Erin Bendig
High-yield savings accounts give you a chance to reach your savings goal quickly. How? By offering you rates that outpace inflation with no account fees or minimums.
However, you want to act fast to maximize gains. The Federal Reserve cuts interest rates at its September meeting. And the smart bet is they'll do it again when they meet next week.
While rate cuts can lower how much you earn, rates are still high enough to help you outpace inflation. Here's a look at the best top high-yield savings accounts to consider, how much you can earn and the pros and cons of using one.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The best high-yield savings accounts for October 2025
Here are some of the best options we found:
Account | APY | Min. opening deposit |
|---|---|---|
4.35% | $0 | |
4.25% | $1,000 | |
4.25% | $2,500 | |
4.20% | $0 | |
4.20% | $100 | |
4.20% | $500 | |
4.20% | $5,000 |
How much can high-yield savings accounts earn you?
Unlike traditional savings accounts, which offer, on average, lower returns, high-yield options allow you to grow your money fast.
If you select our top choice, Newtek Bank, here's how much you can earn in one year with varying deposits:
- $10,000: $443.78 in earned interest
- $25,000: $1,109.65 in earned interest
- $50,000: $2,218.89 in earned interest
- $100,000: $4,437.78 in earned interest
Rates on high-yield savings accounts are always changing, so a good way to check the most up-to-date rates is by using our savings tool, below, powered by Bankrate:
Pros and cons of high-yield savings accounts
As with all savings products, there are pros and cons associated with high-yield savings accounts. It's important to compare all aspects of an account to make sure it meets your needs before opening it.
Pros:
- Higher APYs: Since high-yield savings accounts have higher APYs than traditional savings accounts, you’ll accrue more interest over time. Plus, interest in these accounts is compounded daily.
- Safety: Many high-yield accounts are FDIC or NCUA insured, meaning that if something were to happen to the bank (or credit union) your account is with, your money will still be safe.
- Accessibility: While there are limitations on the number of free withdrawals you can make from a savings account, your money is still readily accessible whenever needed.
Cons:
- Harder to access than traditional savings accounts: If you have a savings account with a different bank than your checking account, you may have to wait a few days for funds to transfer from one to the other. Plus, you won't be able to easily view account details for both accounts in one place unless you have the right budgeting app.
- Not suited for long-term goals: If you're looking to save for long-term goals, like retirement, other investments, like stocks, are usually a better choice for your money. The rate of inflation can be higher than what you earn in interest.
- Variable interest rates: Since interest rates are variable, the APY on the account can decrease from the rate it was when you opened the account if the Fed decides to cut rates again in the future.
- Minimum deposit requirements and fees: Many high-yield savings accounts charge a monthly fee and/or require a minimum deposit to earn the advertised APY.
- Online banks: Since most high-yield accounts are offered by online banks, you likely won't have branch access. Therefore, contacting customer service or accessing a fee-free ATM might be more challenging.
Bottom line on high-yield savings accounts
Opening a high-yield savings account is an excellent option to consider. High-yield savings accounts offer higher rates than traditional savings accounts, meaning your cash will accrue more interest by simply sitting in a high-yield account than it would in a standard account. And there's no risk, either.
The downside? Since rates on high-yield savings accounts fluctuate with the market, take advantage of the best rates while you still can.
Related Content
-
I Just Paid Off My Car. Can I Downgrade My Car Insurance Now?You've gotten rid of that car payment. Can you save even more by downgrading your car insurance? Here's what to consider.
-
Is Wireless Home Internet Right for You?T-Mobile’s 5G home internet offers flexibility, simplicity and potential savings but is it a replacement for cable or fiber?
-
I Just Paid Off My Car. Can I Downgrade My Car Insurance Now?
You've gotten rid of that car payment. Can you save even more by downgrading your car insurance? Here's what to consider.
-
Last Chance to Take Advantage of Tax Credits and Low Rates for These Home UpgradesFed rates are dropping and tax credits are expiring. These home upgrades won't be this affordable in 2026.
-
Government Shutdown Freezes National Flood Insurance Program: What Homeowners and Buyers Need to KnowFEMA's National Flood Insurance Program is unavailable for new customers, increased coverage or renewals during the government shutdown.
-
Is Mint Mobile's Home Internet a Game-Changer or Just Another Option?Mint Mobile recently unveiled its new home internet service. We break down how it works so you can determine if it's a great value for your needs.
-
How to Add Your Driver’s License or State ID to Google WalletStore and use your digital ID securely on your Android device for TSA, age verification and more.
-
Where You Choose to Stash $100k Now Comes with a Big Opportunity CostThe Fed recently cut rates. Here's where to maximize your savings while rates remain higher.
-
The Social Security Earnings Test: Know This Rule Before Working in RetirementWhen you work and collect Social Security benefits before your FRA, you are subject to the Retirement Earning Test that could result in a temporary reduction of your benefits.
-
I'm a Government Employee and Need to Get By Until the Shutdown Ends. What Can I Do?The second-longest shutdown in history is leaving many federal workers with bills due and no paycheck to cover them. Here's what you can do to get by.
