Top High-Yield Savings Accounts Right Now: Rates as High as 5.00% APY

Our Top High-Yield Savings Account Picks

Current high-yield savings rates

We monitor savings accounts that offer standout APYs, lower fees, and stronger terms. Join 35,000+ readers who receive weekly roundups of the best rates and smarter ways to grow their money.

Why your savings rate may be holding you back

The best HYSAs are paying up to 5.00% APY, which is more than 13 times the national average of 0.38%. On a $10,000 balance, that difference adds up to about $462 in extra interest a year. The gap grows quickly as your balance increases.

What is pushing rates higher: Online banks are competing hard for deposits, and a recent Fed rate hike has helped lift rates even further. That means the opportunity to lock in strong returns remains open.

Why a switch can make sense: Your deposits are FDIC-insured up to $250,000, your funds remain fully accessible, and there are no withdrawal penalties. The choice is straightforward.

How to open a high-yield savings account

Getting started with an HYSA is usually simple. Here is the basic process:

1. Choose an account. Focus on APY, but also look at monthly fees, which the best accounts do not charge, and transfer options. If you can link it to your existing checking account at the same bank, transfers are often faster.
2. Finish the application. Everything is done online. You will provide your name, address, date of birth, and Social Security number. Most applications take less than five minutes.
3. Make your first deposit. Move money from your checking account or another savings account. Standard transfers usually take a few business days, although some banks offer same-day or next-day funding.

After that, the account largely runs on its own. Set up recurring transfers if you want to save automatically, and update any direct deposits so they go straight into your HYSA.

Grow savings with compound interest

Compound interest works by earning interest on your balance and then earning interest on that interest as well. The effect starts slowly, but it builds over time. Here is what it looks like at 4.00% APY with no additional deposits:

Compared with the same balance earning the national average of 0.38%, the long-term difference is significant. The best accounts available now can pay more than 13 times the interest of a typical savings account, without adding extra risk to your principal.