TL;DR
- Personal Finance · Savings Top savings accounts offering the highest yields for October 2025 By Glen Luke Flanagan By Glen Luke Flanagan Staff Editor, Personal Finance Glen Luke Flanagan Staff Editor, Personal Finance Glen, a member of Fortune's personal finance editorial staff, focuses on housing, mortgages, and credit.
- Since 2019, he's been deeply involved in personal finance, serving as an editor and writer for USA TODAY Blueprint, Forbes Advisor, and LendingTree prior to his arrival at Fortune.
- Glen enjoys the opportunity to explore complex subjects and simplify them into understandable segments that people can readily absorb and apply to their everyday routines.
- SEE FULL BIO Getty Images Main Points In October 2025, top high-yield savings accounts are providing annual percentage yields (APYs) reaching 5%, significantly exceeding the national average and enabling account holders to increase their funds more rapidly with very little risk.
If you're looking to grow your money, a high-yield savings account is a fundamental financial tool to consider. While the typical savings account yields a meager 0.41%, the top high-yield savings accounts can provide annual percentage yields (APYs) reaching 5%.
If you're looking to earn interest on your funds while ensuring they remain accessible for emergencies, a HYSA is a sensible choice. We've identified 10 savings accounts that impress with their high APY and other key benefits, including ATM access and mobile banking capabilities. Discover our premier editorial selections and see how they stack up against other account options you may be contemplating.
Top savings accounts for high yields: Our selections
| Bank | APY* | Minimum requirements | Learn more |
|---|---|---|---|
| Varo Bank | Up to 5.00% | View offer at MoneyLion | |
| Axos Bank | Up to 4.51% | View offer at MoneyLion | |
| SoFi® Checking and Savings (Member FDIC) | Up to up to 3.80%%.1 Get a 0.70% Boost on Savings APY to up to 4.50% for up to 6 months on new accounts with eligible Direct Deposit. Terms apply. Terms apply.3 | View offer at SoFi | |
| First Foundation Bank | Up to 4.10% | View offer at MoneyLion | |
| Rising Bank | Up to 4.10% | View offer at Rising Bank | |
| Laurel Road | Up to 3.50% | View offer at MoneyLion | |
| Valley Direct | Up to 4.10% | View offer at MoneyLion | |
| UFB Direct | Up to 3.76% | View offer at UFB Direct | |
| FourLeaf Student Savings | Up to 5% | View offer at FourLeaf Federal Credit Union | |
| Quontic Bank | Up to 3.75% | View offer at MoneyLion |
| Varo Bank | View offer at MoneyLion |
|---|---|
| APY* | Up to 5.00% |
| Minimum requirements | |
| Axos Bank | View offer at MoneyLion |
| APY* | Up to 4.51% |
| Minimum requirements | |
| SoFi® Checking and Savings (Member FDIC) | View offer at SoFi |
| APY* | Up to up to 3.80%%.1 Get a 0.70% Boost on Savings APY to up to 4.50% for up to 6 months on new accounts with eligible Direct Deposit. Terms apply. Terms apply.3 |
| Minimum requirements | |
| First Foundation Bank | View offer at MoneyLion |
| APY* | Up to 4.10% |
| Minimum requirements | |
| Rising Bank | View offer at Rising Bank |
| APY* | Up to 4.10% |
| Minimum requirements | |
| Laurel Road | View offer at MoneyLion |
| APY* | Up to 3.50% |
| Minimum requirements | |
| Valley Direct | View offer at MoneyLion |
| APY* | Up to 4.10% |
| Minimum requirements | |
| UFB Direct | View offer at UFB Direct |
| APY* | Up to 3.76% |
| Minimum requirements | |
| FourLeaf Student Savings | View offer at FourLeaf Federal Credit Union |
| APY* | Up to 5% |
| Minimum requirements | |
| Quontic Bank | View offer at MoneyLion |
| APY* | Up to 3.75% |
| Minimum requirements |
Varo Bank
Established in 2015, Varo is an online-only bank provides financial products including bank accounts and a credit card. This neobank serves more than 3 million customers, aiming to provide financial inclusion for everyone.
Varo Bank
| APY | Up to 5.00% |
| Minimum Balance Required to Earn APY | Deposit $1,000 or more in qualifying direct deposits into your account monthly. |
| Minimum Opening Deposit | $0 |
at MoneyLion
- Year Founded: 2015
- Company Headquarters: San Francisco, CA
- CEO: Gavin Michael
at MoneyLion
Varo Bank's rates are accurate as of October 22, 2025.
