Ally vs Marcus vs SoFi vs Discover High-Yield Savings in 2026

On September 16, 2026, the Federal Open Market Committee voted 12 to 0 to raise the federal funds target range a quarter point to 3.75 to 4.00%, the first increase since 2023, and the four savings accounts in this article did not all react the same way, because one of them no longer exists. Discover Online Savings, the account most Americans would name if you asked them for a high-yield example, stopped taking new applicants in late January 2026 and was folded into Capital One 360 Performance Savings on August 23, 2026. So this is a four-way with three live accounts and a forwarding address.

The question for a saver in the fourth quarter of 2026 is not just who pays the most today. It is who reprices fastest if the Fed delivers the second hike its own projections point to, who is paying new customers to sign up, and whether the extra 0.40 of a percentage point at the top of the table is worth leaving the features at the bottom. This article walks through the published numbers as of late September 2026 and says which account fits which saver.

Four-way comparison: published terms as of late September 2026

	Ally Bank	Marcus by Goldman Sachs	SoFi	Discover (now Capital One 360 Performance Savings)
Savings APY	3.10% as of September 30, 2026 (ally.com)	3.50% per Doctor of Credit tracker, September 24, 2026	3.10% with direct deposit or US$5,000 monthly qualifying deposits; 1.00% without (sofi.com)	3.10% per Doctor of Credit tracker, September 24, 2026
Promotional APY	None published	Referral bonus: extra 1.00% APY for 90 days	Limited-time 0.90 point boost to 4.00% for new members, September 3 to December 31, 2026	None published
Cash sign-up bonus	None published	None published	US$50 for US$1,000 or US$400 for US$5,000 in eligible direct deposits within 25 days, through December 31, 2026	None published
Minimum to open	US$0	US$0	US$0	US$0
Monthly fee	US$0	US$0	US$0	US$0
Checking on same login	Yes (Spending Account)	No	Yes, 0.50% APY	Yes (Capital One 360 Checking)
Savings buckets or vaults	Yes, buckets plus boosters (round-ups, surprise savings)	No	Yes, Vaults	No native buckets; multiple accounts allowed
ATM access from savings	Via linked checking	No	Via linked checking	Via linked checking
Open to new customers	Yes	Yes	Yes	Discover: no. Capital One 360: yes
FDIC insurer of record	Ally Bank	Goldman Sachs Bank USA	SoFi Bank, N.A.	Capital One, N.A. (jointly with Discover Bank since November 18, 2025)

Sources: ally.com Online Savings page (rate as of September 30, 2026); Doctor of Credit high-interest savings tracker (updated September 24, 2026) for Marcus and Capital One 360; sofi.com banking page (September 2026) for SoFi's rate, boost, and bonus terms; Capital One's Discover savings transition notice and Frequent Miler's reporting of the August 23, 2026 conversion.

What did the Fed actually do on September 16, and why does it matter for savings?

The FOMC statement released by the Board of Governors on September 16, 2026 raised the target range for the federal funds rate by a quarter percentage point to 3.75 to 4.00%. The vote was unanimous, 12 to 0. The statement described economic activity as expanding at a solid pace, inflation as elevated, and the move as supporting a timelier return to the 2% inflation goal. The accompanying projections showed the median participant expecting one more quarter-point increase before the end of 2026, no change in 2027, and cuts in 2028 and 2029.

For a saver, three things follow. First, the direction of travel is up, at least for a quarter or two, so a variable-rate savings account is more attractive than a fixed-rate CD right now; locking 12 months at today's CD rate risks underpaying a floating rate by mid-2027. Second, online banks reprice with a lag, and they reprice up more slowly than they reprice down. As of September 24 (Doctor of Credit) and September 30 (ally.com), the big online banks were still showing the pre-hike cluster of 3.10% to 3.50%, which means the next few weeks are when gaps between them will open up as some move first. Third, the spread between a branch bank's standard savings rate and an online bank's rate is now large enough that the single highest-return action available to most Americans with cash in a branch savings account is to move it, regardless of which of the four they choose.

Why does the same 3.10% show up three times?

