Right now, savers are in a good spot. Many high-yield savings accounts (HYSAs) are paying 4.00% APY or more — well above the low returns most big banks still offer.
An HYSA works the same as a regular savings account, but the payoff is much bigger. Even a small balance can earn far more interest than it would at a traditional bank.
The Fed’s next meeting is only weeks away, and a rate cut is expected. That means today’s higher yields may not last. But there’s still time to jump in.
Here are the best high-yield savings account rates available today.
- Varo Savings — up to 5.00% APY (Max APY on up to $5,000, 2.50% APY after)
- Pibank Savings — 4.60% APY (No min. balance)
- Elevault — 4.60% APY (No min. balance. Balances over $250,000 do not earn interest)
- Presidential Bank Advantage Savings — 4.50% APY ($5,000 min. to open, terms apply)
- Axos ONE® — up to 4.46% APY (Min. balance: $1,500)
Data source: Issuing banks. Rates are accurate as of August 29, 2025.
Should you open a high-yield savings account now?
At the moment, top HYSAs are paying between 4.00% and 5.00% APY — far above inflation and miles better than the pennies most big banks still pay.
They’re also safe and simple. Your deposits (up to $250,000) are FDIC-insured, and you can move or withdraw money anytime you need. Link it to your checking account, and your cash is never out of reach. Unlike CDs, you don’t have to lock up your money, which makes an HYSA a flexible choice for both short-term and long-term savers.
But these high returns may not last. The Fed has kept interest rates steady so far this year, yet many experts expect a cut at the September meeting — now less than three weeks away. Some banks have already started lowering APYs, so holding off could mean missing out on today’s best rates.
3 quick steps to open an HYSA
You can open a high-yield savings account in just a few minutes. Here’s how:
- Pick the right high-yield savings account. Search for one with a strong APY, no monthly fees, and requirements you can easily meet. If possible, choose a bank that also offers a checking account so you can link the two for quick transfers.
- Apply online. Most banks let you open an account online. You’ll just need a few basics, like your address and Social Security number.
- Move your money. Log in to your new account and transfer funds from your old savings or checking account. Transfers between banks usually take a few business days.
And that’s it — you’re ready to start earning more interest. Just remember to update any automatic deposits or bill payments to your new account.
How much can you earn in a high-yield savings account?
With a 4.00% APY, your savings can grow faster than you might think. Here’s how much interest you’d earn over time with an HYSA paying 4.00% APY, depending on your starting balance.
|
Starting Balance |
1 Year |
5 Years |
10 Years |
20 Years |
|---|---|---|---|---|
|
$5,000 |
$204 |
$1,104 |
$2,457 |
$5,622 |
|
$10,000 |
$408 |
$2,208 |
$4,914 |
$11,244 |
|
$20,000 |
$816 |
$4,416 |
$9,828 |
$22,488 |
Data source: Author’s calculations.
Given enough time, even a modest balance can bring in thousands in interest — and that’s without adding another dollar.
The sooner you open an HYSA, the sooner your money starts working harder, often earning 10 times the interest of a typical savings account. So don’t wait — open a high-yield savings account today.