The Best High-Yield Savings Accounts for Maximizing Your Savings

The best high-yield savings accounts have annual percentage yields, or APYs, that are about 10 times higher than the national average rate of 0.46%. CNBC Select picked the 14 best high-yield savings accounts on the market, zeroing in on APY, fees, and balance requirements.

Our top picks for the best high-yield savings account rates are SoFi Bank (4.50%), Bask Bank (4.85%), and Discover Bank (4.10%). If you're looking for the best rate for your savings, high-yield savings accounts typically offer yields that pay many times the national average.

These are the accounts that offer the best interest rates — without burdensome fees, gimmicks, or other hassles. The top high-yield savings account rate nationwide is 5.50% APY. The Federal Reserve cut rates in September and could cut rates another 25%.

Today's savings account interest rates are some of the highest we've seen in more than a decade due to several rate hikes by the Federal Reserve. Explore the top 5% interest savings accounts. We'll explain whether there are requirements to earn the highest APY and the pros and cons of each account.

The best high-yield savings accounts offer APYs around 4.00%, but that may change soon. A HYSA is the best place for your emergency fund and long-term savings goals. With rising interest rates, it's essential to take advantage of these high-yield savings accounts to maximize your savings potential.