High-yield savings accounts yield up to 5.00% APY (annual percentage yield) as of Jan. 12, 2026. That’s a far superior return for savers looking to earn interest than the national average savings rate of 0.39%, per numbers from the Federal Deposit Insurance Corporation (FDIC).
Whether you’re building an emergency fund, saving for a big expenditure like a dream vacation, preparing to make a sizable investment in precious metals like gold and silver or saving for retirement, making sure your funds are in one of the top high-yield savings accounts is a smart money move.
The three highest-APY accounts we’ve identified are as follows:
- Earn up to 5.00% with Varo Money.
- Earn up to 4.35% with Newtek Bank.
- Earn up to 4.31% with Axos Bank.
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The highest savings account rates on January 12, 2026
Fortune has partnered with the financial industry consultants at Curinos to give you an accurate look at the highest savings account rates on the market. Varo Money takes first place for highest APY with Newtek Bank following after and Axos Bank placing third. Read on to see our full list of HYSAs and find the one that’s right for your needs.
What the Fortune/Curinos partnership means for you
Curinos brings more than three decades in the financial services data space to the table. The Fortune team receives and analyzes daily Curinos reports showcasing savings account and certificate of deposit (CD) rates at a wide swath of financial institutions. The end result is a data-driven list empowering savers to select accounts that they will find the most rewarding.
History of savings account rates
While the average savings account rate has increased from the lows seen from 2020 to 2022, it’s still far below the APYs available on the most generous high-yield savings accounts on our list.
Why should you choose a high-yield savings account?
To be clear, there’s no such thing as a special class of bank accounts called “high-yield savings accounts.” There’s simply a group of U.S. financial institutions that tend to offer savings account rates that are much higher than the industry average. Financial experts call them high-yield savings accounts.
Banks that offer conventional savings accounts with lower interest rates tend to have bricks-and-mortar branch networks and offer a full suite of deposit and lending products. Meanwhile, institutions that offer high-yield savings accounts are oftentimes online banks with a very limited menu of other banking products and no access to physical branches.
So, if you’re looking to maximize the interest you earn on your savings and you’re comfortable managing this part of your banking online rather than in-branch, choosing a high-yield savings account might take you from earning what seems like pennies in interest to potentially hundreds of dollars per year (depending of course on how much you deposit and your specific APY).
How much interest can you earn with a higher APY?
Let’s consider a hypothetical where a saver leaves $5,000 in an account untouched for a year, and the savings account’s APY remains stable for that time. Here are estimates for the interest you might earn in an account with a 5.00% APY compared to one with a 0.40% APY:
As you can see, keeping your money in a high-yield savings account rather than a traditional savings account is a relatively low effort change that can make a huge difference in what you earn.
What should you look for in a high-yield savings account?
Some key factors savers will typically wish to prioritize include:
- Interest rates. Look for competitive APYs to maximize your earnings.
- Low or no minimums. Many high-yield accounts have no minimum balance requirements, which is great for savers who are just starting out and don’t have a huge chunk of cash on hand to deposit upfront.
- No monthly fees. Avoid accounts with monthly maintenance fees that can eat into your savings.
- Accessibility of funds. Ensure you can easily withdraw or transfer money when needed—some banks have withdrawal limits and charge fees for foreign ATMs.
- Security and insurance. Verify that the account is FDIC-insured if it’s a bank or NCUA-insured if it’s a credit union.
No matter what type of savings account you hold, you can expect to pay taxes on any interest you earn.
Frequently asked questions
Are savings account rates going to fall?
This is possible but not certain. Financial institutions often adjust the rates they offer as the Federal Reserve raises or cuts its benchmark federal funds rate. The Fed started cutting the federal funds rate in late 2025—good news for folks hoping to borrow with financial products like mortgages, but not such great news for savers worried about the APYs on their accounts decreasing.
Can I lose money in a high-yield savings account?
Before you open an account, make sure your savings will be insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). That should protect you against losing money. It’s also worth noting that money in a savings account is not at risk of a loss in the same way as money invested in the stock market. However, your money could still lose purchasing power if inflation outpaces your account’s APY.
Is a high-yield savings account still worth it?
In short, yes. Even as the Fed has cut the federal funds rate, many high-yield savings accounts still offer APYs above 4.00%. And, high-yield savings accounts remain one of the best vehicles for earning interest on your money while keeping it readily accessible. However, if you’re willing to sacrifice liquidity in exchange for a locked-in rate, consider opening a certificate of deposit instead.
