Rates note: APYs and terms are as of October 7, 2026 and are variable. FDIC membership was checked on each bank's own website; FDIC insurance covers up to $250,000 per depositor, per insured bank, per ownership category. Confirm the current rate and terms before you open an account.
How to choose
- Highest rate, no strings: NexBank through Raisin pays a top rate with a $1 minimum.
- One app for checking and savings: SoFi combines both, with early direct deposit and a sign-up bonus.
- Large balance: CIT Bank Platinum Savings pays its top rate from $5,000.
- You already get direct deposit: Axos ONE pays its top rate with qualifying monthly deposits.
- Whatever you pick: Check the account is FDIC insured and look at the rate on your actual balance, not just the headline APY.
Side-by-side
| Name | Best for | APY (as of Oct 7, 2026) | Our score |
|---|---|---|---|
| SoFi | Best all-in-one account | Up to 4.20% | 9.3/10 |
| NexBank | Highest rate, no strings | 4.25% | 9.1/10 |
| CIT Bank | Best for balances over $5,000 | 3.75% | 8.9/10 |
| Axos | Best if you have direct deposit | 4.21% | 8.8/10 |
| Varo | Best for small balances | 3.75% | 8.5/10 |
How we ranked them
Every product is scored out of 10 on the same five criteria: coverage, real cost, ease of use, help and support, and trust and security. We read each provider's official pricing and terms and show the date we last checked them. More about our method.
Related guides
FAQ
What should I do with my tax refund?
Pay down high-interest debt first, then build an emergency fund in a high-yield savings account.
Are online banks safe?
Accounts at FDIC-insured banks are protected up to $250,000 per depositor, per bank, per ownership category.
Can I deposit my refund straight into a savings account?
Yes. Enter the savings account's routing and account number for direct deposit when you file.
Why do rates change?
Savings rates are variable and move with the market. We update this page regularly.
Not advice: General information only, not tax, legal or financial advice. Consult a qualified tax professional. We may earn a commission from links on this page; see our affiliate disclosure.