This October the highest savings yield reaches up to 5.00% APY for new customers, with flat-rate and capped options at 4.20% and 3.75% APY. A high-yield savings account is an FDIC-insured deposit account that pays far above average, so compare promo periods, balance tiers and qualifying activity. The gap matters for idle cash. A headline rate alone does not show what you earn after six months or on a large balance.
Table of Contents
- Which rates lead right now
- Why banks can pay more this fall
- How balance tiers change your payout
- What to check before you move money
Which rates lead right now
Axos Bank offers new Axos ONE customers up to 5.00% APY for six months, according to Axos ONE account details. After six months the rate becomes 4.21% APY under $250,000 and 3.50% APY at or above $250,000, with no monthly maintenance fees. EverBank advertises 4.20% APY for new Performance Savings accounts on all balances, according to EverBank's Performance Savings page.
That account has a variable rate that may change without notice. Varo Bank pays up to 3.75% APY only on balances up to $5,000. To qualify, savers must receive at least $800 in deposits that month and end with positive balances. Balances above $5,000 and accounts that miss the rules earn 1.00% APY.
Why banks can pay more this fall
The Federal Reserve Board raised interest on reserve balances to 3.90% effective September 17, 2026, according to its September 16 statement. That vote was unanimous and set a 3.75%-4.00% federal funds target that lets online banks pay higher savings yields.
EverBank contrasts its 4.20% APY with a 0.37% APY national average for traditional savings. Savers who leave idle cash in an average account earn roughly one-eleventh the top high-yield return.
How balance tiers change your payout
Your balance decides which rate applies. A high headline may cover only part of your cash.
A $300,000 balance falls in the lower Axos tier after the promo period. The same amount far exceeds Varo's $5,000 top-rate cap. EverBank applies the same advertised rate across the full balance.
- Axos ONE: up to 5.00% APY for six months for new customers, then 4.21% APY under $250,000 and 3.50% APY at or above $250,000.
- EverBank Performance Savings: 4.20% APY on all balances, with a variable rate that may change.
- Varo: up to 3.75% APY on up to $5,000 with $800 in monthly deposits and positive ending balances, otherwise 1.00% APY.
What to check before you move money
The FDIC says deposit insurance automatically protects at least $250,000 per depositor, per insured bank, per ownership category, according to FDIC Deposit Insurance FAQs. Coverage includes checking, savings, money market accounts and CDs if the bank fails. Axos Bank and Varo Bank remind shoppers to confirm variable-rate terms, balance tiers, minimums, monthly fees and FDIC membership.
Headline APYs can drop after a promo period or when qualifying activity stops. Confirm the numbers on the bank's official page before you transfer. Read the current variable-rate disclosure and verify FDIC membership for the account you will open.
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