High-yield savings account rates have started to rise, even at large banks, in the wake of the Federal Reserve rate increase.
As of October 5, 2026, some online banks are offering interest rates up to 4.27% APY. This is much better than the average of 0.37% APY, according to the FDIC.
Banks and credit unions are constantly adjusting their annual percentage yields (APYs) as markets react to Federal Reserve policy and inflation data, so staying up to date can make a real difference. Here’s where the best savings rates stand today — and what you should know before moving your money.
💰 Today's Best Savings Rates At a Glance
Here are the best bank and credit union savings accounts rates today:
Bank or Credit Union | Top APY | Balance Requirement |
|---|---|---|
4.27% | $100 | |
4.25% | $1 | |
4.25% | $2,500 | |
4.25% | $0 | |
4.15% | $500 |
1. Peak Bank - Peak Bank is an online banking division of Idaho First Bank, an FDIC-insured institution with physical branches in two states — Idaho and Oregon. And right now, it's offering 4.27% APY on balances up to $499,999. Read our full Peak Bank review.
2. NexBank - NexBank is the largest privately held bank in Texas and currently is offering up to 4.25% APY in partnership with Raisin. It also currently has a rate lock for 6 months guaranteed! They're also offering up to a $1,000 bonus for new deposits.
3. CIT Bank - CIT Platinum Savings a two-tiered savings account.
Open an account with promo code BOOST50 and you’ll earn 4.25% APY* on balances of $5,000 or more for the first six months*.
After 6 months, you'll return to the regular rate of 3.75% APY* with a $5,000 minimum balance. Otherwise you'll earn 0.25% APY. See website for full details. Read our full CIT Bank review.
4. PiBank - PiBank is the online brand of Intercredit Bank, N.A and offers 4.10% APY with no monthly maintenance fees and no minimum balance requirements. However, lots of consumers complain about only being allow to withdraw via wire transfer. Read our full Pibank review.
5. Openbank by Santander - Openbank is the US is a division of Santander Bank, N.A., which is a subsidiary of Banco Santander, the 14th largest banking group in the world. And it has an online high yield savings account that currently earns up to 4.15% APY (inclusive of 0.35% APY Boost). The account has just a $500 minimum deposit and no monthly maintenance fees! Read our full Openbank review.
You can find a full list of the best high yield savings accounts here >>
How High Yield Savings Accounts Work And Why Rates Matter?
High-yield savings accounts function just like traditional savings accounts, but they pay a much higher annual percentage yield (APY) — often 10 to 15 times more. You can see how these rates compare to the savings rates at the 10 largest banks in America - and these rates put them to shame.
"We're starting to see more and more major banks raise their savings rates." - Robert Farrington
The banks and credit unions on this list typically always have above-average rates, so even if the Federal Reserve lowers rates and these accounts lower their rates, you'll still be head.
For example, a $10,000 balance earning 4.00% APY will generate about $400 in interest per year, compared with less than $20 at a big-bank rate of 0.20%. That gap makes it worth tracking rate changes regularly and switching institutions if your current bank stops staying competitive.
However, we expect more rates to dip below that 4.00% level in the coming weeks.
What To Know Before Opening An Account
Before opening a new account, review the key details that determine how much you’ll earn — and how easily you can access your funds.
- Watch For Intro Or Promo Rates: APYs can rise or fall at any time. But a strong introductory rate doesn’t guarantee long-term performance. None of the rates listed here are introductory, but some referral codes may only be temporary rates.
- Transfer Limits: Federal rules no longer cap savings withdrawals at six per month, but many banks still impose limits.
- Safety: Confirm that the institution is FDIC- or NCUA-insured, which protects up to $250,000 per depositor, per bank or credit union.
- Access: Many top-yield accounts are online-only. Make sure you can deposit via mobile app and link external accounts for easy transfers.
These details help you separate truly high-performing savings options from accounts that look appealing but may include hidden limitations or slower rate adjustments.
How We Track And Verify Rates
At The College Investor, our goal is to help you make smart, confident decisions about your money. To create this list, our editorial team reviews savings account rates daily across more than 50 banks, credit unions, and fintechs. We verify data using each institution’s official website, rate disclosures, and regulatory filings.
