Top savings account interest rates available as of August 5, 2025
In the current financial landscape, finding the best high-yield savings account can significantly boost your savings growth. Here's a comprehensive guide to help you make an informed decision.
When choosing a high-yield savings account, the Annual Percentage Yield (APY) is a crucial factor. Look for the highest APY available, as this rate determines how much interest you earn annually, factoring in compounding. High-yield accounts often offer APYs significantly above the national average, which can greatly grow your savings over time.
Compound interest frequency is another important consideration. Prefer accounts that compound interest daily and add it monthly, to maximize your earnings through interest on interest.
Account accessibility and features are also vital. Consider how often you can withdraw funds without fees or restrictions, whether the bank provides easy access online or physical branches (depending on your preference), and if you also need other banking products like checking accounts, CDs, or loans with the same institution.
Ensure the account is FDIC-insured (or NCUA-insured for credit unions), protecting up to $250,000 per depositor, per institution in case of bank failure—this is crucial for safety.
Check for absence of monthly maintenance fees or minimum balance requirements to avoid unnecessary costs. Note that rates are variable and may rise or fall with market conditions, so consider your tolerance for rate changes and timing of deposits. Some accounts may offer welcome bonuses, but also expect rates to adjust with Federal Reserve moves.
Online banks typically offer higher rates than traditional brick-and-mortar banks because of lower overhead, but physical branch access might be important to you, influencing your choice despite a lower APY.
Some banks require a minimum deposit for opening new accounts, and some require a certain balance to avoid monthly maintenance fees.
Here's a list of banks offering high-yield savings accounts with competitive rates: Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Airlines Federal Credit Union, American Express National Bank, Apple Bank, Arvest Bank, Axos Bank, Banesco USA, Bank of America, Bank of Hope, Bank5 Connect, BankPurely, BankUnited Direct, Barclays Bank, Bask Bank, BMO Alto, BMO Bank, Boeing Employees' Credit Union, Bread Savings, BrioDirect, Capital One, CFG Bank, Charles Schwab Bank, Chase Bank, CIBC Bank USA, CIT Bank, Citibank, Citizens Access, Citizens Bank, Colorado Federal Savings Bank, Comerica Bank, Connexus Credit Union, Credit One Bank, Cross River Bank, Customers Bank, Delta Community Credit Union, Discover Bank, East West Bank, Emigrant Bank, Emigrant Direct Bank, EverBank, Fifth Third Bank, First Citizens Bank, First Internet Bank of Indiana, First National Bank of America, First Tech Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, Frost Bank, Golden 1 Credit Union, Heritage Bank, Huntington National Bank, iGOBanking.com, Jenius Bank, KeyBank, Lake Michigan Credit Union, Laurel Road, LendingClub Bank, Limelight Bank, Live Oak Bank, M.Y. Safra Bank, M&T Bank, Marcus by Goldman Sachs, Merrick Bank, Morgan Stanley Private Bank, Mountain America Credit Union, MySavingsDirect, Navy Federal Credit Union, NBKC Bank, North American Savings Bank, Northpointe Bank, Openbank, Patelco Credit Union, Peak Bank, Pentagon Federal Credit Union, PNC Bank, Popular Direct, Presidential Bank, Provident Bank, Quontic Bank, Quorum Federal Credit Union, Randolph-Brooks Federal Credit Union, Regions Bank, Ridgewood Savings Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, SoFi, SouthState Bank, Star One Credit Union, State Employees' Credit Union, Suncoast Credit Union, Synchrony Bank, Synovus Bank, TAB Bank, TD Bank, Texas Capital Bank, The Federal Savings Bank, Third Federal Savings and Loan, Truist Bank, UFB Direct, Umpqua Bank, US Bank, USAA Bank, Valley Bank, Varo Bank, Vio Bank, VyStar Credit Union, WebBank, Webster Bank, Wells Fargo, Western State Bank, Zions Bank.
The APY levels on competitive savings accounts may change in response to changes the Federal Reserve makes to the federal funds rate. Money market accounts often include features such as debit cards and check-writing privileges, while CDs have a guaranteed rate and a defined maturity date.
When the Federal Reserve raises its key benchmark rate, many banks react by increasing their APY offerings. Conversely, when policymakers cut the federal funds rate, banks often decrease their APYs.
In conclusion, prioritize a high APY with compound interest, FDIC insurance, low fees, and easy access to funds, while matching the bank’s features to your personal banking preferences and comfort with interest rate variability.
When looking for a financial institution that offers a high-yield savings account, consider FDIC-insured banks like Ally Bank, Bank of America, or Citizens Bank, and credit unions that offer competitive rates, such as Alliant Credit Union, America First Credit Union, or Navy Federal Credit Union. Remember that money market accounts, like those provided by BMO Bank or CIT Bank, may include debit cards and check-writing privileges. Additionally, personal-finance experts suggest considering checking accounts (from banks like Capital One, Chase Bank, or Wells Fargo) and money market accounts to manage your funds effectively within the banking-and-insurance industry.
