In Europe, we’ve been accustomed to low or negative interest rates for years. That’s why, when the U.S. market offers savings accounts with APYs over 3.5% guaranteed by the federal government, many people wonder: are they too good to be true?
The short answer: no. HYSA (High Yield Savings Accounts) are solid, regulated, and insured banking products. But there are important nuances you should understand before opening one.
What is a HYSA?
A High Yield Savings Account is simply a U.S. bank savings account that offers an APY (Annual Percentage Yield) significantly higher than the industry average. The average APY in the U.S. for traditional savings accounts is just 0.45%, but the best online banks offer between 3.50% and 4.00% in 2026.
The difference lies in the business model: online banks (Ally, Marcus, SoFi, Discover) have much lower operating costs than traditional banks with physical branches, and they pass those savings on to customers in the form of higher returns.
Are they insured?
Yes. All HSYAs from regulated U.S. banks are protected by the FDIC (Federal Deposit Insurance Corporation) up to $250,000 per account holder and institution. It is the U.S. equivalent of the European Deposit Guarantee Fund (FGD) or the British FSCS.
In the case of SoFi, which uses multiple partner banks, coverage can reach up to $2,000,000 thanks to the distribution across various institutions.
Comparison of the Best HYSA Accounts in 2026
| Bank | APY | Minimum | Guarantee |
|---|---|---|---|
| SoFi Savings | 4.00% | $0 | FDIC $250k–$2M |
| Marcus by Goldman Sachs (US) | 3.90% | $0 | FDIC $250k |
| Ally Bank HYSA | 3.80% | $0 | FDIC $250k |
| Discover Online Savings | 3.75% | $0 | FDIC $250k |
HYSA vs. European interest-bearing accounts
A direct comparison is misleading: rates in dollars and euros are not directly comparable because they respond to different monetary policies.
- Fed (U.S.): rates around 4.0–4.25% in early 2026. HYSA accounts closely track the Fed rate with a discount of 0.5–1%.
- ECB (Eurozone): rates around 2.5% in early 2026, following multiple cuts from a high of 4.0%. European interest-bearing accounts offer 2.0–2.5%.
- Bank of England (UK): rates around 4.0–4.25%. Accounts in pounds offer 4.0–4.85%.
Conclusion: It’s not that HYSA accounts are a “better product” than European ones—it’s that the dollar has higher interest rates. If you invest in USD from Europe, you earn the interest rate differential but assume EUR/USD exchange rate risk.
Can I open a HYSA from Spain or the EU?
This is the main limitation. The vast majority of U.S. HYSA accounts require:
- Legal residency in the U.S.
- A U.S. Social Security Number (SSN) or ITIN
- A U.S. mailing address
However, for U.S. residents of any nationality—including Spaniards, Latin Americans, or Europeans with a work visa or permanent residency—these accounts are fully accessible.
USD Alternatives Without U.S. Residency
If you do not reside in the U.S. but want exposure to the dollar:
- Freedom24 Smart Cash USD: ~5.37% in USD, accessible from the EU (CySEC-regulated broker). No bank deposit guarantee.
- U.S.Treasury Bonds: 4.17% (3 months), 4.29% (10 years). Backed by the U.S. government.
- USD stablecoins: USDC/USDT on DeFi/CeFi protocols, APYs of 3–5%. No regulated guarantee.
Conclusion
U.S. HYSA accounts are excellent products for U.S. residents: safe, liquid, commission-free, and offering good returns. For everyone else, a combination of Freedom24 (USD) or U.S. Treasury bonds can provide similar exposure to the dollar without requiring U.S. residency.
On APYData, you can compare all these products by filtering by currency using the savings account comparison tool or the page dedicated to the best USD savings accounts.
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