Today, a savings account rate of about 3.5% APY or higher is considered good, while 4% APY or higher is highly competitive (and less common).
Here’s a closer look at what a good savings account rate looks like in 2026, and where to find the best rates available.
What is a good interest rate for a savings account?
If you have money sitting in a traditional savings account, you may not be getting a competitive return on your balance.
Today, the national average savings account rate is just 0.38%, according to the FDIC. However, a good savings account rate is one that not only beats the national average, but also helps your savings outpace inflation. Considering that the current inflation rate is 3.4%, a good savings account rate should be above this threshold — otherwise, your money will lose purchasing power over time.
The good news: It’s possible to find high-yield savings accounts as high as 4% APY or more.
Examples of good savings account rates
Here are a few high-yield savings accounts with exceptionally good interest rates:
SoFi High-Yield Savings Account: Up to 4.4% APY
SoFi’s online bank account — a combination checking and high-yield savings account — offers a standard rate of up to 3.3% APY on savings balances and 0.5% APY on checking account balances. However, for a limited time, new customers can boost their savings interest rate up to 4.4% APY by meeting certain requirements:
- Open a new SoFi Savings account by 12/31/27.
- Set up eligible direct deposit within 60 days.
- Enjoy a 1.10% APY boost on your savings for up to six months as long as you maintain your eligible direct deposit. If the variable APY changes, you’ll still get the 1.10% bump on top of the savings rate.
When you open a SoFi Savings Account, SoFi Bank will also automatically open a SoFi Checking Account in your name. See the SoFi Bank Deposit Account Agreement for details.
Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% as of 9/23/26) 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 12/31/27. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
CIT Bank Platinum Savings: Up to 4.35% APY
CIT’s Platinum Savings account currently offers 0.25% APY on balances of less than $5,000, and 3.75% APY on balances of $5,000 or more. However, new and existing customers can currently earn a six-month rate boost of up to 4.35% APY with the code BOOST60. The minimum opening deposit for this account is $100 and there are no monthly fees.
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.
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 0.60% 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 November 3, 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.
Bask Bank Interest Savings: Up to 4.30% APY
At a standard rate of 3.9% APY, the Interest Savings Account from Bask Bank pays more than 10 times the national average. With no minimum opening deposit or monthly fees, this account could be a great option for savers who want to keep their banking costs low.
Even better news for new customers: Bask Bank is offering a 0.40% rate boost, allowing customers who open both a Bask Interest Savings and Bask Interest Checking account to earn 4.30% APY on their savings balances for six months. To qualify for a rate boost, you must open an account by December 31, 2026 and complete qualifying activities:
- Maintain an average monthly balance of at least $10,000 in your Bask Interest Savings Account.
- Complete $2,500 or more in monthly qualifying automated deposits to your Bask Interest Checking Account.
- Maintain a minimum daily balance of at least $100 in your Bask Interest Checking Account.
Peak Bank Envision High Yield Savings: Up to 4.27% APY
Peak Bank’s Envision Savings account requires just $100 to open and earns up to 4.27% APY. Interest rates are tiered based on your balance:
- 4.27% APY on balances of $0.01 – $999.99
- 4.27% APY on balances of $1,000.00 – $49,999.99
- 4.27% APY on balances of $50,000.00 – $499,999.99
- 3.40% APY on balances of $500,000.00 – $999,999.99
- 3.40% APY on balances of $1,000,000.00 & Above
Note that these rates apply to new accounts only. There are no monthly fees.
Happen Bank LevelUp Savings: Up to 4.2% APY
Happen Bank allows savings account customers to unlock the maximum rate of 4.2% APY by depositing $250 or more per month into their LevelUp account. If this requirement isn’t met, customers still earn a competitive 3% APY. This account also boasts no monthly fees and a free ATM card.
VIO Bank Online Savings Account: 4.01% APY
To open a high-yield savings account with VIO Bank, you’ll need a minimum deposit of just $100. This account pays 4.01% APY with no additional requirements and no monthly fees.
Valley Direct High-Yield Savings: Up to 4% APY
Valley Direct’s High-Yield Savings account currently offers 4% APY for new customers and up to 3.4% APY for existing customers. The minimum opening deposit for this account is $1,000, and there is no monthly maintenance fee associated with this account.
How to get the best possible interest rate on your savings
If your current savings account interest rate isn’t doing you any favors, switching to a different bank could make sense to get a better return.
