The Best High-Yield Savings Accounts of November 2025 (Up to 5.00% APY)
With inflation still affecting everyday costs, keeping your money in a traditional savings account earning around 0.22% is no longer enough. A High-Yield Savings Account (HYSA) helps your cash grow faster by offering significantly higher interest rates. Below is an updated list of the best high-yield savings accounts in the U.S. and Canada for November 2025, based on current rates and features.
What Is a High-Yield Savings Account?
A High-Yield Savings Account is an online or digital-first savings product that pays a much higher Annual Percentage Yield (APY) than standard bank accounts. Because online banks operate with lower overhead, they can offer more competitive interest rates, faster transfers, and lower fees. Both U.S. and Canadian HYSAs are typically insured (FDIC in the U.S., CDIC in Canada), making them a safe place to store emergency funds and short-term savings.
Top 3 High-Yield Savings Accounts in the United States – November 2025
-
Varo High-Yield Savings Account
APY: 5.00% on balances up to $5,000 (with qualifying direct deposit)
Why it wins: One of the highest HYSA rates available in the U.S. right now. Varo offers fast transfers, no monthly fees, and FDIC insurance. Ideal for savers who receive regular direct deposits. -
Axos ONE Savings
APY: 4.51% (with Axos ONE requirements)
Why it wins: Strong, reliable rate combined with excellent digital banking tools. No maintenance fees and seamless integration with Axos checking make this a solid long-term savings option. -
Climate First Bank High-Yield Savings
APY: Approximately 4.46%
Why it wins: Competitive APY and a mission-driven bank focused on sustainability. Good choice for consumers who want a high rate from an institution with transparent values.
Top 3 High-Interest Savings Accounts in Canada – November 2025
-
Scotiabank MomentumPLUS Savings
Rate: 4.75% promotional rate for the first three months
Why it wins: One of the strongest promotional HISA rates from a major Canadian bank. No monthly fees and easy integration with existing Scotiabank accounts. -
RBC High Interest eSavings
Rate: 4.60% promotional rate
Why it wins: Reliable rate from one of Canada’s biggest banks. A great option for Canadians already banking with RBC who want a secure, insured savings account. -
BMO Savings Amplifier Account
Rate: 4.60% promotional rate
Why it wins: Straightforward digital banking, no monthly fees, and one of the best limited-time HISA promos among Canada’s major institutions.
How to Choose the Best High-Yield Savings Account
When comparing the best savings accounts for 2025, consider more than just the interest rate. Look at eligibility requirements, balance caps, transfer speeds, mobile app quality, and whether the bank charges any fees. Always ensure the account is federally insured—FDIC in the United States or CDIC in Canada—for maximum protection.
Whether you want the highest APY, the best mobile banking experience, or the most trusted major bank, these top HYSAs offer strong returns and secure storage for your money.
Frequently Asked Questions About High-Yield Savings Accounts (2025)
Are High-Yield Savings Accounts safe?
Yes. In the United States, HYSAs are insured by the FDIC up to $250,000 per depositor, per bank. In Canada, high-interest savings accounts are insured by the CDIC for up to $100,000. As long as your bank is federally insured, your money is protected.
Why are HYSA interest rates higher than regular savings accounts?
Online banks have lower operating costs than traditional brick-and-mortar banks. They pass those savings on to customers in the form of higher APYs, faster transfers, and fewer fees.
Can HYSA rates change?
Yes. High-yield savings rates are variable and can change based on central bank decisions, inflation, and overall economic conditions. Most banks update rates monthly or quarterly.
Is there a downside to using a High-Yield Savings Account?
The main drawback is that HYSA rates fluctuate. Some accounts also require qualifying activities—such as direct deposit—to earn the highest APY. Additionally, they are not designed for frequent withdrawals.
Are Canadian HISA promotional rates worth it?
Yes, if you understand the terms. Many Canadian banks offer 3-month promo rates as high as 4.75%–5.00%. After the promo ends, your rate drops to the bank’s regular HISA rate, which may be lower. These accounts are best for short-term savings boosts.
Should I choose a U.S. HYSA or a Canadian HISA?
Choose based on your residency. U.S. accounts require a U.S. social security number and address. Canadian accounts require a SIN and Canadian residency for CDIC protection. You cannot open cross-border HYSAs unless you have banking access in both countries.
How much money should I keep in a high-yield savings account?
Most experts recommend storing 3–6 months of emergency expenses in a HYSA. It is ideal for short-term goals such as vacations, home purchases, medical funds, and savings you may need within 1–3 years.
Do HYSAs have monthly fees?
Most online high-yield savings accounts do not charge monthly fees. Traditional banks may charge fees unless specific conditions are met.