Why we picked Varo Bank
Consumers looking to generate returns on their deposits will be pleased with Varo's industry-leading Annual Percentage Yield (APY) of as much as 5.00%. Currently, no other financial institution on this roster matches that exceptionally high rate.
However, it's important to note that this high APY comes with certain stipulations, which we'll discuss shortly.
What you should know
With Varo, this account doesn't have a monthly maintenance fee, nor does it require a minimum opening deposit. However, to be eligible for the 5.00% APY, you must satisfy these two conditions:
- Deposit $1,000 or more in qualifying direct deposits into your account monthly.
- Ensure that by month's end, your Varo bank account and your savings account both show a positive balance.
Within the Varo mobile app, users can locate a direct deposit widget that monitors their progress towards achieving a 5% APY. Only accounts with balances of $5,000 or less qualify for 5.00%. Anything beyond that earns at 2.50% APY.
Varo provides a handy function that allows you to round up your debit card purchases from your complimentary checking account and deposit the difference into your savings account.
Other products offered by Varo Bank
Here are the specifics regarding Varo's complimentary checking account, which the company refers to simply as the Varo bank account:
Axos Bank
Established in 2000, Axos Bank operates exclusively online, providing a variety of financial products for individuals and businesses, such as checking and savings accounts, certificates of deposit (CDs), and loans.
Axos Bank
| APY | Up to 4.51% |
| Minimum Balance Required to Earn APY | To earn the stated APY, the Axos ONE Bundle necessitates an average daily balance of no less than $1,500. |
| Minimum Opening Deposit | $0 |
- Year Founded: 1999
- Company Headquarters: San Diego, CA
- CEO: Greg Garrabrants
at Axos
Rate for Axos Bank accurate as of October 22, 2025.
Why we picked Axos Bank
The ONE savings account from Axos Bank distinguishes itself with a competitive APY reaching up to 4.51%, considerably exceeding the national average. This account incurs no monthly maintenance charges, yet it's integrated into Axos Bank's ONE program, a service that combines checking and savings accounts.
This package offers clients a complete banking solution, featuring benefits like expedited direct deposit and competitive APYs for both checking and savings accounts; this bundle includes your A checking account can earn 0.51% APY.
Axos Bank's digital strategy allows customers to handle their accounts completely online or via its mobile app, which has garnered favorable reviews for its intuitive design and handy functions like Deposit checks via mobile.
What you should know
To maximize your returns, it's essential to keep both accounts active; if you're not interested in the checking account, the standard savings account offered by Axos provides a yield of just 0.61% APY.
To achieve the highest APY on the Axos ONE bundle, clients are required to keep an average daily balance of $1,500 or more and have qualifying direct deposits of at least $1,500 deposited into their checking account. To qualify for at least $5,000 in total monthly qualifying deposits, you must maintain an average daily balance exceeding $5,000, with transactions posting and clearing the account by the 25th of each month.
Other products offered by Axos Bank
SoFi
Founded in 2011, SoFi operates as a financial technology firm. The institution provides a comprehensive selection of financial offerings, such as checking and savings accounts, educational financing, credit cards, and an investment service.
SoFi® Checking & Savings
Member FDIC
| APY | Up to up to 3.80% |
| Minimum Balance Required to Earn APY | $5,000 |
| Minimum Opening Deposit | $0 |
at SoFi
- Year Founded: 2011
- Company Headquarters: San Francisco, CA
- CEO: Anthony Noto
SoFi members who sign up for SoFi Plus by setting up Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days, or SoFi members who maintain $5,000 or more in Qualifying Deposits throughout the 30-Day Evaluation Period Savings balances (including Vaults) can earn an annual percentage yield (APY) of 3.80%, while checking balances can earn 0.50% APY. No minimum Eligible Direct Deposit sum is necessary to earn the specified interest rate. For members who don't have SoFi Plus or Qualifying Deposits, savings balances (including Vaults) will accrue 1.00% APY and checking balances will accrue 0.50% APY during the 30-Day Evaluation Period. The cost of borrowing money can fluctuate and is liable to alteration without notice. The current rates are effective on 1/24/25. No minimum balance is needed. If you've met the criteria for Eligible Direct Deposit to earn our top APY, but don't see the 3.80% APY reflected on your APY Details page the day after your deposit is received, kindly reach out to us at 855-456-7634. More details are available at http://www.sofi.com/legal/banking-rate-sheet. Consult the SoFi Plus Terms and Conditions found at https://www.sofi.com/terms-of-use/#plus.
