4 Reasons to Open a High-Yield Savings Account in November

You have a lot of choices about where to keep your money, but not every option is ideal for every situation. For example, a great checking account is perfect for everyday spending, but it's not the best place for your savings.

Indeed, when it comes to your emergency fund and other short-term savings, there are few places as good to stash it as a high-yield savings account. Here are just a few of the reasons why.

1. APYs over 4%

The No. 1 reason to keep your money in a savings account over a checking account is the interest rate. Most checking accounts have pitifully low interest rates -- if they offer interest at all (which many don't).

In fact, the national average interest rate for an interest-bearing checking account is a paltry 0.07%. A regular savings account won't do it, either; the national average for those is better, but still not great at 0.45%.

Our Picks for the Best High-Yield Savings Accounts of 2025

Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.70% Rate info 3.70% annual percentage yield as of April 18, 2025. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.70% Rate info 3.70% annual percentage yield as of April 18, 2025. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
CIT Platinum Savings Member FDIC. APY 4.10% APY for balances of $5,000 or more Rate info 4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY Min. to earn $100 to open account, $5,000+ for max APY Open Account for CIT Platinum Savings On CIT's Secure Website. Member FDIC.	4.10% APY for balances of $5,000 or more Rate info 4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY	$100 to open account, $5,000+ for max APY	Open Account for CIT Platinum Savings On CIT's Secure Website.
Barclays Tiered Savings Member FDIC. APY 4.10% Rate info Balances less than $250,000 earn 4.10%, and balances greater than $250,000 earn 4.30%. Min. to earn $0 Open Account for Barclays Tiered Savings On Barclays' Secure Website. Member FDIC.	4.10% Rate info Balances less than $250,000 earn 4.10%, and balances greater than $250,000 earn 4.30%.	$0	Open Account for Barclays Tiered Savings On Barclays' Secure Website.

Instead, look for a high-yield savings account with a rate over 4%. To see the difference your APY makes, here's how $10,000 would grow in one year at different rates:

2. New account bonuses

Sure, higher rates are always a win, but the main reason I've opened my last three bank accounts was for the welcome bonus. Many banks will offer a bonus for new customers who can meet the requirements, and these bonuses can be worth hundreds of dollars.

3. Quick, easy access to your cash

One popular option for letting your savings grow is to put it into a certificate of deposit (CD). The best CDs earn over 4% APY and lock in your rate for the life of the CD.

The downside of CDs is that they impose high fees for early withdrawals. A good high-yield savings account, on the other hand, gives you access to your money whenever you need it through easy transfers to your checking accounts, no fees involved.

Pro tip: If you want the interest-earning capacity of a high-yield savings account, but you also want a debit card and check-writing abilities, check out our top-rated money market accounts.

4. Money out of sight is money out of mind

An easy trick I like to use to keep my savings safe from, well, myself, is to keep it at a different bank from my checking account.

You see, I log into my checking accounts very regularly, and seeing a big lump of money just sitting there...well, let's just say I know my own willpower (or lack thereof) well enough not to tempt myself like that. So my savings account sits elsewhere, and while I do check on it periodically, I let that temptor shout into the void most of the time.

If you're anything like me in that regard, then I highly suggest opening a new high-yield savings account at a bank you don't use for anything else. Because even the best interest rates aren't going to help if you don't let your money sit and grow.