Best High-Yield Savings Account Rates Today, August 6, 2025: Up to 5.00%

Savings rates are holding strong as we move through the first week of August. Top high-yield savings accounts (HYSAs) are still offering APYs between 4.00% and 5.00%, thanks in part to the Fed's recent decision on July 30 to keep interest rates steady.

While a rate cut is still possible in the months ahead, today's environment gives savers a solid opportunity to earn meaningful interest -- all without giving up access to their money. With FDIC insurance and no penalties for withdrawals, HYSAs strike a rare balance between growth and flexibility.

If you're looking for a smart, low-risk place to build your savings, now's the time to explore your options. Here are the top rates available today.

Featured pick now: 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 4.46% APY (Min. balance: $1,500)

Data source: Issuing banks. Rates are accurate as of August 5, 2025.

Is it still a good time to open a high-yield savings account?

To kick off August, HYSAs are offering APYs between 4.00% and 5.00% -- making them one of the most attractive low-risk options for growing your money. These accounts offer a rare mix of strong returns, easy access to your cash, and FDIC protection that traditional savings accounts often lack.

But these elevated yields may not stick around. The Federal Reserve wrapped up its latest meeting on July 30 with no changes to the federal funds rate, as expected. Still, many economists believe rate cuts are coming before the year ends -- and that could put downward pressure on current APYs.

History shows how fast things can change. As illustrated in the chart below, deposit rates surged during the Fed's last pivot -- and if cuts begin soon, today's high returns could drop just as quickly.

How to open an HYSA

Opening a high-yield savings account is simple -- and usually takes just a few minutes. Here's a step-by-step guide to help you get started:

1. Compare rates and features. Start by shopping around. Look for accounts with competitive APYs, low or no fees, and user-friendly tools like mobile apps and easy transfer options. Online banks often offer the best rates.
2. Get your documents ready. Most banks will ask for basic personal details, including your name, address, Social Security number, and a valid photo ID.
3. Submit your application online. Nearly all high-yield savings accounts can be opened digitally. The application is typically short and can be completed from your phone or computer.
4. Fund your account. You'll need to link another account -- like a checking account -- to transfer your opening deposit. Some banks have minimum deposit requirements, so double-check the terms.
5. Set up online access. Once your account is active, download the bank's app or log in online to monitor your balance, transfer funds, and manage your savings anytime.

Check out our list of the best high-yield savings accounts to get started now.

Earn almost $400 in a year with a $10K HYSA deposit

The higher your annual percentage yield (APY) and the more money you save, 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.

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 3.80%, 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 bonus with direct deposit. Plus, new customers earn an extra 0.70% APY on savings for up to 6 months with direct deposit (terms apply) -- that equals up to 4.50% APY!

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.