Best High-Yield Savings Account Rates Today, June 5, 2025: Up to 5.00%
KEY POINTS
- The leading high-yield savings account APY today: 5.00%.
- Earn a high rate on your savings while keeping your cash secure and easily accessible.
- Open your account from the comfort of home and manage it from a mobile app or computer.
High-yield savings accounts (HYSAs) continue to deliver some of the strongest returns in recent years, thanks to the Fed holding rates steady through May. But these elevated rates might not stick around much longer -- with possible rate cuts on the horizon as early as this summer, today's top APYs could soon start to slip.
If your money is sitting in a traditional savings account earning just 0.01%, you're missing out on easy interest. The good news is that switching to an HYSA is quick and easy, allowing your savings to grow while keeping your cash fully accessible whenever you need it.
Take a look at the best savings account rates available now -- and lock in a top rate while you still can.
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. Open a Barclays Tiered Savings account today.
- Varo Savings -- up to 5.00% (Max APY on up to $5,000, 2.50% APY after)
- Axos ONE® -- up to 4.66% (Min. balance: $1,500)
- Pibank Savings -- 4.60% (No min. balance)
- Elevault -- 4.60% (No min. balance. Balances over $250,000 do not earn interest)
- Presidential Bank Advantage Savings -- up to 4.50% (Requires $5,000 to open and an Advantage Checking Account for top APY)
Data source: Issuing banks. Rates are accurate as of June 4, 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 3.80%
Rate info
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn
$0
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
up to 3.80%
Rate info
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
|
$0
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
American Express® High Yield Savings Account
Member FDIC.
APY
3.60%
Rate info
3.60% annual percentage yield as of June 26, 2025. Terms apply.
Min. to earn
$0
Open Account for American Express® High Yield Savings Account
On American Express's Secure Website. |
3.60%
Rate info
3.60% annual percentage yield as of June 26, 2025. Terms apply.
|
$0
|
Open Account for American Express® High Yield Savings Account
On American Express's Secure Website. |
CIT Platinum Savings
Member FDIC.
APY
4.00% APY for balances of $5,000 or more
Rate info
4.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn
$100 to open account, $5,000+ for max APY
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
4.00% APY for balances of $5,000 or more
Rate info
4.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
|
$100 to open account, $5,000+ for max APY
|
Open Account for CIT Platinum Savings
On CIT'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.
Should you open a high-yield savings account?
If boosting your savings is one of your goals, now's a great time to open a high-yield savings account. With APYs climbing as high as 5.00%, these accounts offer far better returns than standard savings options. You'll get strong interest rates, easy access to your money whenever you need it, and very little risk -- letting your savings grow while keeping your flexibility intact.
HYSAs also come with FDIC insurance, keeping your funds protected as they grow. However, keep in mind that rates can shift quickly. As seen in the chart below, deposit rates climbed fast during the Fed's last rate hikes and could fall just as quickly if rate cuts begin later this year.
How to open a high-yield savings account
Opening a high-yield savings account is quick and easy to do -- most people can accomplish it in just a few minutes. Here's how to get started:
- Shop around for the best rate. Compare offers from different banks and credit unions to find the highest APY, minimal fees, and helpful features like mobile access and easy transfers. Online banks often offer the most competitive rates.
- Gather your personal information. Be ready with details like your name, address, Social Security number, and a valid form of ID.
- Submit your application. Most banks let you apply online by filling out a short form to open your new account.
- Fund your account. Link an existing checking or savings account to transfer funds. Some banks may require a small opening deposit, so check the account terms.
- Set up account access. Download the bank's app or log in online to easily track your balance, transfer money, and manage your savings anytime.
$10,000 in an HYSA could earn you $400 in a year
High-yield savings account earnings depend on your account balance and the account APY (annual percentage yield).
For example, a $10,000 account balance with a 4.00% APY would earn roughly $400 in a year -- without locking up your cash.
Compare that to a traditional savings account, where rates are often much lower. 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 get a cash bonus
For those who plan to set up direct deposit with their new account, the SoFi Checking and Savings account (Member FDIC) is hard 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. Even better:
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 and see how to qualify for the full bonus.
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Sources
FAQs
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Yes, the interest rate on a high-yield savings account is variable, which means it can go up or down at any time. Rates often follow changes in the federal funds rate, so they may increase during rising rate environments and decrease when rates fall.
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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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Yes, many high-yield savings accounts limit you to six withdrawals or transfers per month due to federal guidelines. While this rule was temporarily relaxed, some banks still enforce it, so it's best to check your account's terms.
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.