US High-Yield Savings Accounts Outpace CDs as Rates Stay Above 4%

In August 2025, high‑yield savings accounts in the United States were still offering yields above 4% APY, while most certificate‑of‑deposit (CD) rates were slipping lower as market participants anticipated a possible Federal Reserve rate cut. The higher liquidity of savings accounts makes them preferable for emergency funds or short‑term needs, whereas CDs can be attractive only when the maturity date aligns with a known spending horizon and the investor can tolerate early‑withdrawal penalties.

By May 2026, the top advertised high‑yield savings rate was 4.21% APY at Axos Bank, with other major online banks such as SoFi and LendingClub offering rates up to 4.00%. Despite the Federal Reserve’s easing of its benchmark rate, these accounts remain well above the national average savings rate of 0.38%, providing a compelling option for savers seeking higher returns without market risk.