Best high-yield savings accounts of January 2026

Where to save in 2026: Our top 3 high-yield picks

While the data from our survey clearly favored digital-first institutions, the right choice depends on whether you prefer a bundled banking suite or a simple, standalone high-yield account. Our top selections for 2026 reflect this variety, ranging from institutional giants with high stability to agile fintechs that prioritize ease of use.

Below are the three accounts that outperformed the field in our latest analysis of APY, accessibility, and fee-free growth:

1. Axos Bank (Axos ONE^®)

Leading the pack is the Axos ONE bundle, which delivers a market-best 4.31% APY on balances up to $3 million. This rate is accessible to those who maintain a $1,500 average daily balance and receive $1,500 in monthly direct deposits, making it the top choice for a comprehensive, high-interest digital hub.

2. Openbank (by Santander)

Providing the security of a global banking giant with the agility of a fintech, Openbank offers a 4.20% APY standalone rate. It requires a $500 minimum opening deposit but avoids the need for account bundling or monthly fees, perfect for those seeking high growth with institutional stability.

3. Jenius Bank

For those who value transparency, displayname offers a straightforward apy% APY (rates_last_updated) on your entire balance. With no minimum balance requirements or direct deposit hurdles, it is the most user-friendly option for high-yield savings without the “fine print.”

How do we choose the best savings account winners?

The MyBankTracker Best of Banking Awards survey provides a data-driven look at how different financial institutions stack up, ensuring the results represent a true cross-section of the U.S. banking market. By analyzing a diverse sample of large, medium, and small institutions, the study captures the performance of banks that collectively hold more than half of all U.S. bank deposits.

Our methodology

To earn a spot among the best, accounts are evaluated using several key metrics that impact the everyday saver:

• Representative sample: The study utilizes the MoneyRates Index, which includes the 20 largest banks in the U.S. by deposit size.
• Quarterly averages: Rather than taking a single “snapshot” in time, the survey averages rates over a full calendar quarter to reward banks that provide consistently high yields.
• Federal protection: Every ranked institution must be federally insured by the FDIC or NCUA, ensuring your deposits are safe up to $250,000.
• Account dynamics: Evaluation criteria extend beyond just APY to include monthly fees, the minimum balance required to waive those fees, and the initial deposit needed to open the account.

By prioritizing transparency and long-term rate consistency, this methodology helps identify the best savings accounts that offer real value without hidden costs.

What to know about high-yield savings accounts

On the surface, savings accounts seem simple, but there are several factors that you need to pay attention to when picking a savings account:

Interest rates

The interest rate is one of the most important aspects of a savings account. It can be the difference between losing to inflation and keeping pace. It can also accelerate your progress toward long-term savings goals.

Compounding, or the ability to earn interest on interest, is what makes interest so powerful. Imagine you’re trying to save $15,000 for a down payment on a home.

If you’re earning no interest, reaching your goal will take 150 months or 12.5 years. If you’re earning 5% interest, it will take you less than ten years.

You’ll have contributed $12,000 and earned more than $3,000 in interest after ten years. More than 20% of the money for your down payment will have come from interest.

Why high interest rates are important

Teaser rates

You might be willing to pay the occasional fee if you have a big chunk of change in your savings account, and that tasty interest rate makes it worth your while.

However, that interest rate you signed up for might not be the one you’re getting a year, six months, or even three months down the road. And then, your account choice might not look like a good choice anymore.

This is commonly called a teaser rate or an introductory rate, and the difference between what you get going in and what it changes to can be drastic, with your interest payments sometimes being cut nearly in half.

Many banks won’t be completely forthright about how much you’ll be charged for certain services so it’s important to read the fine print to ensure you get the best and most consistent rates for your savings account.

Note: Not all banks will use teaser rates.

Fees and minimums

Fees and minimums are the other major aspects of savings accounts you must watch out for. The entire idea of a savings account is for it to be a safe place for your money.

You can hardly call a savings account “safe” if your bank will take the money from you with fees.

Maintenance fees

You may think that banks are happy to have your business, but many banks charge a fee for you to maintain an account with them.

The fees can range from $6 to $8, which may not sound like much per month, but can add up to a hefty yearly sum.

If you’re keeping only a few hundred dollars in the account, the sum would be much less than the savings yield you’re getting. Bank of America, for example, has an $8 monthly fee on its basic savings account. Chase has a $5 fee for its Chase Savings account.

Since the interest rate at both banks is so low, those fees can quickly outpace the interest you can earn.

There are usually ways to avoid fees on savings accounts. Bank of America will waive its savings account fee if you maintain a $500 minimum balance, for example.

You can also avoid the fee if you have a checking account with Bank of America. Similarly, Chase will remove the fee with a minimum balance of $300 or a monthly repeating transfer of $25 from a Chase checking account.

Banks use fees to encourage their customers to act in specific ways.

Savings account minimum balances to avoid monthly fees

To avoid monthly maintenance fees when you cannot meet minimum balance requirements, many banks offer alternative “relationship” waivers for customers who link multiple accounts, such as a checking account. While failing to meet these thresholds can sometimes limit your ability to diversify your banking across different institutions, you can often bypass fees through specific status tiers at Bank of America or Citibank.

Other common strategies to eliminate monthly costs include age-based waivers for students or minors at TD Bank and PNC Bank, or setting up automated financial habits. For example, Chase and Wells Fargo typically waive their standard $5 fee if you establish a recurring automatic transfer of at least $25 from a linked checking account.

Mathieu Despard

Associate Professor of Social Work, University of North Carolina, Greensboro

Every American deserves an opportunity to build savings.

Banks should offer savings accounts for free — no maintenance fee and no minimum monthly balances — as a cost of doing business. These accounts should be linked to checking accounts that meet Bank On National Account Standards.

