High-yield savings accounts are still must-have for savvy savers, as they offer annual percentage yields (APYs) that far surpass the average. Right now, a few of the best savings accounts offer rates above 4%, with a handful still approaching the coveted 5.00% mark.
TL;DR
- High-yield savings accounts offer APYs up to 5.00%, significantly surpassing average rates.
- Varo Money leads with a 5.00% APY; Axos Bank, Presidential Bank, and SoFi also offer strong yields.
- Federal Reserve rate cuts in September and October 2025 have influenced savings account rates.
- These accounts are FDIC-insured, often have no minimum balance, and are ideal for emergency funds.
The outlook for the economy has been opaque lately. As a result, the Federal Reserve held off on cutting rates for the first part of the year. However, the central bank finally made its first cut of 2025 at the Sept. 16-17 meeting, citing a slowdown in job gains, then made another cut in October.
While savings account APYs remained fairly stable while the Fed held pat on rate cuts, its possible banks might decrease the rates they offer if they expect further reductions. With one more meeting on the calendar for this year, it’s within the realm of possibility.
To help savers maximize their returns, Coins2Day has joined forces with the banking industry experts at Curinos to bring you a comprehensive overview of the highest savings account rates currently available nationwide.
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Top savings accounts Nov 6, 2025: Up to 5.00% APY
Varo Money currently leads the pack with an impressive 5.00% rate on its high-yield savings account, setting the bar for the industry. Other institutions with strong yields include Axos Bank, Presidential Bank, and SoFi.
Coins2Day continuously monitors the top rates offered by leading U.S. Financial institutions. Check out the top savings account rates on the market:
FDIC deposit rates Jan 2020-now
Currently, the national average savings rate is around 0.40%, a significant drop from the 0.47% rate observed in March 2024. This decline has been closely linked to the Federal Reserve's recent interest rate cuts.
Savings account news in 2025
The Federal Reserve's choices regarding interest rates significantly influence savings accounts. Banks generally increase the interest they offer on savings accounts to stay competitive when the Fed raises its benchmark rate. Conversely, savings account yields tend to fall when the Fed reduces rates.
Yet, this connection isn't consistently direct. Although rate shifts often occur after Federal Reserve gatherings, which happen around eight times annually, certain financial institutions modify their rates more frequently, influenced by their competitive standing or in reaction to unforeseen market shifts.
At their September meeting, the Fed implemented their initial 2025 reduction, followed by another at the close of October. The upcoming FOMC gathering is slated for December 9-10. It's conceivable, though not certain, that the central bank might opt for a third decrease during that session.
A high-yield savings account offers you these benefits
High-yield savings accounts generally offer interest rates that are 10 to 20 times greater than those of conventional accounts. For example, with the national average savings rate at 0.40%, numerous high-yield accounts feature rates surpassing 4.00%.
While conventional banks offer physical branch access, they usually come with lower interest rates. Conversely, online banks frequently provide high-yield accounts with better rates but restricted in-person support.
Consider opening a high-yield savings account for these benefits:
- Significantly higher interest rates compared to traditional savings accounts
- Often free from minimum balance requirements or monthly fees
- Ideal for emergency funds or short-term savings goals
- FDIC-insured, providing the same protection as traditional banks
When searching for a new savings account, interest rates aren't the sole consideration. It's also important to steer clear of accounts that charge monthly maintenance fees and to investigate the ease of accessing your money. You'll want to confirm that you can readily perform withdrawals or transfers when needed, ideally without any inconvenient foreign ATM fees.
Frequently asked questions
How frequently do APYs for high-yield savings accounts fluctuate?
The interest rates for high-yield savings accounts aren't fixed on a set schedule. Your financial institution can modify the rate whenever it chooses, although adjustments to the annual percentage yield (APY) frequently align with The Federal Reserve's choices regarding the federal funds rate.
If you discover a savings account offering a better interest rate, should you consider changing your bank?
Shifting your funds for a more favorable rate might be logical, but consider the work involved versus the possible gain. Investigate if the alternative account imposes minimum balance requirements and determine your actual increased earnings prior to making a choice.
Withdrawing funds from a High-Yield Savings Account (HYSA) is generally straightforward.
Accessing funds from a HYSA is generally straightforward, facilitated by digital banking. If your financial institution permits linking external accounts online, you can typically start a withdrawal process with minimal effort. However, be mindful of monthly withdrawal caps; numerous banks continue to limit withdrawals to six per statement period, despite this no longer being a federal mandate.
Is an online-only bank the right choice for my high-yield savings account?
For those prioritizing maximum APY, online-only financial institutions present a strong option, given that their lower overhead costs can potentially lead to more favorable interest rates for depositors.
Is it possible to experience financial losses with a high-yield savings account?
Your money is secure from loss up to the insurance cap, provided your account is held at an FDIC- or NCUA-insured bank. Naturally, your account's annual percentage yield (APY) might not outpace inflation, potentially eroding the worth of your savings gradually.
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.