Looking for a great place to stash your rainy-day emergency funds? There are still savings accounts offering rates of up to 5% APY, but they can be hard to find.
When inflation rates started cooling off last year and the Federal Reserve eased monetary policy, savings rates declined from the nearly two-decade highs seen in 2022 and 2023. Over the past several months, the outlook on inflation and the U.S. economy has been less clear, so the Fed initially held off on reducing the federal funds rate. However, the central bank finally delivered its first cut of 2025 at the Sept. 16-17 meeting.
Markets also anticipate the possibility of additional cuts this year, as the Fed has meetings scheduled for October and December.
Fortune has teamed up with Curinos, an expert team of financial industry consultants, to bring you the highest savings account rates available on October 28, 2025.
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The best savings account rates on October 28, 2025: Earn up to 5.00% APY
The best high-yield savings account rate on the market is 5.00%, offered by Varo Bank. Fortune monitors the top rates offered by leading U.S. financial institutions to help readers obtain the best possible return on their savings. Here are the highest savings account rates available:
FDIC average national deposit rates: January 2020 to present
Determining if you’re getting a strong rate of return on your savings account is easy when you take a look at the national average savings rate, which currently sits at 0.41%. This is down from a historic high of 0.47% in March 2024, before the Fed’s three consecutive rate cuts last year and first rate cut of 2025 in September.
Savings account news in 2025
Fed monetary policy choices have a direct impact on average savings account rates. When the central bank increases its benchmark rate, financial institutions typically respond by raising the interest offered on savings accounts to stay competitive. When the Fed cut rates, yields on savings accounts tend to decrease.
When it comes to the savings account rates offered by individual financial institutions, other considerations are in play. Banks adjust APYs based on various factors, including their own financial strategies, efforts to attract new customers, and overall market conditions.
Note that banks can and do change the interest rates on savings accounts at any time, for any reason. Changes frequently occur following Fed meetings, which are held approximately eight times per year. For example, the Fed implemented three rate cuts in late 2024. Almost immediately, numerous banks began reducing their savings account APYs.
After holding pat for many months in 2025, the Fed reduced its benchmark rate by a quarter percentage point at the Sept. 16-17 meeting. With two more meetings left this year, financial institutions might decrease their APYs if they sense the Fed is going to make additional cuts to the federal funds rate.
Keep your eyes open for high-yield savings accounts
Technically speaking, there isn’t a special banking deposit product called a “high-yield savings account.” The term is commonly applied to accounts that offer the highest APYs, commonly orders of magnitude greater than the average. While the national average savings rate stands at 0.41% on October 28, 2025, many high-yield accounts offer rates exceeding 4%.
Traditional accounts often provide physical branch access with lower rates, while high-yield accounts are typically offered by online banks and feature higher rates, but limited in-person services. But regardless of what savings account you use, you can expect to pay taxes on any interest earned.
Consider opening a high-yield savings account for these advantages:
- Significantly higher interest rates compared to traditional savings accounts
- Often free from minimum balance requirements or monthly fees
- Easy access to your funds
- Ideal for emergency funds or short-term savings goals
- FDIC-insured, providing the same protection as traditional banks
When evaluating savings accounts, seek competitive APYs to maximize your earnings. Many high-yield accounts have no minimum balance requirements nor monthly maintenance fees, but make sure to read the fine print. You should also ensure the account provides easy access to withdrawals or transfers when needed (bonus points for accounts that waive foreign ATM fees). Remember to verify FDIC insurance coverage, and don’t forget that some banks offer attractive welcome incentives for new customers.
Frequently asked questions
How often do APYs on high-yield savings accounts change?
There’s no fixed schedule for when your high-yield savings account’s APY might change. Banks and credit unions can adjust these rates whenever they choose. Typically, though, you’ll notice rate changes follow shifts in the Federal Reserve’s benchmark rate—when the Fed moves the federal funds rate up or down, banks often do the same with their savings products.
Should I switch banks if I find a savings account with a higher rate?
You’re not restricted from having savings accounts at different banks, so switching is an option. However, make sure the higher APY justifies the hassle, and watch for any minimum deposit requirements that could impact your returns.
How easy is it to withdraw money from a HYSA?
With many banks, withdrawing from a high-yield savings account is straightforward—transfers to external accounts can usually be done online in just a few steps. Still, know that many institutions may limit you to six withdrawals per month.
Should I choose an online-only bank for my HYSA?
Because they operate without physical branches, online-only banks may be able to offer higher rates on savings accounts, making them an attractive option for many savers.
Can I lose money in a high-yield savings account?
As long as your HYSA is with an FDIC-insured bank or an NCUA-insured credit union, your money is protected up to the insurance limit.
We’ll also note you’re not at risk of losing your principal like you could in the stock market—though inflation could erode your purchasing power 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.
