High-yield savings accounts earn significantly more interest than their traditional savings account counterparts.
In fact, while the Federal Reserve reports that the average savings deposit rate is only 0.40%—and major banks like Chase and Wells Fargo offer savings accounts with only 0.01% APY—high-yield savings accounts (HYSAs) pay around 4.00%, give or take.
How big of a difference will that make on your finances? Use our high-yield savings account calculator to determine just how much interest you’ll earn over time by keeping your savings in a high-yield account instead of an account earning virtually nothing.
- Up to $400 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/
- APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
- Fee Policy
We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
- Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
- ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
- Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
- Overdraft Coverage
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
- 0.70% Savings APY Boost
Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
- Earn up to 3.80% APY8
- Limited Time Offer – New accounts earn a 0.70% APY boost to 3.80% for up to 6 months with eligible direct deposit8
- $0 minimum balance to earn APY
- Earn $50 or $400 when you sign up and set up eligible direct deposit1
- Open Checking & Savings Accts with 1 Sign Up
- Up to 2-Day-Early Paycheck3
- FDIC Insured up to $250k plus up to $3M in supplemental insurance4
Barclays Tiered Savings Annual Percentage Yields (APYs) are accurate as of 06/16/2026. Rates may change at any time without prior notice, before or after the account is opened. The same rate may apply to multiple Tiers and Tiers may change without notice. APY earned is based on the Tier in which your end of day account balance falls. Please see Barclays Tiered Savings for current Tier and APY information.
- Earn 3.75% APY* with Barclays1 Tiered Savings
- $0 min. balance to earn APY
- No monthly maintenance fees
- Easy direct deposits & online transfers
- Deposits are FDIC Insured
ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of 6/16/2026.
APYs are subject to change at any time without notice. Offers apply to personal non-IRA accounts only. Charges for specific services may reduce earnings. For High Yield Savings Accounts, the rate may change after the account is opened. For CD accounts, a penalty may be imposed for early withdrawals. After maturity, if your CD rolls over, you will earn the offered rate of interest for your CD type in effect at that time. See all non-IRA CD rates and terms offered here.
NATIONAL AVERAGE: National Average APYs are based on specific product types of top 50 U.S. banks (ranked by total deposits) provided by Curinos LLC through 05/01/2026. High Yield Savings Rates: Average APYs are based on High Yield Savings Accounts of $10,000. Curinos data is obtained from public sources; accuracy and completeness is not guaranteed. Curinos is not liable for reliance on the data.
FDIC INSURANCE: up to $250,000 per depositor, per insured bank, for each ownership category.
- Earn up to 3.30% APY*
- Open a High Yield Savings Account without a minimum deposit
- Competitive rates, no required minimum balances, and no monthly fees
- The Synchrony app makes it a snap to bank anywhere
- Member FDIC
Advertised annual percentage yield (APY) is for new accounts only and is accurate as of June 16, 2026. APY tiers apply to the following balances:
- 4.01% APY on balances of $0.01 – $999.99
- 4.01% APY on balances of $1,000.00 – $49,999.99
- 4.01% APY on balances of $50,000.00 – $499,999.99
- 3.14% APY on balances of $500,000.00 – $999,999.99
- 3.14% APY on balances of $1,000,000.00 & Above
This is a variable-rate account, and APY is subject to change at any time without notice. Limit of one Envision High Yield Savings account per customer. Minimum amount to open is $100, with opening funds subject to a 5-business day hold. Fees may reduce earnings on account.
- Earn up to 4.01% APY
- No monthly maintenance fees
- Open an account with as little as $100
- Open an account in as little as 5 minutes
- Backed by the financial strength of Idaho First Bank
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Platinum Savings APY Boost Promotion Terms and Conditions
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on February 13, 2026, and ends June 30, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a “New Customer”) or any open CIT Bank accounts provided that the following requirements are met:
New customers must open a Platinum Savings account with a valid Promo Code, CITBoost. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page.. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code CITBoost.
Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code CITBoost.
Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code CITBoost.
Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
The Platinum Savings APY Boost promotion may not be combined with other promotions.
Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
They are earning an APY over the standard rate.
They participated in a cash bonus promotion in the past 6 months.
Custodial accounts and accounts in the name of a Trust are not eligible.
This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
- Earn 4.10% APY* with CIT’s Savings Connect Account
- $100 minimum balance for APY
- No account opening or monthly service fees
- Deposit checks online with the CIT Bank mobile app
- FDIC Insured
Table of Contents
High-yield savings account calculator definitions
Before using our high-yield savings account calculator, familiarize yourself with some basic terminology:
Starting balance
Starting balance refers to the initial deposit you make into your savings account.
Years to grow
This refers to the number of years you leave your savings untouched so they can grow. For instance, if you’re working on buying a house in three years and saving for a down payment, your account has three years to grow before you need to touch those savings.
