The Top 3 High-Yield Savings Accounts of May 2025: Up to 5% APY
KEY POINTS
- The combination SoFi Checking and Savings account (member FDIC) pays up to 3.80% on savings and offers a bonus of up to $300¹ for new members.
- The Barclays Tiered Savings account pays 4.00% APY or more on all deposits.
- The Varo Savings account pays up to 5.00% on balances of up to $5,000 if you meet some easy requirements.
These days, there are dozens of online banks that pay high savings rates and charge no monthly fees. And they're just as safe as the big, traditional banks you grew up with.
So how do you choose a bank when there are so many good options? I'll help you out by sharing three of my favorite high-yield savings accounts -- which all pay at least nine times the average APY.
1. SoFi Checking and Savings (member FDIC): up to 3.80% APY and a bonus of up to $300¹
This is a checking and savings account combo -- so you don't have to take the extra step of opening two accounts at SoFi®.
The savings account pays up to 3.80% APY so long as you set up direct deposit to your savings or checking account. There's no minimum balance or deposit amount.
On top of that, new account holders can earn a bonus¹ for direct-depositing enough cash within a certain time frame:
- $50 bonus for direct deposits of $1,000 to $4,999.99
- $300 bonus for direct deposits of $5,000-plus
The bonus period starts when you make your first direct deposit and ends 25 days later. In other words, most people can earn a bonus just by direct-depositing their paychecks to their SoFi® account.
I opened a SoFi Checking and Savings account recently, and I love it. I'm earning up to 3.80% APY on my savings, I'm paying no account or monthly fees,³ and the app is incredibly easy to use. Click here to open your own SoFi Checking and Savings account today.
2. Barclays Tiered Savings: 4.00% APY on balances under $250,000
The Barclays Tiered Savings account pays 4.00% if your balance is under $250,000, and slightly more if your balance is $250,000 or more. There's no account minimum, and there are no monthly fees.
The only downside is that Barclays does not have checking accounts, so you can't instantly transfer money to an account you can spend it from.
The good news: Barclays allows an unlimited number of withdrawals. You can move money from a Barclays Tiered Savings account to an outside checking account whenever you want. Just expect the transfer to take up to three business days.
And for some, the lack of a checking account is a good thing. Saving up for a long-term goal can be easier if you can't spend that money whenever you want.
If you want to earn a top-tier APY of 4.00%, then click here to open a new Barclays Tiered Savings account.
3. Varo Savings: up to 5.00% APY on balances up to $5,000
If you're looking to deposit $5,000 or less, then you can't beat this account's APY.
Balances earn up to 5.00% APY on the first $5,000 if you meet two simple requirements:
- Direct deposit at least $1,000 per month
- Have a positive balance at the end of the month
That's the easiest 5% return you'll ever make.
Balances above $5,000 earn 2.50% APY -- not bad, but low enough that you may want to look elsewhere if you're depositing much more than $5,000.
Like the other accounts here, Varo Savings account has no monthly fees. Varo also offers a checking account, so you can get to your cash quickly if you need to.
Don't wait to start earning more money
I put off opening a high-yield savings account for years -- and it cost me thousands of dollars in interest.
Opening a new savings account and transferring your funds is faster and easier than ever. There's no reason to put up with a low APY anymore, so do your future self a big favor and open a high-yield savings account ASAP.
Our Research Expert
Managing editor for Motley Fool Money. James has worked full-time for The Motley Fool since 2012. A longtime editor and former reporter, James oversees the production and quality of Motley Fool Money's editorial content.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.