Savings rates remain strong as we head into early July, with many high-yield savings accounts (HYSAs) offering between 4.00% and 5.00% APY -- a clear advantage over the low interest paid by most big banks.

The Fed kept rates steady at its June meeting and isn't scheduled to revisit them until later this month, giving savers more time to take advantage of these elevated returns.

If you're looking for a low-risk way to grow your money while keeping it accessible, this could be the right time to open an HYSA. Here are the top rates available today.

Featured pick: The Barclays Tiered Savings account stands out with a 3.90% 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% APY (Max APY on up to $5,000, 2.50% APY after)
• Axos ONE® -- up to 4.66% APY (Min. balance: $1,500)
• Pibank Savings -- 4.60% APY (No min. balance)
• Elevault -- 4.60% APY (No min. balance. Balances over $250,000 do not earn interest)
• Go2bank Savings -- 4.50% APY (No min. balance)

Data source: Issuing banks. Rates are accurate as of July 6, 2025.

Is it a good time to open a high-yield savings account?

HYSAs are still offering standout returns -- some as high as 5.00% -- but those rates may not be around much longer.

With the Fed holding interest rates steady until at least its July 29–30 meeting, there's still time to take advantage of today's elevated APYs. If opening an account has been on your radar, acting now could help you lock in a better return while it lasts.

But don't wait too long. As the chart below shows, rates can change quickly. During the last Fed policy shift, average deposit yields rose from below 0.10% to nearly 0.50% in just over a year. If rate cuts begin later this year -- as many expect -- today's top savings rates could drop just as quickly.

How to open an HYSA

Opening a high-yield savings account is quick and straightforward -- here's what to do:

1. Start by comparing your options. Look at different banks and credit unions to find the best combination of high APY, low fees, and convenient features like mobile apps and free transfers. Online banks often lead the pack in rates.
2. Gather your personal info. You'll need to provide basics like your name, address, Social Security number, and a valid photo ID.
3. Fill out the application. Most banks offer a simple online form, so you can open your account from your phone or computer in just a few minutes.
4. Make your first deposit. Link your existing checking or savings account to transfer funds. Some accounts require a minimum deposit to get started, so check the fine print.
5. Get connected. Download the bank's mobile app or log in through their website to keep tabs on your balance, move money around, and grow your savings with ease.

Have $10K to deposit in an HYSA? Earn nearly $400

How much you earn from a high-yield savings account comes down to two things: the annual percentage yield (APY) and your total account balance.

For example, if you park $10,000 in an account offering 3.90% APY, you'd earn about $390 in interest over the course of a year. And unlike a CD, your cash stays fully accessible. That's a big improvement over the tiny returns you'd get from a standard savings account at a traditional bank.

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)

For those who plan to utilize direct deposit with their new account, the SoFi Checking and Savings account (Member FDIC) is tough 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.

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.

• 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.go2bank.com/features/save-money

FAQs

• 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 deposits are protected up to $250,000 per person, per institution, in case the bank or credit union fails.

• 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.

• What is a good savings account APY in July 2025?

  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 0.38%.