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Best High-Yield Savings Accounts of July 2025 (Up to 4.20%)

Review Updated
Brendan Byrnes
Author: Brendan Byrnes
Brendan Byrnes
Brendan Byrnes

Currently Managing Director of Motley Fool Money, Brendan has worked full-time for The Motley Fool since 2011. He has written hundreds of articles for The Motley Fool and provided analysis on TV outlets including CNBC and Fox. He holds a degree in finance from Virginia Tech.

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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

If you're looking for a low-risk way to grow your savings, a high-yield savings account is still one of the smartest moves you can make. In fact, it's one of my top money tips for 2025. I've been using one for years, and the extra interest has really added up -- far more than what I would have earned with a typical savings account.

Right now, many accounts are still offering rates well above the national average. But with the Fed expected to cut rates later this year, these yields may not stick around. If you've been on the fence, this could be the right time to lock in a better return.

Our expert team has spent over 100 hours researching, reviewing, and testing the best options available. Below, you'll find our top picks for high-yield savings accounts to help you make the most of your money.

Why can you trust us? Well, most of the high-yield savings accounts we recommend on this page are used personally by our employees here at The Motley Fool, including myself (see our first-hand reviews below).

And unlike many other finance websites, we do NOT allow affiliate compensation to determine which products we list on this page.

If you're short on time, here's a quick list of our best high-yield savings accounts:

All of the accounts above have APYs that are nearly 10x the national average savings account interest rate (nope, that's not a typo!), and all are FDIC insured up to $250,000.

  • Our team of experts assessed 100+ banking institutions
  • We evaluate all banking institutions across the same 4 key criteria: annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks
  • Our bank ratings are never influenced by our advertising partners
  • We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased

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.

Expert insights on savings rates
Image of reviewer

The Federal Reserve reduced the target for the fed funds rate in September, November, and December. While they’ve held rates steady so far in 2025, many expect cuts to resume later this year, which could lead to lower yields on high-yield savings accounts.

Even so, these accounts remain a smart place to keep money you want protected from the ups and downs of the stock and bond markets. Cash doesn’t lose value, and most high-yield savings accounts are FDIC insured up to $250,000 per account type.

They’re called “high-yield” savings accounts for a reason. Regardless of what the Fed does next, these accounts typically offer higher returns than most standard checking or savings options.

-Robert Brokamp, Certified Financial Planner® and Senior Advisor at The Motley Fool

Reviews of our favorite high-yield savings accounts

Best for direct deposit

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rates as of Jul 17, 2025
Limited-Time Offer: Earn up to 4.00% APY

SoFi Checking and Savings

Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
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Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Limited-time offer: Earn up to 4.00% APY
Earn up to $300 bonus with direct deposit. Plus, new customers earn an extra 0.20% APY on savings for up to 6 months with direct deposit (terms apply) -- that equals up to 4.00% APY! Circle with letter I in it. Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 7/10/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 8/12/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
APY
up to 3.80% Rate info Circle with letter I in it. Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 7/10/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 8/12/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC. 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 APY
$0
  • Competitive APY on both Savings and Checking
  • No monthly account fee
  • Welcome bonus up to $300 (direct deposit required)
  • ATM access
  • Unlimited number of external transfers (up to daily transaction limits)
  • FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
  • Early access to direct deposits
  • Tools to help you track savings goals
  • Combo account only; no stand-alone savings or checking
  • Maximum Savings APY requires direct deposit
  • No branch access; online only
  • Overdraft protection requires monthly direct deposit minimum

For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, new customers earn a bonus of up to $300 with eligible direct deposit. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.

You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.

Read Full Review

Why we like it: This account not only offers a competitive annual percentage yield (APY) on savings but also features a 0.50% APY for a linked checking account, an impressive rate for checking. Together, this combo offers a rare opportunity to maximize your savings and spending, making it worth considering a full switch to SoFi®.

Plus, there's the added bonus of an up to $300 sign-up incentive,¹ a perk that's hard to come by.

What you should know: There are online-only accounts with higher savings APYs on our list, especially considering you'll need to deposit $5,000 or more every 30 days to get the maximum APY on SoFi Checking and Savings (Member FDIC).⁴ However, not many also offer a great checking APY and a welcome bonus.

