HYSA Rate Report — July 2026: Top APY Holds at 5.50%, Mid-Table Compresses
- Pibank Savings holds the top spot at 5.50% APY — no minimum, no monthly fee.
- The median across the 12-bank Snowballr panel sits at 4.33%, continuing the slow drift that began after the Fed's third cut in late 2025.
- The gap between headline teaser rates and post-90-day steady-state rates widened to ~1.3 percentage points — the "teaser trap" is getting more expensive to ignore.
- Brick-and-mortar national average remains 0.45% — a $20,000 balance earns roughly $1,000/year less there than at the top online rate.
The rate table
Rates from the Snowballr rate registry (last full verification June 8, 2026, spot-checked at publication). All accounts are FDIC-insured to $250,000 per depositor. Sorted by APY.
| Bank | APY | Min deposit | Monthly fee |
|---|---|---|---|
| Pibank Savings | 5.50% | $0 | $0 |
| BrioDirect High-Yield | 5.30% | $5,000 | $0 |
| Varo Bank (first $5K) | 5.00% | $0 | $0 |
| EverBank Performance Savings | 5.00% | $0 | $0 |
| Wealthfront Cash | 4.50% | $1 | $0 |
| Marcus by Goldman Sachs | 4.40% | $0 | $0 |
| Discover Online Savings | 4.25% | $0 | $0 |
| Ally Online Savings | 4.20% | $0 | $0 |
| SoFi Checking & Savings | 4.20% | $0 | $0 |
| American Express HYSA | 4.15% | $0 | $0 |
| Synchrony Bank HYSA | 4.10% | $0 | $0 |
| Capital One 360 | 4.00% | $0 | $0 |
What changed since June
The top of the table is stable — Pibank, BrioDirect, Varo, and EverBank held their rates. The compression is in the middle: the established brands (Marcus 4.40%, Ally 4.20%, Discover 4.25%) sit 1.1-1.5 points below the leaders, a wider spread than a year ago when the whole table clustered within 60 bps.
This is consistent with the futures market pricing roughly one more Fed cut by year-end. HYSA rates follow the federal funds rate with a 2-6 week lag; banks with aggressive deposit-growth targets (Pibank, BrioDirect) hold rates longest, while banks with mature deposit bases cut first.
The practical takeaway is unchanged from June: if your money sits at a brick-and-mortar bank earning the 0.45% national average, the switching payoff remains roughly $1,000/year per $20,000 of balance. That math survives another two or three Fed cuts.
The teaser trap, quantified
Several banks now advertise promotional APYs above 5.5% that revert after 90 days to rates near 3.8-4.0%. On a $50,000 balance, a "5.75% for 90 days, then 3.9%" offer yields about $2,180 over 12 months — while a flat 4.8% no-teaser account yields $2,400. The teaser loses by $220 despite the bigger headline number.
Rule of thumb: multiply the teaser rate by 0.25 and the reversion rate by 0.75. If that blend is below a flat competitor, the flat rate wins for any horizon beyond 90 days.
After-tax reality check
HYSA interest is ordinary income. At the 24% federal bracket, the top 5.50% APY nets 4.18% federally — and less in states with income tax (California top-bracket filers net roughly 3.45%). For balances beyond the emergency fund, compare against Treasury bills (state-tax-exempt) and money market funds before defaulting to a HYSA.
Sources
- Bank APY disclosures, verified 2026-07-03
- Bankrate weekly rate survey
- FDIC national rate averages
- Federal Reserve H.15 selected interest rates
Rates change frequently; verify with each institution before opening an account. Educational content, not financial advice. See our sources, editorial standards, and disclaimer.