Whether you’re focused on building an emergency fund, saving up for that dream vacation, thinking about investing in precious metals, or planning for retirement, putting your cash into a high-yield savings account just makes sense. You’re not taking on any real risk, but you’re potentially earning hundreds more per year than you would in a traditional account.

Some of the accounts with the highest annual percentage yields we’re seeing are as follows:

• Earn up to 5.00% with Varo Money.
• Earn up to 4.21% with Axos Bank.
• Earn up to 4.20% with Newtek Bank.

Best savings account rates today

Fortune has partnered with the financial industry consultants at Curinos to give you an accurate look at the highest savings account rates on the market. Varo Money, Axos Bank and Newtek Bank all currently have options with generous yields. Read on to see our full list of HYSAs and find the one that’s right for your needs.

What the Fortune/Curinos partnership means for your savings

We rely on Curinos—a firm with over thirty years tracking financial services data—to keep tabs on what rates banks are offering. Each business day, we get a report from Curinos with updated data on savings and CD APYs from a wide range of financial institutions. We build our list by doing the legwork so you don’t have to.

Historical national average savings rates

While the average savings account rate has increased from the lows seen from 2020 to 2022, it’s still far below the APYs available on the most generous high-yield savings accounts on our list.

Reasons to choose a high-yield savings account

Real quick, let’s note “high-yield savings account” isn’t technically its own special account category. It’s just what we call any savings account offering rates that are noticeably higher than what you’ll find at your average bank. Financial professionals use the term to distinguish them from the rest of the pack.

The difference usually comes down to this: traditional banks with branch locations tend to offer lower rates because they’re paying for physical infrastructure. Online banks offering high-yield accounts have stripped things down—no branches, fewer services—which means they can pass those savings on to you in the form of higher earning rates.

If you’re comfortable banking online and you want to maximize what you earn, switching to a high-yield savings account could transform your returns. We’re talking about potentially hundreds of dollars more annually, depending on how much you deposit and what APY your HYSA offers.

How much interest you might earn with a higher APY

Here’s a hypothetical: take $5,000 sitting untouched for a year. In an account earning 5.00% APY, you’d make significantly more than you would in a 0.40% APY account, as shown by the estimates below.

Moving your money from a traditional account to a high-yield option is one of the easiest financial moves you can make—and should pay off in spades.

Criteria when choosing a high-yield savings account

When you’re evaluating accounts, keep these priorities in mind:

• Strong interest rates. Hunt for a competitive APY that will genuinely boost your earnings, not just a minor difference.
• Low or no minimums. Many high-yield accounts don’t require you to bring a big chunk of cash upfront, which is great if you’re just getting started on your saving journey.
• No monthly fees. Avoid accounts that charge you just to hold your money—those fees eat directly into your interest.
• Easy access to your funds. Make sure you can withdraw or transfer money when you need it, and pay attention to withdrawal limits or foreign ATM charges.
• Security. Confirm your account is FDIC-insured if it’s at a bank, or NCUA-insured if it’s a credit union. That’s your safety net.

One important thing to be aware of is that you’ll owe taxes on whatever interest you earn.

Frequently asked questions