Key Takeaways
- Top HYSAs pay up to 4.21% APY as of September 2026 (Axos ONE's bundled rate), essentially unchanged for a third straight month, while the national average savings account pays just 0.38%.
- Top CD rates have edged past top HYSA rates: CFG Bank's 1-year CD now pays 4.30% APY, with Bread Savings' 2-year CD at 4.25% and Limelight Bank's 6-month CD at 4.15%.
- New Fed Chair Kevin Warsh's hawkish August 28, 2026 Jackson Hole speech pushed the odds of a September 25-basis-point hike from roughly 36% to 65%-68% per CME futures, though prediction markets like Polymarket see it closer to a coin flip.
- The Fed held its benchmark rate at 3.50%-3.75% for a second straight meeting on July 29, 2026; its next decision lands September 16, 2026.
- With top CD and HYSA rates this close and the Fed's next move genuinely uncertain, a HYSA remains the more flexible choice for most savers - a CD only pays off if you're confident you won't need the cash before the term ends.
The average savings account still pays just 0.38% APY, largely unchanged for over a year. The top high-yield savings accounts (HYSAs) right now pay up to 4.21%, and top CDs pay up to 4.30% — both over 10 times more than average, with zero additional risk either way.
If you’re on this page, you’re likely comparing HYSA and CD options for cash you want to grow but might still need access to. Here’s what’s actually paying the most on each right now, and how to decide between them. (If you want the math on why even a few percentage points of APY compounds into real money over time, I’ve broken that down separately in my piece on the power of compounding — it’s the same math that underlies how much you actually need saved to be financially independent.)
Top High-Yield Savings Rates Right Now (September 2026)
| Bank | APY | Notes |
|---|---|---|
| Axos ONE Savings and Checking Bundle | 4.21% | Requires $1,500 in monthly qualifying direct deposits plus a $1,500 average balance (or a $5,000/$5,000 tier); drops to 1.00% APY if you don’t meet the requirement |
| Newtek Bank Personal High Yield Savings | 4.20% | No monthly fee — still not accepting new applications due to demand; waitlist available, same as the past two months |
| Forbright Bank Growth Savings | 4.15% | Promotional rate (a 0.30% boost running through 12/31/2026) requires a $1,000 minimum balance; standard rate without the boost is 3.85% |
If you’d rather skip deposit and balance requirements entirely, Climate First Bank’s Super Duper Savings account pays 4.01% APY with just a $50 minimum to open and no strings attached.
Rates have held essentially flat for a third straight month — none of the top three accounts have moved since July. That stability makes sense given the Fed hasn’t actually changed its benchmark rate since December 2025; the next real test comes with the September 16 decision. Always check the account’s current published rate and requirements before opening, since these numbers can shift quickly once the Fed moves.
Where the Fed Stands (And Why It Matters for Your Rate)
HYSA rates track the Federal Reserve’s federal funds rate fairly closely, since banks adjust what they pay savers based on what it costs them to borrow elsewhere. At its July 29, 2026 meeting, the Fed held its benchmark rate at 3.50%–3.75% for a second straight meeting under new Fed Chair Kevin Warsh, who took over the gavel on May 22, 2026.
Warsh delivered his first Jackson Hole keynote as chair on August 28, 2026, and struck a notably hawkish tone — he called inflation “concerning” and said the Fed may still have “work to do” to bring it down, even while describing the broader economy as strong. That speech moved markets.
Odds of a 25 basis point hike at the Fed’s next meeting jumped from roughly 36% before the speech to 65%–68% afterward, per CME’s FedWatch tool. Prediction markets are more split — Polymarket traders had it closer to a coin flip, around 48% hike versus 52% hold, as of this weekend.
The Fed’s next decision lands September 16, 2026, following its two-day meeting that starts September 15. Incoming jobs and inflation data between now and then will likely move those odds further in either direction. A hike would probably nudge top HYSA rates higher within a few weeks; another hold would likely keep things roughly where they’ve been since summer.
What a rate cut would mean later: if the Fed eventually does start cutting, HYSA rates typically follow down within a billing cycle or two — banks aren’t obligated to pass through cuts quickly, but competitive pressure usually gets them there. If you’re choosing between a HYSA and locking in a CD right now, that’s the tradeoff: a CD locks in today’s rate for its term, while a HYSA’s rate can move either direction with the Fed. Short-term Treasury bills are a third option worth knowing about — I compared my own experience buying one against CDs and HYSAs if you want another liquid, low-risk place for cash.
