With the next Fed meeting just days away, many savers are keeping an eye on rates -- and wondering if now's the time to act. Right now, some of the top high-yield savings accounts (HYSAs) are offering APYs between 4.50% and 5.00%, which is still miles ahead of what most traditional banks pay.

If your money is sitting in an account earning less than 0.50%, you're missing out on easy interest. The upside? It's quick and hassle-free to switch to a high-yield account -- and you'll earn more without giving up access to your cash.

To help you get started, we've rounded up the best savings accounts currently offering standout rates.

Featured pick: The Barclays Tiered Savings account stands out with a 4.00% 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 June 13, 2025.

Is it a good time to open an HYSA now?

If boosting your savings is a priority, now's a great time to take advantage of high-yield savings accounts. While traditional banks still offer minimal interest, some HYSAs are paying up to 5.00% APY -- letting your money work harder without locking it up. You'll get solid returns, easy access to your cash whenever you need it, and the added security of FDIC insurance.

Just remember, these high rates may not last. As we saw during the Fed's last series of hikes (illustrated by the table below), average savings rates can rise fast -- and they can drop just as quickly if rate cuts kick in later this year.

How to open a high-yield savings account

Opening a high-yield savings account is quick and easy to do -- most people can accomplish it in just a few minutes. Here's how to get started:

1. Shop around for the best rate. Compare offers from different banks and credit unions to find the highest APY, minimal fees, and helpful features like mobile access and easy transfers. Online banks often offer the most competitive rates.
2. Gather your personal information. Be ready with details like your name, address, Social Security number, and a valid form of ID.
3. Submit your application. Most banks let you apply online by filling out a short form to open your new account.
4. Fund your account. Link an existing checking or savings account to transfer funds. Some banks may require a small opening deposit, so check the account terms.
5. Set up account access. Download the bank's app or log in online to easily track your balance, transfer money, and manage your savings anytime.

Earn an extra $400 on a $10,000 deposit in one year -- without locking it up

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

For example, if you park $10,000 in an account offering 4.00% APY, you'd earn around $400 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) and get 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. Even better: 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 and see how to qualify for the full 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://elevault.app/
  • https://www.go2bank.com/features/save-money

FAQs

• What is a good savings account APY in June 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 0.42%.

• 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.

• Can the interest rate on a high-yield savings account change?

  Yes, the interest rate on a high-yield savings account is variable, which means it can go up or down at any time. Rates often follow changes in the federal funds rate, so they may increase during rising rate environments and decrease when rates fall.