The FDIC national average savings account rate sits at just 0.39% APY as of March 2026 — less than a tenth of what the best high-yield savings accounts (HYSAs) currently offer. With the U.S. Federal Reserve holding rates steady and the Bank of Canada pausing at 2.25%, this window of high savings rates may not last. Whether you're in the United States or Canada, here are the best savings accounts for 2026 to make your money work hardest — updated with real current rates.
What Is a High-Yield Savings Account?
A High-Yield Savings Account (HYSA) — called a High-Interest Savings Account (HISA) in Canada — is a deposit account that pays a significantly higher interest rate than a traditional bank savings account. Online-first banks can afford to pay more because they operate with lower overhead costs, passing the savings to customers through better APYs, fewer fees, and faster digital transfers.
Both U.S. HYSAs and Canadian HISAs are typically covered by federal deposit insurance — FDIC up to $250,000 per depositor in the U.S. and CDIC up to $100,000 per depositor category in Canada — making them one of the safest places to grow short-term savings.
Best High-Yield Savings Accounts in the United States — 2026
Rates are current as of March 23, 2026, sourced from Fortune/Curinos daily rate data. The national average stands at 0.39% APY — far below what the accounts below offer.
1. Varo High-Yield Savings Account — Up to 5.00% APY ⭐ Best Overall
- APY: Up to 5.00% on balances up to $5,000 (with qualifying direct deposit); 2.50% on balances above $5,000
- Minimum Balance: $0
- Monthly Fee: None
- Insurance: FDIC insured
- Why it wins: The highest HYSA rate available in the U.S. as of March 2026. No monthly fees, instant transfers between Varo accounts, and a clean mobile app make this the top choice for savers with regular direct deposits. The 5.00% rate applies to the first $5,000 in qualifying months.
2. Axos ONE Savings — Up to 4.21% APY
- APY: Up to 4.21% (with Axos ONE bundle requirements)
- Minimum Balance: $0
- Monthly Fee: None
- Insurance: FDIC insured
- Why it wins: Consistently one of the strongest non-conditional rates available. Pairs well with Axos checking for seamless everyday banking. No maintenance fees and strong digital banking tools make this a solid long-term HYSA.
3. Newtek Bank Personal High-Yield Savings — Up to 4.20% APY
- APY: Up to 4.20%
- Minimum Balance: $0
- Monthly Fee: None
- Insurance: FDIC insured
- Why it wins: One of the cleanest no-conditions high rates in 2026. No qualifying activity requirements to earn the APY, making it ideal for savers who don't have a regular direct deposit setup.
4. Wealthfront Cash Account — Up to 4.20% APY
- APY: Up to 4.20%
- Minimum Balance: $1
- Monthly Fee: None
- Insurance: FDIC insured via program banks (up to $8 million with pass-through coverage)
- Why it wins: Best option for investors who also want high savings rates. Wealthfront's Cash Account integrates directly with its investment accounts. The exceptionally high FDIC pass-through coverage ($8M) makes this ideal for high-net-worth savers.
5. Betterment Cash Reserve — 3.90% APY
- APY: 3.90% (variable, as of March 22, 2026)
- Minimum Balance: $10
- Monthly Fee: None
- Insurance: FDIC insured at program banks
- Why it wins: Strong option for Betterment investment account holders who want their cash earning competitive returns alongside their portfolio. New customers get additional promotional boosts periodically.
Best High-Interest Savings Accounts in Canada — 2026
The Bank of Canada held its overnight lending rate at 2.25% on March 18, 2026. Promotional HISA rates remain strong above 4.50% at most major institutions, though base rates have softened from 2024 peaks. Rates below are current as of March 18–23, 2026.
1. Scotiabank MomentumPLUS Savings Account — Up to 4.75% ⭐ Best Promo Rate
- Rate: Up to 4.75% promotional rate (conditions apply)
- Monthly Fee: $0
- Insurance: CDIC
- Why it wins: The highest promotional rate among Canada's Big Six banks as of March 2026. Ideal for new customers making a large initial deposit. After the promotional period, rates return to Scotiabank's standard HISA rate — plan accordingly.
2. RBC High Interest eSavings — Up to 4.60% Promotional
- Rate: 4.60% promotional rate
- Monthly Fee: $0
- Insurance: CDIC
- Why it wins: Trusted by millions of Canadians already banking with RBC. Easy to open alongside an existing RBC chequing account. The 4.60% rate applies for a limited promotional period for eligible new deposits.
3. CIBC eAdvantage® Savings Account — Up to 4.60% Promotional
- Rate: Up to 4.60% promotional rate (tiered structure)
- Monthly Fee: $0
- Insurance: CDIC
- Why it wins: Tiered interest structure means every dollar earns competitive returns. Strong digital banking integration for existing CIBC customers. No minimum deposit required.
4. Simplii Financial™ High Interest Savings Account — 4.50% Promotional
- Rate: 4.50% promotional rate
- Monthly Fee: $0
- Insurance: CDIC
- Why it wins: No-frills online banking from a CIBC subsidiary. Fast transfers, zero fees, and a reliable promotional rate make this a top pick for digital-first savers. New Simplii customers regularly receive competitive promotional offers.
5. KOHO High Interest Savings Account — Up to 3.50% (No Promo, No Minimum)
- Rate: Up to 3.50% with no minimum balance and no promotional period
- Monthly Fee: $0–$19 (depending on KOHO plan tier)
- Insurance: CDIC
- Why it wins: The best regular (non-promotional) HISA rate in Canada as of March 2026 — no introductory period that expires. Also includes cash-back rewards on purchases, making it a strong everyday hybrid account.
