Best High-Yield Savings Rates for January 12, 2026: Up to 5%

High-yield savings account rates have held steady to start the year.

As of January 12, 2026, leading online banks are still offering interest rates up to 5.00% APY, but these top APYs are usually limited. This is still much better than the average of 0.39% APY, according to the FDIC.

Banks and credit unions are constantly adjusting their annual percentage yields (APYs) as markets react to Federal Reserve policy and inflation data, so staying up to date can make a real difference. Here’s where the best savings rates stand today — and what you should know before moving your money.

Today’s Best Savings Rates At a Glance

Here are the best bank and credit union savings accounts rates today:

1. Varo – Varo is a bank that offers up to 5.00% APY on the first $5,000 with qualifying direct deposits. Read our full Varo review.

2. Consumers Credit Union – CCU offers up to 5.00% APY on your checking account for the first $10,000. The requirements to earn are tiered. Read our full Consumers Credit Union Review.

3. PiBank – PiBank is the online brand of Intercredit Bank, N.A and offers 4.60% APY with no monthly maintenance fees and no minimum balance requirements. Read our full Pibank review.

4. Axos Bank – Axos ONE Savings offers a boosted rate of 4.31% when you receive qualifying monthly direct deposits totaling at least $1,500 and maintain an average daily balance of $1,500 in your Axos ONE® Checking account. Read our full Axos Bank review.

5. Openbank – Openbank is the online brand of Santander, one of the largest banks in the world. It currently offers a competitive 4.20% APY with just a $500 minimum balance requirement. Read our full Openbank review.

You can find a full list of the best high yield savings accounts here >>

How High Yield Savings Accounts Work And Why Rates Matter?

High-yield savings accounts function just like traditional savings accounts, but they pay a much higher annual percentage yield (APY) — often 10 to 15 times more. You can see how these rates compare to the savings rates at the 10 largest banks in America – and these rates put them to shame.

“While rates have held steady, some major banks have started offering deposit bonus offers to attract new banking customers.” – Robert Farrington

The banks and credit unions on this list typically always have above-average rates, so even if the Federal Reserve lowers rates and these accounts lower their rates, you’ll still be head.

For example, a $10,000 balance earning 4.00% APY will generate about $400 in interest per year, compared with less than $20 at a big-bank rate of 0.20%. That gap makes it worth tracking rate changes regularly and switching institutions if your current bank stops staying competitive.

However, we expect more rates to dip below that 4.00% level in the coming weeks.

What To Know Before Opening An Account

Before opening a new account, review the key details that determine how much you’ll earn — and how easily you can access your funds.

Watch For Intro Or Promo Rates: APYs can rise or fall at any time. But a strong introductory rate doesn’t guarantee long-term performance. None of the rates listed here are introductory, but some referral codes may only be temporary rates.
Transfer Limits: Federal rules no longer cap savings withdrawals at six per month, but many banks still impose limits.
Safety: Confirm that the institution is FDIC- or NCUA-insured, which protects up to $250,000 per depositor, per bank or credit union.
Access: Many top-yield accounts are online-only. Make sure you can deposit via mobile app and link external accounts for easy transfers.

These details help you separate truly high-performing savings options from accounts that look appealing but may include hidden limitations or slower rate adjustments.

How We Track And Verify Rates

At The College Investor, our goal is to help you make smart, confident decisions about your money. To create this list, our editorial team reviews savings account rates daily across more than 50 banks, credit unions, and fintechs. We verify data using each institution’s official website, rate disclosures, and regulatory filings.

Only accounts available to U.S. consumers and insured by the FDIC or NCUA are included.

Our coverage is independent and editorially driven – we never rank accounts based on compensation. While we may earn a referral fee when you open an account through certain links, this does not influence our recommendations or reviews. Our opinions are our own, based on a consistent evaluation of usability, fees, yields, and customer experience.