High-yield savings accounts continue to provide excellent returns for individuals aiming to boost their savings. Given that numerous accounts now boast annual percentage yields (APYs) exceeding 4.00%, with a small number still approaching 5.00%, this is an opportune moment to confirm you possess the optimal account for your financial objectives.
TL;DR
- Top high-yield savings accounts offer up to 5.00% APY as of October 10, 2025.
- Varo Money offers the highest rate at 5.00% APY; Axos Bank and SoFi also have competitive rates.
- High-yield accounts, often online-only, provide significantly better rates than standard accounts.
- Federal Reserve rate changes influence savings account APYs, with potential for banks to lower rates.
Amidst escalating inflation and an uncertain U.S. Economic forecast, the Federal Reserve paused its interest rate reductions early in 2025. However, the Federal Reserve ultimately implemented a widely expected rate cut during its September session.
Throughout the initial months of the year, savings account annual percentage yields (APYs) showed little fluctuation. However, following the September reduction in interest rates and the possibility of additional decreases at the Federal Open Market Committee's (FOMC) October and December gatherings, banks may consequently lower the APYs they provide.
To help readers make sound financial choices, Coins2Day has teamed up with Curinos, a group of respected financial industry advisors. Through this partnership, we're offering a clear and current overview of the best savings account interest rates on the market, designed for individuals aiming to improve their savings plans or start new financial projects.
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Top savings accounts offering high yields on October 10, 2025: Secure up to 5.00% APY
Coins2Day checks the highest rates from major U.S. Banks daily, assisting readers in maximizing their savings yields. The top high-yield savings account rate, at 5.00%, is available through Varo Money. You can also discover accounts with highly competitive rates at Axos Bank, SoFi, and Presidential Bank. Below are the most favorable savings account rates across the country:
FDIC average national deposit rates: January 2020 through today
In March 2024, the nation's average savings rate stood at 0.47%. This figure saw a rapid decline as the Federal Reserve initiated reductions to the federal funds rate later in the year. Currently, the national average savings rate is at 0.40%.
Savings account news in 2025
The Federal Reserve's choices regarding interest rates significantly influence the rates offered on savings accounts. Financial institutions commonly respond to an increase in the Fed's benchmark rate by boosting the interest paid on savings accounts to stay competitive. Conversely, a reduction in Fed rates typically leads to a decline in savings account yields.
Nonetheless, this connection isn't consistently straightforward. Financial institutions might modify their interest rates due to several influences, such as their internal financial aims, strategies to draw in new clientele, and prevailing economic circumstances.
The Federal Reserve convenes approximately eight times each year. At its December 2024 session, the central bank modified the federal funds rate to 4.25%-4.50%, subsequently lowering its key rate once more in September 2025 to 4.00%-4.25%, its present level. The upcoming FOMC gathering is scheduled for October 28-29.
You may discover high-yield savings accounts more readily than you anticipate.
You might have already reviewed offerings from local banks and found their rates unsatisfactory, or questioned the absence of specific products designated “high-yield savings accounts.” This is primarily due to the fact that the main distinction between high-yield and standard savings accounts lies in the interest rate provided. Standard accounts frequently provide access to physical branches but at reduced rates, whereas high-yield accounts are generally provided by online institutions and feature superior rates but restricted in-person services.
High-yield accounts generally offer interest rates that are ten to twenty times greater than those of standard accounts. For instance, with the national average savings rate at 0.40%, numerous high-yield accounts provide rates exceeding 4.00%.
Beyond offering significantly better interest rates than standard savings accounts, a high-yield savings account is a good choice if you'd prefer not to deal with minimum balance rules or monthly charges. These features often come together. They're perfect for setting aside money for emergencies or near-term objectives and are covered by FDIC insurance, giving you the same security as conventional banks. Just keep in mind that you'll need to pay taxes on any interest your earnings from the account.
Frequently asked questions
APYs on high-yield savings accounts can fluctuate frequently.
Financial institutions like banks and credit unions have the discretion to modify high-yield savings account interest rates at any time, without adhering to a fixed timetable. However, in reality, these adjustments typically happen when the Federal Reserve alters the federal funds rate.
If you discover a savings account offering a better interest rate, should you consider changing your bank?
A change might be beneficial, but it hinges on your personal circumstances. While you're allowed to hold several savings accounts, you should weigh any minimum deposit stipulations and assess if the improved interest rate will meaningfully boost your returns prior to deciding to switch.
For example, putting $1,000 in an account where the APY is 4% and leaving it for a year without further deposits might net approximately $39.98 in interest. While if the same account had an APY of 4.5%, you might earn $44.98 in interest over that year.
Withdrawing funds from a high-yield savings account (HYSA) is generally straightforward.
With a capable online banking system from your bank or credit union, withdrawing funds via your computer or mobile device should be straightforward. Keep in mind that numerous financial institutions still enforce a limit of six withdrawals monthly, despite this no longer being a federal mandate.
Is an online-only bank the right choice for my high-yield savings account?
Online banks, by avoiding expenses such as maintaining physical branches, can generally transfer these savings to their customers via better rates, presenting a compelling choice for your HYSA.
Is it possible to incur losses with a high-yield savings account?
If your institution's account is insured by the FDIC or NCUA, your deposits are covered up to the maximum insurance limit. However, if your account's annual percentage yield (APY) falls short of or doesn't surpass inflation, your purchasing power might still diminish.
Cassie Bottorff, a former Coins2Day editor, developed a series focusing on daily savings rates. Glen Luke Flanagan, Editor of Evergreen Content, has updated this particular edition.