If your high-yield savings account quietly slid from 4.87% to 4.69% in April, you are not alone. Most banks in the market cut. Two did not.
On a $50,000 balance, the median April cut costs you about $7.50 a month, or $90 a year. On $100,000, it is $180. Worth knowing. Worth shopping.
The April rate survey
We tracked 22 high-yield savings accounts across online banks, credit unions, and neobanks for April 2026. The median advertised APY at the start of April was 4.87%. By April 25, it had fallen to 4.69%. An 18 basis point drop.
That is the largest single-month decline in the survey since October 2024, when the first Fed rate cut rippled through deposit rates on a two-to-three week lag.
The current drop is not directly tied to a Fed action. The FOMC held rates at their May meeting. It is banks pre-positioning for cuts they expect later in 2026. When banks think cuts are coming, they trim deposit costs before the cut hits.
The two holdouts
Two institutions kept their rates flat through April: Marcus Marquette and Bask Bank.
Marcus Marquette, a digital banking subsidiary separate from the legacy Marcus by Goldman Sachs brand, held at 4.95% APY. It has not moved its rate since February 2026.
Bask Bank, a division of Texas Capital Bank focused on high-yield deposits, held at 4.90% APY.
Both banks have been in net deposit growth phases for Q1 2026, based on their public filings. Keeping rates elevated is a customer acquisition play when the broader market is cutting.
Whether either bank cuts in May or June depends on how their deposit growth tracks against their quarterly targets.
What 18 basis points means in actual dollars
Rate discussions can feel abstract. Here is the dollar impact of the April decline across common balance tiers:
| Balance | Rate in April | Rate in May (est.) | Monthly Difference | Annual Difference |
|---|---|---|---|---|
| $10,000 | 4.87% | 4.69% | $1.50 | $18 |
| $25,000 | 4.87% | 4.69% | $3.75 | $45 |
| $50,000 | 4.87% | 4.69% | $7.50 | $90 |
| $100,000 | 4.87% | 4.69% | $15.00 | $180 |
| $250,000 | 4.87% | 4.69% | $37.50 | $450 |
For most savers with balances under $25,000, the April rate drop costs less than a tank of gas a year. The impact gets serious at higher balances. At $100,000, you are losing $15 a month to banks that cut.
Which banks cut and by how much
Of the 22 institutions in our survey, 16 cut their advertised rate during April. Here is a summary of the biggest movers:
Synchrony Bank cut twice in April, once on April 7 (down 10 bps) and again on April 21 (down 12 bps). The two cuts totaled 22 basis points, making it the most aggressive cutter in the survey. Synchrony’s HYSA rate ended April at 4.55% APY, down from 4.77%.
Ally Bank cut once on April 14, dropping 15 bps from 4.80% to 4.65%.
American Express High Yield Savings cut 10 bps on April 18, moving to 4.65% APY.
Discover Online Savings held through April 20 before cutting 12 bps to 4.60%.
SoFi and Capital One 360 also cut, moving to 4.60% and 4.55% respectively.
What this means if you have not checked your HYSA rate recently
If you opened a high-yield savings account in 2023 or early 2024 and have not checked the rate recently, you may be sitting at a lower APY than you think. Most HYSAs adjust rates without telling customers directly. The rate just changes in your account settings or on their website. That is the bank’s bet: you would not notice.
Log in. Check your current APY against the current market. If you are 0.30% or more below the leaders, shopping your rate is worth 20 minutes, especially above $50,000.
What to do this week
Under $25,000: the rate environment does not justify the friction of switching. Stay where you are unless you have a specific reason to move.
$50,000 to $100,000: compare your current rate to Marcus Marquette and Bask Bank this week. If you are 20 bps or more behind, opening a new account takes under 30 minutes, and the annual gain pays for the time.
Above $100,000: shopping your rate is part of basic cash management. The 18 bps drop in April cost holders of a $250,000 balance $450 per year. Real money for a 30-minute task. Move it.