High-yield savings accounts: Best rates and top picks for May 2026
High-yield savings accounts continue to offer competitive interest rates in May 2026, significantly surpassing the national average of 0.38%. Axos Bank leads with a top APY of 4.21%, though various accounts differ in requirements and benefits. These FDIC-insured accounts provide a low-risk option for savers seeking to maximize returns on emergency funds or general savings.
- ▪Axos Bank offers the highest high-yield savings account rate at 4.21% APY, requiring a $1,500 average daily balance and $1,500 monthly direct deposit.
- ▪SoFi offers up to 4.00% APY with no minimum balance requirement and a potential $300 cash bonus for new customers.
- ▪Most high-yield savings accounts listed have no monthly fees, are FDIC-insured, and require $0 to open.
- ▪The Federal Reserve has begun easing its benchmark rate, but high-yield savings accounts still provide returns far above traditional savings accounts.
- ▪Marcus by Goldman Sachs offers a 3.65% APY with no minimum balance and no fees, appealing to no-strings savings seekers.
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MoneyWatch: Managing Your Money High-yield savings accounts: Best rates and top picks for May 2026 We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Angelica Leicht Angelica Leicht Senior Editor, Managing Your Money Angelica Leicht is the senior editor for the Managing Your Money section for CBSNews.com, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing roles at The Simple Dollar, Interest, HousingWire and other financial publications.
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