Quite a bit of emphasis has been put on the earning potential of certificate of deposit (CD) accounts over the last few years — which makes sense given today’s high-rate environment. After all, opening the right CD account in this environment means that your money will earn a high fixed rate of interest for the full CD term. That has resulted in big (and guaranteed) returns for the savers who have capitalized on the opportunity, as many short- and long-term CDs offer rates of 4.5% to 5.5% or higher.

But while CDs can be a great option for locking in a top-notch annual percentage yield (APY) on your money, they aren’t always the right choice. When you put your money in a CD, one of the trade-offs is that you’re agreeing to leave it untouched until the account matures. Otherwise, you’re typically stuck paying a hefty early withdrawal penalty that can eat into your earnings substantially. So, those savers who need more flexibility or more access may not find CDs to be a good fit.

Luckily, CDs aren’t the only good option to consider. High-yield savings accounts, which offer much higher APYs compared to regular savings accounts but the same easy access to your money, are another good option currently. While these accounts don’t lock in your rate — rather, the interest rate is variable — it’s possible to open one with a rate that’s as high or higher than what you would get with a CD. The key is to know where to look and that starts with the accounts outlined below. 

Get started by opening one of today’s best high-yield savings accounts now.

12 best high-yield savings accounts to open this September

If you want to maximize the returns on your savings this September, it could be worth opening one of these accounts: 

• Betterment — 5.50% APY: This account does not have a minimum opening deposit requirement and there are no minimum balance requirements to earn the advertised APY.
• Poppy Bank — 5.50% APY: This account does not have a minimum opening deposit requirement but there is a minimum balance requirement of $1,000 to earn the advertised APY.
• Flagstar Bank — 5.35% APY: This account does not have a minimum opening deposit requirement but there is a minimum balance requirement of $25,000 to earn the advertised APY.
• My Banking Direct — 5.35% APY: This account has a $500 minimum opening deposit requirement and there is a minimum balance requirement of $1 to earn the advertised APY.
• BrioDirect — 5.30% APY: This account has a $5,000 minimum opening deposit requirement and there is a minimum balance requirement of $25 to earn the advertised APY.
• Forbright Bank — 5.30% APY: This account does not have a minimum opening deposit requirement and there are no minimum balance requirements to earn the advertised APY.
• Ivy Bank — 5.30% APY: This account has a $2,500 minimum opening deposit requirement and there is a minimum balance requirement of $2,500 to earn the advertised APY.
• North American Savings Bank — 5.30% APY: This account does not have a minimum opening deposit requirement and there are no minimum balance requirements to earn the advertised APY.
• Evergreen Bank Group — 5.25% APY: This account has a $100 minimum opening deposit requirement but there is no minimum balance requirement to earn the advertised APY.
• Newtek Bank — 5.25% APY: This account does not have a minimum opening deposit requirement and there are no minimum balance requirements to earn the advertised APY.
• TIMBR — 5.25% APY: This account has a $1,000 minimum opening deposit requirement but there is no minimum balance requirement to earn the advertised APY.
• CloudBank 24/7 — 5.22% APY: This account has a $1 minimum opening deposit requirement and there is a minimum balance requirement of $1 to earn the advertised APY.

Compare your high-yield savings options and start earning more today.

The bottom line

In today’s high-rate environment, savers have multiple options to make their money work harder. While CDs offer guaranteed returns, high-yield savings accounts provide an attractive alternative for those seeking both competitive rates and flexibility. With APYs reaching up to 5.50%, these accounts offer an opportunity to maximize your savings without sacrificing access to your funds. By carefully considering your financial goals and comparing the various options available, you can choose the savings vehicle that best suits your needs and take full advantage of the current interest rate landscape.