High-Yield Savings Accounts Explained: APY, FDIC and NCUA Insurance, How to Compare

Quick answer

• APY (annual percentage yield) is “a percentage rate reflecting the total amount of interest paid on an account, based on the interest rate and the frequency of compounding for a 365-day period” (Regulation DD).
• Savings APYs are usually variable and can change after you open the account. Check the as-of date.
• FDIC insurance “covers $250,000 per depositor, per FDIC-insured bank, for each account ownership category” (FDIC). NCUA share insurance uses the same $250,000 standard for federally insured credit unions (NCUA).
• Compare APY, minimum deposit and balance, fees, insurance, and how you can access your money.

How deposit insurance works

The FDIC says it insures deposits “to at least $250,000 per depositor, per ownership category at each FDIC-insured bank.” Ownership categories include single, joint and certain retirement accounts. “All of your deposits in the same ownership category in the same FDIC-insured bank are added together” (FDIC, accessed 10/19/2026). Investment products such as stocks, bonds, mutual funds and crypto assets are not FDIC-insured (FDIC).

At a federally insured credit union, the NCUA says the Share Insurance Fund “insures individual accounts at federally insured credit union up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000” (NCUA).

If a company that is not a bank offers a savings account, check which bank actually holds your money, and read that company’s disclosures about how deposit insurance applies.

What to compare

• APY and its date. Rates are variable at most online banks.
• Minimum deposit to open and balance to earn the APY.
• Fees, such as monthly maintenance fees, which reduce earnings.
• Insurance: the bank’s name, Member FDIC, or a federally insured credit union.
• Access: transfers, ATM access and any withdrawal limits.

Two banks’ published terms (not a ranking)

Listed alphabetically; not a ranking. Criteria from our methodology. From each bank’s own page; APYs change often, so confirm on the bank’s site.

Bank	APY (as of)	Minimum to open / balance	Monthly fees	Rate type	Insurance	Access note
Ally Bank	“3.2%” APY; Ally: “The APY we pay is based on the tier in which your end-of-day balance falls”; “3.2% correct as of 10/23/26” (checked 10/23/2026)	“$0 minimum opening deposit”; “No monthly maintenance fees or minimum balance requirements.” (Ally: “Our features information is accurate as of 9/21/2026”)	“$0” (features as of 9/21/2026)	“Rate is variable and may change after the account is opened.”	Ally Bank, Member FDIC (FDIC BankFind cert 57803)	“a limit of 10 withdrawals per statement cycle”
Marcus by Goldman Sachs (Goldman Sachs Bank USA)	“3.50% APY”, “Annual percentage yield as of October 23, 2026”	“No minimum deposit”	“No fees”	“APY may change at any time before or after account is opened.”	Goldman Sachs Bank USA, Member FDIC (FDIC BankFind cert 33124). Marcus “is a brand of Goldman Sachs Bank USA.”	“Maximum balance limits apply.”

Plain links: Ally Bank Savings Account · Marcus Online Savings Account

Drawbacks

• Variable APYs can fall after you open the account.
• Some accounts limit withdrawals or transfers.
• Deposits over the insurance limit in one ownership category at one bank are not insured.

How we research and compare products

General information, not financial advice. Moneysilk is not a bank.