Looking for the Best High-Yield Savings Rates on Oct. 1, 2025? Earn up to 5.00% APY Today

Is now a good time to open a high-yield savings account?

Even after the Fed’s recent rate cut, many top HYSAs are still paying between 4.00% and 5.00% APY — some of the strongest returns in years and far better than the near-zero yields most big banks offer.

They’re safe, simple, and flexible. Deposits up to $250,000 are FDIC-insured, and you can move or withdraw money anytime. With no lockup period, an HYSA works well for an emergency fund or short-term savings you may need to reach quickly.

The catch? These rates may not hold up much longer. With one Fed rate cut behind us and the potential for more before the year concludes, HYSA rates could start sliding lower as 2025 moves forward. That makes today’s higher yields especially valuable for savers who don’t want to wait.

How to open an HYSA in 3 simple steps

You can open a high-yield savings account in just a few minutes. Here’s how:

1. Find the account for you. Look for a high APY, no monthly fees, and no requirements that you can’t meet (like a minimum balance). Also make sure the bank offers a checking account so you can link it to your savings and make instant transfers.
2. Apply for an account on the bank’s website. You’ll need to provide some basic information, like your address and Social Security number.
3. Transfer your money. Log into your new bank’s website and transfer money from your old savings account into your new one. Transfers between different banks typically take a few business days.

That’s all it takes to open an HYSA and start earning a high APY. Note: You may also need to redirect any automatic deposits or withdrawals to your new account.

How much can your savings earn in an HYSA?

At 4.00% APY, savings can snowball over time. Whether you start small or deposit more upfront, the growth adds up quickly.

Data source: Author’s calculations.