250,000 per depositor.
Only a $500 minimum deposit is required to open an individual or joint account & a minimum balance of $0.01 is required to earn the advertised APY.
U.S.-based customer service support is available from 6 a.m. to 6 p.m. PDT Monday - Friday.
Western Alliance Bank was founded in 1994, has over $80 billion in assets and is consistently ranked among the top banks.
They were ranked #1 Top-Performing Large Bank with Assets $50 billion and Above in 2021, 2022, & 2023 by American Banker. They were ranked again by American Banker and Bank Director as a top U.S. bank in 2022, 2023 and 2024 and they were recently ranked as #1 Best Bank in Arizona by Forbes in 2026.
See Western Alliance Bank's Secure Site For More Details.
Western Alliance Bank APY Disclosure
ⓘ The annual percentage yield (APY) is accurate as of January 20, 2026 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Accurate as of the time of publication. The national average rate referenced is from the FDIC’s published National Rates and Rate Caps for Savings deposit products, accurate as of September 21, 2026. See the FDIC website for more information.
Annual Percentage Yield (APY)
4.35% APY*
for up to 6 months
On CIT Bank's
Secure Site, Member FDIC
Best For: High APY with $5,000+ Deposit
CIT Bank has been helping customers for over 100 years. Founded in 1908, CIT Bank is now part of First Citizens BancShares, Inc, creating a top 20 US financial institution with assets totaling over $100 billion.
CIT Bank currently offers 3.75% APY1 on their high yield savings account with no monthly fees.
Minimum Balance for this APY is $5,000.
For a limited time, CIT Bank is offering a +0.60% Boost to 4.35% APY* for up to 6 months on new accounts. Terms Applyⓘ
Use Promo Code: BOOST60
You can open a CIT Bank platinum savings account in as little as 5 minutes to complete the sign-up process.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily.
See CIT Bank's Secure Site For More Details.
Disclosures:
1Platinum 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 July 1, 2026: 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.
2Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 21, 2026.
* Platinum Savings APY Boost Promotion Terms and Conditions
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.60% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
| Tier | Boost APY | Multiplier |
|---|---|---|
| $5,000.00 or more | 4.35%* | 11x2 |
| $0.01 to $4,999.99 | 0.85%* | N/A |
The Promotion begins on November 3, 2026, and ends December 15, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a "New Customer") or any open CIT Bank accounts provided that the following requirements are met:
- New customers must open a Platinum Savings account with a valid Promo Code, BOOST60. The Platinum Savings APY Boost 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 APY boost.
- The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
- Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code BOOST60.
- Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code BOOST60.
- Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code BOOST60.
- Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
- The Platinum Savings APY Boost promotion may not be combined with other promotions.
-
Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
- They are earning an APY over the standard rate.
- They participated in a previous APY Boost promotion.
- They participated in a cash bonus promotion in the past 6 months.
- Custodial accounts and accounts in the name of a Trust are not eligible.
- This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
- For complete list of account details and fees, see our Personal Account disclosures. please visit: https://www.cit.com/cit-bank/resources/forms
Annual Percentage Yield (APY)
3.20% APY
APY as of November 14, 2026
On American Express® National Bank's
Secure Site, Member FDIC
Best For: High Yield Savings + Award-Winning Service
Earn a competitive 3.20% Annual Percentage Yield1 (APY) as of November 14, 2026 with the American Express® High Yield Savings Account — a top-tier rate from a brand known for trust, stability, and exceptional service.
Interest compounds daily and is deposited monthly, helping your savings grow effortlessly.
Enjoy no monthly fees, no minimum balance requirements2, and 24/7 U.S.-based customer support.
Your deposits are FDIC insured up to $250,000 per depositor, offering you complete peace of mind. Terms Apply.ⓘ
Manage your savings easily through the American Express® App, where you can check balances, deposit funds, track transactions, and stay in control — anytime, anywhere.
If you're looking for a secure, reliable place to grow your savings — backed by award-winning service — the American Express® High Yield Savings Account is a clear standout.
See American Express National Bank's Secure Site For More Details.
Terms Disclosure:
1. The Annual Percentage Yield (APY) as advertised is accurate as of November 14, 2026. 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
2. 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.
3. iOS and Android only. See app store listings for operating system info.
