Jenny Ellis
The best high yield savings account rate available nationwide this week is 5.00% APY from Varo Bank, more than 13 times the FDIC's national average of 0.38% APY. Rates were verified as of June 16, 2026.
Top Rates This Week
Varo Bank leads the pack at 5.00% APY, though that rate only applies to balances up to $5,000 and requires $1,000 in monthly qualifying direct deposits along with an active Varo Bank checking account. Drop below those requirements and the rate falls to 2.50%.
Behind Varo, Pibank pays 4.40% APY but operates as a mobile only product with no ACH transfers, no direct deposits and no check deposits, limiting funding to wire transfers or Plaid. Fitness Bank comes in at 4.30% APY, though earning it means maintaining a $5,000 average daily balance in a linked checking account and hitting a 10,000 step daily average tracked through the bank's app. OMB Bank pays 4.26% APY with a hefty $5,000 opening deposit requirement, while Abound Credit Union offers 4.25% APY on balances up to $5,000 with credit union membership open to anyone nationwide.
| Institution | APY | Opening Deposit | Minimum Balance | Key Requirement |
|---|---|---|---|---|
| Varo Bank | 5.00% | Any amount | Any amount | Direct deposits, checking account, cap at $5,000 |
| Pibank | 4.40% | Any amount | Any amount | Mobile only, wire or Plaid funding only |
| Fitness Bank | 4.30% | $100 | $100 | Checking account plus 10,000 daily steps |
| OMB Bank | 4.26% | $5,000 | Any amount | Electronic statements |
| Abound Credit Union | 4.25% | Any amount | Any amount | Credit union membership, cap at $5,000 |
| Axos Bank | 4.21% | Any amount | $1,500 | Direct deposits required |
| Forbright Bank | 4.15% | Any amount | $1,000 | Base 3.85% plus 0.30% new customer boost |
| Bask Bank | 4.10% | Any amount | Any amount | Base 3.75% plus new customer and deposit boosts |
| CIT Bank | 4.10% | $100 | $5,000 | Promo code CITBOOST for 6 month boost |
| Climate First Bank | 4.01% | $50 | Any amount | None |
| Vio Bank | 4.01% | $100 | Any amount | None |
| Peak Bank | 4.01% | $100 | Any amount | New accounts only |
| TotalBank | 4.01% | $25,000 | $2,500 | Not available to Florida residents |
Several institutions round out the list at 4.00% APY, including Vibrant Credit Union, CineFi, E*TRADE from Morgan Stanley, LendingClub, Bread Savings, First National Bank of America, Valley Direct, Poppy Bank, Badass Bank and OnPath Credit Union. Each carries its own quirks: LendingClub requires $250 in monthly deposits to keep the 4.00% rate (otherwise it drops to 3.00%), while OnPath Credit Union demands a $25,000 opening deposit and matching minimum balance, plus limits withdrawals to three per month fee free.
Nichole Martinez
Glen Bennett