Savers are still in a good position as September gets rolling. Many high-yield savings accounts (HYSAs) are paying 4.00% APY or more — a big jump from the tiny returns most big banks still offer.
An HYSA works like a standard savings account, but the earnings are much better. Your money is FDIC-insured, easy to access, and safe, while even a small balance can grow faster than it would in a traditional account.
With the Fed meeting now less than two weeks away and a rate cut expected, today’s higher yields may not stick around for long. 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. 3, 2025.
Is now the right time to open an HYSA?
At the moment, top HYSAs are paying between 4.00% and 5.00% APY — far better than inflation and leagues above the tiny returns most big banks still give.
They’re safe, flexible, and easy to manage. Your deposits (up to $250,000) are FDIC-insured, and you can move or withdraw funds anytime. Unlike a CD, there’s no lockup, so an HYSA works whether you’re building an emergency fund, saving for something short term, or just putting extra cash to work.
The catch? These elevated rates may not last. The Fed has kept interest rates steady so far this year, but its next meeting is now less than two weeks away — and many experts expect cuts soon. Some banks have already started lowering APYs, which means waiting could cost you today’s best returns.
Open a high-yield savings account in just 3 simple steps
Getting started with an HYSA 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 money 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.