Best High-Yield Savings Account Rates Today, May 2, 2025: Up to 5.00%

Motley Fool

02 May

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KEY POINTS

The best high-yield savings account rate today: 5.00% APY.
High-yield savings accounts allow your money to grow, while ensuring you can still access it whenever necessary.
Most HYSAs can be opened right from your mobile phone or computer.

After a series of rate cuts from the Federal Reserve that began in late 2024, and a pause to start 2025, experts expect rates to trend lower as the year goes on. That makes right now a wise time to benefit from one of the highest-yielding savings accounts before the next move.

Many high-yield savings accounts continue to offer APYs above 4.00%, with some standout offers pushing even higher. If you're looking for a low-risk place to grow your emergency fund or stash some cash for short-term goals, these accounts are definitely worth a look.

We check rates from top banks every day to sort the best options available. Below are today's highest savings account offers.

Bank Account	APY	Minimum Account Balance
Varo Savings	up to 5.00%	Max APY on up to $5,000, 2.50% APY after
Axos ONE®	up to 4.66%	$1,500
Pibank Savings	4.60%	$0
Presidential Bank Advantage Savings	up to 4.50%	$5,000 to open. Must maintain an Advantage Checking Account to be eligible for top APY.

Data source: Issuing banks. Rates are accurate as of May 1, 2025.

Why we chose these high-yield savings accounts

The accounts above stood out to us for several key reasons:

High APYs. These are among the most competitive interest rates available, helping your money grow faster.
Low barriers to entry. Some accounts have low or no minimum deposit requirements to open or earn interest.
Available nationwide. These banks let you open an account from anywhere in the U.S. without needing to join a local credit union.
Online convenience. Every account listed can be opened and managed entirely online from your phone or computer.

If you're not earning more than 4.00% APY on your savings, it might be time to switch. Rates have been mostly flat since the end of 2024, but several online banks are leading the pack without requiring huge balances. We like Barclays Tiered Savings account because it pays 4.10% with no account minimums. Pro tip: Be careful with teaser rates that drop after a few months. Always check the fine print. Click here to open a Barclays Tiered Savings account today.

Our Picks for the Best High-Yield Savings Accounts of 2025

Product	APY	Min. to Earn
SoFi Checking and Savings Member FDIC. APY up to 3.80%² Rate info Min. to earn $0 Open Account for SoFi Checking and Savings On SoFi's Secure Website. Member FDIC.	up to 3.80%² Rate info	$0	Open Account for SoFi Checking and Savings On SoFi's Secure Website.
American Express® High Yield Savings Account Member FDIC. APY 3.70% Rate info Min. to earn $0 Open Account for American Express® High Yield Savings Account On American Express's Secure Website. Member FDIC.	3.70% Rate info	$0	Open Account for American Express® High Yield Savings Account On American Express's Secure Website.
Barclays Tiered Savings Member FDIC. APY 4.10% Rate info Min. to earn $0 Open Account for Barclays Tiered Savings On Barclays' Secure Website. Member FDIC.	4.10% Rate info	$0	Open Account for Barclays Tiered Savings On Barclays' Secure Website.

Disclaimers

SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.

² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.

Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

APY: 50%
Brand and reputation: 20%
Fees and minimums: 15%
Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.

Our scores are weighted as:

APY: 50%
Brand and reputation: 20%
Fees and minimums: 15%
Other perks: 15%

Should you open a high-yield savings account?

Got extra cash in a regular savings account earning next to nothing? It's a good time to think about switching. With the Fed holding rates steady so far this year, high-yield savings accounts offer a way to grow your money without losing access.

Opening a high-yield savings account could make sense if:

You want to earn more interest without locking up your money
You want an account with no or low fees and easy online access
You prefer flexibility over committing to a fixed term
You value safety -- most accounts are FDIC insured

HYSAs give you a better return while keeping your cash handy. They're great for emergencies, upcoming expenses, or savings goals you want to reach in the next year or two. Click here to compare the best high-yield savings accounts and open one today.

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. When you're ready, follow these five easy steps:

Compare accounts. Look for the best APY, but also consider fees, ease of access, and minimum balance rules.
Apply online. Most accounts can be opened from your phone or computer -- no paperwork required.
Fund your account. Link an existing checking or savings account and transfer your money.
Set up recurring deposits (optional). Some accounts offer higher APYs when you make regular monthly contributions.
Track your balance and earnings. Interest usually compounds daily and is paid monthly, helping your savings grow faster over time.

Want to avoid monthly deposit requirements?

Some high-yield savings accounts give you great rates without any catches. You don't need to make regular deposits, keep a minimum balance, or worry about monthly fees. If you want something easy, check out the Discover® Online Savings account. It offers a 3.60% APY, and you don't need a minimum deposit to open the account.

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

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 0.41%.
It's possible savings account rates could increase in 2025. Rate hikes depend on the Federal Reserve's actions and economic shifts. If inflation rises, banks may boost rates to attract deposits. However, at this time, experts expect that rates will decrease before the end of the year.
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.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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