The Top 3 High-Yield Savings Accounts of August 2026
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Bad news: The national average savings account interest rate is 0.38% APY, according to Motley Fool Money research. That comes out to just $38 a year in interest on a $10,000 balance.
Good news: Right now, top high-yield savings are offering as much as 10X that -- plus great welcome bonuses, early paycheck access, and other perks.
Interested? Here are my three favorite high-yield savings accounts available now, and who they're right for.
1. SoFi Checking and Savings (Member FDIC): Best checking and savings combo
I opened a SoFi Checking and Savings (Member FDIC) account about a year and a half ago now, and it was one of the smartest -- and easiest -- financial decisions I've ever made.
I used to bank with Wells Fargo, where I earned 0.01% APY on my cash and next to nothing in additional perks. SoFi® users, on the other hand, can get:
- Annual percentage yield (APY) of up to 3.80% on savings
- Limited-time offer: Earn $50 or $400 and +0.70% Boost on Savings APY with direct deposit. Terms apply.
- Up to $50 in no-fee overdraft coverage
- Access to paychecks up to two days early with direct deposit
A one-time bonus and a boosted APY for six months -- that's one of the best new-member offers I've seen on a savings account. I also love other perks like the early paycheck access and one of the better ongoing APYs you'll find anywhere.
If you want a great all-in-one checking and savings option, SoFi® is the way to go.
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
On SoFi's Secure Website.
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Earn up to 3.80% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.10% APY as of 5/28/26) 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 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
- Competitive APY on both Savings and Checking
- No monthly account fee
- Welcome bonus up to $400 (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 $50 or $400 with eligible direct deposit. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
2. CIT Platinum Savings: Best for bigger balances
Looking for a place to park thousands in savings? I recommend CIT Platinum Savings. That's because it earns 3.75% APY on balances of $5,000 or more -- plus, for a limited time, new customers can earn a boosted APY up to 4.10% for six months with promo code CITBOOST at sign-up.
On a balance of, say, $10,000, you're earning $375 a year on the standard APY alone. Just know that if your balance dips below the $5,000 threshold, your APY falls to just 0.25%. This account is built for big balances, and big balances only.
On SoFi's Secure Website.
Member FDIC.
CIT Platinum Savings
On CIT's Secure Website.
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With the 6 month Boost limited-time offer, you earn 4.10%* APY on balances over $5,000 (balances less than $5,000 earn 0.60%* APY). After the boost is complete you will continue to earn standard rates -- 3.75% APY for balances over $5,000 (balances less than $5,000 earn 0.25% APY). The minimum to open a Platinum Savings account is $100. Member FDIC. No monthly service fees.
- Competitive APY
- No account opening or maintenance fees
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- Interest compounds daily so your money can grow a bit faster
- Balance requirement for maximum APY
- No branch access; online only
CIT Platinum Savings is a no-frills high-interest savings account that offers one of the highest APYs we've found available today -- as long as you can maintain a $5,000 minimum balance. Plus, customers can make an unlimited number of transfers and withdrawals each month (many savings accounts have monthly limits).
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.
Based 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 February 17, 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 0.35% 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 February 13, 2026, and ends October 31, 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.
CIT General Disclosure
For complete list of account details and fees, see our Personal Account disclosures.
3. Western Alliance Bank High-Yield Savings Premier: Best for a simple flat rate
Last but not least, there's the Western Alliance Bank High-Yield Savings Premier account -- with 3.80% APY, no account fees, and just a $500 minimum to open an account.
My favorite part of Western Alliance Bank: Simplicity. Once you deposit your $500 or more, you'll earn 3.80% APY no matter how much you keep in your account. That ease of use is hard to come by.
On the downside, Western Alliance Bank has some restrictions when it comes to moving money in and out. Deposits and withdrawals can only be made via ACH transfer to a linked external account.
There's also no welcome bonus, unlike the two accounts above. If you're only focused on easy long-term earnings, though, Western Alliance Bank is a great pick.
On SoFi's Secure Website.
Member FDIC.
Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website.
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- Competitive APY
- No monthly account fee
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- Can open an individual or joint account
- Deposits and withdrawals can only be conducted via ACH transfer to/from an external bank account (limit to one linked account)
- No ATM access
- No wire transfers (inbound and outbound)
- No branch access; online only
Western Alliance Bank offers a higher APY than most high-yield savings accounts. Plus, it's FDIC insured; therefore, deposits are perfectly safe up to applicable legal limits. The main drawback is that accounts don't have many features. For example, you can only deposit and withdraw funds via ACH transfer to/from an external bank account. This account is solid for those who want a sky-high APY, but don't mind a bare-bones banking experience.
The annual percentage yield (APY) is accurate as of January 8, 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 March 16, 2026. See the FDIC website for more information.
Which account is right for you?
The "right" account for you likely comes down to 1) your balance and 2) your savings goals.
If you want one option for everyday spending and saving, SoFi®'s combo account is a great choice. If you're sitting on $5,000 or more and don't need it in a checking account, CIT Platinum Savings pays a higher rate on that balance.
And if you just want a simple, no-fuss rate with no balance tiers to worry about, Western Alliance Bank gets the job done.
Whichever one you pick, though, moving cash out of a standard savings account and into any of these three top high-yield savings accounts is the real win.
Our Research Expert
Ryan Wilcox is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, auto insurance, and other personal finance topics. Ryan has been writing about credit cards and savings since 2022. Before joining Motley Fool Money, he was a full-time writer at The Points Guy, where he focused on maximizing credit card rewards and travel strategies. He holds a bachelor’s degree in English and American History from the University of North Carolina at Chapel Hill, where he also spent four years reporting for The Daily Tar Heel. With a background in both journalism and consumer finance, he brings a clear and thoughtful voice to money topics. Outside of work, Ryan is likely reading, writing, or updating his Letterboxd account.
Motley Fool Stock Disclosures
Wells Fargo is an advertising partner of Motley Fool Money. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.