Looking for a great place to stash your rainy-day emergency funds? There are still savings accounts offering rates of up to 5% APY, but they can be hard to find.
TL;DR
- Top savings accounts offer up to 5.00% APY, with Varo Money leading the list.
- Federal Reserve rate cuts influence savings account yields, with potential for further reductions.
- High-yield savings accounts offer better rates than the national average of 0.40%.
- Online banks often provide higher APYs, while FDIC insurance protects your funds.
When inflation rates started cooling off last year and the Federal Reserve eased monetary policy, savings rates declined from the nearly two-decade highs seen in 2022 and 2023. Over the past several months, the outlook on inflation and the U.S. Economy has been less clear, so the Fed initially held off on reducing the federal funds rate. However, the central bank finally delivered its first cut of 2025 at the Sept. 16-17 meeting.
The markets are also bracing for the potential of further reductions this year, with The Fed having upcoming sessions in October and December.
Coins2Day has partnered with Curinos, a group of financial industry consultants, to offer you the best savings account rates possible on October 21, 2025.
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Discover top savings account yields at October 21, 2025, offering up to 5.00% APY.
The best high-yield savings account rate available on the market stands at 5.00%, provided by Varo Money. Axos Bank, Presidential Bank, and SoFi are also providing accounts that feature very attractive returns.
Coins2Day tracks the premier rates from major U.S. Banks to assist readers in maximizing their savings yields. Below are the top savings account yields currently available:
FDIC deposit rates: Jan 2020-now
It's simple to assess the strength of your savings account's return by comparing it to the national average savings rate, which is presently 0.40%. This figure has decreased from a peak of 0.47% in March 2024, preceding the Fed's three successive rate reductions last year and the initial rate cut of 2025 in September.
Savings account news in 2025
The Federal Reserve's monetary policy decisions directly influence the typical interest rates offered on savings accounts. Financial institutions generally increase the interest they provide on savings accounts to remain competitive when the central bank raises its benchmark rate. Conversely, when the Fed lowers rates, the returns on savings accounts usually decline.
Beyond the specific rates, individual financial institutions' savings accounts involve other factors. Banks modify their Annual Percentage Yields (APYs) due to several influences, such as their internal financial objectives, initiatives to draw in new clients, and prevailing market dynamics.
Banks reserve the right to alter savings account interest rates whenever they deem fit. These adjustments often follow Federal Reserve meetings, which happen roughly eight times annually. For instance, the Fed enacted three rate reductions in late 2024, prompting many banks to promptly lower their savings account APYs.
The Federal Reserve lowered its key interest rate by 0.25% during its September 16-17 gathering, following a prolonged period of stability throughout 2025. With two remaining sessions this year, financial entities could potentially lower their annual percentage yields if they anticipate further reductions in the federal funds rate by The Fed.
Be on the lookout for savings accounts that offer substantial returns
From a technical standpoint, no specific banking deposit product is designated as a “high-yield savings account.”. This label is typically used for accounts providing the most substantial APYs, often significantly higher than typical rates. While the national average savings rate is currently 0.40% as of October 21, 2025, numerous high-yield accounts are currently offering rates surpassing 4%.
Conventional banks usually offer physical branch access with less favorable rates, whereas online banks commonly provide high-yield accounts with better rates but restricted in-person assistance. However, no matter which savings account you choose, you can anticipate pay taxes on any interest earned.
Consider opening a high-yield savings account for these advantages:
- Significantly higher interest rates compared to traditional savings accounts
- Often free from minimum balance requirements or monthly fees
- Easy access to your funds
- Ideal for emergency funds or short-term savings goals
- FDIC-insured, providing the same protection as traditional banks
When comparing savings accounts, look for strong APYs to boost your returns. Numerous high-yield options lack minimum balance rules and monthly fees, but always check the details. Confirm the account allows for straightforward withdrawals or transfers, and it's a plus if they waive foreign ATM fees. Always confirm FDIC insurance, and remember some banks provide appealing welcome incentives for new clients.
Frequently asked questions
How frequently do APYs for high-yield savings accounts fluctuate?
The timing of adjustments to your high-yield savings account's APY isn't predetermined. Financial institutions have the discretion to alter these rates at any time. However, rate modifications usually align with movements in the Federal Reserve's key interest rate; when the Fed alters the federal funds rate, banks frequently mirror these changes in their savings offerings.
If you discover a savings account offering a better interest rate, should you consider changing your bank?
You're free to maintain savings accounts at multiple financial institutions, meaning a change is feasible. Nevertheless, confirm that the improved APY warrants the inconvenience, and be mindful of any minimum deposit stipulations that might affect your earnings.
Withdrawing funds from a High-Yield Savings Account (HYSA) is generally straightforward.
For most banks, taking money out of a high-yield savings account is simple; you can typically move funds to outside accounts online with minimal effort. However, be aware that numerous banks might restrict you to a maximum of six withdrawals each month.
Is an online-only bank the right choice for my high-yield savings account?
Online-only banks, lacking physical branches, can potentially provide better rates on savings accounts, appealing to numerous savers.
Is it possible to experience financial losses with a high-yield savings account?
Your funds are safeguarded up to the insurance cap, provided your HYSA is held by an FDIC-insured bank or an NCUA-insured credit union.
We’ll also note you’re not at risk of losing your principal like you could in the stock market—though inflation could erode your purchasing power over time.
Former Coins2Day editor Cassie Bottorff developed a series focusing on daily savings rates. Glen Luke Flanagan, Editor of Evergreen Content, has revised this particular edition.