The Best Savings Account Rates Today, April 8, 2025: Up to 5.00%
KEY POINTS
- High-yield savings accounts offer up to 5.00% APY today, making them a smart choice for growing your savings balance.
- When selecting an account, compare APYs to ensure you pick one that will maximize your interest earnings.
- These accounts offer competitive rates, are easily opened and managed online, and provide FDIC insurance.
Saving money is a smart move, but why not let it grow, too? High-yield savings accounts offer rates up to 5.00% today, making them a great option.
But remember, banks offer APYs that vary wildly, so it's worth comparing accounts before you decide on one. Some accounts have far better returns than others.
We scoured the internet to find you some of the best. Explore our picks below for the top high-yield savings rates today.
| 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 |
| TIMBR High Yield Savings | 4.55% | $1,000 |
| Peak Bank Envision High Yield Savings | up to 4.54% | $100 to open, 2.02% APY on balances of $10,000,000 and above |
Why we picked these savings accounts
- Competitive APYs. These are among the highest interest rates available, helping your money grow faster.
- Low barriers to entry. Some of these accounts have low or no minimum deposit requirements to open or earn interest.
- Online convenience. Every account listed can be opened and managed entirely online from your phone or computer.
- Available nationwide. These banks let you open an account from anywhere in the U.S. without needing to join a local credit union.
If you're looking for an account that combines a strong APY with online access and flexibility, CIT Platinum Savings stands out. With a 4.10% APY for balances of $5,000 or more, it's a smart option for savers who want high returns. Explore CIT's savings accounts here.
Want to grow your money without losing access and flexibility?
High-yield savings accounts combine flexibility with competitive interest. If you value easy access to your funds and no long-term commitment, an HYSA may be the perfect fit.
Explore more options:
- Best High-Yield Savings Accounts -- See our top picks today
- Banks With Savings Buckets -- Track your savings goals separately
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?
Got extra cash sitting in an account earning next to nothing? It's time to boost your earnings. Right now, high-yield savings accounts are offering competitive rates.
Think about opening one if you:
- Want easy online access
- Need freedom, flexibility, and no big fees
- Seek higher returns
- Value the security FDIC insurance provides
These accounts let your cash grow while keeping it within reach. They're ideal for covering unexpected repairs, planning a vacation, or keeping peace of mind if you lose your job. Don't let your money just sit there; put it to work in a high-yield account.
How to open an HYSA
Opening a high-yield savings account is simple and quick. You can often do it in minutes.
Here's how to begin:
- Shop around. Look for the best APY. Think about fees, access, and any minimum balance needs.
- Utilize online applications. You can open most accounts on your phone or computer without any physical paperwork.
- Add funds. Connect a checking or savings account and transfer your chosen deposit amount.
- Set up recurring contributions (optional). This ensures your balance will continue to grow automatically over time.
- Keep an eye on your APY. Bank's can raise or lower APYs at their discretion. If you see yours decrease substantially, it may be time to look around for a new account.
High-yield accounts offer a simple way to grow your cash with little effort. There's really no reason not to take advantage of the benefits they provide. Click here to compare the best high-yield savings accounts and open one today.
Sick of monthly deposit requirements?
Some high-yield accounts offer the best rates with no strings attached -- no recurring deposit requirements, no minimum balance to earn interest, and no monthly fees. If you're looking for a hassle-free option, consider the American Express® High Yield Savings Account account (Member FDIC), which offers a 3.60% APY (as of May 20, 2025) with no minimum deposit.
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Sources
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Banks we monitor
Here are the 100+ financial institutions we've evaluated in our research:
Alliant, Ally, All America Bank, American First Credit Union, American Express National Bank (Member FDIC), Arvest Bank, Aspiration, Axos Bank, B2 Bank, Bank of America, Bank5 Connect, Bank7, Barclays, Bask Bank, Betterment, Bluevine, BMO Bank, Bread Financial, BrioDirect, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime®, CIT, Citibank, Citizens, Citizens Savings Bank, Columbia Bank, Connexus Credit Union, Consumers Credit Union, Copper, Cross River Bank, Customers Bank, Discover® Bank, E*TRADEEdward Jones, EverBank, Fidelity, Fifth Third Bank, First Foundation Bank, First Internet Bank of Indiana, First National Bank, First Tech Federal Credit Union, Flushing Bank, Freedom Bank, Generations Bank, GN Bank, Golden 1 Credit Union, Greenlight, Harborstone Credit Union, HSBC, Huntington Bank, Ivella, Kabbage by American Express, KeyBank, Laurel Road, LendingClub, Liberty Bank, Liberty Federal Credit Union, Marcus by Goldman Sachs, Mercury, Municipal Credit Union, Mutual of Omaha, NASA Federal Credit Union, Nationwide Bank, Navy Federal Credit Union, NBKC Bank, New York Community Bank, Northpointe Bank, Novo, OceanFirst Bank, Old National Bank, ONE Finance, OneUnited Bank, Oxygen, Pacific Western Bank, PNC Bank, Ponce Bank, Popular Direct, Presidential Bank, Prime Alliance Bank, Quontic, Radius, Raisin, Redneck Bank, Regions Bank, Relay, Republic Bank of Chicago, Revolut, Salem Five Bank, Sallie Mae, Santander Bank, SchoolsFirst Federal Credit Union, Simple, SoFi®, Synchrony Bank, TAB Bank, TD Bank, Third Federal, Truist Bank, U.S. Bank, UFB, Upgrade, USAA, Valley Bank, Vanguard, Varo Bank, Vio Bank, Wealthfront, Wells Fargo, Western Alliance Bank, and Zeta.
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.