Tired of Low Interest Rates? This Bank Account Could Change Everything
KEY POINTS
- A high-yield savings account can earn more than 10 times the national average interest rate.
- In a high-yield savings account you can access your money whenever you need it.
- Make sure your emergency savings are earning money for you.
If you're like most savers, you've probably felt the sting of traditional savings accounts offering measly interest rates -- sometimes as low as 0.01%! The frustration is real. After all, shouldn't your hard-earned money work just as hard for you?
Enter high-yield savings accounts (HYSAs) -- a simple, low-risk way to make your savings grow faster. If you're tired of watching your money sit idle, this could be the change you've been waiting for.
What is a high-yield savings account?
A high-yield savings account is just like a regular savings account, but with a much better interest rate. While the national average interest rate for standard savings accounts is 0.41%, many HYSAs offer rates of 4.00% or more. That's nearly 10 times what the national average account pays.
And your money stays safe. High-yield savings accounts are typically offered by reputable online banks and are FDIC insured, just like more traditional accounts. This means your money is protected up to $250,000 per depositor, per bank.
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 11, 2025. Terms apply.
Min. to earn
$0
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
3.70%
Rate info
3.70% annual percentage yield as of April 11, 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. |
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. |
Capital One 360 Performance Savings
Member FDIC.
APY
3.60%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening.
Min. to earn
$0
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
3.60%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening.
|
$0
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
Why should you switch to a HYSA?
- Higher returns with less risk: Unlike investing in stocks or crypto, HYSAs offer a steadier return. No market swings. No sleepless nights. Your rate will likely drop if the Federal Reserve lowers national interest rates, but that tends to be a slow decline.
- Your emergency fund works for you: Experts recommend keeping three to six months' worth of expenses in an emergency fund. Why not keep that cash in a high-yield savings account where it can earn more while remaining accessible?
- Beat inflation (sort of): While no savings account fully shields you from inflation, earning 4.00% or more in interest certainly helps your money hold its value better than a traditional account.
How to choose the best high-yield savings account
Not all HYSAs are created equal. Here's what to look for:
- Competitive APY: Aim for an account offering 4.00% or higher.
- No monthly fees: The best accounts don't charge maintenance fees.
- Easy access: Having a highly rated mobile app is crucial.
- No minimum balance requirements: Some of the best high-yield savings accounts have no minimum balance requirements.
Ready to earn more? Here's your next step
Stop letting your savings collect dust. Moving your money to a high-yield savings account is one of the easiest financial wins out there.
Start earning up to 10 times the national average on your money. Check out our list of best high-yield savings accounts now.
It takes just minutes to open an account online and it's seamless to transfer funds from an old account to a new one.
Stop waiting
If you're tired of settling for low interest rates, switching to a high-yield savings account could be the financial game-changer you need. Your money should work as hard as you do.
With higher rates, no risks, and flexible access, there's no reason to wait. Let your savings finally do some heavy lifting.
Our Research Expert
Jake is a full-time Editorial Strategist for Motley Fool Money. He specializes in product ratings and all things credit cards, and wants to make sure each person has the best card for them.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.