After years of stubbornly high rates, the wider interest rate environment is shifting. The Fed issued a 50-basis-point cut to the benchmark rate in late September, which led rates on everything from mortgages to home equity loans to drop in tandem, alleviating some of the heavy burden that’s been weighing on borrowers recently. But while the climate of dropping rates may benefit borrowers, it isn’t nearly as beneficial for savers, as rates on deposit accounts typically fall alongside rates on loans and other borrowing products.

That said, there is still a great opportunity for savers to maximize their returns right now by putting some of their savings into a high-yield savings account. Even in today’s shifting rate landscape, many high-yield accounts continue to offer higher-than-average rates, and unlike certificate of deposit accounts (CDs), which generally require you to keep your money locked away until maturity, a high-yield savings account offers the opportunity to earn a great rate and maintain easy access to your funds.

While the rates on high-yield savings accounts are variable, meaning that they can change over time, many currently offer annual percentage yields (APYs) comparable to or even exceeding those of CDs, without you having to sacrifice liquidity. So for those seeking a balance between competitive rates and financial flexibility, exploring these high-yield savings options could be a smart move in today’s market.

See how much more you could earn with one of the best high-yield savings accounts now.

14 best high-yield savings accounts to open this October

The following high-yield savings accounts could be a good bet if you want to maximize the returns on your money this October: 

• Pibank — 5.50%: There is no minimum deposit requirement to open this account; there is no minimum balance required to earn the stated APY; this account does not charge a monthly service charge
• TIMBR — 5.25%: There is a $1,000 minimum deposit requirement to open this account; there is no minimum balance required to earn the stated APY; this account does not charge a monthly service charge
• BrioDirect — 5.15%: There is a $5,000 minimum deposit requirement to open this account; there is a $25 minimum balance required to earn the stated APY; this account does not charge a monthly service charge
• CloudBank 24/7 — 5.15%: There is a $1 minimum deposit requirement to open this account; there is a$1 minimum balance required to earn the stated APY; this account does not charge a monthly service charge
• RBMAX — 5.15%: There is a $10 minimum deposit requirement to open this account; there is no minimum balance required to earn the stated APY; this account does not charge a monthly service charge
• Elevault — 5.13%: There is no minimum deposit requirement to open this account; there is no minimum balance required to earn the stated APY; this account does not charge a monthly service charge
• Bask Bank — 5.10%: There is no minimum deposit requirement to open this account; there is no minimum balance required to earn the stated APY; this account does not charge a monthly service charge
• EverBank — 5.05%: There is no minimum deposit requirement to open this account; there is no minimum balance required to earn the stated APY; this account does not charge a monthly service charge
• Jenius Bank — 5.05%: There is no minimum deposit requirement to open this account; there is no minimum balance required to earn the stated APY; this account does not charge a monthly service charge
• Flagstar Bank — 5.00%: There is a $1 minimum deposit requirement to open this account; there is a $25,000 minimum balance required to earn the stated APY; this account charges a $15 monthly service charge (which is waived with a $10,000 average balance)
• Ivy Bank — 5.00%: There is a $2,500 minimum deposit requirement to open this account; there is a $2,500 minimum balance required to earn the stated APY; this account does not charge a monthly service charge
• Laurel Road — 5.00%: There is no minimum deposit requirement to open this account; there is a $5,000 minimum balance required to earn the stated APY; this account does not charge a monthly service charge
• Bread Savings — 4.95%: There is a $100 minimum deposit requirement to open this account; there is a $100 minimum balance required to earn the stated APY; this account does not charge a monthly service charge
• First Foundation Bank — 4.90%: There is a $1,000 minimum deposit requirement to open this account; there is no minimum balance required to earn the stated APY; this account does not charge a monthly service charge

Explore the top savings rates available to you here.

The bottom line

In today’s changing rate environment, high-yield savings accounts remain a standout option for savvy savers who want to earn a high APY on their money while maintaining access to the funds in their accounts. These accounts provide significantly higher APYs compared to traditional savings accounts, with some reaching up to 5.5% currently. This makes them an attractive choice for emergency funds and short-term savings goals. By choosing the right high-yield savings account, savers can potentially earn hundreds or even thousands of dollars more in interest compared to traditional savings options.