With the Federal Reserve holding interest rates steady once again, savers still have a window to lock in some of the highest APYs we've seen in years. Many of today's top high-yield savings accounts (HYSAs) are offering rates north of 4.50%, with a few standout banks inching even closer to 5.00%.

That's well above the national average -- and a smart place to park your cash while the market waits for the Fed's next move. Whether you're building an emergency fund, saving for a short-term goal, or just want your money to work a little harder, a high-yield savings account is one of the most reliable tools available.

We scan dozens of banks every day to highlight the best accounts offering top-tier returns with low fees, flexible access, and FDIC insurance. Here are the highest-paying savings accounts available today.

Special pick: The Barclays Tiered Savings account stands out with a See Terms 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% (Minimum balance: $1,500)
• Pibank Savings -- 4.60% (No minimum balance)
• 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 May 14, 2025.

Should you open a high-yield savings account?

The Federal Reserve met last week and decided to hold the federal funds rate steady. As such, it remains a great time to take advantage of competitive APYs and continue to boost your earnings while high rates persist. Right now, HYSAs are offering rates up to 5.00%.

The chart below shows how quickly average deposit rates across U.S. banks rose the last time the Fed pivoted -- climbing from below 0.10% to nearly 0.50% in a little over a year. Rates could drop again just as quickly if cuts begin later this year as experts largely expect.

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

A $10,000 HYSA deposit could earn $410 in a year

Earnings with a high-yield savings account depend on your account balance and the account APY (annual percentage yield).

For example, a $10,000 account balance with a 4.10% APY would earn roughly $410 in a year -- without locking up your cash.

Compare that to a traditional savings account, where rates are often much lower. Opening a high-APY account, like Barclays Tiered Savings account, can help you maximize your returns before rates drop. Learn more about Barclays Tiered Savings account here and open an account before rates fall again.

Open a SoFi Checking and Savings account (Member FDIC) and get a $300 cash bonus¹

For those who plan to set up direct deposit with their new account, the SoFi Checking and Savings account 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. Plus, there's the opportunity for a bonus of up to $300¹ and a long list of extra account features.

Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships. Open a SoFi Checking and Savings account today and see how to qualify for the full $300¹ 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://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 savings account rates go higher in 2025?

  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.

• What is a good savings account APY in May 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 0.41%.