perspectives

High-yield savings account rates today: the best rates of 2026

A high-yield savings account (HYSA) usually pays significantly more than what traditional banks offer on standard savings deposits. In 2026, high-yield savings account rates at leading online banks continue to run well above the FDIC national average—and the right account can make a significant difference in how much your savings actually earn.

The EverBank Performance® Savings account is one competitive option (3.90% Annual Percentage Yield (APY) for new accounts)x in this space: no monthly maintenance fee, no minimum balance, and interest compounded daily, available to open online nationally.

Overview

  • HYSA rates at online banks remain significantly above the FDIC national average for traditional savings accounts in 2026.
  • APY is the primary metric to compare high-yield savings accounts, but fees, minimum balance requirements, and compounding frequency can affect how much you earn.
  • HYSAs, money market accounts, and certificates of deposit (CDs) each serve different needs—understanding the differences helps you choose the right vehicle for your savings.
  • EverBank Performance Savings offers a competitive APY (3.90% for new accounts)x with $0 required to open, no monthly maintenance fee, and interest compounded daily.
  • Deposits at FDIC-member institutions—including EverBank, N.A.—are covered up to $250,000 per depositor, per insured bank, per ownership category.x

What is a high-yield savings account (HYSA)?

A high-yield savings account, sometimes also called a high-interest savings account, works like a standard savings account: your deposits are insured up to the applicable limits when kept at an FDIC-insured bank, you earn interest over time, and your funds remain accessible. However, it usually pays a significantly higher rate than what most traditional savings accounts offer.

Most HYSAs are offered by online banks and digital-first institutions, which may carry lower overhead costs than full branch networks and may pass those savings to depositors through more competitive yields.

The rate on a HYSA is expressed as APY—the yearly return after accounting for the effect of compound interest. The rate is variable, meaning banks can increase or decrease rates after considering market conditions, such as movements in the federal funds rate.

Unlike a certificate of deposit (CD) that may have an early withdrawal penalty, a HYSA does not lock your funds in for a fixed term. So, for cash you want to keep accessible while earning a competitive return, a HYSA is a widely used and structurally sound vehicle.

What to look for in the best HYSA

Not every high-interest savings account delivers equal value. The headline APY matters—but it is only one part of the picture. Before choosing an account, compare these factors:

FeatureWhat to look for
APYA rate significantly above the FDIC national average (0.38% for savings deposits as of 06/15/2026)x
Monthly maintenance feeNo monthly maintenance fee—or one easily waived
Minimum to open$0, or a low minimum that matches your balance
Minimum balance to earn the rate$0, or a clearly disclosed tiered structure
Compounding frequencyDaily compounding produces a higher effective yield than less frequent compounding, but is represented in the APY
FDIC insuranceStandard coverage up to $250,000 per depositor, per insured bank, per account ownership categoryx
Account accessFull online and mobile banking; mobile check deposit

A high rate at an institution that charges a monthly maintenance fee or requires a large minimum balance to earn the top APY may return less than it initially appears.

What are the HYSA rates in 2026?

HYSA rates are variable and tied to the broader interest rate environment. Following Federal Reserve decisions, banks may adjust their yields accordingly—sometimes within a few weeks of a rate change. Monitoring your account's APY periodically—and knowing what other competitive accounts are offering—helps determine whether your account still meets your needs. Check the current rate of our Performance Savings account to see if it fits your savings goals.

How does a high-interest savings account compare to other savings options?

Choosing the right savings account depends on your balance, your time horizon, and how often you need to access your funds. Here is how a HYSA compares to the most common alternatives.

HYSA vs. traditional savings account

A traditional savings account at a large national bank typically earns well below 1.00% APY—often below the FDIC national average for savings accounts (0.38% as of 06/15/2026).x The practical difference is significant: on a $20,000 balance, a 3.90% APY generates roughly $770 more in annual interest than a 0.01% APY.

HYSA vs. money market account

A money market account (MMA) is a savings product that may include check-writing privileges and debit card access, offering more transactional flexibility than a standard HYSA. Some money market accounts also offer competitive APYs, particularly at online institutions, though they may carry higher minimum balance requirements to earn the top rate—and some are only available in person, not online.

For clients who want more liquidity than many standard savings accounts alongside a competitive yield, an MMA is worth considering alongside a HYSA. EverBank Performance® Money Market is an option—available through EverBank financial centers in California, Florida, and New York, with no monthly maintenance fee and a tiered variable rate that depends on the balance and location.

