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 Bank leading the rates.
- Federal Reserve rate cuts in 2025 influenced savings account yields, causing them to decline.
- High-yield savings accounts offer significantly higher rates than traditional accounts, often with no minimums.
- FDIC-insured accounts protect your money, and online banks often provide the best rates.
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, and another in October.
Markets anticipate the possibility of one more cut this year, as the Fed has a December meeting scheduled.
Coins2Day has teamed up with Curinos, an expert team of financial industry consultants, to bring you the highest savings account rates available today.
Top savings rates now: Up to 5.00% APY
The best high-yield savings account rate on the market is 5.00%, offered by Varo Bank. There are also competitive rates offered by Axos Bank and SoFi. Coins2Day keeps track of the best rates from major U.S. Financial institutions to help readers obtain the best possible return on their savings. Here are the top savings account interest rates you can find:
FDIC deposit rates: Jan 2020-now
To assess if your savings account is yielding a good return, simply compare it to the national average savings rate, which is presently 0.41%%. This figure has decreased from a record peak of 0.47% in March 2024, preceding the Federal Reserve's three successive rate reductions last year and its initial rate cut of 2025 in September.
What to expect from savings accounts 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, savings account yields tend to fall when the Fed lowers rates.
Beyond the specific rates, individual financial institutions also factor in other elements for their savings accounts. Banks modify their Annual Percentage Yields (APYs) based on a mix of their internal financial objectives, strategies for acquiring new clients, and prevailing market trends.
Banks reserve the right to alter savings account interest rates whenever they deem it necessary, for any given cause. Following Fed meetings, which happen about eight times annually, frequent changes often take place. The Federal Reserve enacted three interest rate reductions toward the end of 2024. Shortly thereafter, many financial institutions started lowering their savings account annual percentage yields.
The Federal Reserve lowered its key interest rate by 0.25% in September, following a period of no change for several months in 2025. The 16-17 meeting saw a similar increase, with the same amount added again at the October meeting. With one more meeting scheduled for this year, banks could lower their annual percentage yields if they anticipate the Fed will implement a cut in December. 9-10.
Be on the lookout for savings accounts that offer a good return
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 exceptionally high annual percentage yields (APYs), often substantially exceeding typical rates. The national average savings rate is currently 0.41%, yet numerous high-yield accounts provide interest rates above 4%.
Conventional banks frequently offer physical branch access alongside reduced interest rates, whereas online institutions typically present high-yield accounts with superior rates but restricted in-person assistance. Nevertheless, irrespective of the savings account type you choose, you can anticipate pay taxes on any interest earned.
You might want to consider opening a high-yield savings account because of these benefits:
- Interest rates that are considerably higher than those offered by conventional savings accounts
- Frequently without minimum balance stipulations or monthly charges
- Easy access to your funds
- Perfect for urgent cash needs or savings targets for the near future
- FDIC-insured, providing the same protection as traditional banks
When considering savings accounts, look for competitive annual percentage yields to boost your returns. Many high-yield accounts have no minimum balance requirements nor monthly maintenance fees, but make sure to read the fine print. You should also ensure the account provides easy access to withdrawals or transfers when needed (bonus points for accounts that waive foreign ATM fees). Remember to verify FDIC insurance coverage, and don’t forget that some banks offer attractive welcome incentives for new customers.
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FAQs
High-yield savings account APYs fluctuate frequently.
There’s no fixed schedule for when your high-yield savings account’s APY might change. Banks and credit unions can adjust these rates whenever they choose. Typically, though, you’ll notice rate changes follow shifts in the Federal Reserve’s benchmark rate—when the Fed moves the federal funds rate up or down, banks often do the same with their savings products.
Switch banks for a better savings rate?
You’re not restricted from having savings accounts at different banks, so switching is an option. However, make sure the higher APY justifies the hassle, and watch for any minimum deposit requirements that could impact your returns.
HYSA withdrawals: how simple?
With many banks, withdrawing from a high-yield savings account is straightforward—transfers to external accounts can usually be done online in just a few steps. Still, know that many institutions may limit you to six withdrawals per month.
Online banks for your HYSA?
Because they operate without physical branches, online-only banks may be able to offer higher rates on savings accounts, making them an attractive option for many savers.
Risk in high-yield savings accounts
As long as your HYSA is with an FDIC-insured bank or an NCUA-insured credit union, your money is protected up to the insurance limit.
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.
Series on daily savings rates created by former Coins2Day editor Cassie Bottorff. This edition has been updated by Editor, Evergreen Content Glen Luke Flanagan.