Do HYSAs Have Fees? The Real Cost Breakdown (2026)
| Account | APY | Source, as of |
|---|---|---|
| CIT Platinum Savings, $5,000+ | 3.75% | cit.com, bank states APYs accurate as of 7/1/2026 (checked 9/25/2026) |
| CIT Platinum Savings, under $5,000 | 0.25% | cit.com, same |
| SoFi Savings with eligible direct deposit or $5K deposits every 31 days | 3.30% | sofi.com, 9/23/2026 |
| SoFi Savings without qualifying activity | 0.80% | sofi.com, 9/23/2026 |
| Citizens Access Savings (all balance tiers) | 2.80% | citizensaccess.com, bank's rate as of 07/17/2026 (checked 9/24/2026) |
| Chase / Bank of America standard savings (NY, $2,500 balance) | 0.02% / 0.04% | marcus.com comparison (Curinos data), 9/22/2026 |
Rates expire like milk.
The best MYGA, CD and savings rates change every few weeks. Get a short email when a rate on this page changes.
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Savings account vs MYGA, after tax
What $100,000 earns in 5 years: savings account vs MYGA, after tax
Rates used: Savings account 4.00%, the top online savings rate we tracked (bank sites, September 24, 2026); savings rates can change any day; change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| Savings account, interest taxed every year | $116,604 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the savings account, after tax | $9,531 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge. In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
The standard HYSA fee structure (2026)
Top online HYSAs in 2026, Marcus, Ally, SoFi, American Express, Synchrony, Capital One 360, all charge:
- $0 monthly maintenance fee
- $0 minimum to open (Marcus, Ally, SoFi, Capital One 360, Amex)
- $0 minimum to maintain
- $0 ACH transfer fees (in and out)
- $0 mobile check deposit fees
That's the headline. The fees that actually exist are below.
Fees that DO exist at most HYSAs
1. Outbound wire transfer fees
$15-30 per outbound domestic wire. International wires $35-50. Inbound wires are usually free. If you're moving large sums fast, this is the only fee you'll typically encounter.
Examples (approximate, 2026):
- Marcus: $0 outbound wires (rare)
- Ally: $20 outbound domestic wire
- SoFi: $0 outbound wires (rare)
- Synchrony: $25 outbound wires
- American Express: $0 outbound wires (rare)
2. Expedited check delivery
$15-30 if you request a paper check sent overnight. Standard delivery is free, but takes 5-7 business days.
3. Paper statement fees
Some banks charge $3-5/mo for paper statements if you opt out of e-statements. All top HYSAs default to e-statements at $0.
4. Excessive withdrawal fees (Regulation D legacy)
Before April 2020, Federal Regulation D limited savings accounts to 6 "convenient" withdrawals per month (transfers, debit transactions, ACH out). The Federal Reserve removed that cap in April 2020 in response to COVID, but banks aren't required to remove the limit. Some still enforce it.
Banks still charging $5-15 per withdrawal above 6/month (as of 2026, varies by bank, confirm directly):
- Capital One 360: removed the limit
- Marcus: removed the limit
- Ally: removed the limit
- Synchrony: removed the limit
- Some smaller online banks and credit unions still charge $5-15 per excess withdrawal
5. Minimum-balance APY gating
Some HYSAs require a minimum balance to earn the headline APY:
- CIT Bank Platinum Savings: 3.75% APY only on $5,000+ balance; 0.25% below (cit.com, checked September 25, 2026)
- Citizens Access: its $5,000 minimum applies to its online CD; its savings account paid the same 2.80% on every balance tier (bank's posted rate)
- SoFi: Top APY (3.30% as of September 23, 2026) requires eligible direct deposit OR $5,000+ in deposits every 31 days; otherwise 0.80%
6. Overdraft fees on linked checking
HYSAs themselves don't overdraft (you can't spend more than the balance). But if the savings is linked as overdraft protection for a checking account that overdrafts, the transfer is usually free at top online banks. Confirm before linking.
Withdrawal limits beyond fees
Even with Reg D suspended, your HYSA may have practical limits:
- Daily ACH outbound limit: Typically $25,000-$250,000 (varies by bank and account age)
- Mobile check deposit limit: Typically $5,000-$50,000/day, $25,000-$100,000/month
- Wire transfer limits: Usually higher than ACH; may require a phone call or in-app verification above certain thresholds
The hidden "fee" that matters most: rate drift
The biggest "cost" of an HYSA isn't a fee, it's the variable rate. If the bank pays 4.50% one year and 3.50% the next (typical pattern when the Fed cuts), you lost ~$1,000/year on $100K. Nobody calls this a "fee," but it's the dollar amount you'll lose most often.
