Best high-yield savings rates today – August 8, 2025
Key takeaways
- The highest rate on a savings account is currently 4.35% APY, among dozens of banks monitored by Bankrate’s editorial team.
- Highest APYs are around seven times the national average APY.
- Competitive savings account APYs tend to increase when the Federal Reserve raises rates, and they can decrease when the Fed cuts rates. So far, the Fed has left rates unchanged in 2025.
The best 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 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 | 4.8/5 |
| 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 8, 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
Competitive banks often respond to Federal Reserve interest rate changes by increasing their APYs when the Fed hikes rates, and they may decrease APYs when the Fed cuts rates. So far, the Fed has held its benchmark federal fund rate at a range of 4.25-4.5 percent in 2025; as a result, you may see continued stability in deposit account APYs, at least until the next Fed meeting in September.
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.
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.
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.
It’s always a good time to open a high-yield savings account to earn more interest on your money compared to a standard savings account. It’s so easy and quick, so why be complacent? High-yield savings accounts generally will always offer better interest rates than traditional accounts.— Swati Bhatia, head of retail banking & transformation for Santander Bank and CEO for Openbank in the United States
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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