Only accounts available to U.S. consumers and insured by the FDIC or NCUA are included.
Our coverage is independent and editorially driven - we never rank accounts based on compensation. While we may earn a referral fee when you open an account through certain links, this does not influence our recommendations or reviews. Our opinions are our own, based on a consistent evaluation of usability, fees, yields, and customer experience.
FAQs
How often do savings account rates change?
Banks can adjust rates daily or weekly based on market conditions.
Are online banks safe?
Yes — as long as they’re FDIC-insured. Verify coverage on the FDIC’s BankFind site.
Is interest on savings accounts taxable?
Yes. You’ll receive a 1099-INT if you earn $10 or more in interest.
Should I move my money if rates drop?
It depends on the difference in APY and your transfer limits, and frequent rate chasing can reduce returns if transfers take time.
CIT Bank
For complete list of account details and fees, see our Personal Account disclosures.
* Platinum 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.
* 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 0.35% 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.
The Promotion begins on September 29, 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.
Openbank
*Interest Rates and Annual Percentage Yields (APYs) are accurate as of 12:01 AM ET June 23, 2026. The products and rates we offer may vary between locations, are available in select markets only, and are subject to change without notice.Rate for this product will be based on the residential ZIP code entered when account is opened within online application process. This is a variable-rate account and the rate applicable may change at our discretion any time without notice.
Introductory promotional APY Boost (“APY Boost”) Terms and ConditionsThe introductory promotional APY Boost includes a 0.35% APY boost (“APY Boost”) added to the account’scurrent variable APY (“standard variable APY”) of 3.80%. The APY Boost will apply for (6) months from the datethe account is opened (“Promotional Period”). The standard variable APY for your account remains variable andsubject to change at Openbank’s discretion at any time and any frequency without notice. If the standardvariable APY changes during the Promotional Period, the APY Boost will continue to apply through the end ofthe Promotional Period, subject to applicable terms. After the Promotional Period ends, the account will earnthe standard variable APY in effect at that time without the APY BoostThis is a limited time offer, effective as 12:01 am Eastern time MM/DD/YYYY . Toqualify for the APY Boost, an eligible account must be opened while the offer is available. All applications aresubject to approval. Completing and submitting an application does not, by itself, establish an account. Theintroductory promotional APY Boost is valid for new Openbank customers. If your account is determined to beineligible, Openbank reserves the right to terminate the APY Boost at any time without notice, and the accountwill then earn the standard variable APY in effect at that time. Existing accounts opened prior to 09/23/2026,are not eligible for the APY Boost and will continue to earn the standard variable APY. The APY Boost promotionmay not be combined with other bonus offers by Santander Bank. Additional terms, conditions, and eligibilityrequirements may apply.Openbank reserves the right to modify, suspend, or terminate the APY Boost at any time without notice.Other Terms & Conditions:This offer is available only when stated on the Openbank High Yield Savings page
A minimum deposit of$500 is required to open a Openbank High Yield Savings account. Personal accounts only. Openbank is a division of Santander Bank, N.A. Member FDIC. There is a maximum of$250,000 of deposit insurance from the FDIC per depositor for each category of account ownership. Visit FDIC.gov for details. Deposits at Santander Bank, N.A., and Openbank are combined for the purposes of calculating FDIC insurance limits (FDIC Cert #29950)and are not separately insured.
Editor: Colin Graves Reviewed by: Richelle Hawley
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Robert Farrington is the founder of The College Investor and is widely recognized as one of the nation’s leading voices on student loan debt and saving for college. He holds an MBA from UC San Diego Rady School of Management and has spent over 15 years researching, writing, and advising on student loans, 529 plans, financial aid programs, and saving and investing for young professionals.
Robert has been featured in the The New York Times, The Wall Street Journal, The Washington Post, NBC News, and Forbes, where he has been a regular personal finance contributor for over a decade. His work combines both professional expertise and personal experience – he successfully navigated his own student loan repayment journey and has helped thousands of readers do the same.
He is committed to making the intersection of personal finance and education transparent and accessible. You can learn more about Robert on the About Page or on his personal site RobertFarrington.com.