Saving Smart in 2025 Top High-Yield Savings Accounts to Grow Your Money

Being smart about where you put your money can help your savings grow faster and help you reach your goals sooner. If you are getting a low interest rate on your money, think about using a high-yield savings account. We looked hard at many accounts from safe, federally insured banks and picked the 10 best based on interest rate, fees, account features, customer service, and more.

Top 10 High-Yield Savings Accounts

Note: Interest rates, fees, and requirements are correct as of the publish date. Please check the bank’s website for the latest details.

Detailed Account Reviews

SoFi High-Yield Savings Account

• APY: Up to 3.80%
• Minimum opening deposit: $0
• Monthly fee: $0

SoFi’s account is both a checking and savings account. It has a good APY with no fees or minimum deposits. It also has cool features like purchase round-ups that add extra money to your savings and different “vaults” to help you save for many goals. New customers might even get a bonus of up to $300.

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Barclays Online Savings Account

• APY: 3.90%
• Minimum opening deposit: $0
• Monthly fee: $0

Barclays gives you an APY nearly 10 times the national average. There are no fees and no minimum balance. It also comes with a free tool that helps you plan how much to save every month.

Bask Interest Savings Account

• APY: 4.35%
• Minimum opening deposit: $0
• Monthly fee: $0

Bask offers an APY that is more than 10 times the national average. With no deposit or monthly fee, this account is great for those who want to save without extra costs. Bask is an online-only bank, and they offer long phone support if you need help.

Synchrony Bank Online High-Yield Savings Account

• APY: 4.00%
• Minimum opening deposit: $0
• Monthly fee: $0

This account from Synchrony has a strong APY, almost 10 times the average rate. It is free to open and has no monthly fee. The bank also pays interest daily and gives you an optional ATM card. They even refund up to $5 per month for ATM fees.

UFB Portfolio Savings Account

• APY: 4.01%
• Minimum opening deposit: $0
• Monthly fee: $0

UFB Direct’s account gives a competitive APY on all balances. You also get a free ATM card and many digital tools to manage your money. Their mobile app is very well rated for checking balances, viewing history, transferring funds, and getting help.

Ally Savings Account

• APY: 3.70%
• Minimum opening deposit: $0
• Monthly fee: $0

The Ally Savings Account does not require a minimum deposit and has no monthly fees. With an APY of 3.70%, it is more than eight times the national average. Ally also offers tools like round-ups and recurring transfers to help you save without extra effort.

American Express High-Yield Savings Account

• APY: 3.70%
• Minimum opening deposit: $0
• Monthly fee: $0

American Express gives an APY of 3.70% with no minimum deposit or balance. Interest is compounded daily and paid monthly. The only downside is that you cannot get an ATM card or checkbook, so you must transfer money electronically. This is best if you plan to keep your money saved for a long time.

EverBank Performance Savings Account

• APY: 4.30%
• Minimum opening deposit: $0
• Monthly fee: $0

EverBank offers an APY of 4.30% with no deposit or monthly fees. Interest is compounded daily. Although they have long customer service hours, you can only reach them by phone.

TAB Bank Save Account

• APY: 4.26%
• Minimum opening deposit: $0
• Monthly fee: $0

TAB Save is popular for its high APY of 4.26%. There are no fees or deposit requirements. Interest is compounded daily. However, the bank’s mobile app is average and it lacks extra savings tools.

Capital One 360 Performance Savings

• APY: 3.70%
• Minimum opening deposit: $0
• Monthly fee: $0

Capital One’s account offers a competitive APY and has no fees. Interest is compounded monthly. The mobile app is excellent and helps you move money, create savings goals, deposit checks, and more.

Why Open a Savings Account?

A savings account is a safe place to keep your money and earn interest. It helps you save for the future and keeps your money separate from what you use every day. Deposits are protected by FDIC or NCUA insurance (up to $250,000), so your money is safe.