The fixed-rate equivalent is a MYGA, where the rate is locked for the term. See MYGA vs. HYSA for the comparison.
How to avoid every HYSA fee
- Pick a $0-min, $0-fee bank (Marcus, Ally, SoFi, Capital One 360, Amex)
- Opt in to e-statements (all top banks default to this)
- Use ACH transfers instead of wires (free vs. $15-30)
- Don't make 20+ withdrawals per month, even if no fee, banks may flag the account for review
- Keep at least $1 in the account to avoid auto-closure on dormancy
What about FDIC insurance fees?
Nothing. FDIC insurance is paid for by the banks themselves (via assessment fees to the FDIC). Depositors pay $0 for FDIC coverage up to $250,000 per depositor per insured bank. The cost is invisible to you, but it's real (and it's why FDIC-insured banks pay slightly lower APYs than uninsured ones).
Frequently Asked Questions
Do any HYSAs charge a monthly maintenance fee?
The top tier (Marcus, Ally, SoFi, Amex, Synchrony, Capital One 360, Citizens Access) all charge $0 monthly maintenance. A handful of brick-and-mortar banks (Chase, Bank of America, Wells Fargo savings) charge $5-12/mo unless you maintain a minimum balance, but those aren't HYSAs in any real sense; their APYs are 0.01-0.05%.
Are HYSA withdrawals still limited to 6 per month?
The Federal Reserve suspended Regulation D's 6-withdrawal cap in April 2020. Most top online banks removed the limit. A few smaller banks and credit unions still enforce a $5-15 fee per withdrawal above 6/month. Always confirm with your specific bank.
Is there a fee for closing an HYSA?
No early-closure fees at top HYSAs. Some banks charge a fee ($25-50) if you close within 90 days of opening, this is rare on savings (more common on bonus-promo accounts). Always read the account agreement.
Do I pay taxes on HYSA interest?
Yes. HYSA interest is reported on Form 1099-INT each year and taxed as ordinary income at your federal + state marginal rate. In a 32% bracket, a 4.50% APY net of tax is ~3.06%. (MYGA interest is tax-deferred until withdrawal, one of the biggest hidden advantages of a MYGA over an HYSA for high-bracket savers.)
What's the fee for sending a wire transfer from an HYSA?
Outbound domestic wires: $15-30 at most banks. Outbound international wires: $35-50. Inbound wires (someone sending money into your account): usually $0. Examples in 2026: Ally $20, Synchrony $25. Marcus and Amex have historically charged $0 outbound wires (rare).
Are HYSA fees deductible on taxes?
No. HYSA fees are personal banking expenses, not deductible on a personal tax return. Business savings accounts are different, fees there are deductible business expenses.
Should I switch HYSAs to chase a higher APY?
If the rate difference is 0.25% or more and your balance is $25K+, the math says yes. On $50K, 0.25% = $125/year. Switching takes 10-15 minutes (link external bank, transfer). If you switch more than once a year, you may trigger fraud reviews or hit ACH transfer limits, once a year is usually the practical cap.
Want a fixed rate locked for 3-10 years instead of a variable HYSA?
Compare your HYSA APY against current MYGA rates, free, independent.
HYSA rates move every month with the Fed. If you want a rate locked for 3, 5, 7, or 10 years on cash you won't touch, a MYGA (multi-year guaranteed annuity) is the closest equivalent. A-rated 5-year MYGAs topped out around 5.50% to 6.05% on October 14, 2026 (public carrier rate sheets), fixed for the term. Tax-deferred. State guaranty fund backed.
Send your details. Within one business day, you'll get current MYGA rates side-by-side with your HYSA, surrender schedules, carrier ratings, and a 15-minute call if you want one.
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Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Related reading
This page is general information for educational purposes; it is not a personalized recommendation, solicitation, or offer of any specific bank product. APYs change frequently, typically monthly, and the rates shown here are approximations as of the date above. Always confirm current rates and fees directly on the bank's website before opening an account. Hans Goldstein is an independent licensed insurance producer (NPN 20602398); he does not receive compensation from any bank discussed on this page. FDIC insurance limits apply ($250,000 per depositor, per ownership category, per insured bank). Annuity products mentioned on this page are insurance contracts with surrender charges and are regulated by state insurance commissioners; they are not FDIC-insured. Always read the actual contract and consult a licensed advisor before purchasing any annuity product.