First-hand review from one of our employees who uses SoFi Checking and Savings personally:

"I was interested in an online bank since I'd seen that a lot of them offered higher APYs than traditional banks. We chose to go with SoFi® because it offered some of the highest rates and had good reviews. Overall, it has been a good fit for us. Transfers are seamless, and the app is easy to navigate and keep track of activity with. My only complaint so far has been that the first time I tried to deposit a check (an insurance reimbursement), it temporarily locked our account due to not recognizing the check issuer, and the process of getting it unlocked with customer service was frustrating. Since then I have had no issues."

-Liz Wilson, Software Developer

Best for AMEX cardholders

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rates as of Jul 17, 2025

American Express® High Yield Savings Account

Open Account for American Express® High Yield Savings Account

On American Express's Secure Website.

Member FDIC.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Open Account for American Express® High Yield Savings Account

On American Express's Secure Website.

APY
3.60% Rate info Circle with letter I in it. 3.60% annual percentage yield as of July 17, 2025. Terms apply.
Min. To Earn APY
$0
  • Competitive APY
  • No monthly account fee
  • Comfort of a well-known brand and reputation
  • Unlimited number of external transfers (up to daily transaction limits)
  • 24/7 customer support
  • FDIC insured
  • No ATM access
  • No branch access; online only
  • No cash deposits

American Express High Yield Savings may not have the highest APY on our list, but it still offers a rate well above average and requires no minimum deposit to qualify for the highest APY. It's a good fit for those who want to save at a competitive rate while avoiding withdrawal limits or minimum balance requirements.

Read Full Review

Why we like it: The American Express® High Yield Savings Account (Member FDIC) offers a competitive APY, no monthly fees, and 24/7 customer support. It's also ranked as one of our top 10 safest banks for 2025, making it a trustworthy choice for growing your savings with peace of mind.

What you should know: While its APY isn't the highest on this list, it's still well above average. This account is ideal for those prioritizing reliability and a strong reputation over squeezing every last penny out of their interest rate. However, as an online-only bank, it doesn't provide an ATM card -- funds must be accessed via its website or mobile app.

First-hand review from one of our employees who uses American Express® High Yield Savings Account (Member FDIC) personally:

"I was drawn to an American Express® High Yield Savings Account because of its high APY, absence of fees and withdrawal limits, and my trust in the brand. The account integrates seamlessly with my other bank accounts. The user interface is easy to use. As an existing Amex card holder, opening a savings account with them was painless. Another plus is their transparent communication about APY changes."

-Jack Caporal, Research Director

Best for set-and-forget banking

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rates as of Jul 17, 2025

Barclays Tiered Savings

Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

Member FDIC.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
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5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
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Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

APY
3.90% Rate info Circle with letter I in it. Balances less than $250,000 earn 3.90%, and balances greater than $250,000 earn 4.10%.
Min. To Earn APY
$0
  • Competitive APY
  • No monthly account fee
  • Unlimited number of external transfers (up to daily transaction limits)
  • FDIC insured
  • No minimum deposit to open an account
  • Balance requirement for maximum APY
  • No ATM access
  • No wire transfers (inbound or outbound)
  • No branch access; online only

Though top rates are reserved for high balances, Barclay Tiered Savings account's APYs are competitive no matter how much savings you have. Not only does it offer a strong APY, but it also has no monthly fees, no minimum amount to open an account, and no withdrawal limits.

Read Full Review

Why we like it: While folks with more than $250,000 can earn a jaw-dropping APY, anyone with an amount lower than that can still get 3.90% -- still one of the highest rates on our list. There are also no monthly fees and unlimited withdrawals, which is a rare combo for HYSAs.

What you should know: While the APY is strong, the highest rates are reserved for balances of $250,000 or more, which may not work for everyone. As an online-only bank, Barclays lacks branch or ATM access, and all deposits and withdrawals must be made electronically.

Best for large balances

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rates as of Jul 17, 2025

CIT Platinum Savings

Open Account for CIT Platinum Savings

On CIT's Secure Website.

Member FDIC.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
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Open Account for CIT Platinum Savings

On CIT's Secure Website.