Take some time to shop around and compare the best high-yield savings accounts to get an idea of what’s available. In particular, you’ll want to focus your research on online banks, which are more likely to offer high-yield options than traditional banks and credit unions.
Here are some factors you’ll want to consider throughout the process.
Annual percentage yield
The annual percentage yield (APY) of an account tells you how much interest you can earn in a year based on your balance. It’s typically higher than the account’s interest rate because it considers compound interest.
For example, say a bank advertises a savings account with an interest rate: 3.92% and daily compounding interest. The 3.92% interest rate is the base rate the bank pays on your balance. But because interest is added to your account every day, you also earn interest on the interest you’ve already earned. That compounding boosts your annual return to 4% APY.
For example, if you deposit $10,000 and leave it in the account for one year:
- Without compounding (3.92% interest rate): You would earn about $392 in interest.
- With daily compounding (4% APY): You would earn about $400, ending the year with $10,400.
In this example, the extra $8 comes solely from compounding.
Minimum balance requirements
Some financial institutions may have an initial deposit requirement when you open an account, as well as an ongoing minimum balance requirement. If you don’t meet a balance requirement, you may be subject to a lower APY or even a monthly fee.
Minimum balance requirements may not be an issue if you have a sizable savings balance, but it may be worth it to avoid accounts with higher minimums to avoid the risk of getting a lower return.
Access to your funds
With an online bank, you likely won’t get the option to withdraw cash at a local branch. However, online banks typically offer the following ways to access your money:
- Transfer to your checking account: If you’re transferring the funds to an account with the same bank, it’s instantaneous.
- Transfer to an external account: If you keep your checking account with a separate bank, you can typically request a transfer and get the funds within a few days.
- Withdraw from an ATM: Many online banks have large ATM networks, making it easy to get actual cash when you need it. That said, you’ll want to check ATM withdrawal limits to ensure you won’t have problems getting the amount you need.
It’s important to note that some banks that offer high-yield savings accounts don’t offer checking accounts or even ATM networks. In this case, the only option to get your money — an external bank transfer — can take a few days. That can be worth it if the APY is high and you’re not concerned about needing funds quickly. However, it can be risky in the event of a financial emergency.
Other financial products
While it may seem natural to keep your checking and savings accounts with the same bank, some online banks only offer savings options. If your top priority is to earn the best rate on your savings, you may not mind maintaining accounts at separate banks.
However, if you’d rather have the convenience of having your checking and savings accounts with the same bank, ensure the financial institutions you’re considering offer both.
You can also consider other financial products and services (such as loans, credit cards, and investment services) each bank offers to see if you can get more overall value by moving more than just your savings and checking funds.
Frequently Asked Questions (FAQs)
A rate of 3.5% APY or higher is generally considered good, while accounts offering 4.0% APY or higher are highly competitive. Considering that the national average savings rate is around 0.38% and current inflation is around 3.4%, any rate above 3.5% helps ensure your money retains its purchasing power over time.
The interest rate is the base rate a bank pays on your principal balance without accounting for compounding. APY (Annual Percentage Yield) reflects the actual total return you earn in a year because it accounts for compounding interest (earning interest on interest). Daily or monthly compounding increases your overall APY relative to the base interest rate.
Many online banks (like CIT Bank, SoFi, or Bask Bank) offer limited-time promotional rate boosts—often adding 0.40% to 1.10% APY for up to six months. To qualify and maintain these boosted rates, customers usually need to meet specific criteria, such as opening a paired checking account, setting up direct deposits, or maintaining minimum balance thresholds.
It depends on the bank. Some banks (like Bask Bank) have no minimum opening deposit or monthly balance requirements. Others (like CIT Bank or Valley Direct) require initial deposits ranging from $100 to $1,000, or require higher daily balances (e.g., $5,000+) to unlock top-tier APY rates.
Access speed depends on the services offered by the bank:
Internal transfers: Instantaneous if you hold a checking account at the same bank.
External ACH transfers: Usually takes 1 to 3 business days to move money to a different bank.
ATM withdrawals: Available if the bank provides an ATM card or debit card network access.
Suresh holds a Master of Commerce (M.Com) degree and is a dedicated personal finance researcher and writer. Combining his advanced academic background in commerce with deep industry research, he covers complex topics like taxation, banking systems, credit analysis, and personal finance strategies. As the founder of Tax Assistant (taxassistant.org), Suresh is committed to translating complicated financial guidelines and economic data into simple, accurate, and actionable educational resources for everyday readers.
