APYs are variable and can change any day. Each rate below shows the date the bank or credit union published it. Check current rates on the institution's site before you open an account. Picks are based on rate, fees, insurance, and access, not on partnerships. All links are plain links.
Premium Online Savings 2.70% APY as of 2026-10-09, $5 to open; NCUA-insured (membership required)
Key takeaways
Updated 2026-10-28.
Savings rates change often. We’ll show the date we checked and you should confirm the current APY before opening an account.
Keep cash in FDIC-insured banks or NCUA-insured credit unions, and know the coverage limits for how your accounts are titled.
For retirees, a savings account can hold an emergency fund or one to two years of planned withdrawals so investments don’t have to be sold in a downturn.
Look past the headline APY: minimum balances, tiered rates, and fees can lower what you actually earn.
Our reviews
Pick #1
Marcus by Goldman Sachs Online Savings
Best overall
Our rating: Not star-rated. Qualitative award; see Methodology.
Key data (checked 2026-10-28)
APY: 3.50% as of 2026-10-28 (variable; check current rates)
No fees; no minimum deposit
Goldman Sachs Bank USA, Member FDIC
Why we chose it
It had the highest APY among the savings accounts we checked, with no fees and no minimum.
Pros
Highest APY in our check
No fees or minimums
Referral rate boost available (temporary)
Cons
Online-only; no branches
Rate boost promotions are temporary and shouldn't drive the decision
Figures change often. Each row shows the date we checked it; confirm on the provider's site before you decide.
Account
APY
As of
Minimum
Insurance
Branches
Marcus Online Savings
3.50%
2026-10-28
None
FDIC
No
Capital One 360 Performance Savings
3.20%
2026-10-28
None
FDIC
Yes (some areas)
Ally Savings
3.20%
2026-10-27
None
FDIC
No
Amex High Yield Savings
3.20%
2026-10-28
None
FDIC
No
PenFed Premium Online Savings
2.70%
2026-10-09
$5 to open
NCUA
Limited
Check current rates: APYs are variable and may have changed since the dates shown.
How to choose
A high-yield savings or money market account is a good home for money you may need soon: an emergency fund, an upcoming home repair, or the next year of retirement spending.
Confirm the insurance. Bank deposits are insured by the FDIC and credit union deposits by the NCUA, up to $250,000 per depositor, per insured institution, for each account ownership category. If you use an app or fintech company, check which bank actually holds your money and whether coverage passes through to you. Joint accounts, trusts, and payable-on-death beneficiaries can change how much is covered, so use the FDIC’s estimator for larger balances.
Compare the APY and how long it lasts. Online banks often pay more than big branch banks. Some rates are promotional or only apply to part of your balance. Note the date you checked, because savings rates can change at any time.
Look for fees and minimums. A monthly fee or a high minimum balance can erase a rate advantage.
Think about access. How fast can money move to checking? Can you call a person? For an aging parent, simple access and a payable-on-death beneficiary can make life easier for everyone.
Savings vs. CDs vs. money market funds. A savings account keeps money available. A CD can lock in a rate for a set term but may charge a penalty for early withdrawal. A money market mutual fund at a brokerage is an investment, not a deposit, and isn’t FDIC-insured.
Remember taxes. Interest is generally taxable income, which may matter for retirees managing their tax bracket.
Frequently asked questions
Is a high-yield savings account safe?
At an FDIC-insured bank or NCUA-insured credit union, deposits are insured up to $250,000 per depositor, per institution, per ownership category.
Why do online banks pay more?
They often have lower overhead. Confirm insurance and access before moving money.
Can the rate change?
Yes. Savings APYs are usually variable.
What’s the difference between a money market account and a money market fund?
A money market account is a bank or credit union deposit. A money market mutual fund is an investment and isn’t FDIC-insured.
Is savings interest taxable?
Generally yes, as interest income. See IRS Topic 403.
How much cash should a retiree keep in savings?
It depends on spending, income sources, and investments. Many families keep an emergency fund; a planner can help set a target.
Can I add my adult child to my savings account?
Options include joint ownership, a payable-on-death beneficiary, or a power of attorney. Each has different legal effects; ask the bank.
Methodology
We reviewed 6 providers' public pricing, rate, and disclosure pages on 2026-10-28. We don't assign star scores. Each pick gets a qualitative "Best for…" award based on the criteria below, and "Preliminary" marks picks where our research is still thin. Partner or affiliate status plays no role in which providers we pick or how we rank them.
We evaluated providers on:
APY (checked and dated) and whether it’s promotional or tiered
Insurance: FDIC or NCUA membership verified (BankFind / NCUA lookup); partner-bank disclosure for fintech apps
Fees and minimums: monthly fees, minimum opening/ongoing balance
Access: transfers, withdrawal limits, ATM/branch, phone support
Family features: joint accounts, payable-on-death beneficiaries, POA process
Rate history/consistency where public
All rates, fees, and terms are shown with the date checked; check current rates before acting. Affiliate relationships do not affect scores.
YouRetire Editorial writes for families planning retirement and care. We use regulator and government sources, show when we last checked data, and don’t let partners buy ratings. Read how we review and our editorial standards.
This guide is educational and not individual financial, tax, insurance, or legal advice.
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