Because the online savings market is efficient and the banks watch each other. Ally at 3.10%, SoFi at 3.10% with direct deposit, and Capital One 360 at 3.10% are not a coincidence; they are the market-clearing rate for a large online bank that does not need to buy deposits aggressively. Marcus at 3.50% is 0.40 points above the cluster, which in the online savings world is a deliberate signal that Goldman Sachs Bank USA wants deposits right now.

The arithmetic of 0.40 points is worth stating plainly, because it decides most of this article. On US$10,000, 0.40 points is US$40 a year. On US$25,000 it is US$100. On US$100,000 it is US$400. That is real money, and it is also smaller than the US$400 direct deposit bonus SoFi is paying new customers who route US$5,000 of eligible direct deposits within 25 days through December 31, 2026. For a saver with a five-figure balance opening a new account in the fourth quarter of 2026, the bonus is worth more than the rate gap. For a saver with a six-figure balance who already has an account, the rate gap is worth more than any bonus. Which one you are decides which account wins.

Account by account

Ally Bank

Ally's Online Savings Account paid 3.10% APY as of September 30, 2026 per ally.com, with no minimum opening deposit, no monthly maintenance fee, and FDIC insurance through Ally Bank. Ally's case is not the rate; it is the toolkit. Savings buckets let you split one balance into named goals (emergency fund, car, holiday, taxes) without opening separate accounts, and the whole balance earns the same rate. Boosters automate the funding: recurring transfers on a schedule, round-ups that sweep the change from debit purchases, and Surprise Savings, which reads a linked checking account and moves money it judges safe to save. The Ally Spending Account (checking) sits on the same login with ATM fee rebates. The weakness is the 0.40 point gap to Marcus and the absence of any published sign-up bonus or promotional rate. Ally is the account for someone who wants one app to run their cash and will accept paying a little for the plumbing.

Marcus by Goldman Sachs

Marcus's High-Yield Online Savings paid 3.50% APY per Doctor of Credit's tracker updated September 24, 2026, the highest base rate in the four-way, with no minimum, no fees, and FDIC insurance through Goldman Sachs Bank USA. Marcus also runs a referral program under which a referred customer earns an extra 1.00% APY for 90 days, which on US$10,000 is about US$25 of additional interest. The weakness is that Marcus is only savings and CDs. There is no checking account, no debit card, no ATM access, and no buckets; money moves in and out by ACH to an external bank, and that external bank is where your spending lives. Marcus is the account for someone whose cash is parked, not working, and who will move it by transfer when needed.

SoFi

SoFi Checking and Savings paid 3.10% APY on savings with an eligible direct deposit or US$5,000 or more in qualifying monthly deposits, and 1.00% without, with checking at 0.50% APY, per sofi.com as of September 2026. On top of the base rate, two promotions were live: a limited-time 0.90 point APY boost for new members, running September 3 to December 31, 2026, taking the savings rate to 4.00% for the promotional period, and a direct deposit bonus of US$50 for at least US$1,000 or US$400 for at least US$5,000 in eligible direct deposits received within 25 days of the first one, available through December 31, 2026. SoFi Vaults do what Ally's buckets do, and the checking account comes with early paycheck access and a debit card. FDIC insurance is through SoFi Bank, N.A., with expanded coverage available through a program that places deposits across partner banks. The weakness is the condition: without direct deposit the rate collapses to 1.00%, so SoFi is a poor home for cash if your paycheck goes elsewhere. SoFi is the account for a new customer in Q4 2026 who will route a paycheck and wants the richest published offer in the four-way.

Discover, which is now Capital One 360 Performance Savings

Capital One completed its acquisition of Discover Financial on May 18, 2025. Discover Bank stopped accepting new deposit account applications in late January 2026, and on August 23, 2026 existing Discover savings accounts converted to Capital One 360 Performance Savings, per Capital One's transition notice and Frequent Miler's reporting. The discover.com savings page now redirects to Capital One's. Converted customers kept their account number and the same variable rate, which Doctor of Credit's tracker listed at 3.10% APY as of September 24, 2026; routing numbers changed, Discover's Early Pay feature was dropped, and cashier's checks became a US$10 charge. Capital One and Discover deposits have been jointly insured since November 18, 2025, so anyone who held balances at both should count them together against the US$250,000 FDIC limit. The live product for a new saver is Capital One 360 Performance Savings: 3.10% APY, no minimum, no fees, with Capital One 360 Checking on the same login and a branch and café network that none of the other three have. It is the account for someone who wants an online rate with a physical place to walk into.

