Which pays more in 2026 — big banks or high-yield savings accounts?
Top high-yield savings accounts pay between 2× and 420× more interest than the standard savings tier at a big US bank as of June 15, 2026. Top online HYSAs are advertising 3.00%–4.21% APY; Chase sits at 0.01% APY and Bank of America at 0.04% APY on standard savings, Wells Fargo Platinum Savings pays 0.05% (with linked Premier Checking required), and U.S. Bank Smartly® Savings pays 2.00% only when paired with Bank Smartly Checking, otherwise 0.05%.
| Account | APY (June 15, 2026) | Type |
|---|---|---|
| Chase Savings (standard) | 0.01% | Big bank |
| Bank of America Advantage Savings | 0.04% | Big bank |
| Citibank Savings (standard) | 0.03% | Big bank |
| Wells Fargo Platinum Savings | 0.05% (Premier Checking required) | Big bank |
| U.S. Bank Smartly® Savings | 2.00% with Bank Smartly Checking / 0.05% without | Big bank |
| Ally Bank Online Savings | 3.00% | Online HYSA |
| American Express HYSA | 3.10% | Online HYSA |
| Marcus by Goldman Sachs | 3.40% | Online HYSA |
| Axos Summit Savings | 3.75% | Online HYSA |
| SoFi Savings (with direct deposit) | 3.80% | Online HYSA |
| CIT Bank Platinum Savings ($5K+ balance) | 4.10% | Online HYSA |
| Axos Bank ONE Savings | 4.21% | Online HYSA |
Big-bank rates from each bank's published rate sheet, verified June 15, 2026. HYSA rates from the Arca rate table (also June 15, 2026); APYs are variable and can change without notice. All advertised rates reflect the APY a customer earns on a $10,000 balance, with qualifying-product requirements disclosed inline.
What rates are big banks paying right now?
Chase and Bank of America have held their standard savings tiers at 0.01% APY through both the 2020–2022 low-rate period and the 2023–2026 high-rate period. Wells Fargo and U.S. Bank advertise materially higher relationship rates — but only with a linked checking account. The published rates as of June 15, 2026:
- Chase Savings: 0.01% APY on all balances on the standard tier; relationship tiers add basis points but do not approach HYSA levels.
- Bank of America Advantage Savings: 0.04% APY at the base tier; Preferred Rewards tiers do not push the savings rate meaningfully above that.
- Wells Fargo Platinum Savings: 0.05% APY on a $10,000 balance, available only when paired with a Wells Fargo Premier Checking account; the headline 0.26% APY only applies to balances of $1,000,000 or more.
- Citibank Savings (standard): 0.03% APY; the higher-rate Accelerate Savings product is only available in states where Citi has no physical branch presence.
- U.S. Bank Smartly® Savings: 2.00% APY on a $10,000 balance, but only when paired with a linked Bank Smartly Checking account; without that linked checking, the same savings account pays 0.05% APY.
These banks fund a large branch and ATM network that online-first banks do not, and they price the savings account assuming most customers will accept the rate to keep their primary banking relationship in one place.
What rates are top high-yield accounts paying right now?
The seven accounts in the Arca rate table pay between 3.00% and 4.21% APY as of June 15, 2026:
- Axos Bank ONE Savings — 4.21% APY. Top of the table. Earned with direct deposit of $1,500+/month and a $1,500+ daily balance. FDIC insured.
- CIT Bank Platinum Savings — 4.10% APY. Available on balances of $5,000 or more. $100 to open. No fees, no monthly maintenance.
- SoFi Savings — 3.80% APY. No fees, no minimum balance. The 3.80% tier requires a recurring direct deposit or $5,000+/month in qualifying deposits; otherwise the rate drops. FDIC insurance up to $2M via partner-bank sweep.
- Axos Summit Savings — 3.75% APY. No fees, no minimums, no tier requirements. Variable rate. FDIC insured.
- Marcus by Goldman Sachs — 3.40% APY. No fees, no minimums, no tier requirements. No mobile check deposit and no debit card — funding is ACH, wire, or mailed check.
- American Express HYSA — 3.10% APY. No fees, no minimums. No debit card, no mobile check deposit, 24/7 US-based phone support. You do not need an Amex card to open the account.
- Ally Bank Online Savings — 3.00% APY. No fees, no minimums. Established online-only bank with strong mobile and customer-service reputation.
All seven are FDIC insured. Variable rates — these will move with the federal funds rate.
How big is the dollar gap on a typical balance?
