High-yield savings accounts are delivering up to 5.00% APY as of Jan. 23, 2026—that’s significantly higher than the FDIC’s national average of 0.39%. For someone genuinely interested in making their money work for them, this comparison tells you everything you need to know.
Whether you’re looking to build an emergency fund, save toward a big expense like a dream vacation, sock away funds until you have enough to buy gold or silver, or contribute toward a retirement nest egg, earning interest with a high-yield savings account is just a smart move. You get meaningful returns and your funds remain comparatively liquid.
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.
Check Out Our Daily Rates Reports
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The highest savings account rates on January 23, 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 the top spot, with Newtek Bank and Axos Bank landing in second and third, respectively. 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 over thirty years of financial data expertise to the table. We get daily reports from Curinos on savings and CD rates from financial institutions nationwide and use this info to compile our list. You can rest assured that Fortune is providing data-driven recommendations designed to help you make an informed choice.
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?
First, we’ll note that “high-yield savings account” isn’t technically its own account type. It’s the term we apply to any savings account offering rates meaningfully above the industry standard. In other words, it’s a helpful shorthand.
In many cases, traditional savings accounts are offered by brick-and-mortar banks while high-yield savings accounts are available from banks and credit unions that operate mostly or entirely online. By not having to pay for physical branch infrastructure, and sometimes by only offering a slimmed-down slate of products, online branches can often reward their customers with higher APYs.
If you’re comfortable with online banking, moving to a high-yield account can increase the interest you earn in a meaningful way. Depending on how much you deposit and your specific account’s APY, you’re looking at potentially hundreds more annually than you’d get from a traditional savings account.
How much interest can you earn with a higher APY?
Consider this scenario: You have $5,000 that stays put for an entire year. And let’s assume for the sake of the hypothetical that your APY remains unchanged for that period. The earnings difference between a 5.00% APY and a 0.40% APY makes the case for switching clearly.
What should you look for in a high-yield savings account?
When shopping around for a HYSA, these factors deserve your attention:
- Competitive rates. Search for APYs that meaningfully increase your earnings potential.
- Low or zero minimums. Many high-yield accounts don’t require large opening deposits, which is a plus for folks who are just starting out on their savings journey.
- No maintenance costs. Avoid accounts that charge monthly fees eating into your accumulated interest.
- Withdrawal flexibility. You want to know you’ll be able to transfer your money when you need it. Be aware of withdrawal restrictions and foreign ATM charges.
- Deposit guarantees. Verify FDIC coverage if opening an account with a bank, or NCUA coverage with a credit union.
Note, you will owe taxes on the interest you earn.
Frequently asked questions
Are savings account rates going to fall?
Potentially. Banks typically adjust rates in response to Federal Reserve decisions. With the Fed beginning its rate-cutting cycle in late 2025—favorable for borrowers, less so for savers—there’s a reasonable expectation that savings rates could decrease.
Can I lose money in a high-yield savings account?
Before opening an account, confirm it carries FDIC or NCUA protection—this safeguards your money up to a $250,000 maximum per financial institution. Also, take confidence in knowing that unlike stocks, your savings account won’t experience swings dependent on the market, though inflation beating your account’s APY could potentially erode your purchasing power.
Is a high-yield savings account still worth it?
Yes. Even with recent rate cuts, many high-yield accounts still offer up to or even over 4.00% APY. These accounts remain the straightforward, safe way to generate substantial interest on your money while still leaving it available for you to access. For those willing to tie up funds for a set period of time, a CD might possibly offer better returns.
