Best High-Yield Savings Account Rates Today, May 9, 2025: Up to 5.00%

Motley Fool

09 May

KEY POINTS

The best high-yield savings account rate now: 5.00% APY.
Earn a high rate on your savings while keeping your cash secure and easily accessible.
Open your account from the comfort of home and manage it from a mobile app or computer.

The Federal Reserve opted not to cut interest rates earlier this week, which is good news if you've been waiting to earn more on your savings. For now, top high-yield savings accounts (HYSAs) continue to pay APYs between 4.00% and 5.00% -- and opening a new account can take just minutes.

The best HYSAs have minimal fees and account minimums, are FDIC insured, and perfect for anyone parking extra cash for a short-term goal or emergency fund. But if the Fed starts cutting rates later this year as expected, these offers might not stick around.

We track the best high-yield savings rates each day. Here's where your money could be earning more interest now.

Special pick: The Barclays Tiered Savings account stands out with a 4.10% APY and no minimum balance required to earn interest. It's one of the few top-tier rates still widely available -- and with no account fees, it's a smart move while rates remain high. Open a Barclays Tiered Savings account today.

Varo Savings -- up to 5.00% (Max APY on up to $5,000, 2.50% APY after)
Axos ONE® -- up to 4.66% (Minimum balance: $1,500)
Pibank Savings -- 4.60% (No minimum balance)
Presidential Bank Advantage Savings -- up to 4.50% (Requires $5,000 to open and an Advantage Checking Account for top APY)

Data source: Issuing banks. Rates are accurate as of May 8, 2025.

Our Picks for the Best High-Yield Savings Accounts of 2025

Product	APY	Min. to Earn
Barclays Tiered Savings Member FDIC. APY 4.10% Rate info Min. to earn $0 Open Account for Barclays Tiered Savings On Barclays' Secure Website. Member FDIC.	4.10% Rate info	$0	Open Account for Barclays Tiered Savings On Barclays' Secure Website.
SoFi Checking and Savings Member FDIC. APY up to 3.80%² Rate info Min. to earn $0 Open Account for SoFi Checking and Savings On SoFi's Secure Website. Member FDIC.	up to 3.80%² Rate info	$0	Open Account for SoFi Checking and Savings On SoFi's Secure Website.
Capital One 360 Performance Savings Member FDIC. APY 3.60% Rate info Min. to earn $0 Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC.	3.60% Rate info	$0	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.

Disclaimers

SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

² SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.

Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

APY: 50%
Brand and reputation: 20%
Fees and minimums: 15%
Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.

Our scores are weighted as:

APY: 50%
Brand and reputation: 20%
Fees and minimums: 15%
Other perks: 15%

Should you open a high-yield savings account?

The Federal Reserve made the decision earlier this week to continue holding rates steady for the time being. That means it's an opportune time to take advantage of still-high rates and open a high-yield savings account, or to switch to one that pays more for your money.

The chart below shows how quickly average deposit rates across U.S. banks rose the last time the Fed pivoted -- climbing from below 0.10% to nearly 0.50% in a little over a year. Rates could drop again just as quickly if cuts begin later this year as expected.

How to open a high-yield savings account

Getting started with a high-yield savings account is easy -- just complete the following steps:

Compare accounts. Look for the best APY, but also consider fees, ease of access, and minimum balance rules. Check out our full list of the best high-yield savings accounts here.
Apply online. Most accounts can be opened from your phone or computer -- no paperwork required.
Fund your account. Link an existing checking or savings account and transfer your money.
Set up recurring deposits (optional). Some accounts offer higher APYs when you make regular monthly contributions.
Track your balance and earnings. Interest usually compounds daily and is paid monthly, helping your savings grow faster over time.

$10,000 in a high-yield savings account could earn $410 in a year

Earnings with a high-yield savings account depend on your account balance and the account APY (annual percentage yield).

For example, a $10,000 account balance with a 4.10% APY would earn roughly $410 in a year -- without locking up your cash.

Compare that to a traditional savings account, where rates are often much lower. Opening a high-APY account, like Barclays Tiered Savings account, can help you maximize your returns before rates drop. Learn more about Barclays Tiered Savings account here and open an account before rates fall again.

Open a SoFi Checking and Savings account (Member FDIC) and get a $300 cash bonus¹

For those who plan to set up direct deposit with their new account, the SoFi Checking and Savings account is hard to beat. Not only does this savings account offer a strong APY of up to 3.80%², but the linked checking account earns an above-average rate, too -- a rare perk. Plus, there's the opportunity for a bonus of up to $300¹ and a long list of extra account features.

Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships. Open a SoFi Checking and Savings account today and see how to qualify for the full $300¹ bonus.

Sources
- https://www.varomoney.com/high-yield-savings-account/
- https://www.axosbank.com/personal/bank/axos-one
- https://www.pibank.com/pibank-savings/
- https://www.presidential.com/personal/banking/savings

FAQs

Right now, the best savings account rates are those between 4.00% and 5.00%. You can earns hundreds more per year on your savings compared to keeping your money in an account with the national average savings APY of 0.41%.
It's possible savings account rates could increase in 2025. Rate hikes depend on the Federal Reserve's actions and economic shifts. If inflation rises, banks may boost rates to attract deposits. However, at this time, experts expect that rates will decrease before the end of the year.
The biggest downside of a high-yield savings account is that interest rates can fluctuate. Unlike the fixed rates of CDs, the interest rate on savings accounts can change based on market conditions, potentially reducing your earnings over time. This variability means your returns might not be as predictable as with other fixed-rate investments.

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