High-Yield Savings Accounts for U.S. Newcomers: Eligibility, APY & Access Compared (2026)

A high-yield savings account can look simple: compare the APY, pick the highest rate, and open the account.

For a newcomer to the United States, that can be the wrong order.

An F-1 student, an H-1B worker, a new permanent resident, and a U.S. citizen may all see the same savings-account advertisement. But the bank’s account-opening rules can differ based on residency, immigration status, SSN or ITIN availability, U.S. address requirements, and linked-account rules.

Verified: September 11, 2026. This article uses current official information from SoFi, Ally Bank, Marcus by Goldman Sachs, Capital One, and the FDIC. APYs, promotional terms, eligibility rules, and account features can change.

Quick comparison: eligibility first, APY second

Account	Published eligibility	Current rate / condition	Newcomer takeaway
SoFi Checking & Savings	U.S. physical address; citizenship status may be U.S. citizen, permanent resident, or non-permanent resident; SSN or ITIN	3.10% APY with eligible direct deposit or $5,000 qualifying deposits every 31 days; new customers may qualify for a temporary 0.90% APY boost under current promotion terms	One of the clearest published pathways for eligible non-permanent residents
Ally Bank Savings	U.S. resident with U.S. street address; age 18+; SSN or TIN for Ally Bank account	3.00% APY as of Sep. 10, 2026; no monthly maintenance fee or minimum opening deposit	Citizenship is not the published test; U.S. residency and tax identification matter
Marcus Online Savings	Age 18+; SSN or ITIN; qualifying U.S. street address; identity verification required	3.40% APY as of Sep. 11, 2026; no fees or minimum deposit	Published deposit agreement focuses on U.S. address + SSN/ITIN rather than a citizenship-only rule
Capital One 360 Performance Savings	U.S. citizen or lawful permanent resident; U.S. physical address; U.S.-based mobile number; SSN or ITIN; linked U.S. bank account	Variable APY; no monthly service charge and no minimum balance requirement	Many temporary visa holders can be excluded before APY comparison begins

None of these published rules guarantees approval. Banks may request additional identity documents, apply compliance checks, or change account-opening rules.

The key newcomer question: does the bank require citizenship, permanent residency, or just U.S. residency?

This is where generic “best savings account” lists often fail international readers.

Three phrases can sound similar but mean very different things:

• U.S. citizen — a citizenship status.
• Lawful permanent resident — generally a green-card holder.
• U.S. resident — a broader practical term that a bank may define through address and account-opening rules.

A temporary visa holder can live in the United States without being a citizen or lawful permanent resident. That distinction can determine whether a savings account is even available.

SoFi: the clearest published option for eligible non-permanent residents

SoFi’s current Checking and Savings eligibility guidance asks for a physical address in the 50 U.S. states, District of Columbia, or U.S. military states. It specifically lists citizenship status as U.S. citizen, permanent resident, or non-permanent resident.

It also accepts either a Social Security number or Individual Taxpayer Identification Number (ITIN).

That makes SoFi particularly relevant to newcomers because the published account-opening information does not stop at citizens and green-card holders.

The rate structure is more complicated than the headline, however. SoFi currently publishes:

• 3.10% APY on savings when you have eligible direct deposit or at least $5,000 in qualifying deposits every 31 days;
• a lower standard APY if you do not satisfy the higher-yield requirements; and
• for eligible new Checking and Savings customers, a temporary 0.90% APY boost under the current promotion, which can raise the savings APY to as much as 4.00% while the promotion conditions continue to be met.

So the right question is not simply “What is SoFi’s APY?” It is:

“Which APY tier will I personally qualify for, and what recurring deposit behavior is required to keep it?”

Ally: U.S. residency matters more than citizenship in the published rule

Ally’s official account-opening FAQ directly answers the non-citizen question.

To open an Ally Bank account, it says you must be a U.S. resident with a U.S. street address and at least 18 years old. For an Ally Bank account, you may use a Social Security number or Tax Identification Number.

That distinction matters for a visa holder who has established U.S. residence and a valid tax-identification number but is not a U.S. citizen.

Ally’s Savings Account currently publishes a 3.00% APY, no monthly maintenance fees, and no minimum opening deposit.

Ally also uses savings “buckets,” which can be useful if you want to separate emergency cash, taxes, travel, tuition, or a future move without opening multiple savings accounts.

Marcus: simple rate structure, but verify identity documents before applying

Marcus by Goldman Sachs currently publishes a 3.40% APY on its Online Savings Account, with no fees and no minimum deposit.

Its deposit-account agreement says an account holder must be at least 18, have an SSN or ITIN, and have a qualifying street address in the United States, specified U.S. territories, or certain U.S. military or diplomatic locations.

Marcus’s identity-verification FAQ also lists accepted IDs such as U.S. state or municipal IDs, passports, U.S. passport cards, and permanent resident cards. Importantly, it says that a visa itself is not accepted as the identity document.

That does not mean “visa holders cannot open Marcus.” It means the immigration document and the identity-verification document are separate issues. A passport may satisfy the accepted-ID list where a visa alone does not.

Marcus can be attractive if you want a straightforward savings account without a monthly maintenance fee, minimum deposit, or recurring-deposit requirement for the standard rate.

Capital One 360 Performance Savings: a strong product, but the eligibility rule is narrower

Capital One’s current 360 Performance Savings disclosure is much more restrictive for temporary visa holders.

It states that an account applicant must be a United States citizen or lawful permanent resident with a U.S. physical address. It also requires a U.S.-based mobile phone number, a valid SSN or ITIN, and a linked account at a U.S.-chartered bank.