2026 Interest Rate Outlook for Savers
The U.S. Federal Reserve held rates steady at its March 2026 meeting and still projects one rate cut in 2026 — meaning HYSA rates could soften modestly in the second half of the year. The Bank of Canada paused at 2.25% as of March 18, 2026, and is not expected to raise rates in the near future. Canadian HISA promotional rates remain above 4.50% but could drop if the Bank of Canada resumes cuts. For savers, this means now is still a strong window to lock in high-APY accounts — particularly longer-term CDs in the U.S. — before rates potentially decline.
HYSA vs. CD: Which Is Better in 2026?
Top CD rates currently reach up to 4.20% APY as of March 2026 — slightly below the best HYSA rates but with a locked-in guaranteed return. If you don't need access to your funds for 6–18 months, a CD can be a smart complement to your HYSA. If liquidity matters, stick with a HYSA.
Side-by-Side Comparison (March 2026)
United States
| Account | APY (March 2026) | Min. Balance | Monthly Fee | FDIC Insured |
|---|---|---|---|---|
| Varo High-Yield Savings | Up to 5.00% | $0 | None | Yes |
| Axos ONE Savings | Up to 4.21% | $0 | None | Yes |
| Newtek Bank Savings | Up to 4.20% | $0 | None | Yes |
| Wealthfront Cash Account | Up to 4.20% | $1 | None | Yes (up to $8M) |
| Betterment Cash Reserve | 3.90% | $10 | None | Yes |
| Capital One 360 Performance | 3.20% | $0 | None | Yes |
| Amex High Yield Savings | 3.20% | $0 | None | Yes |
Canada
| Account | Rate (March 2026) | Type | Monthly Fee | Insurance |
|---|---|---|---|---|
| Scotiabank MomentumPLUS | Up to 4.75% | Promotional | $0 | CDIC |
| RBC High Interest eSavings | 4.60% | Promotional | $0 | CDIC |
| CIBC eAdvantage® Savings | Up to 4.60% | Promotional / Tiered | $0 | CDIC |
| Simplii Financial™ HISA | 4.50% | Promotional | $0 | CDIC |
| Tangerine Savings Account | Up to 4.50% | Promotional | $0 | CDIC |
| KOHO High Interest Savings | Up to 3.50% | Regular (no promo) | $0–$19 | CDIC |
| EQ Bank Personal Account | 2.75% | Regular | $0 | CDIC |
How to Choose the Best Savings Account for 2026
When comparing the best bank accounts and savings accounts for 2026, look beyond the headline APY. Consider these factors:
- Rate type: Is the APY promotional (limited time) or ongoing? Promotional rates can drop sharply after 3–6 months.
- Eligibility requirements: Some top rates (like Varo's 5.00%) require qualifying monthly direct deposits. Make sure you meet them.
- Balance caps: Varo's 5.00% applies only on balances up to $5,000. Above that, the rate drops.
- Transfer speed: Look for accounts with same-day or next-day ACH transfers if you need liquidity.
- FDIC/CDIC insurance: Always confirm federal deposit insurance coverage before opening.
- Mobile app quality: For online-only banks, a reliable app is your only banking interface.
Frequently Asked Questions About High-Yield Savings Accounts (2026)
What is the best high-yield savings account rate in 2026?
As of March 2026, Varo Money offers the highest rate at up to 5.00% APY on balances up to $5,000 with qualifying direct deposit. Axos Bank follows at up to 4.21% APY. The FDIC national average is 0.39% — making the gap between top HYSAs and standard accounts especially large right now.
Are high-yield savings account rates going down in 2026?
Possibly. The U.S. Federal Reserve held rates steady at its March 2026 meeting but still projects one cut in 2026. The Bank of Canada held at 2.25% in March 2026. If either central bank cuts, banks will likely lower their savings rates in response — making the current window a good time to open a high-rate account.
Are high-yield savings accounts safe?
Yes. U.S. HYSAs at FDIC-member banks are insured up to $250,000 per depositor. In Canada, HISAs at CDIC-member institutions are insured up to $100,000 per depositor category. Your balance cannot go down due to market fluctuations, unlike stocks or ETFs.
What is the difference between a HYSA and a CD in 2026?
A HYSA keeps your money liquid — you can withdraw anytime. A CD locks your funds for a fixed term (e.g. 6 months or 1 year) in exchange for a guaranteed rate. Top CD rates reach up to 4.20% APY as of March 2026. If you don't need the money soon, a CD can lock in today's rates before they potentially drop.
How much money should I keep in a high-yield savings account?
Most financial experts recommend storing 3–6 months of living expenses in a HYSA as your emergency fund. Beyond that, a HYSA is ideal for savings goals you'll need within 1–3 years — a house down payment, car fund, or vacation savings.
Are Canadian HISA promotional rates worth it in 2026?
Yes — if you understand the terms. Promotional rates of 4.50%–4.75% in Canada are available from major banks but typically last 3–6 months. After the promo ends, rates drop to the bank's standard HISA rate (usually 1%–2.75%). These are best for new customers making a lump-sum deposit they can transfer after the promo expires.
What is the national average savings rate in the U.S. in 2026?
The FDIC national average savings account rate is 0.39% APY as of March 2026. Top HYSAs are paying more than 10x that rate. Switching from a traditional savings account to a top-tier HYSA can add hundreds of dollars annually in interest on a $25,000 balance.
Do high-yield savings accounts have monthly fees?
Most online HYSAs charge no monthly fees. A few accounts — like KOHO in Canada — charge tiered monthly fees ($0–$19) for premium plans that include additional perks. Always check the fee schedule before opening.