HYSA vs. CD

A traditional CD holds your funds for a fixed term—commonly anywhere from three months to five years—in exchange for a fixed rate that will not change during that period. Removing funds early may result in an early withdrawal penalty. While a HYSA keeps your funds easily accessible, your rates can change. With a CD, you get rate predictability but your funds are tied up until maturity.

For cash you will not need during a defined window, a CD may complement a HYSA in a broader savings strategy. The EverBank Performance® CD offers terms from 3 months to 5 years, with a $1,000 minimum to open, no monthly maintenance fee and competitive rates.

HYSAMoney market accountCD
Rate typeVariableVariable (often tiered)Often fixed for the full term
LiquidityOften high (transfers), but transaction limits may applyOften high (debit card, checks, or ATM, depending on the bank)Low (potential early withdrawal fees before maturity)
Minimum to openVaries, $0 at some institutionsVaries, $0 at some institutionsOften $1,000+, but as low as $0 at some institutions
Best forAccessible savings, emergency fundSavings with spending accessPredictable return over a set term

EverBank Performance Savings: a competitive option to consider

The EverBank Performance Savings account is built for clients who want their money working harder without the friction of minimum balance requirements, monthly maintenance fees, or trips to a financial center.

For clients focused on earning an above-average yield on accessible cash, EverBank Performance Savings delivers a straightforward value proposition: a competitive yield with no hidden fees.

Frequently asked questions

What is a high-yield savings account and how does it work?

A high-yield savings account is a deposit product that typically earns a higher interest rate than a standard savings account, often offered by online banks and digital-first institutions. Deposits are FDIC-insured up to the applicable limit, interest is often compounded daily, and your funds usually remain accessible without penalty. The rate is variable, meaning it can change over time in response to broader market conditions.

What is considered a good high-yield savings account rate in 2026?

A competitive HYSA rate is one that sits significantly above the FDIC national average for savings accounts—historically, that average has remained well below 1.00% APY for traditional bank deposits. Leading online banks and digital-first institutions tend to offer rates that are several times the national average. Always check the FDIC's published rate tables for the current national average benchmark.

Is a high-yield savings account safe?

Yes—provided the account is held at an FDIC-insured institution. The FDIC insures deposits up to $250,000 per depositor, per insured bank, per ownership category.x Because EverBank, N.A. is a Member FDIC, funds you have on deposit with us, including in an EverBank Performance Savings account, are covered under standard limits.

How much will I earn in a high-yield savings account?

Your earnings depend on your balance, the APY you receive, and how long your funds remain in the account. As a general reference: a $10,000 balance earning 3.90% APY for one full year would generate approximately $389 in interest. A $25,000 balance at the same rate would generate approximately $973.

Can I open a high-yield savings account online?

Most high-yield savings accounts are designed for online account opening. The EverBank Performance Savings account can be opened fully online with no minimum deposit required and no visit to a financial center needed.

Related terms

  • Annual percentage yield (APY): The total rate earned on a deposit account in one year, expressed as a percentage and accounting for the effect of compound interest.
  • Compound interest: Interest calculated on both the initial principal and previously accumulated interest, which can increase total earnings the longer funds remain on deposit.
  • Variable rate: An interest rate that can change over time in response to market conditions, bank pricing decisions, and other factors.
  • FDIC insurance: Protection provided by the Federal Deposit Insurance Corporation (FDIC) covering deposits up to $250,000 per depositor, per insured bank, per ownership category, in the event of a bank failure.x
  • Money market account (MMA): A savings product that may offer check-writing and debit card access alongside a competitive interest rate, which may use a tiered structure based on the account balance.
  • Certificate of deposit (CD): A time deposit account that typically holds funds for a fixed term at a fixed interest rate, offering predictable returns in exchange for limited access to funds until maturity.
EverBank Logo
FDIC backing notice

New user or forgot login credentials?

Credit Cards

LoanCare

LoanCare log inRegister

Search

NEW & IMPROVED Introducing the EverBank Help Center

Check out your new go-to destination for quick answers, helpful guides and dedicated support—tailored just for you.

Explore it now

Routing numbers

ACH: 063092110
Wire transfer: 063000225
SWIFT: EVBKUS3M

Quick links

RETRIEVE A SAVED APPLICATIONToday's RatesFind an ATM

Find your financial center

Location Finder