--- title: 10 High-Yield Savings Accounts Offering 4.5% APY or More Now description: The Fed's rate hikes have driven up the APYs on high-yield savings accounts. As it now weighs a pause, here are 10 offers over 4.5%. authors: - name: Brenden Rearick role: Reporter url: https://money.com/author/brenden-rearick/ bio: Brenden Rearick is a former reporter at Money who specialized in covering breaking news and enterprise stories about credit cards, real estate, investing, and personal finance trends. education: University of Pittsburgh, BA at_money_since: 2023 articles: 133 covers: - Banking - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Housing - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes - Technology former_staff: true editors: - name: Julia Glum role: Managing Editor url: https://money.com/author/julia-glum/ bio: Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. education: University of Florida at_money_since: 2018 articles: 453 covers: - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - Newsweek - International Business Times - CBS News - Good Morning America - WUSA9 - Pix 11 - The New York Times - Mashable - The Washington Post - CNBC - Politico social: - https://x.com/superjulia - https://www.linkedin.com/in/julia-glum published: '2023-05-08T18:32:18.000Z' modified: '2026-08-17T14:07:00.000Z' section: Banking tags: - News word_count: 484 canonical: https://money.com/high-yield-savings-accounts-4-5-apy/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Man looking at his paper for financial reasons](https://img.money.com/2023/05/News-Savings-account.jpg) *\*Rates and APYs are subject to change. All information provided here is accurate as of July 31, 2023.* Thanks to the Federal Reserve, it's an especially good time to sock away cash once again. With the central bank approving another interest rate hike after a brief June pause, it's creating an environment ripe for Americans to stash money in savings accounts. Banks are cranking up the rates at which your money can grow, with many [high-yield savings accounts](https://money.com/best-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. When it paused rate hikes in June, it seemed like these high yields would be coming back down to Earth. But after approving another hike in late July, banks are able to continue their campaign of exceptional APYs. 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. ## Concerned about a sluggish economy? A Discover®️ 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! [Open an Account Today](https://money.com/pr/o1e7f13330a3?ap_referrer=%2Fhigh-yield-savings-accounts-4-5-apy%2F) ## 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%. [**CIT Bank Platinum Savings Member FDIC**](https://money.com/pr/t28e2dc5f1c8?ap_referrer=https%253A%252F%252Fmoney.com%252Fhigh-yield-savings-accounts-4-5-apy%252F) | | | --- | | 3.75% APY (Platinum Savings only) | | Minimum deposit: $100 (Must have $5,000 balance for 3.75%) | | Monthly fees: None | For complete list of account details and fees, see our Personal Account disclosures." Link: [https://www.cit.com/cit-bank/resources/forms](https://www.cit.com/cit-bank/resources/forms) 1 Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. \*APYs — Annual Percentage Yields are accurate as of July 1, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100. 2 Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of March 16, 2026. [**Varo**](https://money.com/pr/l91d969a24e7?ap_referrer=https%253A%252F%252Fmoney.com%252Fhigh-yield-savings-accounts-4-5-apy%252F): | | | --- | | 3.75% on up to $5,000; additional balance earns 1.00% APY | | Minimum deposit: None | | Monthly fees: None | [**First Foundation Bank**](https://money.com/pr/b5d1c827eb26?ap_referrer=https%253A%252F%252Fmoney.com%252Fhigh-yield-savings-accounts-4-5-apy%252F): | | | --- | | 4.65% APY | | Minimum deposit: $1,000 | | Monthly fees: None | [**Bask Bank**](https://money.com/pr/pe3d4bafc4b2?ap_referrer=https%253A%252F%252Fmoney.com%252Fhigh-yield-savings-accounts-4-5-apy%252F): | | | --- | | 5.00% APY | | Minimum deposit: None | | Monthly fees: None | [**Mph.bank**](https://money.com/pr/yf201276c6ab?ap_referrer=https%253A%252F%252Fmoney.com%252Fhigh-yield-savings-accounts-4-5-apy%252F): | | | --- | | 5.00% APY (Future Savings Account) | | Minimum deposit: None | | Monthly fees: None | [**Ivy Bank**](https://money.com/pr/p3bc10f5a431?ap_referrer=https%253A%252F%252Fmoney.com%252Fhigh-yield-savings-accounts-4-5-apy%252F) | | | --- | | 4.80% APY | | Minimum deposit: $2,500 | | Monthly fees: None | [**Wealthfront**](https://money.com/pr/i07a4ebcad77?ap_referrer=https%253A%252F%252Fmoney.com%252Fhigh-yield-savings-accounts-4-5-apy%252F) | | | --- | | 4.80% APY | | Minimum deposit: $1 | | Monthly fees: None | [**Citizens**](https://money.com/pr/qf022f0eb798?ap_referrer=https%253A%252F%252Fmoney.com%252Fhigh-yield-savings-accounts-4-5-apy%252F): | | | --- | | 4.50% APY | | Minimum deposit: None | | 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](https://money.com/how-to-pick-a-bank/). ## Save money the right way with a High-Yield Savings Account ### For an easy and effective way of saving money, a Discover®️ High-Yield Savings Account is a good bet. Just click below and open your account today. [View Rates](https://money.com/pr/r702d3d73199?ap_referrer=%2Fhigh-yield-savings-accounts-4-5-apy%2F) ![](https://s3.consumersadvocate.org/prd/image/image/19227/medium_5c3a0d96-3da5-45d8-8e99-d58f043e9433.png) With a Savings Account from SoFi®, you can save money while earning it [View Rates](https://money.com/pr/s46e80315d91?ap_referrer=%2Fhigh-yield-savings-accounts-4-5-apy%2F) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/high-yield-savings-accounts-4-5-apy/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Banking", "item": "https://money.com/banking/" }, { "@type": "ListItem", "position": 3, "name": "High-Yield Savings Accounts", "item": "https://money.com/high-yield-savings-accounts/" }, { "@type": "ListItem", "position": 4, "name": "10 High-Yield Savings Accounts Offering 4.5% APY or More Now" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/high-yield-savings-accounts-4-5-apy/#webpage", "url": "https://money.com/high-yield-savings-accounts-4-5-apy/", "name": "10 High-Yield Savings Accounts Offering 4.5% APY or More Now", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-05-08T18:32:18.000Z", "mainEntity": { "@id": "https://money.com/high-yield-savings-accounts-4-5-apy/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/high-yield-savings-accounts-4-5-apy/#breadcrumb" }, "dateModified": "2026-08-17T14:07:00.000Z" }, { "@type": "NewsArticle", "headline": "10 High-Yield Savings Accounts Offering 4.5% APY or More Now", "articleSection": "Banking", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/05/News-Savings-account.jpg", "width": 2880, "height": 1920, "caption": "News-Savings-account" } ], "author": [ { "@type": "Person", "name": "Brenden Rearick", "url": "https://money.com/author/brenden-rearick/", "@id": "https://money.com/author/brenden-rearick/#author", "description": "Brenden Rearick is a former reporter at Money who specialized in covering breaking news and enterprise stories about credit cards, real estate, investing, and personal finance trends.\r\n\r\n", "email": "brenden.rearick@money.com", "alumniOf": "University of Pittsburgh, BA" } ], "publisher": "https://money.com/#organization", "datePublished": "2023-05-08T18:32:18.000Z", "description": "The Fed's rate hikes have driven up the APYs on high-yield savings accounts. 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