Whether you’re socking away an emergency fund, saving for something big like a vacation, putting away money ahead of buying gold or silver, or thinking long-term about retirement goals, a high-yield savings account deserves serious consideration. It’s a no-fuss way to get real returns.

Accounts with some of the highest annual percentage yields we’re seeing include:

• 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 offer some of the yields at or near the top of the current list. 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 partner with Curinos—an industry leader that has operated in the financial services space for over three decades—to track daily rates across savings accounts and CDs from a wide range of institutions. That consistent stream of reports helps us build a genuinely useful resource to point you toward accounts worth your attention.

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

Let’s first clarify that “high-yield savings account” isn’t an official product category. It’s shorthand for any savings account at a bank or credit union offering rates that significantly outpace the industry average.

In many cases, high-yield savings accounts are offered by online banks rather than those with brick-and-mortar branches. By not having to pay for branch infrastructure, and oftentimes by offering a slimmed-down selection of products, online banks can provide higher rates to their customers.

If you’re comfortable with online banking, switching to a high-yield account can substantially boost the interest you earn on your savings. Depending on your balance and account’s specific APY, you could potentially pocket hundreds more each year versus sticking with a traditional savings account.

How much interest you might earn with a higher APY

Here’s a hypothetical to illustrate why HYSAs are worthwhile. Imagine $5,000 sitting untouched for a year. The estimates below show what one might earn in an account with a 5.00% APY compared to one with a mere 0.40% APY (assuming the APY stays consistent over this period).

It’s a relatively easy change to make, and one that offers a real, tangible financial benefit.

Criteria when choosing a high-yield savings account

When you’re shopping around, prioritize these elements:

• Solid interest rates. Hunt for APYs that’ll actually make a difference in what you earn.
• Low or zero minimums. Most high-yield accounts won’t force you to start with thousands, which helps if you’re beginning your savings journey.
• Lack of fees. Steer clear of accounts charging monthly maintenance fees that’ll gnaw away at your interest.
• Accessible funds. Confirm you can withdraw or transfer money freely—be cognizant of withdrawal restrictions or foreign ATM charges.
• Protected deposits. Make sure you’ve got FDIC insurance for bank accounts or NCUA insurance for credit union accounts.

Do be aware you’ll owe taxes on the interest you earn.

Frequently asked questions