On a $25,000 balance — roughly the median emergency-fund target for a US household with $5,000 of monthly expenses — the annual gap between Chase's 0.01% APY and Axos Bank's 4.21% APY is $1,050 per year.
| Balance | Big bank @ 0.01% | HYSA @ 4.21% | Annual gap |
|---|---|---|---|
| $5,000 | $0.50 | $210.50 | $210.00 |
| $10,000 | $1.00 | $421.00 | $420.00 |
| $25,000 | $2.50 | $1,052.50 | $1,050.00 |
| $50,000 | $5.00 | $2,105.00 | $2,100.00 |
| $100,000 | $10.00 | $4,210.00 | $4,200.00 |
Compounded over five years (assuming both rates hold flat and interest is reinvested), the $25,000 gap widens to about $5,700.
What do you give up by switching to a high-yield account?
Most online HYSAs do not offer a debit card, ATM access, or in-person branches. Marcus by Goldman Sachs and American Express HYSA do not support mobile check deposit; SoFi, Axos Bank, Ally Bank, and CIT Bank do. Most are designed to hold cash that earns interest while you spend from a separate checking account, not to be a primary checking replacement.
Other tradeoffs to verify on each bank's site before opening:
- Transfer speed. External ACH transfers typically settle in 1–5 business days. Same-day transfers are rare across banks; same-bank transfers are usually instant.
- Tier requirements. Some accounts (Axos Bank at 4.21%, SoFi at 3.80%) require a direct deposit or balance threshold to earn the advertised top rate. Without it, the rate drops to a lower tier.
- Variable rates. Every advertised APY in this post can change without notice. Compare again before opening, and again whenever the federal funds rate moves.
- Funding options. Wire transfers may carry a fee; debit-card funding is uncommon at HYSAs; mailed checks are slow but accepted at most.
How to compare against your current account
Arca's calculator compares your current balance and APY against the live HYSA rate table and shows the annual and five-year dollar gap, plus the per-account features above. The numbers in this post update every time the rate table is changed, with the comparison date stamped in the header.
Frequently Asked Questions
Why do big banks pay so little on savings accounts? Big banks have no competitive pressure to raise savings rates because their massive existing deposit bases keep flowing in regardless of the rate. Chase pays 0.01% APY and Bank of America 0.04% APY on standard savings as of June 15, 2026, while Chase alone holds about $2.4 trillion in deposits. Wells Fargo Platinum Savings pays 0.05% APY only with a linked Premier Checking account. Source: Arca Savings, updated June 15, 2026.
How much more does a high-yield savings account pay than Chase or Bank of America? On a $10,000 balance, Chase's 0.01% APY earns about $1 a year as of June 15, 2026, while Axos Bank's 4.21% APY earns $421 — a $420 annual gap. SoFi at 3.80% APY pays $380 a year, Marcus by Goldman Sachs at 3.40% APY pays $340, and American Express High Yield Savings at 3.10% APY pays $310. Source: Arca Savings, updated June 15, 2026.
Is it worth switching from a big bank to a high-yield savings account? Yes for almost anyone with a balance above $1,000. A $10,000 balance earns about $420 more per year at Axos Bank's 4.21% APY than at Chase's 0.01% APY as of June 15, 2026. SoFi (3.80% APY), Marcus by Goldman Sachs (3.40% APY), and American Express High Yield Savings (3.10% APY) all pay hundreds of times more than a big-bank standard tier. Source: Arca Savings, updated June 15, 2026.
Are high-yield savings accounts as safe as Chase or Bank of America? Yes, when FDIC insured. Axos Bank, Marcus by Goldman Sachs, SoFi, and American Express High Yield Savings are all FDIC insured up to $250,000 per depositor per institution as of June 15, 2026 — the same protection you have at Chase or Bank of America. Source: Arca Savings, updated June 15, 2026.
Which big bank pays the highest standard savings rate? U.S. Bank Smartly® Savings pays 2.00% APY on a $10,000 balance as of June 15, 2026, but only with a linked Bank Smartly Checking account; without it the rate is 0.05% APY. Chase pays 0.01% APY, Bank of America 0.04% APY, Citibank 0.03% APY, and Wells Fargo Platinum Savings 0.05% APY (with Premier Checking required). None reach the 4.21% APY at Axos Bank. Source: Arca Savings, updated June 15, 2026.
Arca provides information, not financial advice. Rates are sourced from each bank's public product page and verified manually. APYs are variable and can change at any time.