Up to 5.00% APY: These Are the Best High-Yield Savings Account Rates Today, August 8, 2025
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The Federal Reserve has left interest rates unchanged all year. That's good news for savers, who can still earn 4.00% APY or more through high-yield savings accounts.
HYSAs are just like regular savings accounts, with all the same features and protections -- but they pay about 10 times the average APY (or more).
Interest rates are expected to drop later this year, so today's 4.00%-plus APYs may not last long. If you don't have an HYSA yet, then now is the time to join the millions of savers who have made the switch.
Here are some of the best high-yield savings account rates you can get 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 7, 2025.
Featured 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. Read our full Barclays Tiered Savings review to learn more and open an account today.
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 3.80%
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 3.80%
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. |
NexBank High-Yield Savings Account from Raisin
Member FDIC.
APY
4.31%
Min. to earn
$1
Open Account for NexBank High-Yield Savings Account from Raisin
On Raisin's Secure Website. |
4.31%
|
$1
|
Open Account for NexBank High-Yield Savings Account from Raisin
On Raisin's Secure Website. |
American Express® High Yield Savings Account
Member FDIC.
APY
3.50%
Rate info
3.50% annual percentage yield as of August 28, 2025. Terms apply.
Min. to earn
$0
Open Account for American Express® High Yield Savings Account
On American Express's Secure Website. |
3.50%
Rate info
3.50% annual percentage yield as of August 28, 2025. Terms apply.
|
$0
|
Open Account for American Express® High Yield Savings Account
On American Express's Secure Website. |
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.
Why you should you open a high-yield savings account now
High-yield savings accounts are paying between 4.00% and 5.00% APY. That means your savings will stay ahead of inflation and grow over time, while most people's savings are losing value.
HYSAs are also risk-free, as your savings (up to $250,000) are FDIC-insured. You can deposit or withdraw money at any time, and you can also link a checking account for quicker access to your cash.
The best time to open an HYSA is always now -- but especially right now, because the Fed may cut interest rates soon. If that happens, savings account APYs will fall, too. Some banks have already lowered their APYs in anticipation of the Fed's next move.
Open a high-yield savings account in 3 easy steps
You can open an HYSA in a few minutes. Here's how:
- Find the best high-yield savings account for you. Look for a high APY, no monthly fees, and no requirements that you can't meet (like a minimum balance). Also make sure the bank offers a checking account so you can link it to your savings and make instant transfers.
- Apply for an account on the bank's website. You'll need to provide some basic information, like your address and Social Security number.
- Transfer your money. Log into your new bank's website and transfer money from your old savings account into your new one. Transfers between different banks typically take a few business days.
That's all it takes to open an HYSA and start earning a high APY. Note: You may also need to redirect any automatic deposits or withdrawals to your new account.
How much money can a high-yield savings account earn?
Here's how much interest you'd earn over time with an HYSA paying 4.00% APY, depending on your starting balance.
| Starting Balance | 1 Year | 5 Years | 10 Years | 20 Years |
|---|---|---|---|---|
| $5,000 | $204 | $1,104 | $2,457 | $5,622 |
| $10,000 | $408 | $2,208 | $4,914 | $11,244 |
| $20,000 | $816 | $4,416 | $9,828 | $22,488 |
Even a smaller balance can earn thousands of dollars in interest over time -- and that's if you never add a cent of your own money.
So don't wait. Open a high-yield savings account today to start earning 10 times more interest than the average saver.
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Sources
FAQs
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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 0.39%.
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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.
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.