Why do some savings accounts have transaction limits?

The Federal Reserve had something called Regulation D, which stipulated that a bank can't allow consumers to withdraw more than six times per month. That regulation has since been suspended, but many banks and credit unions still abide by this standard.

Are high-yield rates guaranteed?

No, saving account rates are not guaranteed. Savings account rates are variable, which means the bank, credit union or fintech could adjust your rate at any time. If you want a locked-in rate, consider a certificate of deposit.

How often do savings rates change?

Savings rates can change frequently. They have variable interest rates, so they can change in response to interest rate changes enacted by the Federal Reserve. The Federal Reserve meets eight times annually (every six weeks) but can meet more often when economic events require it.

Which bank gives 7% interest on savings accounts?

There are no savings accounts with a 7% interest rate as of February 2025. One of the highest APY on a savings account we found is the Netspend savings account, offering up to 6% APY on up to $2,000. If you want higher returns, you may have to take a risk with investment options, such as stock trading.

Do you have to pay taxes on high-yield savings accounts?

The IRS taxes your earnings from savings accounts, also called dividends, at the same rate as your income. If you received payments of interest of $10 or more, you should receive a Copy B of Form 1099-INT or Form 1099-OID reporting those payments, according to the IRS.(2)

Best High-Yield Savings Accounts & Rates of November 2026

The best high-yield savings accounts have no fees, low deposit requirements and sky-high interest rates. There are still plenty of savings accounts with rates well above the national average of 0.38%.

Rate news

As we enter the end of 2026, I've seen rates hold steady throughout most of the year. But now in October, rates are increasing. Rate cuts were paused for the most of the year, and the Fed's target rate has been around 3.50% to 3.75%. With rates staying steady, this is typically considered a sign of a stabilizing economy. In September 2026, the Federal Reserve raised its benchmark rate. Almost overnight, banks and credit unions increased their saving rates. The increases weren't crazy — usually around 0.5% — but we'll take it!

Compare high-interest savings accounts

Narrow down high-yield savings accounts based on fees, interest rates and minimum opening deposits. Select Compare for up to four products to see how they stack up against one another.

6 of 18 results

Finder Score	Account type	Annual Percentage Yield (APY)	FDIC or NCUA insured amount	Minimum balance to earn APY	Minimum deposit to open
9.2 Excellent Public High-Yield Cash Account	9.2 Excellent	Cash management account	3.30%	Up to $250,000	$0	$0	Go to site View details Compare product selectionCompare	loading
9.4 Excellent Wealthfront Cash Account	9.4 Excellent	Cash management account	3.55%	Up to $8M FDIC insurance	$1	$1	New clients earn can earn 4.45% APY. New clients get a boosted APY from 3.55% to 4.20% APY for 3 months on up to $150,000. Can also earn ongoing 0.25% APY increase for monthly direct deposit of $1,000 or recurring deposits of $2,500 for a total 4.45% APY with both APY boosts. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
8 Great CIT Bank Platinum Savings	8 Great	Traditional savings	Up to 3.75%	Up to $250,000	$0	$100	Earn up to 4.35% APY. Get a 0.60% boost to the standard Platinum Savings APY for six months. The boost applies when an eligible customer opens a new Platinum Savings account or enrolls a qualifying Platinum Savings account using promo code BOOST60, subject to promotion terms. APYs are variable and may change. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
9.2 Excellent SoFi Checking and Savings	9.2 Excellent	Traditional savings,Checking	Up to 3.30%	Up to $250,000	$0	$0	Earn up to 4.40% APY on savings and $50 or $400 with direct deposit. Open a new SoFi Checking and Savings account by 31 December 2026, set up eligible direct deposit within 60 days, and maintain direct deposit for six months. 1.10% Boost on Savings APY to up to 4.40% for up to 6 months on new accounts. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
9.7 Excellent Live Oak Bank through Raisin	9.7 Excellent	Traditional savings	4.10%	Up to $250,000	$0.01	$0	Up to $1200 with code SUMMER26. T&Cs apply.	View details Compare product selectionCompare	loading
Not scored yet Robinhood Banking	Not scored yet	Cash management account	3.60%	up to $2.5 million	$0	$0	View details Compare product selectionCompare	loading

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Showing 6 of 18 results

What is the Finder Score?

The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.

To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.

Read the full breakdown

How does a high-yield savings account work?

The only difference between a regular savings account and a high-yield savings account is the significantly higher rate — they are the same type of deposit account. High-yield and regular savings accounts are designed to grow your savings and only require depositing funds to start earning interest.

Run-of-the-mill savings accounts tend to have APYs between 0.01% and 0.46%. For example, Chase Savings has a 0.01% APY, and then there’s Bread Savings with a high 4.05% APY.

The only potential downside with high-yield savings accounts is that they’re typically found at online banks or fintechs. These institutions don’t have to maintain physical branches, so they can afford to offer high APYs. This means if you want a high-yield savings, you’ll likely have to be comfortable managing the account online.

How much can I earn with a high-yield savings account?

How much you can earn with a high-yield savings account depends on your interest rate, balance, monthly contributions and how long you let it sit. And if you have a monthly fee, you’ll need to factor that in as well.

