High-yield savings accounts
“High-yield” means nothing on its own. Every rate here is shown against the FDIC national average so you can see what it is actually worth.
FDIC national averages
FDIC national rates and rate caps, as of July 20, 2026. Weighted across every insured institution, which is why they sit so far below competitive online accounts.
Accounts we have verified
We only list a rate we have read on the institution's own page, with the date we read it. This list is short because it is honest, and it grows as we verify more.
Rate read from Ally Bank on August 5, 2026.
Savings rates are variable and can change without notice, so confirm the current APY with the institution before opening an account. We are adding accounts as we verify their rates directly, rather than listing every account we could name.
Frequently asked questions
What actually counts as a high-yield savings account?
There is no defined threshold; "high-yield" is a marketing term. The useful comparison is the FDIC national average, which is 0.38% for savings as of July 20, 2026. A competitive online account typically pays several times that. Anything close to the average is not high-yield whatever it is called.
Is my money safe in an online savings account?
Yes, if the bank carries FDIC insurance, which covers up to $250,000 per depositor, per insured bank, per ownership category. Credit unions carry equivalent NCUA coverage. An FDIC-insured online bank is exactly as protected as a branch bank.
Are savings rates variable?
Almost always. A savings APY can change at any time without notice, and typically moves when the Federal Reserve changes rates. The rate you open with is not a rate you keep, which is why it is worth checking your account against current offers once or twice a year.
Is interest on savings taxable?
Yes. Interest is taxed as ordinary income at your marginal federal rate, and by your state if it taxes income. A bank will issue a 1099-INT if you earn $10 or more in a year. Check what that costs you with our take-home pay calculator.
Run your own numbers
Interest is taxed as ordinary income, so the headline APY is not what you keep. See what your marginal rate does to it with the take-home pay calculator, and compare institutions on the banks page.
Researching and writing about Canadian personal finance since 2026.
Last reviewed August 2026 · How we research
“High-Yield Savings Accounts Compared.” Vault Nerd, https://www.vaultnerd.com/savings-accounts, updated August 2026.
- FDIC national rates and rate caps
- Ally Bank published rate page