Many companies featured on Money advertise with us. Opinions are our own, but compensation and
in-depth research determine where and how companies may appear. Learn more about how we make money.

Man looking at his paper for financial reasons
Getty Images

Frustration with inflation and fears of a looming recession are driving many Americans’ financial decisions right now. Building up a stash of emergency funds in a savings account is a popular way of trying to get ahead — and thanks to the Federal Reserve, it's an especially good time to sock away cash.

Banks are cranking up the rates at which your money can grow, with many high-yield savings accounts now offering annual percentage yields, or APYs, over 4.50%. It's due in large part to the Fed’s continued interest rate hikes, which have pushed banks to compete for deposits by increasing their own rates.

The Federal Reserve has been raising rates consistently since early 2022. But with its most recent 25-basis point hike, the central bank has signaled that it could be putting a pause on future raises. If this turns out to be true, it means those ultra-high-APYs might not stick around for long.

If you don't already have one, now is perhaps the time to open a high-yield savings account to secure the best rate possible.

Ads by Money. We may be compensated if you click this ad.AdAds by Money disclaimer
Concerned about a sluggish economy? A High-Yield Savings Account can help
Everyone should have some cash savings on hand for emergencies and short-term financial goals. Why not have it work in your favor also? Click on your state and open an account today!
HawaiiAlaskaFloridaSouth CarolinaGeorgiaAlabamaNorth CarolinaTennesseeRIRhode IslandCTConnecticutMAMassachusettsMaineNHNew HampshireVTVermontNew YorkNJNew JerseyDEDelawareMDMarylandWest VirginiaOhioMichiganArizonaNevadaUtahColoradoNew MexicoSouth DakotaIowaIndianaIllinoisMinnesotaWisconsinMissouriLouisianaVirginiaDCWashington DCIdahoCaliforniaNorth DakotaWashingtonOregonMontanaWyomingNebraskaKansasOklahomaPennsylvaniaKentuckyMississippiArkansasTexas
Open an Account Today

High-yield savings accounts with APYs of 4.5% (or more)

If you’re looking to get the most out of your savings account options, here are a few banks are offering high-yield savings accounts with interest rates above 4.5%.

  • CFG Bank: 5.02% APY
    Minimum deposit: $1,000
    Monthly fees: None
  • Varo: Up to 5.00% APY
    Minimum deposit: None
    Monthly fees: None
  • Ivy Bank: 4.80% APY
    Minimum deposit: $1,000, but minimum balance of $2,500 for 4.80% rate
    Monthly fees: None
  • Bask Bank: 4.75% APY
    Minimum deposit: None
    Monthly fees: None
  • Mph.bank: 4.70% APY
    Minimum deposit: None
    Monthly fees: None
  • Upgrade: 4.56% APY
    Minimum deposit: None, but minimum balance of $1,000 for 4.56% rate
    Monthly fees: None
  • Wealthfront: 4.55% APY
    Minimum deposit: $1
    Monthly fees: None
  • Citizens: 4.50% APY
    Minimum deposit: None
    Monthly fees: None
  • CIT Bank: 4.50% APY (4.75% APY on balances above $5,000)
    Minimum deposit: $100
    Monthly fees: None

These rates are certainly appealing, but before you jump to open an account somewhere, you should make sure you’re going with the bank that best fits your needs. First, make sure your bank of choice is backed by the Federal Deposit Insurance Corporation, or FDIC, so your deposits are secure. Then check out Money's guide on how to choose a bank.

Ads by Money. We may be compensated if you click this ad.AdAds by Money disclaimer
Save money the right way with a High-Yield Savings Account
For an easy and effective way of saving money, a High-Yield Savings Account is a good bet. Just click below and open your account today.
Open an Account Today

More from Money:

7 Ways to Improve Your Credit Score Right Now

Regional Bank Stocks Are in Turmoil. Is It a Buying Opportunity for Investors?

Research Shows Sharing a Bank Account Can Help Your Marriage

Ads by Money. We may be compensated if you click this ad.Ad
With a High-Yield Savings Account, you can save money while earning it