Savers are still in a good spot at this point in September. Many high-yield savings accounts (HYSAs) are paying 4.00% APY or more — far above the tiny returns most big banks offer.
An HYSA gives you the same safety and access as a regular savings account, but with much stronger growth. Even a small balance can earn far more when it’s collecting several times the national average rate.
With the Fed meeting now less than two weeks away and a rate cut expected, today’s higher yields may not last. Here are the best high-yield savings account rates available right 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. 5, 2025.
Is a high-yield savings account the right move today?
Right now, top HYSAs are paying between 4.00% and 5.00% APY — far above inflation and much higher than what most big banks offer.
They’re safe, flexible, and FDIC-insured up to $250,000. You can move or withdraw your money anytime, unlike with a CD, which makes them great for an emergency fund or short-term savings.
The catch? Rates may not stay this high. The Fed’s next meeting is less than two weeks away, and many experts expect a rate cut. Some banks have already lowered APYs, so waiting could mean missing today’s best returns.
Open a high-yield savings account in 3 easy steps
It only takes a few minutes to open an HYSA. Here’s what to do:
- Choose your account. Look for one with a high APY, no monthly fees, and terms you can meet without hassle. A bank that also offers checking accounts can make transfers between accounts fast and easy.
- Apply online. Most banks have a short application you can fill out on their website. You’ll need some basic details, like your address and Social Security number.
- Transfer your funds. Once your account is open, move money over from your existing savings or checking. Bank-to-bank transfers usually take a few business days.
That’s all it takes to start earning more on your savings — just don’t forget to update any automatic deposits or withdrawals to your new account.
How much can your money earn in an HYSA?
At 4.00% APY, your savings can build up surprisingly fast. The table below shows how much interest you could earn over time based 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.
Even a smaller deposit can turn into thousands in interest if you let it sit and grow — no extra contributions needed.
Open one of the top HYSAs now, and your cash could start earning up to 10 times more interest than the average savings account.