July is moving quickly, but high-yield savings accounts continue to offer standout returns -- with top APYs between 4.00% and 5.00%. That's a big improvement over the low rates still common at many traditional banks.

The Fed hasn't raised interest rates so far this year, but that could change at its upcoming meeting on July 29–30. In the meantime, there's still an opportunity to lock in today's competitive yields.

If you're looking for a safe and flexible way to grow your money, now's a great time to consider a high-yield savings account. Here are the best 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 16, 2025.

Is now a smart time to open a high-yield savings account?

If you're looking to boost your savings, this could be an ideal moment to make a move. Many HYSAs are offering APYs up to 5.00% -- some of the highest we've seen in years.

But these generous rates may not stick around. The Federal Reserve is holding rates steady for now, but that could change after its upcoming meeting on July 29–30. That means the window to lock in a strong return could be closing soon.

And rate changes can happen fast. As the chart below shows, during the Fed's last pivot, average deposit yields climbed from below 0.10% to nearly 0.50% in just over a year. If cuts come later this year -- as many analysts anticipate -- today's top savings rates could drop just as quickly.

How to open a high-yield savings account

Opening an HYSA is a quick and easy process -- just follow these steps:

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.

Check out our list of the best high-yield savings accounts to get started now.

Earn almost $400 on $10,000 in a year -- without locking it up

Your high-yield savings account earnings depend on just two factors: your balance and the account's annual percentage yield (APY).

Let's say you deposit $10,000 into an HYSA earning 3.90% APY -- you'd pocket around $390 in interest after one year. And because the money stays fully accessible, you can withdraw or transfer funds anytime without penalty. That's a big step up from the near-zero interest rates offered by many traditional savings accounts.

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 earn a cash bonus

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.

But that's not all. Right now: Earn up to $300 bonus with direct deposit. Plus, new customers earn an extra 0.20% APY on savings for up to 6 months with direct deposit (terms apply) -- that equals up to 4.00% APY!

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

• 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 about 3.80% 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%.

• 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.