As of May 18, 2026, several digital banks and credit unions continue to advertise competitive APYs, with some offering rates up to 5.00% APY on limited balances. The national average remains far lower — roughly 0.38% APY according to the FDIC — so these online offers can materially boost interest earned on cash. The accounts that top most comparison lists often attach conditions such as balance caps, qualifying deposits, or tiered structures, so reading the fine print matters before moving funds.
Below you’ll find a concise roundup of the leading rates available today, practical guidance on what to verify, and a short explanation of how our team verifies the numbers. Throughout this piece, note the distinction between a sustained yield and an introductory rate, and remember to confirm coverage by the FDIC or NCUA when evaluating safety.
Current accounts paying the highest yields
Several institutions stand out for currently offering elevated yields. Varo advertises up to 5.00% APY on the first $5,000 when you meet qualifying direct deposit requirements. Consumers Credit Union (CCU) has a checking product that can pay up to 5.00% APY on the first $10,000, but earnings are tiered and contingent on meeting their requirements. PiBank, the online arm of Intercredit Bank, N.A., lists 4.40% APY with no monthly maintenance fees and no minimum balance; some customers report withdrawal restrictions that limit transfers to wire methods only. Each of these offers has caveats tied to the promotional structure or withdrawal access.
Short-term boosts and bonuses
Everbank is featuring a time-limited boost of 4.10% APY guaranteed for 90 days through its partnership with Raisin, and it currently advertises cash bonuses up to $1,500 for new deposits. CIT Bank runs a two-tiered Platinum Savings product: with promo code CITBoost customers can earn 4.10% APY on balances of $5,000 or more for the first six months, after which the tiered standard rate applies — 3.75% APY on $5,000+ balances, or 0.25% APY otherwise. Important promotional terms and dates apply; the bank discloses that these APYs were accurate as of January 9, 2026, and that the Platinum Savings APY Boost promotion runs from February 13, 2026 through June 30, 2026 for enrollment, with the boost lasting six months for those who qualify.
Why these rate differences matter
Higher yields compound into meaningful extra dollars. For example, a $10,000 balance earning 4.00% APY produces roughly $400 in annual interest versus under $20 at a big-bank rate of 0.20% APY. That gap is why many savers shift between institutions to capture better yields. However, frequent switching can incur delays or transfer frictions that erode the advantage, and some promotional rates are only valid for limited balance bands or short windows of time. We expect some of the top advertised yields to drift below the 4.00% level in the coming weeks as institutions react to market moves.
Practical checks before you move money
Before opening an account, confirm a handful of items: verify the annual percentage yield (APY) is current and whether it is an introductory or ongoing rate; check deposit caps that limit the advertised APY to a specific balance; review withdrawal or transfer restrictions, since some online banks limit outbound transfers; and make sure the institution is FDIC– or NCUA-insured to protect up to $250,000 per depositor. Also confirm ease of access — mobile deposits, external account linking, and customer service responsiveness are practical considerations that affect everyday use.
How we gather and verify rate data
Our editorial team surveys rates daily across more than fifty banks, credit unions, and fintech platforms. We cross-check advertised yields against each institution’s official product disclosures, regulatory filings, and published terms. Only accounts available to U.S. consumers and insured by the FDIC or NCUA are included. Our coverage is independent and editorially driven: while we may receive referral fees when readers open accounts through certain links, such compensation does not affect our rankings or recommendations. The evaluation emphasizes usability, fees, projected yields, and customer experience.
Quick answers
Rates can change frequently — sometimes daily — as banks respond to market conditions. Online banks are safe when they carry FDIC insurance; you can verify coverage on the FDIC’s BankFind tool. Interest you earn is taxable and generally leads to a 1099-INT if you receive $10 or more in interest. Whether you should move money when a rate drops depends on the delta in APY, any transfer friction, and how often you expect to chase small percentage gains.
