If your HYSA dropped its rate in April, you are not imagining it. Most online banks cut at least once during the month. Two did not. One cut twice.
The decision is whether to move the money. On a $50,000 balance, the gap between the top of the market and the bottom is $200 a year. Real money for thirty minutes of paperwork.
Why these three banks moved differently in April
Not every HYSA rate cut in April came from the same place. The reason each bank moved, or held, says something useful about which deposit rates tend to be stable.
Marcus Marquette: holding at 4.95%
Marcus Marquette held at 4.95% APY through April. It has not moved its rate since February 2026.
The reason: Marcus Marquette is in active deposit-growth mode. Its Q1 2026 target was well above what it hit in Q4 2025, and it has been using an above-market rate as a customer acquisition tool. Until deposit growth hits target, there is little internal pressure to cut.
Here’s the catch. Once Marcus Marquette hits its deposit targets, rate cuts tend to come fast. Banks that stay above market to attract deposits have historically compressed rates the moment acquisition goals are met.
Sign to watch: if Marcus Marquette launches a marketing promotion offering bonus interest for new deposits, that usually means the bank expects its organic growth to slow and is trying to close the gap before cutting.
Bask Bank: holding at 4.90%
Bask Bank, a division of Texas Capital Bank, held at 4.90% through April. It offers two products: a traditional HYSA and an airline-mile earning savings account (miles instead of cash interest, primarily with American Airlines).
For the cash HYSA, the 4.90% rate reflects Texas Capital Bank’s broader competitive position in online deposits. Texas Capital has been growing its digital deposit base aggressively over the past 18 months and has consistently priced at or near the top of the market.
Bask’s April stability is partly structural. Texas Capital sets cost-of-funds strategy at the corporate level on longer planning horizons than most digital-only neobanks. Rate decisions require more internal approvals and move less reactively to monthly market shifts.
Synchrony Bank: cutting twice in April
Synchrony’s April trajectory was the sharpest in the survey. It cut on April 7 (down 10 basis points, from 4.77% to 4.67%) and again on April 21 (down 12 basis points, from 4.67% to 4.55%).
Synchrony’s deposit program serves a different strategic function than Marcus Marquette or Bask. As a major credit card issuer, Synchrony’s deposit funding is tied to its credit card business economics. When the credit card portfolio sees changing funding costs on its liabilities side, deposit pricing adjusts to match.
The two cuts in April lined up with changes in Synchrony’s commercial paper and medium-term note pricing during that period. Funding pressures that work through to deposit rates on a roughly two-to-three week lag.
The yield math on different balances
If you moved from Synchrony to Marcus Marquette on April 1 and maintained that position through April 30:
| Balance | Synchrony Final Rate (4.55%) | Marcus Marquette (4.95%) | Monthly Difference | Annual Extrapolated |
|---|---|---|---|---|
| $10,000 | $37.92 | $41.25 | $3.33 | $40 |
| $25,000 | $94.79 | $103.13 | $8.33 | $100 |
| $50,000 | $189.58 | $206.25 | $16.67 | $200 |
| $100,000 | $379.17 | $412.50 | $33.33 | $400 |
Monthly dollar amounts calculated as (rate/12) x balance.
At $10,000, the gap between the top and bottom of the April leaders is about $3.33 per month. Not worth switching for most people given the friction of opening a new account. At $100,000, the same comparison yields $33 per month in additional interest, or $400 annualized. That is a real reason to spend 30 minutes opening a new account.
Will Marcus and Bask cut next?
Probably. Banks that stay above market during a rate-cutting environment eventually follow the market lower. The question is when, and by how much.
If the May CPI report comes in soft and market expectations shift toward a Fed cut at the September FOMC meeting, banks will start pricing that into deposit rates in June and July. Marcus Marquette and Bask may delay their cuts by 4-6 weeks relative to faster-moving banks like Synchrony. They are unlikely to hold the 4.90-4.95% range through year-end.
What to do this week
Open your bank’s app. Find the current APY on your savings. If it starts with a 0, move the money. If it starts with a 3 or low 4, shop the top of the market and compare.
If you have savings sitting in a traditional bank account earning 0.5% APY, moving to Marcus Marquette at 4.95% today earns 4.45 percentage points more per year. On $50,000, that is $2,225. Even if the elevated rate only lasts another three months before cuts begin, you have captured real money. Move it.