Many high-yield savings accounts (HYSAs) are still paying between 4.00% and 5.00% APY now — far better than the low returns most big banks continue to offer. At those levels, even a small balance can grow a lot faster.

The timing, though, is important. The Fed meets in just a few days, and a rate cut is expected. Once that happens, today’s elevated yields may not stick around for long.

If you’ve been waiting to open an HYSA, now could be one of the last chances to take advantage of a strong rate. Here are the best high-yield savings account offers 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 Sept. 12, 2025.

Should you open a high-yield savings account now?

Right now, many of the top HYSAs are paying between 4.00% and 5.00% APY.

These accounts are safe and flexible. Deposits up to $250,000 are FDIC-insured, and you can move or withdraw money whenever you need. Unlike a CD with a locked-in term, an HYSA works well for an emergency fund or short-term savings you still want easy access to.

The catch? These high rates may be on their way out The Fed’s next meeting concludes on Sept. 17 — just a few days away — and at this point a rate cut is fully expected. Some banks have already started trimming APYs, so waiting could mean missing out on today’s best offers.

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.

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.

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