The answer above and the table below update with every Arca rate capture: every savings APY change on record at the banks Arca tracks, newest first. The analysis that follows was published on July 28, 2026, about the cuts recorded before the Fed's July meeting, and every figure in it is dated.
Every savings rate change on record
Most recent change: Marcus (Goldman Sachs), 3.40% to 3.50% APY, first seen September 21, 2026 (previous capture September 16, 2026). Since May 1, 2026, Arca has recorded 15 changes across 8 banks.
| First seen | Previous capture | Bank | From | To | Change (pp) |
|---|---|---|---|---|---|
| Marcus (Goldman Sachs) | 3.40% | 3.50% | +0.10 | ||
| SoFi | 3.80% | 4.00% | +0.20 | ||
| U.S. Bank | 2.00% | 3.00% | +1.00 | ||
| American Express | 3.10% | 3.00% | −0.10 | ||
| CIT Bank | 4.10% | 3.75% | −0.35 | ||
| U.S. Bank | 0.05% | 2.00% | +1.95 | ||
| Wells Fargo | 0.01% | 0.05% | +0.04 | ||
| Ally Bank | 3.10% | 3.00% | −0.10 | ||
| Marcus (Goldman Sachs) | 3.50% | 3.40% | −0.10 | ||
| U.S. Bank | 2.00% | 0.05% | −1.95 | ||
| Wells Fargo | 0.05% | 0.01% | −0.04 | ||
| SoFi | 4.00% | 3.80% | −0.20 | ||
| American Express | 3.20% | 3.10% | −0.10 | ||
| Bank of America | 0.01% | 0.04% | +0.03 | ||
| U.S. Bank | 1.98% | 2.00% | +0.02 |
Which high-yield savings accounts changed rates ahead of the Fed's July meeting?
Most weeks, Arca's rate capture is uneventful. Seven banks, seven public rate pages, one snapshot a week — and usually the same numbers as the week before. Not this stretch.
Between May 18 and July 28, 2026, four of the seven high-yield savings accounts Arca tracks — SoFi, American Express, Marcus by Goldman Sachs, and Ally Bank — trimmed their APYs by 10 to 20 basis points.
| Account | APY on May 18 | APY on July 28 | Change | Change detected (week of) | Conditions changed? |
|---|---|---|---|---|---|
| SoFi Savings (with direct deposit) | 4.00% | 3.80% | −20 bp | May 30 | No |
| American Express High Yield Savings | 3.20% | 3.00% | −20 bp, in two steps | May 23 and July 13 | No |
| Marcus by Goldman Sachs Online Savings | 3.50% | 3.40% | −10 bp | June 6 | No |
| Ally Bank Online Savings | 3.10% | 3.00% | −10 bp | June 6 | No |
Four HYSAs cut ahead of the Fed’s July meeting
Four of the seven high-yield savings accounts Arca tracks cut their APY between May 18 and July 28, 2026 — every cut landing before the Federal Reserve’s July 28–29 meeting. The deepest cuts were 20 basis points, worth $20 a year per $10,000 saved.
† SoFi’s 3.80% APY requires qualifying direct deposit or $5,000 in monthly deposits.
The other 3 tracked high-yield accounts held their standard rates (3.75%–4.21% APY; top held rates also carry qualifying conditions). Promotional and intro rates are excluded.
| Bank | APY on May 18 | APY on July 28 | Change | Cut first detected |
|---|---|---|---|---|
| American Express | 3.20% | 3.00% | −20 basis points | 2026-05-23 |
| SoFi | 4.00% | 3.80% | −20 basis points | 2026-05-30 |
| Ally Bank | 3.10% | 3.00% | −10 basis points | 2026-06-06 |
| Marcus (Goldman Sachs) | 3.50% | 3.40% | −10 basis points | 2026-06-06 |
Every rate above is the APY a customer earns on a $10,000 balance, captured weekly from each bank's public rate page and recorded in the Arca rate table, with qualifying-product requirements disclosed inline (promotional and intro rates excluded).
