The Best High-Yield Savings Accounts Right Now—And How to Open One

In an era of rising interest rates and economic uncertainty, putting your money to work has never been more important. While investing in the stock market or real estate can offer high returns, those options come with risk.

For people looking for a safer, more liquid option, a high-yield savings account (HYSA) offers an excellent opportunity to grow your cash while keeping it accessible.

What is a High-Yield Savings Account?

Coins in a piggy bank
Adobe Stock

A high-yield savings account functions much like a traditional savings account but offers a significantly higher interest rate—sometimes up to 10 times more than a standard bank savings account. This means your money grows faster, without the risk associated with investments.

Unlike certificates of deposit (CDs), which often lock your money for a fixed term, HYSAs typically allow you to withdraw or transfer funds at any time, making them an ideal place for your emergency fund or short-term savings goals.

Why Consider a High-Yield Savings Account?

Person doing math on a calculator
Adobe Stock

Here’s why a high-yield savings account might be the perfect fit for your financial goals:

  • Higher interest rates: With rates currently ranging between 4% and 5% APY, your savings can outpace inflation and provide real growth.
  • Low risk: Your deposits are generally FDIC or NCUA insured up to $250,000 per depositor, per bank.
  • Liquidity: Unlike investment accounts, your cash remains accessible for emergencies or big purchases.
  • Ease of use: Most HYSAs are online-only, allowing you to manage your money from anywhere.

The Best High-Yield Savings Accounts Right Now

Person looking over paperwork
Adobe Stock

With so many options available, it can be overwhelming to pick the right account. Here are some of the best high-yield savings accounts currently on the market, based on APY, fees, and overall user experience.

1. Marcus by Goldman Sachs

  • APY: Around 4.40%
  • Minimum balance: None
  • Monthly fees: None
  • Highlights:Marcus is known for its simplicity and strong customer service. The platform offers easy transfers and no fees, making it a great option for first-time savers.