Annual interest rate
This is the annual percentage rate (APY) advertised by the bank. This is the rate at which interest accrues over the course of one year.
The high-yield savings account calculator gives you an idea of how your money will grow with a bank’s current APY, but keep in mind that banks can and do change these over time.
Monthly contribution
Not only does your savings grow with interest, but it can also grow as you deposit more money into the account. For instance, if you earn $1,000 a month and can afford to deposit 20%, or $200, of that money into your high-yield savings account each month, your monthly contribution is $200.
This number may not always be constant. For instance, you may have a high car insurance premium every six months that keeps you from making the typical monthly contribution. You might also actually withdraw money from savings occasionally, like to cover an emergency expense.
Compounding frequency
Compounding refers to each time your money earns interest. Savings accounts may compound quarterly, monthly, or even daily.
The more often an account compounds, the more you stand to earn. That’s because, when your account compounds, your new balance is the money already in your account plus the new interest you’ve just earned. Now you’ll start to earn interest on that new, higher amount.
For instance, if an account compounds monthly, you’ll earn interest on your initial deposit in the first month, but in the second month, you’ll earn interest on the initial amount plus the interest you earned at the end of the first month. This accelerates your savings growth.
Compound interest is pretty much the greatest benefit to any investor. This is why we stress starting to save as early as possible no matter how small an amount. The ability for funds to compound over long periods of time can substantially change the long term impacts. For example, saving $2,000/year from the age of 20 to 25, then saving nothing additional and letting those funds grow an annual rate of 8% until age 65, turns into a portfolio balance of approximately $250,000.
Start saving early and investing aggressively while you are young and can afford to take risk to set yourself up for long-term success.
How to use a high-yield savings account calculator
To use this high-yield savings account calculator, start by choosing a bank that offers a HYSA. Then, fill out all the fields with information about how much you’ll deposit initially (and how much you’ll contribute each month), the current APY at that bank, and the number of years you’ll leave the savings untouched.
The calculator will show you what the actual balance would be at the end of that time period, assuming monthly contributions and the annual interest rate remain the same. You’ll be able to see both how much you contributed over time (total principal contributed) and how much extra money you earned (total interest earned).
If you’re trying to choose a HYSA, enter in the APYs of multiple accounts to see how much of a difference one bank account will make in your savings over another.
How to choose a high-yield savings account
To choose the best high-yield savings account, you’ll want to compare more than just the APY. While high interest rates should be a crucial factor in making your decision, there are other factors to consider as well.
For example, Capital One earns the highest rating in our research not just because it offers a high yield, but also because it provides an exceptional mobile experience.
Here’s everything to take into account when selecting a HYSA:
- APY: Which high-yield savings account has the highest APY? How much of a difference does that APY make over time? (Use our high-yield savings account calculator to determine this.)
- Sign-up bonus: Do any banks offer a sign-up bonus? How much money can you make, and what are the requirements to earn it?
- Mobile app ratings: Mobile banking is important in today’s world. Choose a bank that has an easy-to-use app with stellar reviews.
- Fees: What fees does each account charge? Are there any accounts without fees?
- Minimum balance requirements: Does the high-yield savings account have a high minimum balance requirement? If so, can you meet it?
- Checking account: Do you already have a checking account somewhere? How easy is it to link the high-yield savings account to this checking account? Is it possible to have both accounts with the same bank? Check out our recommendations for the best checking accounts.
If you are holding emergency funds in a basic savings account at the bank, but it’s not really paying any interest, I definitely recommend moving your savings to a HYSA. However, make sure you choose one with a great mobile experience that makes it easy to transfer the funds back to your bank account in the event you have an immediate need for funds.
Article sources
At LendEDU, our writers and editors rely on primary sources, such as government data and websites, industry reports and whitepapers, and interviews with experts and company representatives. We also reference reputable company websites and research from established publishers. This approach allows us to produce content that is accurate, unbiased, and supported by reliable evidence. Read more about our editorial standards.
- Federal Reserve, National Rates and Rate Caps
- Wells Fargo, Way2Save Interest Rates
- Chase, Chase Savings Interest Rates
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About our contributors
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Written by Timothy Moore, CFEI®Timothy Moore is a Certified Financial Education Instructor (CFEI®) specializing in bank accounts, student loans, taxes, and insurance. His passion is helping readers navigate life on a tight budget.
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Edited by Amanda HankelAmanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing.
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Reviewed by Rand Millwood, CFP®Rand Millwood, CFP®, CIMA®, AIF®, is a partner at Guardian Wealth Partners in Raleigh, North Carolina. His firm assists clients of all ages and areas of life (with a strong background in the medical and legal fields) in planning, investing, and preparing for retirement and other financial goals.