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CD vs. High-Yield Savings: Which Actually Earns You More Right Now
The gap between CD and HYSA rates remains narrow. A year or two ago, locking in a CD usually meant giving up meaningful yield versus a HYSA. That’s no longer true at the top of the market — here’s what’s actually available on each side as of early September 2026.
| CD Term | Best Published APY | Bank | Minimum Deposit |
|---|---|---|---|
| 6-month | 4.15% | Limelight Bank | $1,000 |
| 1-year | 4.30% | CFG Bank | $500 |
| 2-year | 4.25% | Bread Savings | $1,500 |
Credit unions can beat these on shorter, niche terms: California Coast Credit Union was offering 5.00% APY on a 5-month “Take 5” certificate as of early September 2026, though it’s limited to new members and caps deposits at $5,000. Credit union CDs typically require membership (often just a small one-time donation to a partner nonprofit), which adds a small extra step compared to opening a bank account online.
Compare those top CD rates to the top HYSAs from the table above — 4.21% at Axos, 4.01% at Climate First — and the best-in-class numbers are within a few tenths of a percentage point of each other across every term.
The averages tell a very different story than the top-of-market numbers. The national average 1-year CD APY is just 2.03% as of early September 2026, versus 0.38% for the average savings account. Most people banking with a traditional big bank are earning a fraction of what’s actually available — the gap between “average” and “best available” is enormous in both categories, which is exactly why shopping around matters more than which product type you pick.
When a CD Wins
- You’re confident you won’t need the cash before the term ends.
- You expect the Fed to hold or eventually cut before your CD matures, and want to lock in today’s yield before that happens.
- You want a fixed, predictable return with zero chance of the rate dropping mid-term.
When a HYSA Wins
- You might need the cash on short notice — HYSAs have no withdrawal penalty.
- You expect the Fed to hike (as CME futures currently lean, at roughly 65%-68% odds for September), since a HYSA’s rate can rise right along with it.
- You want to keep adding to the balance over time; most CDs are a single lump-sum deposit.
Early withdrawal from a CD before its term ends typically costs you 3 to 6 months of interest as a penalty, depending on the term and bank — sometimes more for longer-term CDs. That penalty is the real cost of the “locked in” rate, so a CD only makes sense if you’re genuinely confident you can leave the money untouched. If there’s any real chance you’ll need the funds early, the flexibility of a HYSA is usually worth more than the extra fraction of a percentage point a CD might offer.
Given how close top CD and top HYSA rates are right now, and given the market’s genuinely split view on whether the Fed hikes or holds on September 16, a HYSA is still the more flexible bet for most savers — you’re not giving up much yield for the ability to move your money if you need to, and you’d benefit automatically if rates do rise.
How to Choose a High-Yield Savings Account
Whichever provider you’re considering, run it through these four checks before opening an account.
1. Interest Rate or Annual Percentage Yield (APY)
Compare the account’s standard ongoing APY, not just a short-term promotional rate that resets after 3 or 6 months. Some of the accounts above (Axos, Forbright) require ongoing deposit or balance activity to keep the top rate — that’s different from a temporary teaser, but still worth reading the fine print on.
2. No Fees
A legitimate high-yield savings account shouldn’t charge monthly maintenance, minimum-balance, or account-keeping fees. Banks make their money on the spread between what they pay you and what they can lend or invest at elsewhere — if a provider is also charging fees on top of that, it’s worth reconsidering. If you’re curious how your savings stack up more broadly, I’ve also put together average net worth by age as a reference point.
3. Ease of Use
Most online banks let you preview their interface before opening an account. Check that linking to your existing checking account is straightforward and that direct deposit setup doesn’t require extra hoops.
4. FDIC Insured
Verify FDIC coverage directly at the FDIC’s BankFind tool before depositing. All deposits up to $250,000 per depositor, per bank, are automatically FDIC-insured — if an institution is offering a rate well above the market average without FDIC backing, treat that as a red flag rather than a deal. The same check applies to CDs at a bank or NCUA coverage at a credit union.
Looking Ahead: The September 16 Fed Decision
I’ll update this page after the Fed’s September 16, 2026 meeting with whatever direction rates move. In the meantime, a few things worth watching: Fed Chair Warsh’s hawkish Jackson Hole tone has already moved futures markets meaningfully, and whatever jobs and inflation data lands between now and the meeting will likely determine whether that 65%-68% hike probability holds, rises further, or fades the way odds did earlier this summer.
If you’re deciding whether to wait for a possibly higher rate or lock in a top HYSA now, keep in mind that even a “wait and see” approach still earns you the current top rate while you watch — there’s no cost to opening a high-yield account today and switching later if something better comes along.
