High-yield savings accounts are still paying far more than the big banks in November 2026 — top rates reach 5.00% APY, while the national average savings yield is only 0.38%, according to the latest FDIC data.

The top rates

  • Axos ONE: 5.00% APY — a six-month promotional rate, with strict qualifying criteria (bundled checking account and $1,500 monthly direct deposit)
  • CIT Bank Platinum Savings: 4.35% APY — on balances of $5,000 or more, $100 minimum to open
  • Peak Bank Envision: 4.27% APY — no monthly fees, $100 minimum to open
  • Happen Bank LevelUp: 4.20% APY — higher yield when you deposit at least $250 a month
  • SoFi Savings: up to 4.40% APY — with direct deposit or $5,000 monthly deposit

Why rates are moving

Savings rates fell for years as the Federal Reserve cut rates in 2024 and 2025. The Fed then raised rates to 3.75%–4.00% in September 2026 and held them there on 28 October — and Bankrate notes APYs may now inch up in turn. Even so, many of the largest brick-and-mortar banks still pay just 0.01% APY — $1 a year on a $10,000 balance.

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