What Is a Good APY for a Savings Account in August 2026?
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A good savings APY in August 2026 is anywhere from 3.00% to 4.00%. The best online banks pay up to 4.00% (some slightly more, with conditions), while many big banks pay almost nothing. The national average savings APY is just 0.38%, according to Motley Fool Money research.
Last month's Federal Reserve meeting came with a bit of good news for savers. The Fed held its benchmark rate steady on July 29, so today's high yields should be sticking around. For years, savers raced to lock in a rate before the Fed cut it. That pressure is off right now, and the window to move your cash has not closed.
What counts as a good savings APY in 2026
Any rate of 3.00% or higher counts as a good savings APY in 2026. Anything lower means you're probably leaving money on the table.
Here's a table with different grades for rates right now:
| APY Tier | Rate Range (2026) | Where You'll Find It |
|---|---|---|
| Top rate | 4.00% APY and up | Top online banks; may require monthly deposits or minimum balance |
| Good | 3.00% to 3.99% APY | Reputable online banks, few or no strings attached |
| Average | 0.30% to 2.99% APY | Includes the 0.38% national average, per FDIC data |
| Low | 0.01% to 0.29% APY | Big brick-and-mortar banks |
If your APY is currently on the low side, moving your cash to a trustworthy online bank is a great first move. The American Express® High Yield Savings Account account sits firmly in the good tier, with no minimum deposit² and no monthly fee². It's a simple place to keep cash right next to your Amex cards.
American Express® High Yield Savings Account
= Best
= Excellent
= Good
= Fair
= Poor
= Best
= Excellent
= Good
= Fair
= Poor- Competitive APY
- No monthly account fee²
- Comfort of a well-known brand and reputation
- Unlimited number of external transfers (up to daily transaction limits)⁴
- 24/7 customer support
- FDIC insured
- No ATM access
- No branch access; online only
- No cash deposits
American Express High Yield Savings may not have the highest APY on our list, but it still offers a rate that is above the national average and requires no minimum deposit to open for the APY they offer². It's a good fit for those who want to save at a competitive rate while avoiding withdrawal limits or minimum balance requirements.
¹The Annual Percentage Yield (APY) as advertised is accurate as of . Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded.
²There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you.
³iOS and Android only. See app store listings for operating system info.
⁴For purposes of transferring funds to or from an external bank, business days are Monday through Friday, excluding federal holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin processing on the next business day. Funds deposited into your account may be subject to holds. See the Funds Availability section of your Consumer Deposit Account Agreement and Savings Schedules for more information.
Where savings rates are headed after the Fed's July hold
Savings rates are holding steady, and they could even climb before year-end. The Federal Reserve kept its benchmark rate at 3.50% to 3.75% on July 29. Several members wanted a hike, and markets now lean toward higher rates rather than lower ones.
That flips the usual advice for savers. For years the smart move was to grab a high APY before the Fed cut rates. Right now no cut is in sight, so your rate is unlikely to drop anytime soon.
So there's no need to rush, and no reason to wait. Rates this strong don't stick around forever, even in a holding pattern. Take your time and shop the best high-yield savings accounts while yields are still this high.
Why the best savings APYs are at online banks
Online banks pay higher savings APYs because they carry far lower costs than big banks. No branches and less overhead means they can pass those savings back to you.
Big national banks rarely compete on rate, because most customers never leave anyway.
That is why the top tier lives at names you won't find on a street corner. My own emergency fund sits in a Happen Bank LevelUp Savings account, formerly LendingClub, and it earns a 4.00% APY right now, with one small catch. It asks for $250 in monthly deposits, which is easy to hit since it doesn't require paycheck deposits.
Happen Bank earned our Best High-Yield Savings Account award for 2026, and one rare perk seals it for me. It issues a debit card tied to the savings account, so I can reach my emergency cash fast when life demands it.
Your money stays just as safe as it would at any big bank, as long as the account is FDIC insured.
2026 Award Winner
Happen Bank LevelUp Savings
On Happen Bank's Secure Website.
= Best
= Excellent
= Good
= Fair
= Poor
= Best
= Excellent
= Good
= Fair
= PoorOn Happen Bank's Secure Website.
- 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 Happen Bank 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.
The math hasn't been this friendly to savers in years. Rates are high, they're holding, and switching accounts takes about 10 minutes. If you're still earning 0.38%, that's the only number standing between you and real returns.
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.
Motley Fool Stock Disclosures
American Express is an advertising partner of Motley Fool Money. Joel O'Leary has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends American Express. The Motley Fool has a disclosure policy.