Earn up to 5% APY in a High-Yield Savings Account Today, April 28, 2025
KEY POINTS
- The leading high-yield savings account rate now: 5.00% APY.
- Take advantage of one of today's top rates while they're still available and let your money work harder for you.
- High-yield savings accounts provide a secure and accessible place for your money.
High-yield savings accounts are currently offering competitive rates between 4.50% and 5.00%. But with potential rate cuts on the horizon, your chance to maximize your interest earnings might not last.
Whether saving up an emergency fund or stashing money away for future goals, taking advantage of these rates now can help keep you ahead of inflation.
We compare dozens of accounts from top banks every day to bring you the top rates. Today's best offers are below.
| 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?
Now's an opportune time to take advantage of still-high rates and open a high-yield savings account, or to switch accounts to one that pays more for your money.
Consider a high-yield savings account if:
- You want to earn more interest without locking away your money
- You appreciate safety -- most accounts come with FDIC insurance
- You want easy online access with no or low fees
- You prefer flexibility over fixed terms
HYSAs offer rates that are pretty comparable to CDs now, except you won't lose access to your money while it grows, and you won't pay a penalty to withdraw it when you need it. They're a perfect place to stash your cash for emergencies, home projects, or upcoming trips. 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.
Prefer an account without a monthly deposit requirement?
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.
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FAQs
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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.
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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.
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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.