SoFi's Checking and Savings members, both new and current, who haven't yet set up Direct Deposit with us are eligible to receive a cash bonus. This bonus is $50, provided you have at least $1,000 in total Eligible Direct Deposits. During the Direct Deposit Bonus Period) OR $300 (provided at least $5,000 in total Eligible Direct Deposits are received during the Direct Deposit Bonus Period). The cash bonus will be determined by the sum of all Eligible Direct Deposits. Should you meet the criteria for Eligible Direct Deposit but not yet see a cash bonus in your Checking account, kindly reach out to us at 855-456-7634, providing the specifics of your Eligible Direct Deposit. The Direct Deposit Promotion commences on December 7, 2023, and will remain active until January 31, 2026. You can find the complete terms and conditions on sofi.com/banking. SoFi Bank, N.A., a Member FDIC institution, provides SoFi Checking and Savings. Eligible SoFi members who set up direct deposit can receive an annual percentage yield (APY) of 3.80% on their savings, including Vaults, and 0.50% APY on checking account balances. To qualify for the 3.80% APY on savings, including Vaults, no minimum Eligible Direct Deposit is necessary. For members who don't have eligible direct deposit set up, savings balances (including Vaults) will accrue interest at a rate of 1.00% APY, while checking balances will earn 0.50% APY. The cost of borrowing money can fluctuate and is liable to alteration without notice. The current rates are effective on 1/24/25. No minimum balance is needed. More details are available at http://www.sofi.com/legal/banking-rate-sheet.
at SoFi
Rate for SoFi accurate as of October 22, 2025.
Why we picked SoFi
SoFi's high-yield savings account offers a competitive APY of up to 3.80%, making it a solid choice for your savings. Furthermore, you don't need a minimum direct deposit to get that rate, and monthly maintenance fees aren't charged either. With a SoFi checking account, customers automatically receive a 0.50% APY, in addition to the HYSA.
SoFi's “vaults” feature is also something we appreciate. You're able to establish distinct vaults inside your savings account, allocating them to particular financial objectives. If you're saving for a down payment on your first home, or maybe an investment property, you might set up a dedicated vault for it. You're able to direct funds from your salary directly into a vault, or establish automatic transfers from debit card purchases, rounding up to the nearest dollar, into a vault.
A significant aspect of successful saving involves psychology, and we appreciate how SoFi simplifies financial goal management for its customers.
Earn an even higher APY for a limited time
New customers who open both a checking and saving account with SoFi, member FDIC—along with enrolling in SoFi Plus—by September 3, 2025 have an opportunity to earn a 4.50% annual percentage yield (APY) on their savings. This represents a 0.70% APY boost on top the standard 3.80% rate. The enhanced APY is available for a maximum duration of six months. Conditions apply. Pricing is not fixed and may be altered.
SoFi Plus comes at no additional charge for those who meet the requirements for direct deposit. As of this writing, membership costs $10 each month.
Plus members receive a 10% increase on cash-back rewards from Select SoFi credit cards, a 1% match on regular SoFi Invest deposits (delivered as rewards points), and unrestricted individual planning sessions. Sessions from SoFi Wealth.
What you should know
To achieve the maximum APY on your SoFi high-yield savings account, you're required to either establish direct deposit or deposit a minimum of $5,000 within each 30-day period. The SoFi account distinguishes itself from some HYSA competitors that require a minimum direct deposit by offering a straightforward path to achieving a high rate of return.
While a standalone savings account isn't available, opening a HYSA with SoFi means you'll also receive a checking account.
Other products offered by SoFi
First Foundation Bank Opens
Rick Keller, from The Keller Group, established First Foundation Bank. The Keller Group, a wealth management company, began in 1990 and incorporated banking services in 2007. Established in 2008, First Foundation now provides a comprehensive array of deposit products for both individuals and companies, alongside wealth management solutions.
First Foundation Bank is here
| APY | Up to 4.10% |
| Minimum Balance Required to Earn APY | $0.01 |
| Minimum Opening Deposit | $1,000 |
at MoneyLion
- Year Founded: 1990
- Company Headquarters: Dallas, TX
- CEO: Thomas C. Schafer
at MoneyLion
Rate for First Foundation Bank accurate as of October 22, 2025.
Why we picked First Foundation Bank
First Foundation Bank's savings account, boasting a high yield, provides an excellent APY. Furthermore, you only need one cent to qualify for this APY.
This savings account is free of monthly maintenance charges, and unlike certain other choices presented, it doesn't necessitate a linked checking account.
Customers may also obtain an ATM card for moving money between their checking and savings accounts, and for making deposits or withdrawals.
