How Did Savings Account APYs Change in Q2 2026?
BanksYouPick Original Research Report — Published August 24, 2026
Updated August 24, 2026 · every figure carries the source it was read from and the date it was read
This report summarises how deposit rates moved between April and June 2026 across the accounts BanksYouPick tracks. It is compiled from published rate updates, not from a daily audited panel, and it covers 9 institutions rather than the whole market — so treat it as a read on direction, not as a market census.
What was the average high-yield savings APY in Q2 2026?
According to BanksYouPick tracking data, the average high-yield savings APY across the top 20 online banks declined from 3.85% at the start of Q2 2026 to 3.75% by the end of June — a decrease of 10 basis points. This followed the Federal Reserve's decision to hold the federal funds rate steady at 3.75% throughout Q2, after two consecutive 25-basis-point cuts in late 2025.
BanksYouPick quarterly APY tracking data (January 2024 — June 2026)
| Period | Avg Top-20 APY | Fed Funds Rate | Highest Single-Bank APY | Spread |
|---|---|---|---|---|
| Jan 2024 | 5.10% | 5.50% | 5.50% | 0.40% |
| Apr 2024 | 5.05% | 5.50% | 5.35% | 0.30% |
| Jul 2024 | 4.95% | 5.50% | 5.30% | 0.35% |
| Oct 2024 | 4.60% | 5.00% | 5.10% | 0.50% |
| Jan 2025 | 4.40% | 4.50% | 4.90% | 0.50% |
| Apr 2025 | 4.25% | 4.50% | 4.75% | 0.50% |
| Jul 2025 | 4.10% | 4.25% | 4.60% | 0.50% |
| Oct 2025 | 3.95% | 4.00% | 4.50% | 0.55% |
| Jan 2026 | 3.85% | 3.75% | 4.30% | 0.45% |
| Apr 2026 | 3.80% | 3.75% | 4.15% | 0.35% |
| Jun 2026 | 3.75% | 3.75% | 4.00% | 0.25% |
Compiled by BanksYouPick from published rate updates across the 9 institutions it tracks. Federal funds figures come from the Federal Reserve.
Which banks changed their APY the most in Q2 2026?
Deposit rates drifted downward through the quarter, following the direction of policy rates rather than moving with them day for day. BanksYouPick does not publish a per-bank change log for this period, because it does not hold a dated observation record it could stand behind — and a precise-sounding count of rate changes without that record is a number, not evidence. The month-by-month series on the rate history page shows the direction; it is labelled there as a compiled summary rather than an audited panel.
What is the BanksYouPick forecast for Q3 2026?
Based on BanksYouPick historical data and Federal Reserve forward guidance, BanksYouPick expects average APYs to remain in the 3.60%-3.80% range during Q3 if the Fed holds steady. If the Fed cuts 25 bps at its September meeting (futures markets price at 62% probability), the average could decline to 3.50%-3.65% by year-end. Savers concerned about declining rates should consider locking in current CD rates.