The Federal Reserve didn't move at all: it held its target range at 3.50%–3.75% at the June 16–17 meeting, and meets again on July 28–29.
Why do savings rates move before the Fed does?
Deposit rates aren't priced off the last Fed announcement — they're priced off what funding is expected to cost. High-yield savings rates are variable by design, and banks adjust them whenever the math changes, Fed calendar or not.
Three standard mechanics explain moves like these. None of the four banks stated a reason, so these are explanations, not attributions:
- Funding needs. Online banks pay competitive deposit rates to attract the funding their lending requires. When loan demand or deposit targets soften, the deposit rate adjusts with them.
- The competitive field. Just as savers compare rates within the online cohort, banks price against each other. When several banks in the field move down, it gets easier for any one of them to reprice without losing position.
- Positioning for expected easing. If a bank expects policy rates to fall later in the year, adjusting deposit costs gradually now is smoother than one large move later.
What do the trims cost — and what's the balance still earning?
A basis point is worth $1 a year per $10,000 saved. That's the whole formula.
So the SoFi and American Express moves each work out to $20 a year on a $10,000 balance, and the Marcus and Ally moves to $10. The median change across the four — 15 basis points — is $15 a year per $10,000, or $37.50 on a $25,000 emergency fund.
Is that ruinous? No. And here's the part that matters more, because it hasn't changed: even after the trims, these four accounts paid 3.00%–3.80% APY as of July 28, 2026, while the standard savings tiers at Chase (0.01% APY) and Bank of America (0.04% APY) pay a fraction of that — Chase's standard tier pays about 1/300th of the lowest rate in the table above.
A $10,000 balance still earns roughly $300 more per year at the lowest-paying account in that table than at Chase's standard tier. The trim is $10 or $20 a year. The gap it came out of is worth $300 — and it's still sitting right there.
So where's the top of the field right now?
| Requirements to earn the maximum APY | Apply | ||
|---|---|---|---|
Axos ONE® SavingsAxos Bank · Member FDIC | Up to 4.21 percent APY. 1.00 percent base, plus 3.21 percent with conditions. |
| Go to Axos Bank (opens axosbank.com in a new tab) |
See detailsHide details for Axos ONE® Savings
| |||
SoFi High-Yield Savings AccountSoFi · Member FDIC$0 minimum to open | Up to 4.00 percent APY. 3.10 percent base, plus 0.90 percent with conditions. |
| Go to SoFi (opens sofi.com in a new tab) |
See detailsHide details for SoFi High-Yield Savings AccountEarn 4.00% APY now, dropping to 3.10% APY when the intro period ends on December 31, 2026.
| |||
EverBank Performance SavingsEverBank · Member FDIC | 3.90 percent APY. Variable rate, no conditions. |
| Go to EverBank (opens everbank.com in a new tab) |
Ties break toward the account with the higher guaranteed rate. Deposit insurance is provided by each bank listed, not by Arca Savings, which is not a bank and does not accept deposits.
What is the market expecting from the Fed this week?
A hike is now a live possibility — which is the opposite direction from where these four banks just moved their deposit rates.
As of the morning of July 28, fed-funds futures tracked by CME FedWatch put roughly 64% probability on the Fed holding its 3.50%–3.75% target range at the July 28–29 meeting and about 36% on a 25-basis-point hike, with no probability at all on a cut. A week earlier, those hike odds were near 26%.
That's the detail that makes this stretch interesting. Four banks trimmed what they pay savers over a stretch in which the market's expectation moved toward tighter policy, not away from it. Deposit pricing isn't a referendum on the Fed — each bank is solving its own funding equation, and those equations don't all point the same way at the same time.
For savers, the practical read is simpler than the macro: rates move between meetings, in both directions, without anyone telling you. That's the whole case for checking yours.
What can savers check this week?
Three factual checks, no forecasting required:
- What your account pays today. Savings APYs change without individual notice — the bank's published rate page is the source of truth, not the rate advertised when you opened the account.
