As mid-September arrives, savers are still in a strong position. Many high-yield savings accounts (HYSAs) are paying between 4.00% and 5.00% APY — far above the low returns at most big banks.

That window could close soon, however. The Fed meeting concludes tomorrow, and a rate cut is widely expected. If that happens, today’s higher yields may not be around much longer.

If you’ve been waiting to open an HYSA, now could be your last chance for a while to glimpse APYs of this caliber. Here are today’s best high-yield savings account offers.

  • 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. 15, 2025.

Should you open an HYSA now?

Top HYSAs are still paying between 4.00% and 5.00% APY — some of the best rates in years and far above what most big banks offer.

They’re safe and flexible, too. Deposits up to $250,000 are FDIC-insured, and you can transfer or withdraw funds anytime. With no lockup period, an HYSA is a great place for an emergency fund or short-term savings you may need to tap quickly.

It’s true, the very best time to open one may have been months ago, when rates were higher and there was a longer runway to collect interest. But even with the Fed expected to cut rates at the conclusion of its meeting tomorrow — and some banks already trimming APYs — HYSAs are likely to remain a solid deal for the foreseeable future.

Open an HYSA in just 3 simple steps

Getting started with a high-yield savings account is quick and easy. Here’s how:

  1. 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.
  2. 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.
  3. 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.

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