A free savings account with a $10,000 deposit earning 0.46% APY can only earn $46.00 in one year. With a 5.00% APY account and a $10,000 deposit, you can earn $500 in interest after one year.

Use our savings calculator to see how much you can save.

Pros and cons of high-yield savings accounts

Most savings accounts are straightforward, but keep these points in mind.

Pros

High-yield savings accounts have many more upsides than downsides.

Many don’t charge monthly maintenance fees
Savings accounts are FDIC- or NCUA-insured
Earn interest passively
Low-risk way to grow savings, especially compared to investment options
May offer tools like buckets or savings round-ups
Can often be connected to checking for overdraft protection
Some savings accounts have an ATM card for withdrawals

Cons

There isn’t a catch with high-yield accounts, but they’re not designed for spending.

You won’t get a debit card like a checking account
May have transaction limits, often up to six withdrawals per month
Some accounts have balance requirements to earn APY

How to open a savings account

You’ll need to provide your full name, address and government-issued ID to apply for a savings account. Some accounts require an opening deposit, which you can meet by transferring funds from another account or depositing cash if the bank has physical branches.

Must read: How to Open a Bank Account Online

High-yield accounts from banks you might already use

Many of the best savings accounts are from online banks or fintechs that you may not be familiar with. The good news is there are plenty of high-yield accounts from popular and trusted institutions, such as SoFi and Marcus by Goldman Sachs. These banks were also highly rated by their customers in Finder’s 2024 Savings Customer Satisfaction Awards.

Brand	Overall satisfaction	Customers who’d recommend	Review	More Info
SoFi	★★★★★ 3.8/5	86%	SoFi® is an online bank known for offering a range of products like its checking and savings hybrid account, investing, loans and more. Customers praise its easy-to-use mobile app, competitive rates and customer service.	Go to site
Synchrony Bank	★★★★★ 3.6/5	84%	Synchrony is an online bank that specializes in savings products, like savings and money market accounts, CDs and IRAs. Customers praise its customer service and reliability.	Read Review
CIT Bank	★★★★★ 4.1/5	91%	CIT Bank offers a variety of free interest-bearing accounts to choose from to build up your savings. Customers praise CIT’s helpful customer service and its competitive rates.	Go to site
Varo	★★★★★ 3.7/5	83%	Varo is an FDIC-insured digital bank account offering a checking and savings account with no monthly fees. Customers praise its no-hassle online savings experience and friendly customer service.	Read Review
American Express	★★★★★ 3.8/5	87%	American Express offers competitive rates, $0 fees and online account access. Customers praise its competitive rates, reliability and helpful customer service.	Read Review
Ally Bank	★★★★★ 4.3/5	89%	Ally is an online-only bank that offers competitive rates on its savings and checking accounts. Customers praise its savings features, easy-to-use app, competitive rates and helpful customer service.	Read Review
Marcus Goldman Sachs	★★★★★ 4/5	93%	Marcus by Goldman Sachs offers exclusively online accounts with competitive rates and no fees. Customers praise its high rate, its banking and investing strategies and how easy it is to save and budget with Marcus.	Read Review
Chase	★★★★★ 3.9/5	86%	Chase is one of the largest banks in the US offering a variety of financial products like checking, savings and credit cards. Its savings accounts come with an autosave feature and new customers could snag a welcome bonus offer.	Read Review
Citizens Bank	★★★★★ 3.6/5	81%	Citizens bank is a regional bank offering a large branch network in the Midwest, Northeast and Florida. Customers praise its reliability and easy-to-use online banking platform.

5 alternatives to savings accounts

If you’re not sure a high-yield account is the right type of savings account for you, consider these alternatives for saving and storing your money.

Certificates of deposit (CD). These deposit accounts lock your money for a set term and with guaranteed interest earnings, regardless of national rate changes.
Money market accounts (MMAs). These deposit accounts are similar to regular savings accounts because they earn interest and are also like checking accounts because they can offer a debit card and checkwriting privileges. Compare the best MMAs.
High-yield checking. A high-yield checking account offers a place to spend and save on unspent funds with rates as high as 4% APY.
Investing. Investment accounts can offer strong yields, but your money isn’t insured by the FDIC. But some platforms, like Robinhood, offer FDIC-insured plans that let you earn strong yields on uninvested funds.
Treasury bills. Also known as T-Bills, these are a short-term loan to the government backed by the US Treasury Department. Most offer a term of one year or less, with longer terms offering higher rates.

Bottom line

Savings accounts are considered a must-have account. Whether you’re saving up for an emergency fund, vacation or retirement, a high-yield account can help you reach your goals faster.

For more options, check out our comprehensive savings account guides.

Frequently asked questions

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. “National Rates and Rate Caps,” FDIC
2. “Topic no. 403, Interest received,” IRS

Thank you for your feedback!

To make sure you get accurate and helpful information, this guide has been edited by Holly Jennings as part of our fact-checking process.

Written by

Bethany Hickey

Banking editor

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Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto. Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt. Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others. Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio

Bethany's expertise

Bethany has written 472 Finder guides across topics including:

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