If you’re saving money right now, you’re in a great spot. Many high-yield savings accounts (HYSAs) are still paying between 4.00% and 5.00% APY — far better than the tiny returns at most big banks. That kind of interest can make even a modest balance grow faster than you’d expect.
The timing matters, too. The next Fed meeting concludes in exactly one week, and a rate cut is widely expected. Once that happens, today’s higher yields could start to slip.
If you want to take advantage of a strong return while it’s still available, now’s the time to act. Here are the best high-yield savings account rates you can get 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 Sept. 9, 2025.
Is now the right time to open a high-yield savings account?
At the moment, top HYSAs are paying between 4.00% and 5.00% APY — well above inflation and miles better than the tiny interest most big banks still pay.
They’re also safe and easy to use. Deposits up to $250,000 are FDIC-insured, and you can move or withdraw money whenever you need. Since there’s no lockup period, an HYSA works for both short-term savings and an emergency fund.
The catch is that these high rates likely won’t last much longer. The Fed’s next meeting is right around the corner, on Sept. 16–17, and many experts think a rate cut is likely. Some banks are already trimming APYs, so waiting could mean missing out on the best offers available today.
Open an HYSA in just 3 simple steps
Getting started with a high-yield savings account is quick and easy. Here’s how:
- Choose the best account for you. Look for a high APY, no monthly fees, and terms you can comfortably meet. A bank that also offers checking accounts can make transferring money back and forth much smoother.
- Complete the application. Most banks let you open an account right on their website. You’ll just need basic info like your address and Social Security number.
- Add your funds. Once approved, move money from your checking or savings into your new high-yield savings account. Transfers between banks can take a few business days to process.
That’s all it takes to start earning more on your savings. Just make sure to update any direct deposits or bill payments so they point to your new account.
How much interest can a high-yield savings account earn?
A 4.00% APY can make a big difference over time. Here’s what your savings could grow into at different starting balances:
|
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.
As the years add up, even a small deposit can turn into thousands in interest — and that’s without adding another dime.
Every day you wait is a day your money could be earning more. Open one of the top HYSAs now and watch your savings work up to 10 times harder than they would in a regular account.