6 things to look for when choosing the best high-yield savings account

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.

Opening a high-yield savings account (HYSA) is a great way to boost your emergency fund or save for short-term financial goals, since the annual percentage yields on HYSAs are much greater than the national savings rate.

Plus, almost all accounts are insured by the FDIC for up to $250,000 per depositor, so your money is safe. Convinced yet? Here's what to look for when choosing a HYSA.

Your savings account's annual percentage yield, or APY, is the interest rate earned in a year, including compounding interest. APYs can fluctuate at any time, depending on what the Federal Reserve does with its benchmark lending rate.

Unlike simple interest, compound interest is calculated on both your principal and the accumulated interest — it essentially pays interest on top of interest. Even a small deposit in a savings account with compound interest can grow your money exponentially faster.

HYSAs either compound interest monthly or daily, with the latter being the most rewarding since you're continuously earning interest on interest rather than just at the end of the month.

You shouldn't have to pay to keep your money in a high-yield savings account, so read the terms and conditions before you sign on the dotted line. Many HYSAs are fee-free, but some have a monthly charge if you don't maintain a minimum balance.

For example, if you set up direct deposit into a SoFi Checking and Savings account, you can earn solid APYs on both savings and checking balances — with no account fees or minimum balance requirement.

High-yield savings accounts can be good vehicles for storing emergency savings, so make sure you can access your money easily. Look for a HYSA that offers ATM access or that's linked to a checking account that you can easily and quickly transfer funds to.

In addition to a respectable APY, the UFB Portfolio Savings lets you easily withdraw funds from 91,000 ATMs across the country without paying any fees.

Some banks require a minimum deposit to open a high-yield savings account, especially if the bank offers a good savings return. The CIT Bank Platinum Savings Account has a solid APY, for example, but it requires a $100 opening deposit and a balance of at least $5,000 to earn the high APY. However, it comes with no monthly fees and you can still earn a lower APY if you don't meet the balance.

The LendingClub LevelUp Savings does not have an opening balance requirement for its HYSA, but does require monthly deposits of at least $250 in order to earn the high APY. There's a pretty decent "standard APY" if you don't hit the monthly deposit.

If deposit or balance minimums are a deal breaker, however, EverBank offers a strong APY and doesn't require a deposit to earn.

It's always helpful to know what other financial products a bank offers beyond just its HYSA.

Ally Bank's Online Savings Account has a good APY, with access to more than 43,000+ Allpoint ATMs, no charge for transferring between accounts and no maintenance, overdraft or incoming wire fees. Ally also offers checking accounts, CDs, money market accounts and robo-advisors, as well as personal and home loans.

And keeping your money at the same bank isn't just convenient, it can also save you money: Some banks reward your loyalty with discounts on its other financial products.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every banking article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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Information about Synchrony Bank high-yield savings, TAB bank savings account, LendingClub high-yield savings and CIBC Bank's Agility high-yield savings account has been collected independently by CNBC Select and has not been reviewed or provided by the banks before publication.

* New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/ *SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn up to 3.10% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.10% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. *SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks. *Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC *Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet