High-yield savings accounts (HYSAs) have continued to offer strong returns as the Fed kept rates steady through May. But this window may be closing soon -- while rates are expected to hold for now, possible cuts could arrive as early as this summer. That means today's top rates might not be around for much longer.

If your savings are sitting in a traditional account earning just 0.01%, you're missing out on easy interest. The good news is switching to an HYSA is fast and simple, letting your money grow while staying fully accessible.

Below, you'll find the best savings account rates available right now -- check them out before rates start to slip.

Featured 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% (Min. balance: $1,500)
• Pibank Savings -- 4.60% (No min. balance)
• Elevault -- 4.60% (No min. balance. Balances over $250,000 do not earn interest)
• 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 June 1, 2025.

Should you open a high-yield savings account now?

If growing your savings is a priority, now's a great time to take advantage of high-yield savings accounts. With APYs reaching up to 5.00%, these accounts offer much higher returns than most traditional savings options. You'll enjoy strong rates, full access to your funds, and very little risk -- all while letting your money work harder for you.

HYSAs also come with FDIC insurance, keeping your funds protected as they grow. However, keep in mind that rates can shift quickly. As seen in the chart below, deposit rates climbed fast during the Fed's last rate hikes and could fall just as quickly if rate cuts begin 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.

Earn $400 in a year with a $10,000 HYSA deposit

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://elevault.app/
  • 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.

• 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.

• Is there a limit to how often I can withdraw money from a high-yield savings account?

  Yes, many high-yield savings accounts limit you to six withdrawals or transfers per month due to federal guidelines. While this rule was temporarily relaxed, some banks still enforce it, so it's best to check your account's terms.