Are High-Yield Savings Accounts (HYSA) still worth it with current Fed rates?

I have $20,000 sitting in a traditional Chase savings account earning almost nothing. I keep hearing about online banks offering 4.5% to 5% APY. Is it safe to move my emergency fund to an online-only bank like Ally or SoFi?
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BanksInfo.usProfessorAsked on April 27, 2026 in Banking & Finance.
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