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 Wells Fargo's 0.01%.
† 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% |
| — | Wells Fargo (your current bank) | 0.01% |
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 | Wells Fargo0.01%APYYour current bank | ||
|---|---|---|---|
| $5,000 | $0.50/yr | $210.50/yr | $187.50/yr |
| $10,000 | $1/yr | $421/yr | $375/yr |
| $25,000 | $2.50/yr | $1,052.50/yr | $937.50/yr |
| $50,000 | $5/yr | $2,105/yr | $1,875/yr |
| $100,000 | $10/yr | $4,210/yr | $3,750/yr |
Personalize the gap.
Compared at Wells Fargo's 0.01% standard APY vs. Axos Bank's 4.21% APY. Simple interest.
That's $2,100 over five years, just by switching where the dollars sit.
Why does Wells Fargo pay so little on savings?
Wells Fargo's savings business runs on relationship bundling rather than rate competitiveness. Its standard Way2Save account pays just 0.01% APY on a $10,000 balance as of August 11, 2026; the relationship-tier Platinum Savings reaches 0.05% APY, but only when the customer also holds a linked Wells Fargo Premier Checking account. Either way the account carries a $12 monthly service fee, waived with a $3,500 minimum daily balance. Compounding the lack of pressure: the Federal Reserve asset cap imposed after the 2016 fake accounts scandal is still in place as of August 11, 2026, constraining Wells Fargo's balance sheet growth and giving the bank even less reason than its peers to bid aggressively for new deposits. The savings account is treated as a retention product, not an earnings product.
What about Wells Fargo's higher-tier savings accounts?
Wells Fargo's higher-tier product is Platinum Savings, the relationship-rate version that requires a linked Wells Fargo Premier Checking account. Even at that tier the rate reaches only 0.05% APY as of August 11, 2026, and it stays under 0.10% APY across every retail balance band. The product is structured so the relationship requirement — not balance size — gates the rate, and even clearing it leaves the saver nearly a hundred times below a real high-yield account.
Where Wells Fargo 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 $420 more a year than Wells Fargo.
| 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.