A high-yield savings account is a type of savings account that offers a higher interest rate (or APY) compared to a traditional savings account, allowing your money to grow faster through compound interest while still providing access to your cash. These accounts typically have variable interest rates and are federally insured up to $250,000 by the FDIC or NCUA.
Current Best High-Yield Savings Accounts (September 2025)
- Axos Bank Savings : Offers the highest APY at 4.46% with a $1,500 minimum balance.
- SoFi Checking and Savings : Up to 4.50% APY with no minimum balance and bonus offers, ideal for combined checking and savings.
- Openbank High Yield Savings : Provides 4.20% APY with a $500 minimum balance, notable for a strong mobile app and customer service.
- Western Alliance Bank : 4.30% APY with a $1 minimum balance and cash bonus offers, suitable for small business owners.
- Capital One 360 Performance Savings and American Express High Yield Savings : Both offer 3.50% APY with no minimum balance and no monthly fees.
Key Features
- No or low minimum balance requirements vary by bank.
- No or low monthly fees.
- Some accounts offer bonuses or additional APY boosts.
- Interest rates are variable and can change over time.
- Usually no ATM access or check deposit options on some online-only accounts.
- All accounts are FDIC insured for safety up to $250,000.
Choosing a High-Yield Savings Account
When selecting an account, consider the APY, minimum deposit requirements, fees, access options (ATM, check deposits), and customer service. The highest APY is important but so are convenience and terms that fit personal savings goals. This range of APYs gives options for both big-name banks and online- only banks, with yields up to about 4.46% as of September 2025.