Savers are still in a good spot as September kicks off. Many high-yield savings accounts (HYSAs) are paying 4.00% APY or more — well above the low returns most big banks still offer.
An HYSA works like a regular savings account, but with a much bigger payoff. Your money stays safe, FDIC-insured, and easy to access, while even a small balance can grow faster than it would in a standard account.
With the Fed meeting less than three weeks away and a rate cut expected, these elevated yields may not stick around. Check out the top offers while they’re still available.
- 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. 1, 2025.
Should you open an HYSA now?
At the moment, top HYSAs are paying between 4.00% and 5.00% APY — well above inflation and far better than the near-zero returns most big banks still give.
They’re safe, flexible, and simple to manage. Your deposits (up to $250,000) are FDIC-insured, and you can move or withdraw your money anytime. Unlike a CD, there’s no long-term lockup, so an HYSA works whether you’re building an emergency fund, saving for a short-term goal, or just parking extra cash where it earns more.
The catch is that these high rates may not last. The Fed has held interest rates steady so far this year, but many experts expect a cut at the September meeting — now just weeks away. Some banks have already started lowering APYs, which means waiting could cost you access to today’s best returns.
How to open an HYSA in 3 simple steps
You can open a high-yield savings account in just a few minutes. Here’s how:
- Find the best high-yield savings account for you. Look for a high APY, no monthly fees, and no requirements that you can’t meet (like a minimum balance). Also make sure the bank offers a checking account so you can link it to your savings and make instant transfers.
- Apply for an account on the bank’s website. You’ll need to provide some basic information, like your address and Social Security number.
- Transfer your money. Log into your new bank’s website and transfer money from your old savings account into your new one. Transfers between different banks typically take a few business days.
That’s all it takes to open an HYSA and start earning a high APY. Note: You may also need to redirect any automatic deposits or withdrawals to your new account.
How much can your savings earn in an HYSA?
With a 4.00% APY, your savings can grow faster than you might think — whether you start with a little or a lot. The table below shows how much you can earn over various lengths of time with 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.
Even a smaller deposit can turn into thousands in interest if you let it sit and grow — no extra contributions needed.
The sooner you open an HYSA, the sooner your money starts working harder, often earning 10 times the interest of a typical savings account. So don’t wait — open a high-yield savings account today.