Best High-Yield Savings Accounts of August 2026: Up to 4.21%

Key takeaways

• A high-yield savings account is a type of federally insured savings product that earns rates that are much better than the national average.

• HYSAs with low opening deposit requirements can earn as much as 4% APY. The national average rate is just 0.38%.

• We recommend HYSAs with low or no monthly fees, manageable minimum deposit requirements, perks like savings tools and calculators, and consistently high rates.

• Money in a high-yield savings account is safe. It is federally insured up to $250,000 per depositor.

• Some HYSAs didn’t make our list because they have restrictive features.

How our savings expert picked the accounts on this page

This page’s author, Margarette Burnette, has spent decades researching savings accounts and identifying the best options. At NerdWallet, she and her colleagues use an objective scoring rubric to rate around 100 banks, credit unions and other financial service providers.

When Margarette evaluates savings accounts, APYs carry the most weight, followed by monthly fees, savings or budgeting features, and deposit requirements. Accounts with sign-up bonuses get extra credit.

In general, the best savings accounts come with high rates, low fees and features that genuinely help you save money over time.

NerdWallet's best savings account for 2026: Newtek Bank Personal High Yield Savings

Newtek Bank’s Personal High Yield Savings was selected as the best savings account in NerdWallet’s 2026 Best-Of Awards. The account has no monthly fee and earns a 4.20% APY — one of the highest rates around.

Editor's note (July 31, 2026): Due to "overwhelming demand" for its Personal High Yield Savings product, Newtek Bank says that it is currently not accepting new applications. Interested customers can join a waitlist via the bank's website. Other Newtek products are still available. Check back for additional updates.

High-yield savings account rates today: latest updates (August 20, 2026)

As of August 2026, high-yield savings account rates are trending slightly downward. Since early June, 13 accounts on our list have changed rates. Ten lowered their APYs, while three, E*TRADE, Peak Bank, and Valley Bank, increased their rates.

The national average savings rate is currently 0.38%, unchanged since April 20, 2026. The top accounts on our list earn roughly 10 times the national average.

What the Fed’s recent decisions mean for savings rates right now

On July 29, 2026, the Federal Reserve announced that it would leave the federal funds rate unchanged. The target range remains between 3.50% and 3.75%. This is the fifth rate announcement of 2026, all resulting in no change. The next announcement is scheduled for September 16, 2026.

Savings account rates often respond to changes in the Fed’s benchmark rate. When the Fed cuts rates, for example, savings rates tend to fall. High-yield savings accounts generally have not had large APY swings as of late. Some HYSAs have had small rate dips, while a few others have had minor increases.

» Learn more about what the Fed rate announcement means for savings accounts

What is the highest-paying account today?

As of August 20, 2026, Axos Bank has a rate of 4.21% if certain requirements are met. You'll need to either maintain an average balance of $1,500 and receive at least $1,500 in monthly direct deposits into a linked Axos checking account, or maintain a $5,000 average balance and receive at least $5,000 per month in transfers or checks into the linked account.

Climate First Bank's savings account earns a 4.01% APY with a $50 minimum opening deposit. That's one of the highest APYs on our list among banks that have minimal deposit requirements. Peak Bank also offers a 4.01% APY, but it requires a $100 opening deposit.

What about competitive HYSAs that are not on this page?

OMB Bank's high-yield savings account earns an introductory rate of 4.26% for the first 60 days, then drops to an ongoing 3.83% APY. That’s still competitive, but over one year, a steady 4% APY would earn slightly more, according to NerdWallet's savings boost calculator. You can use the calculator to compare other balances and rate scenarios.

In general, we prefer accounts that have a solid rate history without APYs that drop a couple months after opening.

Pibank offers a high savings rate (4.10% APY) with no monthly fee. But its overall banking experience falls short of the other accounts on our list. For one, money transfer options are very limited. Additionally, Pibank's iOS and Android apps, which appear to be the primary way to manage the account, both receive poor user ratings.

Historical savings account interest rates

The graph below shows how savings rates have changed over the last few years. We chose a handful of online banks and one national bank to compare.

In 2023 and 2024, online banks raised savings APYs above 4%, and in some cases above 5%. Since those peaks, rates have fallen, though they remain much higher than the national average.

The savings account at the national bank remained at 0.01% APY.

Note: Rates are shown only for dates when any bank’s APY or the national average changed. Current rates may change at any time. APYs are interest rates compounded over one year.

How can HYSAs help fight inflation?

Inflation can reduce purchasing power over time. A competitive APY allows your savings to grow faster and helps preserve more of your money’s value. HYSAs can help offset the effects of inflation by earning significantly higher rates than traditional savings accounts. See our rate tracker that compares inflation to HYSAs.

Alternatives to high-yield savings accounts

High-yield savings account vs money market account

High-yield savings accounts and money market accounts are both types of savings accounts, but MMAs typically offer debit cards and checks. This gives customers the ability to make a few purchases each month. Both types of accounts generally let you link to other deposit accounts, such as checking accounts, to make electronic withdrawals and deposits. But with the added benefit of debit cards or checks, money market accounts give easier access to your funds. This can be helpful if you need fast access to your cash. However, some MMAs also charge monthly fees and have high minimum opening deposits.

» Want to explore more? See our list of the best money market accounts

High-yield savings account vs certificate of deposit (CD)

High-yield savings accounts and certificates of deposit are both federally insured deposit accounts. But CDs tend to have higher rates in return for locking in your money for a set time period. CDs are best for funds that can be put away for the entire CD term, which usually lasts from a few months to five years or more. If you have a short-term savings goal for an item you’d like to purchase in a few years, consider opening a CD. Funds in high-yield savings accounts can generally be withdrawn at any time. (There may be a limit of six per month of certain types of withdrawals, though.) Compared to a CD, a high-yield savings account is a better option for an emergency fund.

» Learn more about the best CD rates

High-yield savings account vs checking account

The difference between a high-yield savings account and a checking account is that a high-yield savings account is used for building your account balance, while a checking account is used for everyday spending. Some checking accounts earn interest or offer cash-back rewards, but a high-yield savings account likely pays more interest. As noted above, a HYSA may limit certain types of withdrawals to a maximum of six per month.

» Want to explore checking accounts? Take a look at NerdWallet's best checking accounts

Additional resources