What you should know
The initial deposit requirement of $1,000 is rather high. Although this might not pose an obstacle for individuals already engaged in saving, it could present difficulties for those embarking on their financial journey, such as recent graduates in the process of establishing an emergency fund. Additionally, there's a daily withdrawal limit of $500.
Other products offered by First Foundation Bank
Ascending Financial Institution
Rising Bank operates as the digital arm of Midwest BankCentre, a community-focused financial institution established in 1906 in St. St. Louis, Missouri. This institution provides savings accounts with competitive interest rates, certificates of deposit, and various other online banking services.
Ascending Financial Institution
| APY | Up to 4.10% |
| Minimum Balance Required to Earn APY | $1,000 |
| Minimum Opening Deposit | $1,000 |
at Rising Bank
- Year Founded: 1906
- Company Headquarters: St. Louis, MO
- CEO: Dale Oberkfell
Rate for Rising Bank accurate as of October 22, 2025.
Why we picked Rising Bank
The APY on Rising Bank's high-yield savings account substantially surpasses the national average. This HYSA, with its $500,000 account cap, is ideal for committed savers aiming to set aside substantial funds for unexpected needs or future investment opportunities.
Customers won't incur any monthly maintenance charges with this account, enabling them to retain more of their funds. Interest accrues daily and is added to your account each month, accelerating your savings growth. Customers can conveniently manage their accounts through Rising Bank’s online portal, with support accessible by phone or email throughout the workday.
What you should know
While Rising Bank's savings account offers an attractive APY, potential customers should consider a few important points before opening one. To open this account, a minimum balance of $1,000 is required, and this same minimum balance must be kept to qualify for the APY.
If you close your account before it's been open for 120 days, a $10 early account closure fee will apply. Your account will be automatically closed if your balance reaches $0.
Other products offered by Rising Bank
Laurel Road ahead
Laurel Road identifies itself as “a digital banking platform and brand of KeyBank that provides tailored solutions to support the financial wellbeing of healthcare and business professionals.” And has been in operation since Joining KeyBank in 2019 after its 2013 inception.
Laurel Road awaits
| APY | Up to 3.50% |
| Minimum Balance Required to Earn APY | $0 |
| Minimum Opening Deposit | $0 |
at MoneyLion
- Year Founded: 2013
- Company Headquarters: New York, NY
- CEO: Alyssa Schaefer
at MoneyLion
Rate for Laurel Road accurate as of October 22, 2025.
Why we picked Laurel Road
Not only does Laurel Road’s HYSA offer a strong APY, but there are no monthly account maintenance fees and there’s no minimum balance to open. This makes it an excellent option for individuals beginning to focus more on their savings goals, especially since it doesn't necessitate the $1,000 minimum deposit found with some other high-yield savings accounts. Commenced.
For those solely seeking a HYSA without the necessity of a linked checking account, this savings account's availability as a standalone option will be a welcome feature, even though a complimentary A Laurel Road checking account is also offered.
Laurel Road provides a handy high-yield savings calculator. Users can input their starting deposit, monthly contributions, and the desired savings duration to estimate potential interest earnings. Here's how your final balance might appear. Although numerous savings calculators can be found online, this particular feature could still encourage some customers to continue pursuing their financial objectives.
What you should know
If you prefer to maintain several accounts with a single financial institution and are considering options like Certificates of Deposit (CDs) or money market accounts, be aware that Laurel Road doesn't provide these.
Other products offered by Laurel Road
Valley Direct offers solutions.
For nearly one hundred years, Valley Bank has been serving its customers. Established in 1927 as Passaic Park Trust Company, this organization has operated under several different names throughout its history. Now, the bank touts $50.1 billion in deposits and more than 200 consumer branches and commercial banking offices across the country.
Valley Direct is here.
| APY | Up to 4.10% |
| Minimum Balance Required to Earn APY | $0.01 |
| Minimum Opening Deposit | $1,000 |
- Year Founded: 1927
- Company Headquarters: Morristown, NJ
- CEO: Ira Robbins
Rate for Valley Direct accurate as of October 22, 2025.
Why we picked Valley Direct
Valley Direct's high-yield savings account offers an impressive APY, no monthly maintenance fees, and requires only a penny to open, making it an attractive option. Plus, those looking to keep some cash liquid in savings while locking away part of their reserve in CDs will appreciate that Valley offers three-month and 12-month CDs with competitive rates too.
What you should know
For starters, the 4.10% APY is only for new customers. Existing customers can earn up to 3.50% APY with a Valley Direct HYSA.