What actually moves the return on your savings?

How big is your balance?

Everything scales with it. The 0.40 point gap between Marcus and the 3.10% cluster is US$40 a year per US$10,000. Below about US$20,000, promotions and bonuses matter more than rate; above about US$100,000, rate matters more than any bonus, and FDIC limits start to matter too.

Can you meet a direct deposit condition?

SoFi's 3.10% and its US$400 bonus both require it; without direct deposit SoFi pays 1.00%, which is the worst number in the four-way. Ally, Marcus, and Capital One 360 pay their rate unconditionally. If your employer's payroll system makes splitting a paycheck awkward, or you are self-employed, the unconditional accounts are simpler.

Are you opening a new account or optimizing an old one?

New money in Q4 2026 has the SoFi bonus and boost available, which together outweigh Marcus's rate advantage on balances under roughly US$100,000 for the first year. Existing money that is already at one of the four should move only if the gap is wide enough to justify the admin, which for most people means a gap of 0.40 points or more on a balance of US$25,000 or more.

How fast does your bank follow the Fed?

With the Fed signaling one more hike in 2026, the bank that reprices first will briefly lead the table. Watch the Doctor of Credit tracker or the bank's own rate page in the two to four weeks after each FOMC meeting (the remaining 2026 meetings are in late October and mid-December). A bank that lags by 0.10 to 0.20 points is normal; one that is 0.50 points or more behind the cluster for a full quarter is relying on you not to move.

Do you need the money to be spendable?

Marcus has no debit card or ATM access, so a Marcus-only setup means a two-day ACH to another bank before you can spend. Ally, SoFi, and Capital One 360 all pair savings with checking on one login, and Ally and SoFi support instant transfers to a linked debit card. If this is a true emergency fund, the ability to get it same-day is worth something.

Who should pick which account?

The first-time high-yield saver with US$5,000 to US$20,000 moving from a branch bank

SoFi, if you can route a paycheck: the US$400 bonus for US$5,000 of eligible direct deposits plus the 0.90 point boost to 4.00% through December 31, 2026 is the richest published offer in the four-way. If you cannot route a paycheck, Ally, for the buckets and the unconditional 3.10%.

The saver with US$50,000 or more parked and no need to spend it

Marcus at 3.50%. The 0.40 point gap is US$200 a year on US$50,000 and US$400 on US$100,000, and the lack of a checking account does not matter when the money is not meant to move. Ask a friend who already has Marcus for a referral to add 1.00% for 90 days.

The budgeter running multiple goals from one balance

Ally. Buckets, round-ups, and Surprise Savings are the most complete goal-management toolkit of the four, and the Spending Account with ATM rebates sits on the same login.

The former Discover customer

You are already a Capital One 360 Performance Savings customer at 3.10% as of August 23, 2026. Nothing has to change unless you want the higher rate at Marcus or the SoFi bonus; if you also hold Capital One deposits, check that the combined balance sits under US$250,000 per ownership category, because the two are one insured bank now.

The saver who wants a branch

Capital One 360 Performance Savings. It is the only one of the four with physical locations, at the same 3.10% as Ally and SoFi.

The saver with over US$250,000 in cash

Spread it. Ally Bank, Goldman Sachs Bank USA, SoFi Bank, N.A., and Capital One, N.A. are four separately insured institutions (with Discover Bank now counted inside Capital One), so US$1,000,000 can sit fully insured across them, or use a joint account to double coverage at one bank, or move the excess into Treasury bills through a brokerage, which carry no per-account limit and are exempt from state income tax.

