The Fed held rates steady in May, and that's kept high-yield savings account interest rates near their peak. But with inflation cooling and rate cuts back on the table later this year, these elevated APYs may not stick around.

If your money is still sitting in a savings account earning less than 1%, you're missing out on free interest. The good news is it takes just minutes to open a new account and start earning up to 10 times the average national rate on your savings.

We've rounded up the best savings rates available today -- updated daily so you don't miss a better deal.

Special pick: The Barclays Tiered Savings account stands out with a 4.00% 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 22, 2025.

Should you open a high-yield savings account?

With interest rates holding steady for now, it's a smart time to take advantage of high-yield savings accounts. Some of the best options are offering APYs as high as 5.00%, giving your money a chance to grow more than it would in a regular savings account. If you're looking for a safe, flexible place to stash your cash, an HYSA is worth considering.

The chart below shows the rapid increase in average deposit rates at U.S. banks during the Fed's last pivot. Rates jumped from below 0.10% to nearly 0.50% in just over a year. Rates could drop again quickly if cuts start later this year.

How to open a high-yield savings account

Getting started with a high-yield savings account is easy and usually takes just a few minutes:

1. Compare rates from various banks and credit unions. Shop around to find the best APY, low or no fees, and features like easy transfers and mobile access. Online banks often offer the most competitive rates.
2. Gather your information. You'll need basic personal details like your name, address, Social Security number, and a form of ID to apply.
3. Complete the application. Most applications can be done online in just a few minutes. Follow the prompts to enter your information and set up your account.
4. Fund your new account. Link an existing bank account to transfer money in. Some banks require a minimum deposit to open the account, so be sure to read the fine print.
5. Set up online and mobile access. Once your account is active, download the bank's app or log in online so you can track your balance, transfer funds, and manage your savings easily.

A $10,000 HYSA deposit could earn $400 in a year

High-yield savings account earnings depend on your account balance and the account APY (annual percentage yield).

For example, a $10,000 account balance with a 4.00% APY would earn roughly $400 in a year -- without locking up your cash.

Compare that to a traditional savings account, where rates are often much lower. Opening an account with a top-tier APY, like Barclays Tiered Savings, can help you maximize your returns before rates drop. Open a Barclays Tiered Savings account here before rates fall again.

Open a SoFi Checking and Savings account (Member FDIC) and get a cash bonus

For those who plan to set up direct deposit with their new account, the SoFi Checking and Savings account (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY of up to 3.80%, but the linked checking account earns an above-average rate, too -- a rare perk. Even better: New customers can earn up to a $300 bonus with qualifying direct deposits!

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

• What's the biggest downside of a high-yield savings account?

  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.

• Are high-yield savings accounts safe?

  Yes, high-yield savings accounts are safe as long as they're offered by an FDIC-insured bank or NCUA-insured credit union. Your money is protected up to $250,000 per depositor, per institution, in case the bank fails.

• Can the interest rate on a high-yield savings account change?

  Yes, the interest rate on a high-yield savings account is variable, which means it can go up or down at any time. Rates often follow changes in the federal funds rate, so they may increase during rising rate environments and decrease when rates fall.