The Federal Reserve kept the federal funds rate at 4.25–4.50% in its May meeting, which means high-yield savings accounts (HYSAs) remain a viable, low-risk parking spot for cash. The best online banks are still paying 4.5–5.0% APY — roughly 10× the national average. If you are keeping emergency savings in a traditional savings account earning 0.01% APY, compare the best HYSA rates now — the difference on a $20,000 balance is roughly $980/year.
Top Picks — June 2026
1. Varo Bank — 5.00% APY on up to $5,000, then 0.50% above. No minimum deposit, no monthly fee.
2. Bask Bank — 4.85% APY, unlimited balance. No fees, FDIC-insured via partner Coastal Community Bank.
3. UFB Direct — 4.85% APY, $1 minimum to open. ATM card included.
4. Citizens Access — 4.75% APY. No fees, but $1,000 minimum to earn interest.
What's Changed This Month
Marcus by Goldman Sachs quietly dropped to 4.40% APY — still decent, but no longer competitive. Ally held at 4.35%. Both are lagging the leaders by 50–65 bps, which adds up on a $25,000 balance ($150–160/year in lost interest).
What to Look For
Check the fine print: some banks limit the bonus rate to balances under a threshold, then pay a much lower rate above it. Others require you to log in once a month or make a debit card transaction to keep the promotional rate active. Read the rate schedule before funding.
FDIC Coverage
All banks on this list are FDIC-insured up to $250,000 per depositor. If a bank isn't FDIC-insured, don't use it — no matter how high the APY.