Earn up to 5.00% APY on the best high-yield savings account on Nov. 13, 2025

The outlook for the economy has been opaque lately. As a result, the Federal Reserve held off on cutting rates for the first part of the year. However, the central bank finally made its first cut of 2025 at the Sept. 16-17 meeting, citing a slowdown in job gains, then made another cut in October.

While savings account APYs remained fairly stable while the Fed held pat on rate cuts, its possible banks might decrease the rates they offer if they expect further reductions. With one more meeting on the calendar for this year, it’s within the realm of possibility.

To help savers maximize their returns, Fortune has joined forces with the banking industry experts at Curinos to bring you a comprehensive overview of the highest savings account rates currently available nationwide.

The best high-yield savings accounts on November 13, 2025: Earn up to 5.00% APY

Varo Money currently leads the pack with an impressive 5.00% rate on its high-yield savings account, setting the bar for the industry. Axos Bank also offers an account with a very competitive APY, and Newtek Bank is next in line. Fortune continuously monitors the top rates offered by leading U.S. financial institutions. Check out the top savings account rates on the market:

FDIC average national deposit rates: January 2020 to present

Right now, the national average savings rate hovers at 0.40%, marking a noticeable decrease from the 0.47% rate recorded in March 2024. This downward trend correlated closely with the Federal Reserve’s recent rate reductions.

Savings account news in 2025

The Federal Reserve’s interest rate decisions have a major impact on savings accounts. When the Fed increases its benchmark rate, banks typically respond by raising the interest offered on savings accounts to maintain competitiveness. Conversely, when the Fed lowers rates, savings account yields tend to decrease.

However, this relationship isn’t always so straightforward. While changes frequently follow in the wake of Fed meetings, which are held approximately eight times per year, some banks adjust rates more often depending on their competitive positioning or in response to unexpected market developments.

The Fed made its first cut of 2025 at its September meeting, and another at the end of October. The next FOMC meeting is scheduled for Dec. 9-10. It’s possible, though not guaranteed, that the central bank could decide to make a third reduction at that meeting.

Here’s what you get with a high-yield savings account

High-yield savings accounts typically provide rates that are 10 to 20 times higher than their traditional counterparts. For instance, while the national average savings rate stands at 0.40%, many high-yield accounts offer rates exceeding 4%.

Traditional accounts often provide physical branch access but with lower rates, while high-yield accounts are typically offered by online banks and feature higher rates but limited in-person services.

Consider opening a high-yield savings account for these benefits:

• Significantly higher interest rates compared to traditional savings accounts
• Often free from minimum balance requirements or monthly fees
• Ideal for emergency funds or short-term savings goals
• FDIC-insured, providing the same protection as traditional banks

When looking for a new savings account, interest rates aren’t the only factor to consider. Make sure you also avoid accounts with monthly maintenance fees, and look into how hard it will be to access your funds. You want to ensure you can easily make withdrawals or transfers when necessary—preferably without any pesky foreign ATM fees.

Frequently asked questions

Series on daily savings rates created by former Fortune editor Cassie Bottorff. This edition has been updated by Editor, Evergreen Content Glen Luke Flanagan.