High-yield savings accounts give you a chance to reach your savings goal quickly. How? By offering you rates that outpace inflation with no account fees or minimums.
However, you want to act fast to maximize gains. The Federal Reserve cut interest rates three times last year, and there's talk of at least one rate cut in 2026.
While rate cuts can lower how much you earn, rates are still high enough to help you outpace inflation. Here's a look at the best top high-yield savings accounts to consider, how much you can earn and the pros and cons of using one.
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The best high-yield savings accounts for January 2026
Here are some of the best options I found:
Account | APY | Min. opening deposit |
|---|---|---|
4.35% | $0 | |
4.20% | $500 | |
4.10% | $2,500 | |
4.05% | $100 | |
4.02% | $500 | |
3.75% | $1,000 | |
3.75% | $5,000 |
How much can high-yield savings accounts earn you?
Unlike traditional savings accounts, which offer, on average, lower returns, high-yield options allow you to grow your money fast.
If you select my top choice, Newtek Bank, here's how much you can earn in one year with varying deposits:
- $10,000: $443.78 in earned interest
- $25,000: $1,109.65 in earned interest
- $50,000: $2,218.89 in earned interest
- $100,000: $4,437.78 in earned interest
Rates on high-yield savings accounts are always changing, so a good way to check for some of the most up-to-date rates is by using the savings tool, below, powered by Bankrate:
Pros and cons of high-yield savings accounts
As with all savings products, there are pros and cons associated with high-yield savings accounts. It's important to compare all aspects of an account to make sure it meets your needs before opening it.
Pros:
- Higher APYs: Since high-yield savings accounts have higher APYs than traditional savings accounts, you'll accrue more interest over time. Plus, interest in these accounts is compounded daily.
- Safety: Many high-yield accounts are FDIC or NCUA insured, meaning that if something were to happen to the bank (or credit union) your account is with, your money will still be safe.
- Accessibility: While there are limitations on the number of free withdrawals you can make from a savings account, your money is still readily accessible whenever needed.
Cons:
- Harder to access than traditional savings accounts: If you have a savings account with a different bank than your checking account, you may have to wait a few days for funds to transfer from one to the other. Plus, you won't be able to easily view account details for both accounts in one place unless you have the right budgeting app.
- Not suited for long-term goals: If you're looking to save for long-term goals, like retirement, other investments, like stocks, are usually a better choice for your money. The rate of inflation can be higher than what you earn in interest.
- Variable interest rates: Since interest rates are variable, the APY on the account can decrease from the rate it was when you opened the account if the Fed decides to cut rates again in the future.
- Minimum deposit requirements and fees: Many high-yield savings accounts charge a monthly fee and/or require a minimum deposit to earn the advertised APY.
- Online banks: Since most high-yield accounts are offered by online banks, you likely won't have branch access. Therefore, contacting customer service or accessing a fee-free ATM might be more challenging.
Bottom line on high-yield savings accounts
High-yield savings accounts offer higher rates than traditional savings accounts, meaning your cash will accrue more interest by simply sitting in a high-yield account than it would in a standard account. And there's no risk, either.
The downside? Since rates on high-yield savings accounts fluctuate with the market, take advantage of the best rates while you still can.
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