ATM fees

ATM fees may cost around $3 per withdrawal and add up monthly if you don’t watch your transactions.

If you use an ATM outside your bank’s network, you could be slapped with fees both by your bank and the bank to which the ATM belongs.

Paper fees

Going green has perks that go way beyond the environmental benefits. Used or canceled checks are now saved as digital images; this is fine for many.

However, when the time comes that you may need a copy of your check for tax purposes, for instance, you’d have to pay for it.

The same holds for bank statements and other paper documents.

The good news is most banks only charge when you request a copy of an old check or statement.

If you request for your checks to be delivered with your paper statement monthly, you’ll get both free of charge.

Closing account fees

If your bank fees get bad and you want out after only a few months, don’t expect them to make it easy.

For the brief period they have served you, and for closing an account, whether it’s less than 90 or 180 days, you may need to pay a small fee.

Recurring transfers

The ability to set up recurring transfers is a very useful feature for a bank account.

Recurring transfers can send money to an investment account, move it to a vacation account, or otherwise automate your financial life.

If you’re saving up for multiple financial goals simultaneously, recurring transfers make it easy without spending hours entering transfer requests.

Setting up a recurring transfer should be a free feature at banks that offer it. Savings accounts are designed to make your financial life easier, and recurring transfers take that a step further.

Withdrawal limits

You have the best intentions to build larger savings, but reality creeps in when you’re not expecting it.

There may be times when you’ll have to access those funds for urgent matters. It could be once a month or several times a month.

Just note that some banks will start charging after three or four withdrawals per month. If these withdrawals become frequent, the bank could automatically convert your savings account to a checking account or close your account entirely.

Read more about excess withdrawal fees and how they compare across the top banks.

Savings withdrawal fees at top U.S. banks

Overdraft protection

Overdraft fees are big business for banks. The banks, in turn, often offer a way for you to use your savings accounts to “protect” you from these fees. But they don’t completely protect you and only lessen the burn.

Overdraft protection works by linking your savings account to your checking account and automatically transferring funds to cover should you accidentally overdraft your checking.

It sounds like a nice enough feature, and it makes sense. After all, you had the money — just not in the right account—anything to avoid that $38 overdraft fee.

The problem is, this service often isn’t free. You’re being protected from overdraft, to be sure, but you’re still paying something for the service.

Overdraft transfer fees cost about one-third of your typical overdraft fee.

So, while you are paying less than normal, you’re still being charged — making this one important feature. This is one feature to inquire about when evaluating your top savings account options.

Other important features

There are some other features we look for in savings accounts that can enhance an account:

Sub-accounts

Some banks let you separate your savings account into multiple pools of cash. You can add a nickname like “vacation fund” or “down payment” to those sub-accounts. That makes it easy to track multiple goals at once.

Debit/ATM card access

Savings accounts might also offer debit cards or ATM cards so that you can withdraw your cash more easily. If yours does, be sure to keep track of what ATM network the bank is part of so that you can avoid fees.

Mobile banking

A high-quality mobile banking app can also make or break the savings account experience. Transferring money or checking your balance in a pinch is a helpful tool. Once you get used to it, not having those options isn’t easy.

Automatic savings programs

Other features, like Bank of America’s Keep the Change program, can help you save in other ways. Knowing all the miscellaneous features a savings account offers can help you decide on the right account.

FDIC insurance

The FDIC insures every savings account in the United States for up to $250,000. Even if the bank that your savings account is at closes, you’ll get your money back (up to the covered amount).

The full faith and credit of the U.S. government backs the FDIC. That means you don’t have to worry about the FDIC running out of money. Every dollar you put in a savings account is completely safe.

Why do online savings accounts top our picks?

Online banks don’t have to charge fees to stay afloat due to their low overhead costs. Online banks can centralize their operations by avoiding renting buildings and hiring tellers for physical locations.

This greatly reduces the cost of running the bank. Online banks also understand that it can be difficult not to have a physical location to visit when you need to withdraw or deposit cash.

That’s why most online banks refund ATM fees (limits may apply).

Online banks can also offer high interest rates because of their lower costs. As a bonus, online banks tend to have excellent mobile and online apps since they’re the main interface customers will use.

Credit unions can also offer low fees and high interest rates for a reason different from online banks.

Credit unions are owned by the people who open accounts with them.

That means they will always be run to maximize account holders’ benefit. However, credit unions have eligibility requirements that must be met before you can become a member.

Higher APYs

An online savings account can be a great way to stash away your cash and earn interest.

It’s better than putting your extra money in a buried coffee can in the front yard or its bank equivalent, the interest-free checking account.

Many do not realize that certain savings accounts can cost you money while earning a negligible interest rate.

The associated fees could more than cancel out the money you will earn. So, your balance could get smaller with each passing month. A coffee can isn’t looking too bad now.

Banks can use several tricks to keep you from noticing discrepancies when opening a savings account.

This deposit account can be a risk-free place to sock away cash until you figure out what else to do. But you must ensure hidden fees or other costs won’t blindside you.

The best savings accounts by state

Editorial note: Any opinions, analyses, reviews, or recommendations expressed in this article are those of the author and have not been reviewed, approved, or otherwise endorsed by any savings product issuer.

About the author Jennifer Doss

A credit card analyst and the managing editor of MyBankTracker.com, Jennifer Doss leverages over 15 years of experience as a journalist and editor. A recognized expert in the finance industry, she regularly contributes her insights on personal finance to major outlets like CNBC and Fortune Magazine. Jennifer is dedicated to helping people achieve their financial goals by empowering them with the knowledge necessary to use credit cards effectively and employ smart banking strategies.