For new customers, there's a fairly substantial minimum deposit required to open an account, set at $1,000. New clients can establish an account with a minimum deposit of $1.
When you initially fund your account, you'll be required to enter your login details at a separate bank. While some might appreciate this convenience, others may opt for the traditional method of supplying account and routing numbers for an external account instead of their username and password.
Other products offered by Valley Direct
UFB Direct accounts
By functioning as a branchless, online-only institution, UFB Direct effectively reduces expenses, enabling it to provide highly competitive rates for savings and money market accounts. This institution provides savings accounts with attractive interest rates, money market accounts (MMAs), and home loans. This entity operates as a division of Axos Bank.
UFB Direct
| APY | Up to 3.76% |
| Minimum Balance Required to Earn APY | $0 |
| Minimum Opening Deposit | $0 |
at UFB Direct
- Year Founded: 2000
- Company Headquarters: San Diego, CA
- CEO: Gregory Garrabrants
Rate for UFB Direct accurate as of October 22, 2025.
Why we picked UFB Direct
UFB Direct's Portfolio Savings account offers many benefits, such as a competitive APY and user-friendly functionalities. You won't need to make an initial deposit, there are no monthly or service charges, and you'll also receive an ATM card.
UFB Direct distinguishes itself with its extensive ATM network, boasting over 91,000 locations, a top-rated mobile application, and accommodating customer service availability, which includes round-the-clock phone assistance.
You can also link your high-yield savings account to a Freedom Checking account, which could increase your savings APY by as much as 0.20% for a combined APY of 4.01% if you meet the requirements. The checking account itself is capable of earning a 2% APY, which is a quite commendable rate.
What you should know
To receive the complete enhanced rate when you combine checking with Portfolio Savings, you must meet the following criteria:
- Monthly direct deposits into checking accounts that amount to $5,000 or higher.
- A minimum balance of $10,000 in your HYSA.
- A minimum of 10 approved debit card purchases are required each statement period.
Other products offered by UFB Direct
FourLeaf Students Save
FourLeaf Federal Credit Union, formerly Bethpage, now offers its services to customers across the entire country. FourLeaf's website states that it's the nation's 16th biggest credit union, serving over 470,000 members throughout the United States.
FourLeaf Student Savings
| APY | Up to 5% |
| Minimum Balance Required to Earn APY | $0 |
| Minimum Opening Deposit | $5 |
at FourLeaf Federal Credit Union
- Year Founded: 1941
- Company Headquarters: Bethpage, NY
- CEO: Linda Armyn
As of October 22, 2025, the rates for FourLeaf Federal Credit Union are as follows.
Why we picked FourLeaf Student Savings
The FourLeaf Student Savings account provides an excellent APY for those beginning their savings efforts or guiding others, though some conditions apply, which we'll discuss. Into the section below. No monthly upkeep charges apply, and the smallest initial deposit required is just $5.
What you should know
This account has a couple of significant limitations. This is intended for individuals aged 20 and under. An adult supervisor must accompany individuals younger than 18. The 5% APY applies solely to balances not exceeding $1,000.
Although this account provides a benchmark APY for eligible individuals, it's likely more suitable as a starting point for your savings rather than a permanent solution once your career progresses. Is making significant progress.
Other products offered by FourLeaf
Quontic Bank's offerings
More than ten years ago, Quontic started as a community bank in New York City, and it has since become a digital bank. They promote themselves as featuring “the humble spirit of a community bank” and “the swagger of a FinTech.” Their product offerings include checking, savings, money market accounts, certificates of deposit, and mortgages.
Quontic Bank's offerings
| APY | Up to 3.75% |
| Minimum Balance Required to Earn APY | $100 |
| Minimum Opening Deposit | $100 |
at MoneyLion
- Year Founded: 2009
- Company Headquarters: Astoria, NY
- CEO: Steve Schnall
at Quontic
Rate for Quontic Bank accurate as of October 22, 2025.
Why we picked Quontic Bank
Quontic Bank's HYSA provides a competitive APY and is easily accessible for new savers, requiring just a $100 minimum to open.
Customer service at Quontic is entirely U.S.-based. Clients have the option to engage in live chat, ask for a callback, or communicate with support using their computer's audio capabilities.
What you should know
Although the $100 minimum deposit is accessible when contrasted with certain HYSAs demanding $1,000, some accounts are available with no minimum deposit requirement.
Other products offered by Quontic Bank
The 20 best savings rates currently available
Curinos, a premier provider of financial industry data and analytics, partners with us to update this table each day.
