The Best High-Yield Savings Accounts
There are a lot of basic high-yield savings accounts out there. These four are my favorites because you can visually separate your money into groups, which is perfect for sinking funds.
Not sure which to choose?
Take this 2 minute quiz to find the best high yield savings account for your situation.
Quick note: some of the links on this page are affiliate links (which means I might earn a small commission at no cost to you). I only share the apps I've personally tested.
FIRST, THE BASICS
What is a high-yield savings account?
A savings account that pays a lot more interest than a regular bank because it doesn't have the overhead of physical branches. The average rate is .38%
Visual separation
All four accounts let you visually split your money into different groups. It's still in one account, just organized so you can see what it's for. This is great for sinking funds!
Rates Change
The rates are variable. They go up and down with the federal interest rates.
The numbers below are as of November 2026.
MY 4 FAVORITE HIGH YIELD SAVINGS ACCOUNTS
Ally
Rate: 3.1% APY
Is it safe? Yes. FDIC insured up to $250,000, or $500,000 for a joint account.
BONUS: $100 when you open an account and set up auto transfers for 3 months.
No direct deposit, no minimum balance, no hoops. It's not the highest rate on this list, but the automation is the best.
Best for: People who want to set up their sinking funds once and let them run, without changing where their paycheck gets deposited.
What I like:
- Up to 30 customizable buckets
- Split one transfer into several buckets at once, like $500 into $300 emergency fund, $100 vacation and $100 car insurance.
- Lots of options for recurring transfers.
- Joint or individual accounts.
Keep in mind:
- The rate is generally on the lower side of HYSA.
- 10 withdrawals per statement cycle. There's no fee for going over, but Ally can close the account.
- No cash deposits.
My take: Automation is Ally's biggest strength. Set your sinking funds up once and let them run.
SoFi
Rate: 3.30% APY base rate
Is it safe? SoFi is a bank. FDIC insured up to $250,000, or $500,000 joint.
BONUS: $25 with my link, plus $50 or $400 with qualifying direct deposits.
Bonus APY for the first 6 months.
You automatically get checking and savings together, each with its own account and routing number. Checking earns 0.5%, which is high for checking.
Best for: People willing to make SoFi their main bank. Not for you if you want to keep your paycheck where it is.
What I like:
- Up to 20 Vaults.
- Auto-save a dollar amount or a percentage of your direct deposit into Vaults.
- Unlimited transfers.
- Has many additional products to offer.
Keep in mind:
- Without direct deposit, you earn 1.1%. That's the lowest on this list by a lot.
- Recurring transfers are monthly only.
- Moving money from a Vault to another bank takes two steps. A little annoying.
- Cash deposits cost up to $4.95.
My take: SoFi really only makes sense if you're willing to move your paycheck. If you are, it's a great all-in-one bank.
Crew Finance
Rate: 3.20% APY.
Is it safe? Crew isn't a bank. Your banking goes through Bangor Savings Bank, which is FDIC insured.
Bonus: Extra 0.5% APY for 3 months with my link.
Checking and high-yield savings in one. Everything in the account earns interest, and it has checking account features.
Best for: Families, people who use cash, and anyone who wants their bank account to work like a budget.
What I like:
- Unlimited pockets, and you can spend straight from a pocket.
- If/then rules, like "when a paycheck comes in, send this much to savings and giving."
- 12 free cash deposits a year.
- Kids get their own login and card, and you can automate their allowance.
Keep in mind:
- The 0.5% boost only lasts 3 months.
- To take full advantage of the features, you would want to make this a main bank.
- It's a newer, smaller company than the other three.
My take: It took me about an hour to set up, and it was actually the most intuitive for me. That could just be how my brain works.
Wealthfront
Rate: 3.55% APY base
Is it safe? Wealthfront isn't a bank, but your cash is spread across 32 partner banks for up to $8 million in FDIC coverage ($16 million joint).
Bonus: Extra 0.5% APY for 6 months with my link.
The highest rate on this list, and you don't have to move your whole paycheck to get it.
Best for: Getting the highest rate without switching banks, fast access to your money, or keeping a large balance with more FDIC coverage.
What I like:
- Unlimited categories.
- Instant withdrawals to eligible banks, within minutes.
- See how much the whole account is earning this month and all time.
- Several recurring transfer options: weekly, every other week, 1st and 15th, monthly or quarterly.
Keep in mind:
- Recurring transfers only go into the main balance, so you move money into categories by hand.
- New deposits have a 2–4 day hold.
- Joint accounts need both people to log in and verify. I couldn't link Venmo until he and I both had account logins.
My take: It's not a bank, but it spreads your account across 32 banks and that's actually why you get so much more FDIC coverage.
Common Questions
Do I pay taxes on the interest?
Yes. It counts as regular income in the year it's paid to you, even if you never take it out. You'll get a 1099-INT from each bank if you earn $10 or more.
Will the rate change?
Probably, at some point. They're all variable, and every bonus rate is temporary.
Can I have more than one?
Yes. I have all four. But I don't recommend having that many. Just one is enough.