Verdict by buyer type

• Highest base rate: Marcus by Goldman Sachs, 3.50% APY per Doctor of Credit's September 24, 2026 tracker.
• Richest new-customer offer, Q4 2026: SoFi, 4.00% promotional APY through December 31, 2026 plus a US$50 or US$400 direct deposit bonus, conditional on direct deposit.
• Best all-in-one app: Ally, 3.10% APY as of September 30, 2026 with buckets, boosters, and checking.
• Best for someone who wants a branch: Capital One 360 Performance Savings, 3.10% APY, the successor to Discover Online Savings.
• Not available: Discover Online Savings, closed to new applicants since late January 2026 and converted on August 23, 2026.
• Best move for anyone still in a branch bank's standard savings: any of the four. The gap to the branch rate dwarfs the gaps between them.

Where cashback fits

A savings account is where cash waits; cashback is earned where cash is spent, so the two sit on opposite sides of the same budget. ShopBack does not pay cashback on opening a savings account at Ally, Marcus, SoFi, or Capital One in the US as of September 2026, and we would rather say that than pretend otherwise. The mechanism that does apply is on the spending side: sign in to ShopBack, click through to a participating retailer, complete the purchase in that session, and the cashback tracks to your ShopBack account, sits as pending while the retailer confirms the order, then becomes available to withdraw to your bank.

That withdrawal is the one place the two meet. Cashback via ShopBack paid out to a bank account is new money that did not come from your paycheck, and the habit that makes a high-yield account work (route every dollar that is not spent into the account that pays the most) applies to it. A saver who sweeps ShopBack withdrawals into a Marcus or Ally bucket is compounding at 3.10% to 3.50% on money that cost nothing to earn.

None of this changes what the bank pays. The APY, the SoFi bonus, and the Marcus referral are the banks' own terms; ShopBack cashback is a separate credit on purchases made through the link, and it does not stack with or alter any bank promotion.

Frequently asked questions

What is a high-yield savings account and how is it different from a regular savings account?

A high-yield savings account is an FDIC-insured deposit account that pays a variable interest rate many times higher than the national average for savings. The product is the same as the savings account at a branch bank: federally insured up to US$250,000 per depositor, per insured bank, per ownership category, liquid, no lock-up. The difference is the rate. Online banks like Ally, Marcus, and SoFi have no branches to pay for and compete on APY, so as of late September 2026 they pay 3.10% to 3.50% while the large branch banks pay a small fraction of that on standard savings. The rate is variable, which means the bank can change it any time, and it moves with the federal funds rate: when the Federal Reserve raised its target range to 3.75 to 4.00% on September 16, 2026, the online banks' rates were already clustered just below that range, and the lag between a Fed move and an online-bank repricing is typically days to a few weeks.

How does the Fed's September 2026 rate hike affect savings account rates?

On September 16, 2026, the Federal Open Market Committee voted 12 to 0 to raise the federal funds target range by a quarter point to 3.75 to 4.00%, the first increase since 2023, citing elevated inflation and solid economic activity, with the median participant projecting one more quarter-point hike before the end of 2026. Savings rates do not move one-for-one with the Fed, but they move in the same direction with a lag. Online banks tend to reprice within days to weeks; branch banks often do not reprice at all on standard savings. The practical effect for a saver is that rates are more likely to drift up than down over the next few months, which argues against locking money into a long certificate of deposit right now and for keeping cash in a high-yield account where the rate floats. If the Fed follows through with the second hike its projections suggest, expect the 3.10% to 3.50% cluster to move up, not down.

What happened to the Discover Online Savings account?

It no longer exists for new customers. Capital One completed its acquisition of Discover Financial on May 18, 2025. Discover Bank stopped accepting new deposit account applications in late January 2026, and on August 23, 2026, existing Discover savings accounts were converted into Capital One 360 Performance Savings accounts, per Capital One's customer notice and Frequent Miler's reporting. The discover.com savings page now redirects to the Capital One 360 Performance Savings page. Converted customers keep their account number and the same variable rate they had at Discover, which Doctor of Credit's tracker listed at 3.10% APY as of September 24, 2026; routing numbers changed, the Early Pay feature was dropped, and cashier's checks now cost US$10. Capital One and Discover deposits have been jointly insured by the FDIC since November 18, 2025, so a customer with balances at both counts them together against the US$250,000 limit. If you came to this article wanting to open a Discover savings account, the live product is Capital One 360 Performance Savings.