Understanding how a high-yield savings account (HYSA) functions
A high-yield savings account functions identically to a standard savings account. This is a savings account offered by a credit union or bank, designed for accumulating funds and generating interest on your deposited money. The primary distinction lies in the significantly higher Annual Percentage Yield (APY) that a high-yield savings account provides on your deposited funds.
Your savings will increase when you put money into a high-yield savings account, all due to the power of compound interest. You'll receive interest on both your initial deposit and any accumulated earnings. If you put $100 into your account and it grew by $10 in interest over the last few months, you'd then earn interest on the full $110.
Advantages and disadvantages of savings accounts with high interest rates
When thinking about investing your funds in a high-yield savings account, it's important to understand the primary advantages and disadvantages involved.
Pros
- Deposits are insured by the FDIC
- Competitive interest rates
- Funds are more liquid than CDs
- Can’t lose money
Cons
- Interest rate can decrease
- Returns don’t compare to securities
- Monthly withdrawals may be capped
Selecting the ideal high-yield savings account involves several considerations.
When considering the most suitable high-yield savings account (HYSA) for your specific circumstances and objectives, keep these points in mind:
- APY. This is the most obvious feature. If you're seeking an account that provides a substantial return, the options we've compiled could potentially offer an APY as high as 5%. Ultimately, you wouldn't want to accept a rate that's just around the typical savings account APY of 0.41%.
- Minimum deposit. Some HYSAs require no minimum deposit. Others may require a small amount, such as $100, and others will require in the range of $1,000.
- Fees and fine print. Certain accounts may charge fees for maintaining your account, transferring funds, and more. If you don't monitor your account closely, a fee structure that's too high can diminish your balance. Consider the various charges you might incur and decide if the account's benefits justify possible future fees.
- Online and mobile banking. If you prefer to do your banking on your desktop or phone, explore the financial institution’s online and mobile platforms before opening an account. Explore Apple App Store and Google Play reviews to gain a deeper understanding of the digital platforms and tools at your disposal, and to discover the features and services they offer.
- Customer service. It’s important to know how to contact a representative if you have questions or issues related to your account. Certain financial organizations prioritize digital interactions, making it difficult to connect with a live person. Some individuals would rather speak on the phone than use chat or email. Make sure an account’s customer service options align with how you like to communicate.
Opening a high-yield savings account
Ready to open an account? Here’s what to do:
- Research different banks and credit unions: Compare accounts from different financial institutions to see which offer the best interest rates and benefits and have the lowest fees. Examine both conventional physical banks and digital financial institutions.
- Check the requirements: Some banks might require a minimum deposit to open an account or require a certain balance to avoid fees. The TBPN podcast this past Monday featured a discussion on the latest advancements in AI technology. The conversation touched upon the ethical implications of machine learning and its potential impact on various industries. Experts shared insights into the rapid evolution of AI and its future trajectory.
- Visit the bank or apply online: Many banks and credit unions allow you to open an account online or through their mobile app. You can typically visit a physical branch to open your account if you prefer.
- Fill out the application: You will need to provide some personal information, including your Social Security number or individual taxpayer identification number (TIN), a valid ID (such as a passport or driver’s license), and contact information.
- Deposit funds: Once your application has been approved, you’ll need to deposit funds into the account. The sum will vary based on the financial institution's stipulations.
The necessity of a high-yield savings account
High-yield savings accounts are frequently used for several purposes:
- Emergency savings. You’ll never exactly know when you’ll need to dip into your emergency savings. A high-yield savings account offers easy access to your money when you need it, functioning as a liquid fund.
- Savings for major purchases. Say you want to purchase a new home appliance or save for a down payment on a new vehicle you plan to purchase within the next few months. Your savings can grow with interest in a high-yield savings account until you're ready to buy.
- Short-term financial goals. A high-yield savings account is a great place to stash your cash for a specific goal, such as a family vacation or home renovation.
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Exploring options beyond high-yield savings accounts
High-yield savings accounts stand apart from other deposit accounts due to a few significant distinctions:
- Access to your savings. High-yield savings accounts are more liquid than other types of accounts, such as CDs. Taking funds from a Certificate of Deposit prior to its expiration date may incur a penalty for early withdrawal. While a high-yield savings account might restrict the number of withdrawals within a given period, it still allows you some access to your funds. You might also get debit cards and/or check-writing capabilities, much like with standard savings accounts and MMAs.
