Now’s a great time to open up a new savings account to reach your financial goals. Many of the best savings account rates on the market are above 4.00%, and a few outliers may even reach close to 5.00%.
Rising inflation and economic uncertainty prompted the Federal Reserve to pause further rate cuts over the past several months. But that changed at the central bank’s Sept. 16-17 meeting, when the Fed cut the federal funds rate by a quarter percentage point.
Savings account APYs remained relatively stable in the first part of 2025, but are likely to decrease if markets anticipate additional Fed rate cuts. And, with two more Fed meetings on the calendar for later this year, more cuts are indeed possible.
For investors who want to maximize their returns or save for a new financial goal, Fortune has collaborated with Curinos, a team of financial industry experts, to provide an overview of the most competitive high-yield savings account rates available on October 15, 2025.
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The best high-yield savings account rates on October 15, 2025: Earn up to 5.00% APY
Varo Money has the best savings account rate, offering up to 5.00% APY. Other institutions offering highly competitive yields include Axos Bank, SoFi, and Presidential Bank.
As part of our ongoing commitment to help readers optimize their savings, Fortune continuously monitors the top rates offered by leading U.S. financial institutions. Compare the top savings account rates below:
FDIC average national deposit rates: January 2020 to present
The rates listed above are significantly higher than the national average of 0.40% that you’ll find on many accounts. And after the Fed’s recent rate cuts this average has been falling, down from a previous high of 0.47% in March 2024.
Savings account news in 2025
The Federal Reserve’s monetary policy decisions play a key role in shaping savings account rates. When the Fed raises its benchmark rate, financial institutions typically follow suit by increasing the APYs offered on savings accounts to remain competitive. Conversely, when the central bank lowers rates, savings account yields generally decrease.
At present, the federal funds rate stands at 4.00%-4.25%. It long remained at 4.25%-4.50% after the December 2024 meeting, but the central bank made a quarter percentage point cut when it met Sept. 16-17, 2025.
It’s possible we’ll see savings account APYs dip, especially if banks anticipate the Fed may cut rates further when it meets in October and December of this year.
Still, bear in mind that the linkage between Fed rates and savings yields isn’t always so direct. Banks adjust their savings rates based on a variety of factors, including their own financial objectives, efforts to attract new customers, and broader market conditions.
Here’s why finding high-yield savings account is important
The key difference between high-yield and traditional savings accounts lies in the interest rate offered; High-yield accounts typically provide rates 10 to 20 times higher than conventional accounts. For example, while the national average savings rate is 0.40%, many of the high-yield accounts on our list offer rates above 4.00%.
Traditional accounts often come with physical branch access but lower rates, while high-yield accounts are typically offered by online banks. They feature higher rates but no option for in-person services. Just remember that no matter what type of account you have, you’ll owe the IRS a portion of the interest earned.
Substantially higher interest rates aren’t the only perk you get from these accounts, either. They’re often free from minimum balance requirements or monthly fees. Your liquid funds remain easily accessible, making them ideal for emergency funds or short-term savings goals. And these online accounts are still FDIC-insured, providing the same protection as traditional banks.
When comparing savings accounts, keep these factors in mind:
- Interest rates: Look for competitive APYs to maximize your earnings.
- Minimum balance requirements: Many high-yield accounts have no minimums.
- Fee structure: Avoid accounts with monthly maintenance fees.
- Fund accessibility: Ensure easy withdrawals or transfers when needed, preferably without charging foreign ATM fees
- Security: Verify FDIC insurance coverage.
Frequently asked questions
How often do APYs on high-yield savings accounts change?
The frequency with which your high-yield savings account’s rate changes isn’t set in stone. Financial institutions can update APYs at their discretion, but changes are commonly linked to moves in the federal funds rate set by the Federal Reserve.
Should I switch banks if I find a savings account with a higher rate?
If you find a higher APY elsewhere, it might be smart to switch, but only after checking if the extra interest earned would be substantial and if the new account’s terms (for example, minimum deposit requirements) fit your needs.
How easy is it to withdraw money from a HYSA?
It’s typically simple to take money out of a HYSA, especially assuming your bank offers digital transfers. Just know that even though federal limits on withdrawals have been lifted, some banks continue to restrict you to six per statement cycle.
Should I choose an online-only bank for my HYSA?
Online banks frequently offer more competitive yields on savings accounts, so they’re a great place to look when searching for the best high-yield options.
Can I lose money in a high-yield savings account?
With FDIC or NCUA insurance, your principal in a HYSA is secure up to the insurance max. However, if the account’s APY is lower than inflation, your money’s buying power could decrease over time.
Series on daily savings rates created by former Fortune editor Cassie Bottorff. This edition has been updated by Editor, Evergreen Content Glen Luke Flanagan.
