Savers still have an edge heading into mid-September. Top high-yield savings accounts (HYSAs) are paying between 4.00% and 5.00% APY — a huge step up from the tiny returns offered by most big banks. Even a modest deposit can grow much faster at those rates.

But these yields may not last. The Fed meets this week, and a rate cut is widely expected. That could bring savings rates down from where they are now.

If you’ve been holding off, this might be one of the last chances to snag a strong APY. Here are today’s best high-yield savings account rates.

  • 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. 14, 2025.

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

At the moment, many of the best HYSAs are paying between 4.00% and 5.00% APY — some of the strongest rates we’ve seen in years.

They’re also safe and easy to use. Deposits up to $250,000 are FDIC-insured, and you can move or withdraw your money anytime. Unlike a CD, there’s no lockup, making an HYSA a smart choice for an emergency fund or short-term savings you may need quick access to.

The catch? These high yields may not stick around. The Fed’s next meeting wraps up later this week on Sept. 17, and a rate cut is widely expected. Some banks have already started lowering APYs, so waiting could mean missing out on today’s top offers.

How to open a high-yield savings account in 3 easy steps

You can set up an HYSA in no time. Here’s what to do:

  1. Pick the right high-yield savings account. Search for one with a strong APY, no monthly fees, and requirements you can easily meet. If possible, choose a bank that also offers a checking account so you can link the two for quick transfers.
  2. Apply online. Most banks let you open an account online. You’ll just need a few basics, like your address and Social Security number.
  3. Move your money. Log in to your new account and transfer funds from your old savings or checking account. Transfers between banks usually take a few business days.

And that’s it — you’re ready to start earning more interest. Just remember to update any automatic deposits or bill payments to your new account.

How much can your money earn in a high-yield savings account?

Here’s how much interest you’d earn over different lengths of time with an HYSA paying 4.00% APY, depending 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.

Given enough time, even a modest balance can bring in thousands in interest — and that’s without adding another dollar.

The sooner you open an HYSA, the sooner your money starts working harder, often earning 10 times the interest of a typical savings account. So don’t wait — open a high-yield savings account today.

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