High-yield savings, ranked by APY
As of September 24, 2026, the top high-yield savings accounts pay 3.75%–4.21% APY — Axos Bank at 4.21%, SoFi at 4.20%, EverBank at 3.90% — versus the FDIC national average of 0.38% and U.S. Bank's 0.05%.
† 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 August 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 (4.20% requires Recurring direct deposit (payroll, pension, gov't benefit) OR $5,000 in qualifying deposits every 31 days. Required to earn 3.30% base APY; also unlocks 0.90% promo boost. direct deposit and Linked SoFi Checking Account (auto-opened); 3.30% base) | 4.20% |
| 3 | EverBank | 3.90% |
| 4 | 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% |
| 5 | Axos Summit Savings | 3.75% |
| — | U.S. Bank (your current bank) | 0.05% |
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 | U.S. Bank0.05%APYYour current bank | ||
|---|---|---|---|
| $5,000 | $2.50/yr | $210.50/yr | $195/yr |
| $10,000 | $5/yr | $421/yr | $390/yr |
| $25,000 | $12.50/yr | $1,052.50/yr | $975/yr |
| $50,000 | $25/yr | $2,105/yr | $1,950/yr |
| $100,000 | $50/yr | $4,210/yr | $3,900/yr |
Personalize the gap.
Compared at U.S. Bank's 0.05% standard APY vs. Axos Bank's 4.21% APY. Simple interest.
That's $2,080 over five years, just by switching where the dollars sit.
Why does U.S. Bank pay so little on savings?
U.S. Bank Smartly® Savings pays 3.00% APY on a $10,000 balance as of September 24, 2026 — but only when paired with a linked U.S. Bank Smartly Checking account (or another qualifying U.S. Bank product). Without that linked product, the same savings account drops to 0.05% APY. The two-tier structure is designed to keep customers' primary banking relationship at U.S. Bank: the headline rate looks competitive in advertising, but it only materializes for customers who also keep a U.S. Bank checking account and meet the qualifying activity. With a regional Midwest-and-West footprint, U.S. Bank competes mainly on relationship retention inside its core markets rather than by bidding for deposits on a standalone yield basis.
What about U.S. Bank's higher-tier savings accounts?
U.S. Bank's headline-tier product is the Smartly® Savings account paired with a Bank Smartly Checking relationship — 3.00% APY on a $10,000 balance as of September 24, 2026. Without the linked checking account, the same Smartly Savings drops to 0.05% APY. The account also carries a $5 monthly service fee and a $5,000 minimum balance. U.S. Bank's strongest branch presence is in Minnesota, Oregon, Washington, Idaho, and the broader Midwest; customers outside those markets often find branches limited or absent altogether. Even at the 3.00% with-relationship rate, U.S. Bank trails the 4.21% APY at Axos Bank and the 4.20% APY at SoFi.
Where U.S. Bank 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 $416 more a year than U.S. Bank.
| 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 4.20 percent APY. 3.30 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 4.20% APY now, dropping to 3.30% 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.
Questions, answered.
What is U.S. Bank's current savings account APY?
U.S. Bank Smartly® Savings pays 3.00% APY on a $10,000 balance as of September 24, 2026, but only when paired with a linked Bank Smartly Checking account. Without that linked product, the rate drops to 0.05% APY. On a $10,000 balance at 3.00%, that earns $300 per year — versus roughly $421 at a 4.21% APY account like Axos Bank. Source: Arca Savings, updated September 24, 2026.
Do I have to open a U.S. Bank checking account to earn the 3.00% APY?
Not strictly a checking account — the 3.00% APY requires a linked U.S. Bank Smartly Checking account or another qualifying U.S. Bank product as of September 24, 2026. Without one, the same Smartly® Savings drops to 0.05% APY — comparable to the 0.01% to 0.04% floor at Chase and Bank of America. Source: Arca Savings, updated September 24, 2026.
Does U.S. Bank Elite Money Market pay more?
U.S. Bank Elite Money Market pays under 1.50% APY at retail balances as of September 24, 2026 and requires a linked U.S. Bank checking account to waive its monthly fee. Axos Bank pays 4.21% APY and SoFi pays 4.20% APY with no Money Market gate. Source: Arca Savings, updated September 24, 2026.
Will switching affect my U.S. Bank checking account or loan?
No. Opening a high-yield savings account at Axos Bank, SoFi, or Marcus by Goldman Sachs has no impact on your U.S. Bank checking account, loans, credit cards, or any other U.S. Bank products. Source: Arca Savings, updated September 24, 2026.
Is it safe to move savings away from U.S. Bank?
Yes — Axos Bank, SoFi, Marcus by Goldman Sachs, and American Express High Yield Savings are all FDIC insured up to $250,000 per depositor per institution as of September 24, 2026, the same protection you have at U.S. Bank. Source: Arca Savings, updated September 24, 2026.
How much interest does U.S. Bank pay per month on $10,000?
U.S. Bank pays about $0.42 per month on a $10,000 savings balance — $5 a year at 0.05% APY as of September 24, 2026. EverBank Performance Savings pays about $32.50 a month, or $390 a year, on the same balance. The monthly difference is roughly $32.08. Source: Arca Savings, updated September 24, 2026.
Is U.S. Bank's savings account good for an emergency fund?
No — U.S. Bank Smartly Savings without linked checking is safe but costly for an emergency fund. It pays 0.05% APY as of September 24, 2026, so a $10,000 emergency fund earns $5 a year, against $390 at EverBank Performance Savings. U.S. Bank Smartly Savings without linked checking also charges $5 a month unless you link a qualifying U.S. Bank account. Both are FDIC insured to $250,000. Source: Arca Savings, updated September 24, 2026.
How do I calculate interest on a U.S. Bank savings account?
Multiply your balance by the APY. U.S. Bank Smartly Savings without linked checking pays 0.05% APY as of September 24, 2026, so $10,000 earns $5 a year and $25,000 earns $12.50. APY already includes compounding, so no separate compounding step is needed. Arca's free calculator does this for any balance and compares it against current high-yield rates. Source: Arca Savings, updated September 24, 2026.