New York, June 30, 2026, 06:01 EDT
- Top savings and money-market accounts offered 5.00% APY as of June 30, but the average rates were still under 0.60%.
- A $100,000 savings balance gets around $380 a year at the FDIC average rate, but $3,860 at the top 1% average for savings accounts.
- The gap is key for bank investors. Slower deposit repricing helps on funding costs, but if cash moves out faster, it would hit margins.
Top U.S. liquid cash accounts are still offering about 5%, but the bigger story for investors is the gap between those chasing rates and savers who haven’t moved their deposits.
Wall Street Journal Buy Side’s June 30 high-yield savings rundown had Varo Bank at 5.00% APY for balances up to $5,000. GO2bank, which is connected to Green Dot Corporation NYSE:GDOT, showed 4.50% APY with the same $5,000 cap. St. Mary’s Credit Union came in at 4.50% but for balances up to $50,000. Pibank was posted at 4.40% APY, with no minimum deposit or extra rules listed. Axos Bank, a unit of Axos Financial NYSE:AX, landed at 4.21% but needed both a qualifying balance and direct deposit. Newtek Bank, under NewtekOne NASDAQ:NEWT, was at 4.20% APY, no minimum reported.
| Selected liquid-cash offer, June 30 | APY | Main cap or condition | Investor read |
|---|---|---|---|
| Varo Bank | 5.00% | Up to $5,000 | Top rate, but tight balance cap |
| GO2bank / Green Dot Corporation NYSE:GDOT | 4.50% | Up to $5,000 | Yield maxes out early |
| St. Mary’s Credit Union | 4.50% | Up to $50,000 | Bigger cap fits families or larger positions |
| Pibank | 4.40% | No minimum or extra requirements reported | Suits higher balance, not much fine print |
| Axos Bank / Axos Financial NYSE:AX | 4.21% | $1,500 balance and direct deposit requirements | Payout depends on account activity |
| Newtek Bank / NewtekOne NASDAQ:NEWT | 4.20% | No minimum or extra requirements reported | No hoops, standard pay tier |
Forbes Advisor said the top money-market account rate was 5.00% as of June 30, while the national average was 0.47%, using Curinos data. Online banks usually have better yields, Forbes said. Money-market account rates can shift quickly if banks or the Fed move.
The difference is big. A $100,000 cash balance gets $5,000 a year if it earns 5.00% and all the money qualifies at that rate. But at the 0.47% Curinos money-market average Forbes used, the same amount makes just $470. That’s a $4,530 gap each year, before tax or any rate moves.
| Cash rate measure | Rate used | Annual interest on $100,000 | Gap shown |
|---|---|---|---|
| FDIC average savings rate | 0.38% | $380 | Baseline |
| Top 1% savings average cited by WSJ | 3.86% | $3,860 | +$3,480 vs FDIC savings average |
| Curinos money-market average cited by Forbes | 0.47% | $470 | Baseline |
| Highest money-market rate cited by Forbes | 5.00% | $5,000 | +$4,530 vs Curinos average |
The FDIC’s most recent national-rate table, out in May 2026, shows a national savings rate of 0.38% and a money-market deposit rate of 0.57%. Adjusted rate caps came to 4.39% for both categories, with figures based on Treasury and effective fed funds data.
That hits bank stocks. Banks are still able to fund some of their balance sheets with cheap deposits, paying less than top online rates. If more customers push cash into 4%-5% accounts, funding costs go up. The FDIC said net interest margin for U.S. banks slipped 8 basis points to 3.31% in Q1, with asset yields dropping faster than funding costs. Industry deposits increased 2.1%, the seventh straight quarter of gains.
Savers haven’t taken a hit from rates yet. The Federal Reserve kept its federal funds target at 3.50%-3.75% on June 17. June forecasts show the median federal funds rate at 3.8% for 2026, higher than the 3.4% projected in March.
This is part of the reason 4%-5% cash offers remain. Not every 5% offer is the same, though. The highest savings rate in the WSJ chart belongs to Varo, but that’s only for the first $5,000. Pibank’s 4.40% rate in the list didn’t mention a minimum deposit or extra hoops. If you’re putting in $100,000, the cap is more important than the headline rate.
Money-market accounts come with access that many savings accounts don’t offer. CBS News said in a June 23 explainer that some savers pick money-market accounts over CDs for features like check-writing. The piece also said CDs might pay a bit higher but tie up money and hit customers with penalties if they withdraw early.
When it comes to large idle cash balances, the main thing is how much actually qualifies after caps, minimums and direct-deposit requirements.
