Earn up to 5% APY in a High-Yield Savings Account Today, April 24, 2025
KEY POINTS
- The best high-yield savings account rate now: 5.00% APY.
- Earn a top interest rate while keeping your cash accessible and secure.
- Open and manage your account right from your mobile phone or laptop computer.
Interest rates on savings accounts have been holding steady. But with the Federal Reserve already cutting rates three times since late 2024 and signaling more cuts ahead, the window to earn a top-tier return on your cash might be closing.
The good news is that many high-yield savings accounts are still offering APYs above 4.00%, and a few standout banks are pushing even higher. Whether you're building an emergency fund or parking extra cash for a short-term goal, locking in a strong yield today could help you stay ahead of inflation and market uncertainty.
We track savings rates daily from dozens of banks and credit unions to bring you the best options. Here are the top offers for April 24.
| Bank Account | APY | Minimum Account Balance |
|---|---|---|
| Varo Savings | up to 5.00% | Max APY on up to $5,000, 2.50% APY after |
| Axos ONE® | up to 4.66% | $1,500 |
| Pibank Savings | 4.60% | $0 |
| Peak Bank Envision High Yield Savings | up to 4.54% | $100 to open, 2.02% APY on balances of $10,000,000 and above |
| Presidential Bank Advantage Savings | up to 4.50% | $5,000 to open. Must maintain an Advantage Checking Account to be eligible for top APY. |
Why we chose these high-yield savings accounts
- Attractive returns. Enjoy some of the top APYs available to boost your savings quickly.
- Easy start. Some accounts require little or no deposit to open and begin earning interest.
- Digital convenience. Open and manage these accounts fully online from your phone or computer.
- Nationwide access. No need to join a credit union or meet membership requirements.
If you're not earning more than 4.00% APY on your savings, it might be time to switch. Rates have been mostly flat since the end of 2024, but several online banks are leading the pack without requiring huge balances. We like Barclays Tiered Savings account because it pays 4.00% with no account minimums. Pro tip: Be careful with teaser rates that drop after a few months. Always check the fine print. Click here to open a Barclays Tiered Savings account today.
At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
- APY: 50%
- Brand and reputation: 20%
- Fees and minimums: 15%
- Other perks: 15%
Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.
At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
- APY: 50%
- Brand and reputation: 20%
- Fees and minimums: 15%
- Other perks: 15%
Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.
Should you open a high-yield savings account?
Is your money stuck in a low-interest account? Now's the perfect time to earn more. High-yield savings accounts are still offering strong APYs for now as the Federal Reserve holds rates steady. But keep in mind, President Trump's tariffs might impact rates soon, so the sooner you take action, the more you'll benefit from current rates.
These accounts come with benefits, such as:
- Low or no fees
- Easy access to your funds
- FDIC insurance
High-yield savings accounts are an ideal place to keep your emergency fund, money for home or car repairs, and savings for future goals. Click here to compare the best high-yield savings accounts and open one today.
How to open a high-yield savings account
Getting started with a high-yield savings account is easy and usually takes just a few minutes. Follow these simple steps:
- Compare accounts. Look for the best APY, but also consider fees, ease of access, and minimum balance rules.
- Apply online. Most accounts can be opened from your phone or computer -- no paperwork required.
- Fund your account. Link an existing checking or savings account and transfer your money.
- Set up recurring deposits (optional). Some accounts offer higher APYs when you make regular monthly contributions.
- Track your balance and earnings. Interest usually compounds daily and is paid monthly, helping your savings grow faster over time.
Want an account without monthly deposit requirements?
Some high-yield savings accounts give you great rates without any catches. You don't need to make regular deposits, keep a minimum balance, or worry about monthly fees. If you want something easy, check out the Discover® Online Savings account. It offers a 3.60% APY, and you don't need a minimum deposit to open the account.
-
Sources
FAQs
-
Yes. Now is a great time to open a high-yield savings account and take advantage of competitive rates up to 5.00% APY. HYSAs not only help your money grow faster compared to low-yield, but also offer flexibility and access to your cash when you need it. Plus, managing your account is simple from mobile and online apps.
-
It's possible savings account rates could increase in 2025. Rate hikes depend on the Federal Reserve's actions and economic shifts. If inflation rises, banks may boost rates to attract deposits. However, at this time, experts expect that rates will decrease before the end of the year.
-
The biggest downside of a high-yield savings account is that interest rates can fluctuate. Unlike the fixed rates of CDs, the interest rate on savings accounts can change based on market conditions, potentially reducing your earnings over time. This variability means your returns might not be as predictable as with other fixed-rate investments.
Our Research Expert
Jake is a full-time Editorial Strategist for Motley Fool Money. He specializes in product ratings and all things credit cards, and wants to make sure each person has the best card for them.
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.