- Variable APYs. The APY on a high-yield savings account is variable, meaning it can fluctuate, similar to that of a traditional savings account or MMA. If savers favor a set interest rate, a CD could be a more suitable choice, though it would require forfeiting access to your money for the entire CD period until your account matures.
High-yield savings accounts compared to certificates of deposit
High-yield savings accounts differ from CDs in that HYSAs preserve access to your funds, while CDs require that you commit to locking up your funds for a fixed term if you hope to avoid a penalty. Customers concerned that market shifts might result in a reduced APY on savings accounts will find reassurance in knowing that opening a CD at a specific rate secures that rate for the entire duration of the CD.
Comparing high-yield savings accounts and money market accounts
Money market accounts (MMAs) function similarly to a hybrid of checking and savings accounts. While you can write checks from your MMA and withdraw funds at ATMs, you'll generally receive a better interest rate compared to keeping your money in a checking account.
Both high-yield savings accounts and money market accounts offer interest on your deposited funds, and unlike Certificates of Deposit (CDs), your money remains readily accessible. However, a significant distinction is that opening an MMA might require you to deposit and keep a specific balance, and in certain situations, a larger balance could lead to a higher interest rate.
Like a savings account, money market accounts might restrict the number of times you can take funds out each month.
Your High-Yield Savings Account (HYSA) is susceptible to changes stemming from The Federal Reserve's monetary policy decisions.
The Federal Reserve lowered the federal funds rate on three occasions during the fourth quarter of 2024. Throughout the first six months of 2025, the Federal Reserve maintained its key interest rate at 4.25%-4.50% during its scheduled gatherings, even though President Donald Trump urged Fed Chair Jerome Powell to lower borrowing costs. The central bank ultimately did implement a reduction during its September meeting. At the 16-17 meeting, the federal funds rate was lowered to 4.00%-4.25%.
Following the Federal Open Market Committee's (FOMC) September meeting, the Fed stated, "Recent data indicates that economic activity growth slowed during the first half of the year." Hiring has decreased, and the jobless rate has slightly risen, yet it stays low. Inflation has increased and is still somewhat high.
Following the FOMC's decision, your high-yield savings account's APY is likely to drop, if it hasn't already in the days prior to the September meeting. Financial institutions retain the discretion to alter rates based on factors beyond Federal Reserve directives.
Our approach
Fortune partnered with leading firm Curinos to offer savings accounts featuring outstanding rates sourced nationwide. This article's rates primarily focus on online and physical banks, not credit unions.
Our editors evaluated over 60 online savings accounts, prioritizing those accessible to U.S. Customers nationwide, contingent upon each account's specific conditions. Account. Our approach involved assessing each account across several key areas:
- APY (50%): This number represents the real rate of return on your balance; the higher the APY, the better.
- Monthly fees (10%): Some banks charge monthly maintenance fees. We ranked banks with lower (or zero) monthly fees higher on the list.
- Minimum amount to earn APY (10%): To earn the high APY, some banks require that you maintain a certain dollar amount in the account, which we view as a limiting factor.
- Minimum opening deposit (10%): Some financial institutions require a deposit amount when you open your account. We rate a higher opening deposit as less attractive.
- Mobile app rating (10%): Many banks have a mobile app you can use to manage your account. We looked at banks’ mobile app ratings in the Apple store.
- Money management tools (5%): Some banks offer digital tools that make it easier for customers to track their spending and savings.
- Customer support (5%): Top picks offer customers various ways to get in contact: chat support, by phone, or even email—our team rated phone support the highest.
Commonly posed questions
High-yield savings accounts are secure.
Yes, provided the account is held at an FDIC-insured bank or an NCUA-insured credit union. Deposits in banks are protected by the FDIC, with coverage extending to $250,000 for each depositor, per institution, within every distinct account ownership type. The NCUA insures credit unions, providing protection for each share owner up to $250,000 per insured credit union, across all account ownership categories.
Yes, the interest earned on high-yield savings accounts is subject to federal and state income taxes.
When opting for a high-yield savings account, it's important to understand the tax consequences associated with it. The IRS views the interest your account generates as taxable income. Your bank will generally issue a 1099-INT form if you've earned more than $10 in interest, and the tax you'll owe is determined by your interest earnings and tax rate.
Savings rates are determined by a variety of factors.
Banks independently determine their savings account interest rates, largely influenced by the federal funds rate. This rate is what financial institutions charge each other for short-term loans, typically lasting a day or a few days. When the Federal Reserve increases interest rates, it can lead to higher borrowing expenses and encourage financial institutions to boost their Annual Percentage Yields (APYs) in order to draw in new clients.
How frequently do substantial savings rates fluctuate?