Is Marcus better than Ally for savings in 2026?

On rate, yes. As of late September 2026 Marcus pays 3.50% APY per Doctor of Credit's tracker (updated September 24, 2026) against Ally's 3.10% APY as of September 30, 2026 per ally.com, a 0.40 percentage point gap that is worth US$40 a year on a US$10,000 balance and US$200 a year on US$50,000. Marcus also offers a referral bonus of an extra 1.00% APY for 90 days when an existing customer refers you. On features, Ally wins: savings buckets (digital envelopes for separate goals within one balance), round-ups, surprise savings sweeps from a linked checking account, and a full checking account with ATM fee rebates on the same login. Marcus is savings and CDs only, with no checking and no ATM card. If you want the highest number and will move money by transfer, Marcus. If you want one app that runs your checking, your emergency fund, and your sinking funds, Ally and accept the 0.40 point gap.

Is SoFi better than Ally if I set up direct deposit?

For a new customer in the fourth quarter of 2026, SoFi's published offer is richer, but the base rate is the same. Both pay 3.10% APY on savings as of late September 2026: Ally unconditionally, SoFi only with an eligible direct deposit or US$5,000 or more in qualifying monthly deposits (without that, SoFi pays 1.00%). On top, SoFi is running a limited-time 0.90 percentage point APY boost for new members from September 3 to December 31, 2026, taking the savings rate to 4.00% for the promotional period, and a direct deposit bonus of US$50 for US$1,000 or US$400 for US$5,000 in eligible direct deposits within 25 days, available through December 31, 2026, per sofi.com. SoFi checking also pays 0.50% APY. The US$400 bonus alone is worth four years of the rate difference between 3.10% and 3.50% on US$10,000. If you can meet the direct deposit condition and you were going to open a new account anyway, SoFi's fourth-quarter 2026 offer is the strongest in the four-way; if you cannot or will not route your paycheck, Ally's unconditional 3.10% is simpler.

When do online banks change their savings rates after a Fed decision?

Usually within a few days to a few weeks, and not always in lockstep. Online banks reprice when they need deposits (rate up) or have more than they can lend (rate down), using the Fed's target as the anchor. After the September 16, 2026 hike, the Doctor of Credit tracker on September 24 and Ally's own page on September 30 still showed the pre-hike cluster of 3.10% to 3.50%, which is normal: banks move more slowly on the way up than on the way down. The rate on your account is variable and can change on any day without a Fed meeting; the bank notifies you on the statement, not in advance. If you want to know whether your bank is keeping pace, compare it against the top of the online-bank cluster every quarter rather than against the Fed. A bank that is 0.10 to 0.20 points behind is normal; one that is 0.50 or more behind for a quarter is coasting on your inertia.

When should I move my emergency fund from a savings account to a CD or Treasury bills?

When you are confident rates are about to fall, which is not the current setup. The Fed raised rates on September 16, 2026 and its own projections point to one more hike in 2026, so a 12-month CD locked today may underpay a floating savings rate by the middle of 2027. The case for a CD is certainty: if you have a known expense 12 to 24 months out (a down payment, tuition), locking a rate removes the risk that the Fed reverses. The case for Treasury bills is tax: T-bill interest is exempt from state and local income tax, so in a high-tax state a T-bill at the same headline yield as a savings account nets more. Three practical rules: keep at least three months of expenses in the savings account where it can be withdrawn same day, ladder any CDs so a slice matures every three to six months, and buy T-bills through a brokerage (Fidelity, Schwab, Vanguard) or TreasuryDirect rather than through a bank that adds a markup.

Can I open more than one of these accounts and move money between them?

