The best savings accounts on the market pay 5% or better—offering the highest rates in two decades. Start earning a great return today, before rates fall.

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

As the name implies, a high-yield savings account is a savings account with a significantly higher interest rate than a standard savings account — with some high-yield accounts offering rates up to 20 to 25 times the national average, which the FDIC currently puts at a meager 0.05%.

It's hard to go wrong with high-yield savings accounts, but there are a few things you should know. Read on to find out which moves to avoid.

I use each high-yield savings account for a different goal, like a vacation to Ireland, a kitchen renovation, or future car repairs.

Yes, interest rates are low right now. That doesn’t mean there aren’t good deals to be had with high yield savings accounts.

Banks and credit unions often offer more CDs with different terms than high-yield savings accounts, which gives you the chance to save and earn in a few different ways.