High-yield savings, ranked by APY
As of August 11, 2026, the top high-yield savings accounts pay 3.40%–4.21% APY — Axos Bank at 4.21%, SoFi at 3.80%, CIT Bank at 3.75% — versus the FDIC national average of 0.38% and Bank of America's 0.04%.
† Conditions — Axos: $1,500/mo direct deposit · CIT: $5,000 min balance · SoFi: linked checking + direct deposit
National average · FDIC, published monthly. FDIC, as of June 2026
| Rank | Bank | APY |
|---|---|---|
| 1 | Axos Bank (4.21% requires Linked Axos ONE® Checking Account Required and At least $1,500 in total monthly qualifying direct deposits AND average daily balance of at least $1,500 in Axos ONE® Checking. direct deposit; 1.00% base) | 4.21% |
| 2 | SoFi (3.80% requires Recurring direct deposit (payroll, pension, gov't benefit) OR $5,000 in qualifying deposits every 31 days. Required to earn 3.10% base APY; also unlocks 0.70% APY boost for up to 6 months (promo for new members only, account opened 3/31/2026–12/31/2026, boost set up within 60 days). Without either, rate is 0.80% APY. direct deposit and Paired SoFi Checking Account (auto-opened); 3.10% base) | 3.80% |
| 3 | CIT Bank (3.75% requires $5,000 or more to earn 3.75% APY; balances below $5,000 earn 0.25% APY minimum balance for top apy; 0.25% base) | 3.75% |
| 4 | Axos Summit Savings | 3.75% |
| 5 | Marcus (Goldman Sachs) | 3.40% |
| — | Bank of America (your current bank) | 0.04% |
What you'd earn at each, by balance.
What you'd earn at each, by balance.
Annual interest = principal × APY, simple interest. All accounts FDIC insured up to $250,000.
| Balance | Bank of America0.04%APYYour current bank | ||
|---|---|---|---|
| $5,000 | $2/yr | $210.50/yr | $187.50/yr |
| $10,000 | $4/yr | $421/yr | $375/yr |
| $25,000 | $10/yr | $1,052.50/yr | $937.50/yr |
| $50,000 | $20/yr | $2,105/yr | $1,875/yr |
| $100,000 | $40/yr | $4,210/yr | $3,750/yr |
Personalize the gap.
Compared at Bank of America's 0.04% standard APY vs. Axos Bank's 4.21% APY. Simple interest.
That's $2,085 over five years, just by switching where the dollars sit.
Why does Bank of America pay so little on savings?
Bank of America's retention strategy runs through its Preferred Rewards program, which ties account perks to total relationship value — checking, savings, and Merrill investment balances counted together — rather than rewarding the savings balance with a competitive rate. Those perks accrue to credit cards and investment products, not the savings APY, a deliberate structure designed to keep deposits captive across the Bank of America family. Standard Advantage Savings pays 0.04% APY as of August 11, 2026 and carries an $8 monthly fee that is waived only with a $500 minimum daily balance. The structure is engineered to make leaving feel costly, even when the math on a high-yield savings account favors leaving by a wide margin.
What about Bank of America's higher-tier savings accounts?
Bank of America's higher-tier product is Advantage Savings paired with Preferred Rewards status. The program runs four tiers based on combined assets: Gold ($20K+), Platinum ($50K+), Platinum Honors ($100K+), and Diamond ($1M+ at Merrill). Even at Platinum Honors — the highest tier most retail savers will reach — the savings rate does not meaningfully exceed the 0.04% APY standard rate as of August 11, 2026; Preferred Rewards directs its perks to credit-card and investment products rather than the savings APY. Moving savings to a HYSA does not affect Preferred Rewards status, which is calculated on combined checking and Merrill balances, not savings. Even at the top tier, the rate falls far short of any leading HYSA.
Where Bank of America customers are moving their savings.
Every account below is FDIC insured to $250,000, with the same daily access you have today. On a $10,000 balance, the top rate earns about $417 more a year than Bank of America.
| 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 3.80 percent APY. 3.10 percent base, plus 0.70 percent with conditions. |
| Go to SoFi (opens sofi.com in a new tab) |
See detailsHide details for SoFi High-Yield Savings AccountEarn 3.80% APY now, dropping to 3.10% APY when the intro period ends on December 31, 2026.
| |||
Axos Summit SavingsAxos Summit Savings · Member FDIC | 3.75 percent APY. Variable rate, no conditions. |
| Go to Axos Summit Savings (opens axosbank.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.