The Federal Reserve wraps up its policy meeting later this afternoon, and while a change to rates isn't expected, any change in tone could influence where savings rates head next. In the meantime, high-yield savings accounts (HYSAs) are still offering some of the best returns in years -- with APYs ranging from 4.00% to 5.00%.

These accounts don't just offer solid interest -- they also keep your money accessible and insured, making them a smart place to stash extra cash without locking it away.

If you're looking for a safe and flexible way to earn more on your savings, now's a great time to take a closer look. Here are today's top high-yield savings account rates.

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)
• Presidential Bank Advantage Savings -- 4.50% APY ($5,000 min. to open, terms apply)
• Peak Bank Envision High Yield Savings -- 4.44% APY ($100 min. to open)

Data source: Issuing banks. Rates are accurate as of July 29, 2025.

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

High-yield savings accounts are still offering standout returns -- with APYs as high as 5.00% -- all while keeping your money safe, flexible, and FDIC insured.

But these elevated rates might not last much longer. The Federal Reserve's latest policy meeting wraps up later today, and although no change to the fed funds rate is expected, the outcome isn't guaranteed. Even a subtle shift in language could signal changes ahead that might push APYs lower.

As the chart below illustrates, savings rates can move quickly. During the Fed's last pivot, average deposit yields jumped -- and if cuts begin later this year, today's top rates could drop just as fast.

How to open an HYSA

Opening a high-yield savings account doesn't take much time -- and the process is easier than you might think. Here's how to get started:

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 in one year on $10K savings -- no strings attached

The more you save and the higher your annual percentage yield (APY), the more interest you'll earn.

For instance, a $10,000 deposit in a high-yield savings account offering 3.90% APY would earn you about $390 in a year -- all while keeping your money easily accessible. Unlike a CD, there's no need to lock in your funds, and you won't face penalties for making withdrawals. That's a major upgrade from the minimal interest you'd see at most big banks.

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.presidential.com/personal/banking/savings
  • https://www.peak.bank/peak-bank/savings

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 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%.

• 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.