What Is a High-Yield Savings Account?

A high-yield savings account works like a normal savings account but pays much more interest. Some of these accounts offer APYs 10 times higher than the national average. Some banks may need you to keep a minimum balance, but many accounts have no such requirement and do not charge monthly fees.

What Is APY?

APY stands for Annual Percentage Yield. It tells you how much money you will earn in one year, including the effect of compounding. The more often interest is added (daily or monthly), the faster your money grows. Keep in mind that APYs can change when the economy or the bank’s policies change.

Pros and Cons of High-Yield Savings Accounts

Pros:

• Higher Interest Rates: You earn more money on your savings.
• Compound Interest: Interest is added to your balance, so you earn even more.
• Easy Access: These accounts are good for emergency funds.
• Low Fees: Most have no monthly fees.
• Safe: Your money is insured and low-risk.

Cons:

• Variable Rates: The APY can go up or down.
• Minimum Balance: Some accounts may need a minimum deposit.
• Tiered APYs: Higher balances might earn more interest.
• Short-Term Savings: They are best for short-term goals, not retirement.
• Withdrawal Limits: Some banks limit how often you can take out money.

Alternatives to High-Yield Savings Accounts

Money Market Accounts

These accounts often pay high interest and may offer check-writing or debit cards. They might require a higher minimum balance.

Certificates of Deposit (CDs)

CDs lock your money for a set term and usually offer good rates. They are best if you do not need quick access to your funds.

Investing

Investments like stocks, bonds, or mutual funds can offer higher returns for long-term goals. However, they come with higher risk than savings accounts.

How to Find the Best High-Yield Savings Account

Here are some tips:

• New Account Offers: Look for bonus promotions and high APYs.
• Deposit Requirements: Check if there is a minimum deposit.
• Fees: Look for accounts with no monthly fees.
• Accessibility: Make sure you can access your account easily online or with an ATM.
• Deposit Options: See if you can deposit checks with a mobile app.
• Account Linking: Check if you can connect the account to your other bank accounts.

How to Open a High-Yield Savings Account

Opening a high-yield savings account is easy. You can do it online or in person. You will need:

• Personal information
• Proof of identity (like your driver’s license)
• Proof of address (like a recent bill)
• A minimum deposit if required

Frequently Asked Questions

Is your money safe in a HYSA?
Yes. If your account is with an FDIC- or NCUA-insured bank, your money is safe up to $250,000.

How often do HYSA rates change?
Rates can change any time. Check the bank’s website or call them for the latest rates.

Can you withdraw money from a HYSA?
Yes, but there may be limits on the number of withdrawals per month.

What is the highest paying high-yield savings account?
Among our list, EverBank offers a rate of 4.30% APY, which is one of the highest.

Are high-yield savings accounts still worth it?
Yes. They are one of the best places to keep extra cash for emergencies or short-term savings, with rates around 3% to 4% APY.

Do savings account interest rates change?
Yes, they can change based on the economy and bank policies.

What type of bank account gives the most interest?
High-yield savings accounts, CDs, and money market accounts usually offer the most interest.

Can you lose money in a HYSA?
No. As long as your money is in an insured account, you will not lose it.

Our High-Yield Savings Account Methodology

Our team used nearly 300 data points to review about 30 federally insured savings accounts. We looked at:

• APY: Higher APYs earn more points.
• Minimum Balance: We prefer accounts with no or low balance requirements.
• Minimum Deposit: Accounts with no or low opening deposit scored higher.
• Monthly Fees: Accounts with no fees earned more points.
• Compounding Frequency: More frequent compounding means more points.
• Account Bonus: Extra points for bonus promotions.
• Maximum Bonus Amount: Higher bonuses earn more points.
• Customer Service: More contact options (phone, email, chat) got extra points.
• Mobile App Rating: Higher app ratings gave more points.

These points helped us create our list of the top 10 high-yield savings accounts.