APY
4.00% APY for balances of $5,000 or more Rate info Circle with letter I in it. 4.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. To Earn APY
$100 to open account, $5,000+ for max APY
  • Competitive APY
  • No account opening or maintenance fees
  • Unlimited number of external transfers (up to daily transaction limits)
  • FDIC insured
  • Interest compounds daily so your money can grow a bit faster
  • Balance requirement for maximum APY
  • No branch access; online only

CIT Platinum Savings is a no-frills high-interest savings account that offers one of the highest APYs we've found available today -- as long as you can maintain a $5,000 minimum balance. Plus, customers can make an unlimited number of transfers and withdrawals each month (many savings accounts have monthly limits).

Read Full Review

Why we like it: This account consistently boasts one of the highest rates on our list. If you're able to deposit over $5,000 to unlock the top APY, it's hard to find a rate as reliably strong as this one.

What you should know: The CIT Platinum Savings account offers a great rate with a straightforward approach, but its simplicity may feel limiting. It lacks some of the more robust features offered by larger competitors, such as 24/7 customer support. If you're looking for an account with round-the-clock service or in-person access, you might want to consider options that offer a slightly lower APY but come with more versatile features.

First-hand review from one of our employees who uses CIT Platinum Savings personally:

"I chose CIT Platinum Savings for its high APY since I knew I would always keep the minimum required in the account. Sign up was quick and easy and the app is very user friendly. My standard bank account is with a local credit union, and I was pleasantly surprised to find that CIT integrated with them seamlessly so moving money around is no problem."

-Rachel Zinanti, Head of Performance Marketing

Best for mobile app

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rates as of Jul 17, 2025

Discover® Online Savings

Open Account for Discover® Online Savings

On Discover Bank's Secure Website.

Member FDIC.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for Discover® Online Savings

On Discover Bank's Secure Website.

Limited-time offer
Earn up to $200 when you use offer code TMF325 on your first Discover Online Savings application. Circle with letter I in it. Apply for your first Discover Online Savings Account with offer code TMF325. Deposit $15,000 to earn $150 or $25,000 to earn $200. Deposits must post within 45 days. Offer ends Sept. 11, 2025. See Discover's website for full details.
APY
3.50%
Min. To Earn APY
$0
  • Competitive APY
  • No monthly account fee
  • Comfort of a well-known brand and reputation
  • 24/7 customer support
  • FDIC insured
  • Online only; single branch location in the U.S.

The Discover® Online Savings account promises customers an above-average interest rate and few limitations. Most people won't ever encounter fees with this account, and you won't have to worry about keeping track of your monthly withdrawals either.

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code TMF325 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 09/11/2025, 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.

Read Full Review

Why we like it: While not the highest APY on our list, the Discover® Online Savings account combines a competitive 3.50% APY with no account fees and no minimum deposit to open. Its mobile app is especially highly rated for those that prefer on-the-go banking.

What you should know: While the APY is competitive, this account lacks ATM access and branch locations since it's an online-only account. But, with a Discover® Cashback Debit account, you can transfer funds between accounts for ATM and debit transactions.

First-hand review from one of our employees who uses Discover® Online Savings personally:

"I chose Discover® Online Savings first and foremost because of its high APY. However, I am also a Discover credit card and checking account holder, so having everything in one easy-to-use mobile app makes it extremely easy to manage my finances. That being said, I've recently noticed other online savings accounts with slightly higher APYs."

-Ethan Mellin, Senior Performance Marketer

Best for ATM users

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rates as of Jul 17, 2025
Award Icon 2025 Award Winner

LendingClub LevelUp Savings

Open Account for LendingClub LevelUp Savings

On LendingClub's Secure Website.

Member FDIC.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
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4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
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Open Account for LendingClub LevelUp Savings

On LendingClub's Secure Website.

APY
4.20% APY with $250+ in monthly deposits Rate info Circle with letter I in it. LevelUp Rate of 4.20% APY applied to full balance with $250+ in deposits in Evaluation Period. Otherwise, accounts earn Standard Rate of 3.20% APY. LevelUp Rate applies for first two statement cycles. Rates variable & subject to change at any time. See terms: https://www.lendingclub.com/legal/deposits/levelup-savings-t-and-cs
Min. To Earn APY
$0 to open, $250 cumulative monthly deposits for max APY
  • Competitive APY
  • No fees
  • Easy ATM access
  • Unlimited number of external transfers (up to daily transaction limits)
  • Requires you to make monthly deposits to earn the best APY
  • ACH outbound transfers limited to $10,000 per day for some accounts
  • No branch access; online only

The LendingClub LevelUp Savings account has a lot to offer. At the top of the list is its high APY, though you must deposit monthly to earn the best rate. Next is zero account fees, a strong and straightforward perk. Finally, you get a free ATM card, which you can use to withdraw from thousands of ATMs nationwide. Interested? You can open an account with $0.

https://www.lendingclub.com/legal/deposits/levelup-savings-t-and-cs

Read Full Review

Why we like it: This account offers the highest rate on the page, provided you can meet the $250 monthly deposit requirement. Despite being an online-only bank, it remains a safe, reliable option with strong accessibility for a high-rate account.

What you should know: Although outbound transfers are unlimited, the transfer limits depend on your banking status. For ATM users, daily withdrawal limits vary between $500 and $2,000, depending on your balance and how long you've maintained that level. For most everyday ATM transactions, this shouldn't pose an issue.

First-hand review from one of our employees who uses LendingClub LevelUp Savings personally:

"I've had a LendingClub HYSA for three years. They do a great job of assuring me my money is safe despite being an online-only bank. Good communication about my APY, an easy-to-use app, and an ATM card that gives me the option to withdraw if I ever need to. Plus, I've been really pleased with the above-average APY."

-Brooklyn Sprunger, Head of SEO

Best for branch access

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rates as of Jul 17, 2025
Award Icon 2025 Award Winner

Capital One 360 Performance Savings

Open Account for Capital One 360 Performance Savings

On Capital One's Secure Website.

Member FDIC.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
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4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Open Account for Capital One 360 Performance Savings

On Capital One's Secure Website.

APY
3.50% Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of June 26, 2025. Rates are subject to change at any time before or after account opening.
Min. To Earn APY
$0
  • Competitive APY
  • No monthly account fee
  • Comfort of a well-known brand and reputation
  • Branch access (if you live near one)
  • 24/7 customer support
  • FDIC insured
  • No ATM access

Capital One 360 Performance Savings checks all the boxes we look for in a high-yield savings account. It even offers branch locations and Capital One Cafes where customers can seek in-person support (if you live near one). This makes it a great fit when you want to reap the rewards of online banking but aren't quite ready to cut ties with brick-and-mortar banks.

Read Full Review

Why we like it: While this has a similar rate to the previous couple of accounts, what sets the Capital One 360 Performance Savings account apart is the availability of branch locations and full-service banking support, which adds a layer of convenience rarely found with high-yield savings accounts.

What you should know: While the account offers branch access, this perk is only useful if you live near a Capital One location -- otherwise, in-person banking isn't an option. Make sure to check that before deciding if this is right for you if you're hoping for an in-person experience.

First-hand review from one of our employees who uses Capital One 360 Performance Savings personally:

"My family and I have enjoyed the convenience of banking with Capital One overall. The accounts are easy to use, the interface is simple, money moves quickly, and while savings rates aren't top of the market, they're much higher than mainline banks."

-Matt Koppenheffer, Coverage Team Lead

Best for no minimum deposit

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rates as of Jul 17, 2025

EverBank Performance℠ Savings

Read Review
Member FDIC.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Read Review
APY
4.30%
Min. To Earn APY
$0
  • Competitive APY
  • No monthly account fee
  • No minimum deposit or minimum balance
  • Branch access (in some Florida cities)
  • FDIC insured
  • Same-day ACH transfers
  • Free wire transfers (incoming only)
  • No ATM card
  • Branches only in Florida

EverBank Performance℠ Savings has one of the top APYs on our savings account radar, especially among accounts that require no minimum deposit. There are no maintenance fees, and there are multiple options for making deposits into the account. For customers who live in Florida, there are several physical locations to visit.

EverBank Performance℠ Savings is unavailable on Motley Fool Money. All information was collected independently and not reviewed for accuracy or provided by the issuer. Some items may be out of date.

Why we like it: EverBank takes the top spot for offering the highest APY on our list of no-minimum deposit accounts. Plus, Florida residents can access in-person branches, adding a convenient touch for those who prefer face-to-face banking.