4. For purposes of transferring funds to or from an external bank, business days are Monday through Friday, excluding federal holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin processing on the next business day. Funds deposited into your account may be subject to holds. See the Funds Availability section of your Consumer Deposit Account Agreement and Savings Schedules for more information.
Up to $400 Bonus
Annual Percentage Yield (APY)
4.40% APY
with qualifying activities
On SoFi®'s Secure Site,
Member FDIC
Best For: Bonus Seekers + Large Deposits
SoFi redefines banking with a commitment to no fees—no monthly fees, no overdraft fees, and no account minimums.
Bonus: up to $400 with direct deposit.ⓘ
In addition to the bonus, you'll enjoy up to 4.40% annual percentage yield (APY) on savings balances with qualifying activities and 0.50% APY on checking balances, fee-free overdraft coverage up to $50 and access your direct deposit funds up to two days early, giving you greater financial flexibility. Terms applyⓘ.
The current savings APY without direct deposit or $5,000+ in qualifying deposits during the 31-day evaluation period is 0.80%. Although this is still higher than the national average, if you don't plan on setting up direct deposit or depositing $5,000+, you should look at the other offers on this list.
Your deposits are FDIC-insured up to $250,000 per depositor and you can also access up to $3,000,000 of additional FDIC insurance through a network of participating banks. Ensuring your money stays safe and secure. Earn a $50 or $400 bonus with direct deposit, terms apply.
Limited Time Offer: New account holders earn +1.10% boost to 4.40% on their Savings APY for up to 6 months with eligible direct deposit. Terms apply.
1. $50 or $400 Bonus
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 within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. 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 5/15/2026 and will be available through 12/31/2026. 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 0.80% 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 9/23/26. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 9/23/26. 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
3. Fee Policy
We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
4. Additional FDIC Insurance
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 SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
5. ATM Access
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.
6. Early Access to Direct Deposit Funds
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.
7. Overdraft Coverage
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
8. 1.10% Savings APY Boost
Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.
Annual Percentage Yield (APY)
3.65% APY
On CIT Bank®'s Secure Site,
Member FDIC
Best For: High APY Interest Rates + Mobile App
CIT Bank has been helping customers for over 100 years. Founded in 1908, CIT Bank is now part of First Citizens BancShares, Inc.
CIT Bank offers 3.65% APY1 on their Savings Connect account with no monthly fees.
CIT Bank’s mobile app give you 24/7 access to your savings account. It also lets you deposit checks remotely & make transfers easily. The mobile app is available for both IOS & Andriod devices.
You can open a CIT Bank savings connect account with as little as $100 and it only takes about 5 minutes to complete the sign-up process.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily. Terms Applyⓘ
See CIT Bank's Secure Site For More Details.
Savings Connect Account Disclosure
APY — Annual Percentage Yield is accurate as of July 1, 2026. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.
- For complete list of account details and fees, see our Personal Account disclosures. please visit: https://www.cit.com/cit-bank/resources/forms
Best For: High APY Interest Rates
Western Alliance Bank offers 3.80% APYⓘ on their High-Yield Savings Premier account.
In addition to this high APY, Western Alliance offers $0 account activity or maintenance fees and is insured by the FDIC for up to $250,000 per depositor.
Only a $500 minimum deposit is required to open an individual or joint account & a minimum balance of $0.01 is required to earn the advertised APY.
U.S.-based customer service support is available from 6 a.m. to 6 p.m. PDT Monday - Friday.
Western Alliance Bank was founded in 1994, has over $80 billion in assets and is consistently ranked among the top banks.
They were ranked #1 Top-Performing Large Bank with Assets $50 billion and Above in 2021, 2022, & 2023 by American Banker. They were ranked again by American Banker and Bank Director as a top U.S. bank in 2022, 2023 and 2024 and they were recently ranked as #1 Best Bank in Arizona by Forbes in 2026.
See Western Alliance Bank's Secure Site For More Details.