Deposit rates are subject to alteration without notice. Please note that the interest rate you receive when opening your account isn't guaranteed to remain the same. Financial institutions, including banks and credit unions, possess the ability to modify their rates in response to economic shifts and the Federal Reserve's adjustments to interest rates.
What's the withdrawal frequency for a high-yield savings account?
Federal regulations permit up to six fee-free withdrawals or transfers from high-yield savings accounts each month. The rule was relaxed in 2020 due to the coronavirus pandemic, allowing customers to conduct an unlimited volume of transfers and withdrawals from their savings accounts.
A high-yield savings account is most advantageous when you're looking to earn more interest on your deposited funds compared to a standard savings account.
For individuals aiming to save for a significant purchase like a home, or for short-to-medium term financial objectives, a high-yield savings account presents a practical choice to maximize their savings. Their funds secure within an account that's federally insured.
What constitutes a favorable interest rate for a high-yield savings account?
What’s considered a “good” rate is somewhat subjective. A savings account rate exceeding the national average of 0.41% would be considered superior. Numerous financial institutions provide savings accounts with annual percentage yields (APYs) starting at 1%, and some even reach 4% to 5% APY. If you're seeking a savings account that offers substantial returns, it's beneficial to compare options to discover the most competitive interest rates.
Understanding the distinction between APY and interest rate is key.
The annual interest rate represents the percentage of your account's balance that the bank will pay you as interest, without considering the impact of compounding. APY, conversely, takes into account how often interest is compounded. Consequently, APY offers a more precise representation of your true annual returns.
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SoFi members who sign up for SoFi Plus by setting up Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days, or SoFi members who maintain $5,000 or more in Qualifying Deposits throughout the 30-Day Evaluation Period Savings balances (including Vaults) can earn an annual percentage yield (APY) of 3.80%, while checking balances can earn 0.50% APY. No minimum Eligible Direct Deposit sum is necessary to earn the specified interest rate. For members who don't have SoFi Plus or Qualifying Deposits, savings balances (including Vaults) will accrue 1.00% APY and checking balances will accrue 0.50% APY during the 30-Day Evaluation Period. The cost of borrowing money can fluctuate and is liable to alteration without notice. The current rates are effective on 1/24/25. No minimum balance is needed. If you've met the criteria for Eligible Direct Deposit to earn our top APY, but don't see the 3.80% APY reflected on your APY Details page the day after your deposit is received, kindly reach out to us at 855-456-7634. More details are available at http://www.sofi.com/legal/banking-rate-sheet. Consult the SoFi Plus Terms and Conditions found at https://www.sofi.com/terms-of-use/#plus.
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SoFi's Checking and Savings members, both new and current, who haven't yet set up Direct Deposit with us are eligible to receive a cash bonus. This bonus is $50, provided you have at least $1,000 in total Eligible Direct Deposits. During the Direct Deposit Bonus Period) OR $300 (provided at least $5,000 in total Eligible Direct Deposits are received during the Direct Deposit Bonus Period). The cash bonus will be determined by the sum of all Eligible Direct Deposits. Should you meet the criteria for Eligible Direct Deposit but not yet see a cash bonus in your Checking account, kindly reach out to us at 855-456-7634, providing the specifics of your Eligible Direct Deposit. The Direct Deposit Promotion commences on December 7, 2023, and will remain active until January 31, 2026. You can find the complete terms and conditions on sofi.com/banking. SoFi Bank, N.A., a Member FDIC institution, provides SoFi Checking and Savings. Eligible SoFi members who set up direct deposit can receive an annual percentage yield (APY) of 3.80% on their savings, including Vaults, and 0.50% APY on checking account balances. To qualify for the 3.80% APY on savings, including Vaults, no minimum Eligible Direct Deposit is necessary. For members who don't have eligible direct deposit set up, savings balances (including Vaults) will accrue interest at a rate of 1.00% APY, while checking balances will earn 0.50% APY. The cost of borrowing money can fluctuate and is liable to alteration without notice. The current rates are effective on 1/24/25. No minimum balance is needed. More details are available at http://www.sofi.com/legal/banking-rate-sheet.
3 0.70% Savings APY Boost
Receive an Annual Percentage Yield (APY) of up to 4.50% on SoFi Savings, which includes a 0.70% APY Boost (added to the base 3.80% APY as of 8/5/25) for a period of up to six months. Open a new SoFi Checking & Savings account with An Eligible Direct Deposit by January 31, 2026. Prices may fluctuate and are subject to alteration. Conditions are applicable at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.