Best High-Yield Savings Account Rates Today, August 2, 2025: Up to 5.00%
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August kicks off with savings rates still holding strong. After the Fed left interest rates unchanged at its July 30 meeting -- as expected -- high-yield savings accounts (HYSAs) continue to offer APYs between 4.00% and 5.00%.
Rate cuts are still on the table for later this year, but for now, savers have a valuable opportunity to lock in above-average returns. HYSAs also come with built-in perks like FDIC insurance and full access to your funds.
If you want a low-risk way to grow your money without tying it up, this could be a great time to act. Here are today's top high-yield savings account rates.
A top pick: The Barclays Tiered Savings account stands out with a 3.90% APY and no minimum balance required to earn interest. It's one of the few top-tier rates still widely available -- and with no account fees, it's a smart move while rates remain high. Open a Barclays Tiered Savings account today.
- Varo Savings -- up to 5.00% APY (Max APY on up to $5,000, 2.50% APY after)
- Pibank Savings -- 4.60% APY (No min. balance)
- Elevault -- 4.60% APY (No min. balance. Balances over $250,000 do not earn interest)
- Presidential Bank Advantage Savings -- 4.50% APY ($5,000 min. to open, terms apply)
- Axos ONE® -- up to 4.51% APY (Min. balance: $1,500)
Data source: Issuing banks. Rates are accurate as of August 1, 2025.
Our Picks for the Best High-Yield Savings Accounts of 2025
| Product | APY | Min. to Earn | |
SoFi Checking and Savings
Member FDIC.
APY
up to 4.50%
Rate info
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Min. to earn
$0
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
up to 4.50%
Rate info
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
|
$0
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Discover® Online Savings
Member FDIC.
APY
3.40%
Min. to earn
$0
Open Account for Discover® Online Savings
On Discover Bank's Secure Website. |
3.40%
|
$0
|
Open Account for Discover® Online Savings
On Discover Bank's Secure Website. |
Western Alliance Bank High-Yield Savings Premier
Member FDIC.
APY
4.10%
Rate info
The annual percentage yield (APY) is accurate as of September 30, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn
$500 to open, $0.01 for max APY
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
4.10%
Rate info
The annual percentage yield (APY) is accurate as of September 30, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
|
$500 to open, $0.01 for max APY
|
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code TMF925 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/12/2026, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank.
The annual percentage yield (APY) is accurate as of September 30, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
At Motley Fool Money, we rate savings accounts on a five-star scale, shown in tenths of a point to highlight even small differences between products. Accounts are evaluated across four main criteria:
- APY
- Brand and reputation
- Fees and minimum requirements
- Accessibility and features
Scores may be adjusted to reward limited-time high rates or penalize accounts with excessive fees. Our goal is to highlight accounts that are competitive, easy to use, and backed by trusted institutions. Learn more about how Motley Fool Money rates bank accounts.
At Motley Fool Money, we rate savings accounts on a five-star scale, shown in tenths of a point to highlight even small differences between products. Accounts are evaluated across four main criteria:
- APY
- Brand and reputation
- Fees and minimum requirements
- Accessibility and features
Scores may be adjusted to reward limited-time high rates or penalize accounts with excessive fees. Our goal is to highlight accounts that are competitive, easy to use, and backed by trusted institutions. Learn more about how Motley Fool Money rates bank accounts.
Is it still a good time to open a high-yield savings account?
As of early August, high-yield savings accounts are still offering APYs near 5.00% -- making them one of the most attractive low-risk places to grow your money. With strong returns, easy access to your cash, and FDIC protection, HYSAs continue to stand out.
But these rates may not stick around. The Federal Reserve wrapped up its July 30 meeting with no changes to the federal funds rate, as expected. Still, many experts expect rate cuts before year's end -- a shift that could start pulling APYs lower.
And if history is any guide, those changes can happen fast. As shown in the chart below, savings rates rose quickly during the Fed's last pivot -- and could fall just as swiftly if cuts begin in the coming months.
Steps to open a high-yield savings account
Opening an HYSA doesn't take much time -- and the process is easier than you might think. Here's how to get started:
- Start by comparing your options. Look at different banks and credit unions to find the best combination of high APY, low fees, and convenient features like mobile apps and free transfers. Online banks often lead the pack in rates.
- Gather your personal info. You'll need to provide basics like your name, address, Social Security number, and a valid photo ID.
- Fill out the application. Most banks offer a simple online form, so you can open your account from your phone or computer in just a few minutes.
- Make your first deposit. Link your existing checking or savings account to transfer funds. Some accounts require a minimum deposit to get started, so check the fine print.
- Get connected. Download the bank's mobile app or log in through their website to keep tabs on your balance, move money around, and grow your savings with ease.
Check out our list of the best high-yield savings accounts to get started now.
Want easy interest? A $10K deposit could net you nearly $400 in a year
The more you save and the higher your annual percentage yield (APY), the more interest you'll earn from a high-yield savings account.
With an APY of 3.90%, a $10,000 deposit would earn around $390 in interest over the course of a year -- all without locking your money away. Unlike a CD, you can access your cash anytime without penalties or fees. That flexibility, paired with a solid return, makes HYSAs a clear step up from the pennies you'd earn at most traditional banks.
Opening an account with a top-tier APY, like Barclays Tiered Savings, can help you maximize your returns before rates drop. Open a Barclays Tiered Savings account here before rates fall again.
Open a SoFi Checking and Savings account (Member FDIC) and earn a cash bonus
For those who plan to utilize direct deposit with their new account, the SoFi Checking and Savings account (Member FDIC) is tough to beat. Not only does this savings account offer a strong APY of up to 4.50%, but the linked checking account earns an above-average rate, too -- a rare perk.
But that's not all. Right now: Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply.
Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships. Open a SoFi Checking and Savings account (Member FDIC) today.
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Sources
FAQs
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Yes, high-yield savings accounts are safe as long as they're offered by an FDIC-insured bank or NCUA-insured credit union. Your deposits are protected up to $250,000 per person, per institution, in case the bank or credit union fails.
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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.
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Right now, the best savings account rates are those between about 3.80% and 5.00%. You can earns hundreds more per year on your savings compared to keeping your money in an account with the national average savings APY of 0.40%.
Our Research Expert
Jake FitzGerald is a full-time Editorial Strategist and Personal Finance Writer at Motley Fool Money, leading content production and distribution while also writing about credit cards, bank accounts, and other financial products. He has more than a decade of experience editing and shaping financial content to give readers clear, trustworthy money advice. His work focuses on delivering practical insights that empower people to make smarter financial decisions. Off the clock, he’s a fan of college football tailgates and still loyal to his favorite putter -- despite what his short game suggests.