Western Alliance Bank APY Disclosure
ⓘ The annual percentage yield (APY) is accurate as of January 20, 2026 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Accurate as of the time of publication. The national average rate referenced is from the FDIC’s published National Rates and Rate Caps for Savings deposit products, accurate as of September 21, 2026. See the FDIC website for more information.High APY
Annual Percentage Yield (APY)
4.35% APY*
for up to 6 months
On CIT Bank's
Secure Site, Member FDIC
Best For: High APY with $5,000+ Deposit
CIT Bank has been helping customers for over 100 years. Founded in 1908, CIT Bank is now part of First Citizens BancShares, Inc, creating a top 20 US financial institution with assets totaling over $100 billion.
CIT Bank currently offers 3.75% APY1 on their high yield savings account with no monthly fees.
For a limited time, CIT Bank is offering a +0.60% Boost to 4.35% APY* for up to 6 months on new accounts. Terms Applyⓘ
Minimum Balance for this APY is $5,000.
Use Promo Code: BOOST60
You can open a CIT Bank platinum savings account in as little as 5 minutes to complete the sign-up process.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily.
See CIT Bank's Secure Site For More Details.
Disclosures:
1Platinum 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 July 1, 2026: 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.
2Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 21, 2026.
* Platinum Savings APY Boost Promotion Terms and Conditions
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.60% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
| Tier | Boost APY | Multiplier |
|---|---|---|
| $5,000.00 or more | 4.35%* | 11x2 |
| $0.01 to $4,999.99 | 0.85%* | N/A |
The Promotion begins on November 3, 2026, and ends December 15, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a "New Customer") or any open CIT Bank accounts provided that the following requirements are met:
- New customers must open a Platinum Savings account with a valid Promo Code, BOOST60. The Platinum Savings APY Boost 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 APY boost.
- The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
- Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code BOOST60.
- Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code BOOST60.
- Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code BOOST60.
- Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
- The Platinum Savings APY Boost promotion may not be combined with other promotions.
-
Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
- They are earning an APY over the standard rate.
- They participated in a previous APY Boost promotion.
- They participated in a cash bonus promotion in the past 6 months.
- Custodial accounts and accounts in the name of a Trust are not eligible.
- This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
- For complete list of account details and fees, see our Personal Account disclosures. please visit: https://www.cit.com/cit-bank/resources/forms
Annual Percentage Yield (APY)
3.20% APY
APY as of November 14, 2026
On American Express® National Bank's
Secure Site, Member FDIC
Best For: High Yield Savings + Award-Winning Service
Earn a competitive 3.20% Annual Percentage Yield1 (APY) as of November 14, 2026 with the American Express® High Yield Savings Account — a top-tier rate from a brand known for trust, stability, and exceptional service.
Interest compounds daily and is deposited monthly, helping your savings grow effortlessly.
Enjoy no monthly fees, no minimum balance requirements2, and 24/7 U.S.-based customer support.
Your deposits are FDIC insured up to $250,000 per depositor, offering you complete peace of mind. Terms Apply.ⓘ
Manage your savings easily through the American Express® App, where you can check balances, deposit funds, track transactions, and stay in control — anytime, anywhere.
If you're looking for a secure, reliable place to grow your savings — backed by award-winning service — the American Express® High Yield Savings Account is a clear standout.
See American Express National Bank's Secure Site For More Details.
Terms Disclosure:
1. The Annual Percentage Yield (APY) as advertised is accurate as of November 14, 2026. 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
2. 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.
3. iOS and Android only. See app store listings for operating system info.
4. For purposes of transferring funds to or from an external bank, business days are Monday through Friday, excluding federal holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin processing on the next business day. Funds deposited into your account may be subject to holds. See the Funds Availability section of your Consumer Deposit Account Agreement and Savings Schedules for more information.
Compare With
Not Recommended
0.01% APY
Not Recommended. Shown For Comparison Purposes Only.
Chase Bank is one of the largest and most well known banks in the United States. Unfortunately, they offer a measley 0.01% APY on their savings account.
In fact, if you're not careful and perform enough qualifying activies, having a savings account with them can actually cost you money.
The average minimum balance to avoid a monthly service fee is $300. Monthly service fees can be up to $5 per month. They limit withdrawals to 6 per monthly statement period. If you go over this number, you'll be hit with an overage fee up to $15 per month.
Other miscellaneous fees may apply as well. Because of the bottom barrel APY and various fees, we don't recommend you opening a savings account with Chase Bank.