What you should know: This account is great for those who prefer not to commit to a minimum deposit or monthly contribution. However, EverBank isn't as widely recognized as some of the bigger banking names on this list. While it's still a safe and reliable option, it might not offer the same level of familiarity as larger institutions.

How to open a savings account online or in person

To open a savings account, fill out an online application form or visit a branch (if your chosen bank has them).

Requirements to open a savings account

This process should be similar whether you open a savings account online or at a brick-and-mortar bank. You will need to provide some personal information, including:

  • Your address
  • Your Social Security number
  • A government-issued ID, like a driver's license or a passport

If you are opening a joint savings account, both parties will need to provide this information.

What to know about savings accounts

With a savings account, your bank pays you interest on your money -- usually every month. How much interest you earn is determined by the account's annual percentage yield (APY). You'll earn more interest with an account that has a high APY, but what is a good APY? Understanding what qualifies as a competitive rate can help you maximize your earnings.

The best online savings accounts offer both convenience and high interest rates. A larger balance or a higher savings account interest rate results in more interest.

It's always good to compare savings account interest rates before opening an account. The best savings account interest rates can add a nice bump in your funds without much effort on your part.

Pros and cons of savings accounts

There are advantages and disadvantages that come along with savings accounts. It's important to consider these factors when you're looking for the best savings account for your lifestyle.

Pros

  • Earning interest
  • Saving as much as you like
  • Paying bills with automatic bill pay
  • Knowing your money is insured with the FDIC

Cons

  • Monthly maintenance fees (sometimes)
  • No ATM card or checks (usually)
  • Fees for extra withdrawals after your first six withdrawals at some banks

Are high-yield savings accounts safe?

Yes, high-yield savings accounts are safe -- as long as the bank is FDIC insured. This federal protection guarantees your deposits up to $250,000 per account type, even if the bank were to fail. Many online banks offer high-yield savings accounts with competitive rates, but you might be wondering: Are online banks safe? The good news is that reputable online banks follow the same security standards as traditional banks, including FDIC insurance and strong encryption protocols.

If you're looking for extra peace of mind, you might also consider banking with one of the safest banks, which have strong financial stability and customer protections in place.

Compare types of savings accounts

As you compare savings accounts, think about what you'll use the account for.

  • Do you want to be able to withdraw your money at any time to cover unexpected expenses?
  • Are you saving up for a major goal over several years, and could use every dollar of interest you can earn?

Answering these questions will help you compare and decide which savings account is best for you.

Here's a look at the common types of savings accounts you'll run into.

  • Traditional savings account: These accounts are usually easy to open and easy to access. But APYs tend to be pretty low, and most of these accounts carry maintenance fees if your balance falls below a certain amount.
  • High-yield savings account: These are similar to traditional savings accounts, but they offer much higher APYs and most don't have monthly maintenance fees.
  • Money market account: Money market accounts offer the APYs of a savings account with the easier access of a checking account. However, these accounts usually have higher minimum balance requirements than typical savings accounts.
  • Certificate of deposit (CD) account: Certificates of deposit (CDs) usually offer some higher APYs than any of the savings accounts discussed above. If you're looking for the best APY on a savings account, CDs are definitely worth considering. But you have to agree not to withdraw your funds for the full CD term (which could be months or years).
  • Specialty savings account: A specialty savings account is a savings account that's geared at a certain group of people or goals. Examples include kids' savings accounts, health saving accounts, and education savings accounts.

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FAQs

  • A high-yield savings account (HYSA) is a savings account that offers a much higher annual percentage yield (APY) than average and is usually (but not always) offered by an online-based financial institution.

  • Here are a few things to look for in a HYSA:

    • High APY: The top savings accounts should include a high APY in range with our picks.
    • No monthly maintenance fee: Most of the best savings accounts won't charge a monthly maintenance fee.
    • FDIC insurance: Whether you're putting money aside to build an emergency fund or wanting to earn more interest, security is important.

  • A high-yield savings account is a great place to keep your emergency fund, as well as funds for any short-term savings goals (like a vacation or a down payment to purchase a home). And there is nothing wrong with having multiple savings accounts. In fact, it's generally a good idea to keep your emergency savings separate from the rest of your money.