That means an F-1 student or H-1B worker who is not yet a lawful permanent resident should not assume that a U.S. address and ITIN are enough.

Capital One currently advertises 360 Performance Savings with a variable high-yield APY, no monthly cycle service charge, and no minimum balance requirement. But for many temporary visa holders, the eligibility restriction is more important than the rate.

What about an F-1 student?

Suppose an F-1 student has moved to the United States and has an ITIN but not an SSN.

The four accounts do not look identical:

Bank	What the published rule suggests
SoFi	Potentially compatible: non-permanent-resident status and ITIN are included in the published information, subject to verification.
Ally	Potentially compatible if the student meets Ally’s U.S.-resident/U.S.-street-address requirement and has an accepted tax ID.
Marcus	The deposit agreement allows SSN or ITIN plus qualifying U.S. address; identity documentation must separately meet Marcus verification rules.
Capital One	A temporary F-1 holder who is not a lawful permanent resident does not satisfy the published citizenship/permanent-residency requirement.

This is why KoruVest does not rank these accounts simply from 1 to 4. The account with the highest advertised APY is not useful if you cannot open it.

APY still matters—but compare it correctly

Once eligibility is confirmed, APY becomes important.

But three common mistakes can distort the comparison.

1. Comparing a promotional APY with a standard APY

SoFi’s current new-customer boost is temporary and conditional. Marcus’s referral boost is also promotional. A temporary boosted APY should not be compared with another bank’s standard rate as if both last indefinitely.

2. Ignoring the conditions required to earn the higher rate

SoFi’s high-yield tier depends on eligible direct deposit or qualifying deposits. Ally and Marcus currently publish simpler standard-rate structures without that same recurring-deposit condition.

3. Treating today’s APY as permanent

These savings rates are variable. The rate can change after you open the account.

A $10,000 example: rate differences matter, but not as much as eligibility

Assume a $10,000 balance remains unchanged for one year and, purely for illustration, the APY stayed constant.

Illustrative APY	Approx. annual interest on $10,000
3.00%	about $300
3.10%	about $310
3.40%	about $340
4.00% promotional illustration	about $400 if that APY actually lasted a full year—which the current SoFi boost does not

The difference between 3.00% and 3.40% on $10,000 is roughly $40 over a year if rates never changed.

That matters, but it also puts rate chasing in perspective. If a higher rate requires recurring deposits you cannot maintain, or the account is unavailable to your immigration/residency status, the headline APY is not the right decision metric.

FDIC insurance: check the bank and ownership category, not just the brand

SoFi Bank, Ally Bank, Goldman Sachs Bank USA (Marcus), and Capital One, N.A. are FDIC-insured institutions.

FDIC insurance is generally applied up to the applicable legal limit by depositor, insured bank, and ownership category. Multiple accounts at the same insured bank do not automatically create a new insurance limit for each account.

If your balance is large—or you already hold other deposits at the same banking institution—check the FDIC’s current coverage rules rather than relying only on the marketing name of the account.

What to check before opening a HYSA as a newcomer

1. Eligibility: citizen, permanent resident, non-permanent resident, or simply U.S. resident?
2. Tax ID: does the bank accept SSN, ITIN, or either?
3. Address: is a U.S. physical or street address required?
4. Identity documents: which passport, state ID, permanent resident card, or other documents are accepted?
5. Rate conditions: direct deposit, qualifying deposits, membership, or promotion?
6. Fees and minimums: monthly fees, minimum opening deposit, minimum balance, transfer fees.
7. Access: ACH transfers, same-day transfers, ATM/cash access, linked checking requirements.
8. Future move: what happens if you later leave the United States?

Which account should a newcomer investigate first?

Situation	Start by checking
Non-permanent resident with SSN or ITIN	SoFi’s published newcomer-friendly eligibility; also compare Ally and Marcus based on U.S. residency/address rules.
Want simple standard APY with no deposit condition	Marcus and Ally deserve comparison after eligibility is confirmed.
Citizen or green-card holder wanting a broader bank ecosystem	Capital One 360 Performance Savings may deserve a look, alongside the others.
Chasing the highest promotional rate	Read the promotion period and recurring qualification rules before moving money.

Bottom line

There is no universal “best high-yield savings account for beginners.”

For a U.S. newcomer, the better decision order is:

eligibility → tax ID and address requirements → APY conditions → fees → access → what happens if your residency changes.

SoFi is notable because its published eligibility explicitly includes non-permanent residents and accepts SSN or ITIN. Ally publishes a U.S.-residency approach rather than a citizenship-only requirement. Marcus focuses on U.S. address plus SSN/ITIN and separate identity verification. Capital One 360 Performance Savings currently requires U.S. citizenship or lawful permanent residency.

Those differences are more useful to an international student or visa holder than a generic 1-to-4 ranking based only on APY.

Related KoruVest guides

• What Is a High-Yield Savings Account?
• Building U.S. Credit as a Newcomer
• How to Build an Emergency Fund

Official sources

• SoFi — Checking & Savings eligibility information
• SoFi — Savings account rates and APY requirements
• SoFi — Current APY boost promotion terms
• Ally Bank — Opening an Account FAQs
• Ally Bank — Savings Account
• Marcus by Goldman Sachs — Online Savings Account
• Marcus — Savings & Deposit Account FAQs
• Marcus — Deposit Account Agreement
• Capital One — 360 Performance Savings Account Disclosures
• Capital One — Savings Accounts
• FDIC — Deposit Insurance

KoruVest reviewed the official sources above on September 11, 2026. Savings rates are variable and eligibility is subject to each bank’s current verification and compliance review.

Published: July 10, 2026 · Last updated: September 11, 2026