Compare With
Not Recommended
0.01% APY
Not Recommended. Shown For Comparison Purposes Only.
Wells Fargo is also one of the largest banks in the United States and also offers a very low APY for their savings accounts.
They currently offer a sad 0.01% Way2Save Savings Account.
They require a minimum opening deposit of $25 and also force people to jump through hoops to avoid their monthly fees. You can avoid the fee with a $300 minimum daily balance, qualified transfers from a linked Wells Checking account and vice versa or if the primary account holder is 24 years old or under.
However, other fees may still apply. See terms for full details.
Because of the bottom barrel APY and various fees, we don't recommend you opening a savings account with Wells Fargo.
To recap our recommendations.
Best Savings Accounts According To CompareAccounts™
SoFi® Checking and Savings: 4.40% APY & Earn up to $400 with qualifying activities
American Express® High Yield Savings Account: 3.20% APY as of November 14, 2026
American Express® High Yield Savings Account: 3.20% APY as of November 14, 2026
CIT Bank® Platinum Savings Account: up to 4.35% APY - with Promo Code: BOOST60
CIT Bank® Platinum Savings Account: up to 4.35% APY - with Promo Code: BOOST60
CIT Bank® Savings Connect Account: 3.65% APY
Customers Also Viewed: Bonus Checking Accounts
Up to $400 Bonus
up to
4.40%
Annual Percentage Yield (APY)
- Checking & Savings Account
- Min. to Open: $0
- Bonus: up to $400 with Direct Depositⓘ
- Up to 4.40% APY on Savings Balances with Qualifying Activities
- $0 Monthly Fees
- FDIC Insured up to $250,000
- Earn $50 or $400 with direct deposit, terms apply
- Limited Time Offer: +1.10% Boost to 4.40% APY for up to 6 Months on New Accounts with Eligible Direct Deposit.
- Terms Applyⓘ
- See Site for Details
1. $50 or $400 Bonus
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 within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. 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 5/15/2026 and will be available through 12/31/2026. 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 0.80% 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 9/23/26. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 9/23/26. 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
3. Fee Policy
We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
4. Additional FDIC Insurance
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 SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
5. ATM Access
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.
6. Early Access to Direct Deposit Funds
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.
7. Overdraft Coverage
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
8. 1.10% Savings APY Boost
Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.
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What to Look for in a High-Yield Savings Account
It's always wise to compare your options when opening a new savings account. Small differences in interest rates and fees can quickly add up over time, especially if you're keeping a large balance in savings.
Here are the top features to look for and compare:
1. Interest Rate
The interest rate of a savings account is one of its most important features. However, a very high interest rate can get completely wiped out by monthly fees.
Although your main goal may be a higher interest rate, be sure to focus on low and better yet, no monthly fee accounts. Other important features of your savings account include the required initial deposit, minimum balance required, and how you access your money.
2. Monthly Fees
Monthly fees can destroy your return. You should avoid them like the plague. That’s why we recommend you focus on no monthly fee savings accounts to maximize your return.
3. Required Initial Deposit
Does the bank require a large initial deposit? Are you comfortable depositing that much right away? These days, most banks will allow you to open an account with as little as $1 or even $0 dollars.
Some banks may offer a higher yield with a higher initial deposit. You’ll just need to decide whether that higher initial deposit will be worth any increase in yield.
4. Minimum Balance Required
Minimum balance required to maintain your account is another feature to keep a close eye on.
Most of the banks we recommend do not have large minimum balance requirements, if any minimum balance requirement at all.
The accounts we do recommend that have a higher minimum required balance are usually CD accounts, which you don’t want to open unless you want to lock up your money for 6 months, 12 months or longer.
5. Accessing Your Money
Accessing your money is important with any account. Some high yield savings accounts allow you to transfer funds out of the account as often as you’d like, while others place limits on the number of outgoing transfers you can perform per month.
Additionally, some banks will issue a debit card for your high yield savings account, although that is more common for checking accounts.
We recommend to not focus on the debit card aspect too much and instead ask yourself “how often will I need to pull money from my savings?” We believe that savings should be left alone, until really needed, in order take advantage of compound interest.
Although a limit of 6 out going transfers sounds low, if you need to pull money out more often than that, we’d recommend putting those funds into a checking account instead.