Yes, and many savers do. None of the four charges a monthly fee or requires a minimum balance, so holding an Ally account for buckets and checking, a Marcus account for the higher rate, and a SoFi account for the direct deposit bonus costs nothing but admin. Transfers between them are standard ACH, which typically settle in one to three business days; Ally and SoFi both support instant transfers to and from linked debit cards for smaller amounts. Two things to watch. The old federal six-withdrawals-a-month limit (Regulation D) was suspended in 2020 and most online banks dropped it, but some still cap outbound transfers from savings; check the bank's own limit. And FDIC coverage is per depositor, per insured bank, so spreading US$600,000 across three banks keeps all of it insured, while keeping it at one bank does not; the Capital One and Discover combination counts as one bank for this purpose since November 18, 2025.

Does a bonus or promotional APY beat a higher base rate?

On balances under about US$50,000 and for the first year, usually yes. Do the arithmetic on your actual balance. The gap between Marcus at 3.50% and SoFi or Ally at 3.10% is 0.40 points, or US$40 a year per US$10,000. SoFi's US$400 direct deposit bonus for US$5,000 of eligible direct deposits within 25 days (available through December 31, 2026) equals ten years of that gap on a US$10,000 balance, and its 0.90 point boost to 4.00% for the promotional period beats Marcus outright while it lasts. Marcus's own 1.00 point referral bonus for 90 days is worth US$25 on US$10,000. The catch with every promotion is what happens after: SoFi reverts to 3.10% with direct deposit and 1.00% without, so if you will not keep the direct deposit, the account is a poor long-term home. Treat bonuses as a reason to open an account, and the base rate plus features as the reason to keep one.

What if my balance is over the US$250,000 FDIC limit?

You have three clean options. Spread it across banks: FDIC coverage is US$250,000 per depositor, per insured bank, per ownership category, so Ally, Marcus (Goldman Sachs Bank USA), SoFi (SoFi Bank, N.A.), and Capital One are four separate insured institutions and a single depositor can hold US$1,000,000 fully insured across them. Use ownership categories: a joint account with a spouse is insured to US$500,000 at the same bank on top of each spouse's individual US$250,000. Or use a sweep program: SoFi offers expanded coverage through a program that places deposits across partner banks, and brokerages like Fidelity and Schwab run cash sweeps into multiple program banks. Beyond that, Treasury bills carry the full faith and credit of the US government with no per-account limit, and a government money market fund at a brokerage holds the same instruments. The one thing not to do is hold more than US$250,000 at a single bank under a single ownership category because the rate is 0.20 points better; the coverage is worth more than the yield.

Key takeaways

• The Fed raised the federal funds target to 3.75 to 4.00% on September 16, 2026 (12 to 0 vote, first hike since 2023) and projects one more in 2026; variable-rate savings accounts are the right vehicle while rates drift up.
• As of late September 2026: Marcus 3.50% (highest base rate), Ally 3.10%, SoFi 3.10% with direct deposit (1.00% without), Capital One 360 Performance Savings 3.10%.
• Discover Online Savings is closed to new applicants since late January 2026 and was converted into Capital One 360 Performance Savings on August 23, 2026.
• SoFi's Q4 2026 offer (0.90 point boost to 4.00% through December 31 plus a US$50 or US$400 direct deposit bonus) outweighs Marcus's 0.40 point rate advantage on balances under roughly US$100,000 in the first year.
• Ally wins on features (buckets, boosters, checking on one login); Marcus wins on rate alone; Capital One 360 is the only one with branches.
• Cashback via ShopBack is earned on spending through participating retailers, not on opening a savings account; sweep the withdrawals into whichever of these accounts you pick.

Earn cashback via ShopBack on the everyday spending your savings account sits behind Free to join. No promo codes needed.

---

About this article

As of September 29, 2026, the rates and terms above come from ally.com (APY as of September 30, 2026), Doctor of Credit's high-interest savings tracker (updated September 24, 2026) for Marcus and Capital One 360 Performance Savings, sofi.com's banking page (September 2026) for SoFi's rate, APY boost, and direct deposit bonus terms, Capital One's Discover savings transition notice, and Frequent Miler's reporting of the August 23, 2026 conversion. The Federal Reserve figures are from the FOMC statement of September 16, 2026. All APYs are variable and can change without notice. ShopBack receives a commission when readers complete a purchase through a cashback link. This commission does not vary by editorial coverage.

The views expressed are those of the author, for informational purposes only, and not professional or financial advice.