Savers are still in a strong spot this September. Many high-yield savings accounts (HYSAs) are offering 4.00% APY or more — far better than the minimal interest most big banks provide.
An HYSA gives you the same safety and access as a standard savings account, but with much higher earning power. Even a small balance can grow faster when it’s collecting several times the national average rate.
The Fed meets in just over a week, and a rate cut is widely expected. That means today’s higher yields may not be around much longer. Here are the best high-yield savings account rates available now.
- 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 Sept. 8, 2025.
Should you open a high-yield savings account now?
Right now, many of the best HYSAs are paying between 4.00% and 5.00% APY — well above inflation and far higher than the minimal interest most big banks still offer.
They’re safe and flexible, too. Deposits up to $250,000 are FDIC-insured, and you can move or withdraw money anytime. With no lockup period, an HYSA is a practical choice whether you’re setting aside cash for emergencies or short-term goals.
The catch? These strong rates may not stick around. The Fed’s next meeting is coming up soon, on Sept. 16–17, and many experts expect a rate cut. Some banks have already started lowering APYs, so waiting could mean missing out on today’s top savings rates.
How to open a high-yield savings account in 3 easy steps
You can set up an HYSA in no time. Here’s what to do:
- 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 your money earn in a high-yield savings account?
Here’s how much interest you’d earn over different lengths of 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.