Best high-yield savings rates today – August 5, 2025
Key takeaways
- It pays to shop around for a competitive APY, and today’s top high-yield savings account earns 4.35% APY.
- Highest APYs are around seven times the national average APY.
- APY levels on competitive savings accounts will likely move in response to changes the Federal Reserve makes to the federal funds rate.
The top high-yield savings account rate is currently 4.35 percent annual percentage yield (APY), among the dozens of banks monitored by Bankrate’s editorial staff. While savings account rates are variable, they’ve seen some overall stability in recent months, which is possibly the result of the Federal Reserve choosing not to change the federal funds rate in 2025, to date.
Whatever rate your savings account is earning, it pays to keep track of how it stacks up against other accounts. The best high-yield savings accounts are commonly offered from online-only banks and credit unions. The table below lists today’s top rates.
Today’s best high-yield savings rates
| Bank | APY | Minimum opening deposit | Bankrate’s savings account score |
| Peak Bank | 4.35% | $100 | 4.8/5 |
| EverBank | 4.30% | $0 | 5.0/5 |
| Rising Bank | 4.30% | $1,000 | 4.7/5 |
| BrioDirect | 4.30% | $5,000 | 4.9/5 |
| Forbright Bank | 4.25% | $0 | 4.9/5 |
| Bread Savings | 4.25% | $100 | 4.9/5 |
| Jenius Bank | 4.20% | $0 | 4.7/5 |
| Bask Bank | 4.20% | $0 | 5.0/5 |
| Openbank | 4.20% | $500 | 4.7/5 |
| TAB Bank | 4.15% | $0 | 4.9/5 |
The latest news from the Federal Reserve
When the Federal Reserve hikes its key benchmark rate, many banks react by increasing their APY offerings. Similarly, when policymakers cut the federal funds rate, banks often decrease their APYs.
After raising the federal funds rate 11 times in 2022 and 2023 to combat inflation, officials eventually lowered the rate in late 2024. APYs on many high-yield savings accounts followed suit.
Additional saving options to consider
A high-yield savings account is typically the best place to store some short-term savings and earn a competitive APY. There are additional savings options to consider, depending on your financial needs and goals:
- Money market accounts: The best money market rates are similar to those of high-yield savings accounts. Money market accounts often include features you’ll find with checking accounts, such as debit cards and check-writing privileges — although you may be limited to a certain number of checks or debit transactions each month.
- Certificates of deposit (CDs): The best CD rates for some terms are currently similar to those of high-yield savings accounts. CDs typically lock in your rate for the entire term, so they can be a good choice for those who believe APYs will drop soon. However, it’s important not to lock funds in a CD that you might need in the meantime for emergencies or other expenses. This is because CDs usually charge an early withdrawal penalty that eats into your interest and possibly your principal.
Features that set CDs apart from high-yield savings accounts include CDs’ guaranteed rate and their defined maturity date.
Depending on your needs, these features might be a benefit or a disadvantage. In a falling interest rate environment, a CD can offer better certainty about your rate of return. It can also offer the forced discipline to avoid spending your savings.— Stephen Kates, CFP, financial analyst for Bankrate
Terms to know
Annual percentage yield (APY): A percentage that indicates how much interest a savings account earns in one year, which takes into account the effect of compounding.
Excessive transaction fee: Savings account holders are often limited to six withdrawals per month, with any additional ones triggering an excessive transaction fee. This fee often ranges from $2 to $15 per transaction.
Minimum deposit: Some banks require a set minimum opening deposit for new accounts. Similarly, some require you to maintain at least a certain balance to avoid monthly maintenance fees. It can pay to find a bank with no minimum deposit requirements.
Variable APY: A variable APY is a yield that can fluctuate at any time. Banks may change their APYs due to the need for more deposits or when the federal funds rate fluctuates.
Research methodology
Bankrate researches over 100 banks and credit unions, including some of the largest financial institutions, online-only banks, regional banks and credit unions with both open and restrictive membership policies.
To find the best high-yield savings accounts, we rated these institutions on their savings account’s APYs, monthly fees, minimum deposit requirements, access to funds and more. The highest-rated savings accounts from broadly-available banks and credit unions, that also had the highest APYs, made our list. Learn more about how we choose the best banking products and our methodology for reviewing banks.
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