Best high-yield savings rates today – August 6, 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.
- High-yield savings account APYs have experienced some stability in recent months as the Federal Reserve has held its benchmark rate steady.
Right now, the best high-yield savings accounts are earning rates up to 4.35 percent annual percentage yield (APY). This is considerably higher than today’s national average savings account rate of 0.57 percent APY — and it’s exponentially higher than rock-bottom APYs of around 0.01 percent offered by many large brick-and-mortar banks.
To make sure you’re not missing out on competitive rates, you can compare yours with those from other banks. To get started, check out the table below that shows some of the best high-yield savings accounts from banks monitored by our editorial staff.
Today’s best high-yield savings accounts 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 |
APYs are accurate as of August 6, 2025. APYS, minimum opening deposits and our Bankrate score may change. APYs and account availability could vary by region.
The latest news from the Federal Reserve
After raising its key benchmark rate 11 times in 2022 and 2023 to combat high inflation, the Federal Reserve held the rate steady until cutting it three times in late 2024. Rates on products such as loans and savings accounts tend to increase and decrease as the Fed hikes and cuts its benchmark rate, respectively.
While the top high-yield savings account APY has been decreasing for more than a year, the best rate remains higher than it was in the years leading up to 2023. Right now, many savers are enjoying rates of return that are well above the national average APY.
Keep in mind: Choose a bank that is insured by the Federal Deposit Insurance Corp. (FDIC) or a credit union that is insured by the National Credit Union Administration (NCUA). Deposits are insured for up to $250,000 per depositor, per FDIC-insured bank, per ownership category.
How to open a high-yield savings account
Whether you’re opening a savings account online or in a branch, the process can be relatively simple:
- Choose a bank or credit union. This can be based on factors such as account APYs, ratings of the online banking app and the availability of branches and ATMs.
- Fill out the application and provide required information. Banks often require account applicants to provide a photo ID, Social Security number or Individual Taxpayer Identification Number (ITIN), as well as a proof of address.
- Fund the account. Some banks require a minimum opening deposit, while others allow you to open the account without funding it.
Once you’ve opened your high-yield savings account, you may wish to add money over time to build up your emergency fund or save for other goals. It’s also a good idea to spend time periodically comparing your APY with that offered from other banks. This ensures you continue to earn a rate that’s competitive.
Periodically checking interest rates on high yield savings accounts is generally a good idea for consumers looking to maximize the yield on bank savings. Since it's possible that interest rates can change for reasons that are specific to an individual bank, consumers should keep an eye on how their interest rate compares to other banks.— David Zuckerman, CFP and founder and principal of Zuckerman Capital Management
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.
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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