Still Banking Like It's 1998? Switch to These Modern High-Yield Accounts
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A lot of old-school banking institutions were built in the brick-and-mortar era, with slow tech, clunky apps, and interest rates that look like they haven't moved since Blockbuster was booming.
Over the last 10-15 years, fintech and online banks flipped the script. Because they were born in the mobile-app age and have no physical branches, they run leaner, faster, and way more efficiently.
That lower operations drag is why they can afford to offer things like no fees, lightning-quick transfers, real-time notifications, sleek user experiences, and most importantly… much higher APYs.
Each year, our team reviews dozens of online banks to find the top performers. Below are two of the best platforms Americans are flocking to.
1. SoFi Checking and Savings (Member FDIC): A modern all-in-one power combo
SoFi® has become one of the fastest-growing fintechs in the country. It was built for the smartphone era.
The whole experience feels fresh, fast, and ridiculously easy to use.
With a SoFi Checking and Savings (Member FDIC) account, everything lives in one ultra-smooth platform. It's a hybrid checking and savings account that offers:
- No monthly fees or minimum balances
- 55,000+ fee-free ATMs worldwide
- FDIC insurance (up to $3M with opt-in to SoFi Insured Deposit Program)
- Automatic savings buckets, real-time alerts and smart budgeting tools
- Fast, unlimited transfers (up to daily transaction limits)
The SoFi® system is "sticky," in a good way. Logging in feels modern, moving money feels effortless, and you never have to wrestle with old-school banking friction.
The annual percentage yield (APY) is also one of the most competitive in the country -- up to 4.30% APY on savings when you set up direct deposit. Compared to the 0.01% most big banks are still paying, it's a massive upgrade.
If you want a true "hub" for your money -- something that simplifies your life, pays high interest, and delivers clean, reliable tech -- SoFi® is easily one of the strongest choices heading into 2026.
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
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- Competitive APY on both Savings and Checking
- No monthly account fee
- Welcome bonus up to $300 (direct deposit required)
- ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
- Early access to direct deposits
- Tools to help you track savings goals
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- No branch access; online only
- Overdraft protection requires monthly direct deposit minimum
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, new customers earn a bonus of up to $300 with eligible direct deposit. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
2. LendingClub LevelUp Savings: A fintech born from innovation
LendingClub started more than a decade ago as a peer-to-peer lending platform. And over the years it's grown into a full-service financial company with checking, savings, personal loans, and more.
It delivers everything with a modern, app-first vibe that feels way fresher than old-school banks.
The star of the show is the LendingClub LevelUp Savings account, which just won our award for Best HYSA in America for 2026.
Here's what makes it stand out:
- Top-tier APY, currently 4.20% APY with $250+ in monthly deposits
- No account fees or balance minimums
- FDIC insured up to $250,000
- Free ATM card attached to savings (and unlimited fee reimbursement for ATMs)
- Fast transfers and smooth digital tools
One of the coolest features that people are always surprised by is the debit card attached to your HYSA. That's incredibly rare in the high-yield savings world. It means you can grab cash almost anywhere without having to worry about transferring money out of savings first.
If your bank feels slow, outdated, or stuck in the '90s, LendingClub is the perfect bridge between "traditional bank stability" and "fintech-level convenience," with better rates and better tech across the board.
On SoFi's Secure Website.
Member FDIC.
2026 Award Winner
LendingClub LevelUp Savings
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- Competitive APY
- No fees
- Easy ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- Requires you to make monthly deposits to earn the best APY
- ACH outbound transfers limited to $10,000 per day for some accounts
- No branch access; online only
The LendingClub LevelUp Savings account has a lot to offer. At the top of the list is its high APY, though you must deposit monthly to earn the best rate. Next is zero account fees, a strong and straightforward perk. Finally, you get a free ATM card, which you can use to withdraw from thousands of ATMs nationwide. Interested? You can open an account with $0.
Bottom line: Don't let your money live in 1998
Big banks have their place. And for some people that deal in cash a lot or like popping into a physical branch, they might be better off.
But earning pennies in interest and getting charged junk fees left and right in 2026 is just… silly. Online, tech-first banks these days can give you way better systems and support, with no fees and much higher APYs.
Switching accounts can literally take just 10 minutes -- but saves you years of missed interest.
Want to check out our full list of modern banks with high APYs? Here are our picks for the best online savings accounts in 2025.
For award licensing inquiries, email [email protected].
Our Research Expert
Joel O’Leary is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, mortgages, and other personal finance topics. Joel has been writing about personal finance since 2018, previously leading editorial content for the How To Money podcast and serving as a resident writer at Budgets Are Sexy. He bought his first rental property at age 18, funding the down payment with savings from his high school job at McDonald’s -- a testament to his lifelong passion for smart money decisions. His work aims to make personal finance accessible and actionable for everyday readers. When he’s not writing, Joel enjoys surfing and spending time with his family.