- Whether the rate is variable. All seven accounts Arca tracks carry variable rates, and a change like the four above can arrive in any week.
- Where that rate sits against the current field. The index below shows the tracked range as of the latest weekly capture, the Arca rate table lists every account with its conditions, and a separate chart plots which rates carry conditions and what they pay without them.
That's it. Ten minutes, maybe less. As of September 21, 2026, the accounts Arca tracks pay 3.00–4.21% APY, with the top rates carrying qualifying conditions disclosed in the rate table.
The Arca Savings Index
As of September 21, 2026, the top high-yield savings accounts pay up to 4.21% APY — or 3.90% with no conditions — versus 0.01–0.05% at the biggest banks and the FDIC national average of 0.38%.
Conditions vary by account (direct deposit or linked checking) — see Arca for specifics.
FDIC national average, as of August 2026
| Tier | APY |
|---|---|
| Top HYSA · with conditions | 4.21% |
| Top HYSA · no conditions | 3.90% |
| Big banks | 0.01–0.05% |
| FDIC national average | 0.38% |
Frequently asked questions
Which high-yield savings accounts cut rates in July 2026?
SoFi, American Express, Marcus by Goldman Sachs, and Ally Bank each trimmed their APY between May 18 and July 28, 2026. SoFi Savings moved from 4.00% to 3.80% with direct deposit, American Express High Yield Savings from 3.20% to 3.00%, Marcus by Goldman Sachs from 3.50% to 3.40%, and Ally Bank Online Savings from 3.10% to 3.00%. Three of the seven accounts Arca tracks held steady. Source: Arca Savings, updated September 21, 2026.
How much does a 20 basis point rate cut cost on $10,000?
A 20 basis point cut costs $20 a year on a $10,000 balance, because one basis point is worth $1 per year per $10,000. The median cut across SoFi, American Express, Marcus by Goldman Sachs, and Ally Bank was 15 basis points — $15 a year per $10,000, or $37.50 on a $25,000 emergency fund, as of July 27, 2026. Source: Arca Savings, updated September 21, 2026.
Do high-yield savings accounts still beat big banks after the cuts?
Yes. After the trims, those four accounts paid 3.00% to 3.80% APY as of July 28, 2026 — the 3.80% was SoFi's rate with qualifying direct deposit — while Chase standard savings paid 0.01% and Bank of America 0.04% on the same date. A $10,000 balance earned about $299 more per year at the lowest-paying of the four than at Chase's standard savings tier. Source: Arca Savings, updated September 21, 2026.
Update — July 30, 2026: The Federal Reserve held its target range at 3.50%–3.75% at the conclusion of its July 28–29 meeting, on a 9–3 vote — three members dissented in favor of a quarter-point increase. The four rate changes described above were all recorded before that decision. None of the banks Arca tracks moved a published APY in the 24 hours after the announcement: The Fed Held Rates Steady. Savings Rates Didn't Move.
Update — August 3, 2026: The first move in the other direction came from a branch bank, not an online one. U.S. Bank's Bank Smartly Savings relationship tier for combined balances of $5,000 to $24,999.99 went from 2.00% to 3.00% APY between Arca's July 30 and August 3 captures — level with what Ally and American Express pay on a $10,000 balance with no conditions attached: U.S. Bank's $10,000 Savings Tier Now Pays 3.00%
Update — August 12, 2026: The Bureau of Labor Statistics reported a 3.4% twelve-month change in consumer prices for July 2026. Measured against that print, the trims described above still left four accounts paying above inflation, with Marcus matching it exactly at 3.40% and Ally and American Express below it at 3.00%: July Inflation was 3.4%. Here are the Savings Accounts that beat it.
Arca provides information, not financial advice. Rates are sourced from each bank's public rate page, captured weekly, and recorded in the Arca rate table. APYs are variable and can change at any time.
Arca may earn a commission from financial institutions when a reader opens an account through our links. This doesn't affect the accounts we surface or the information in this article. See current rates at arcasavings.com/rates.