A high-yield savings account is a bank account that offers you a greater interest rate than a normal savings account. They are typically provided by internet banks, credit unions, and fintech companies. Because they don’t have the expense of maintaining brick-and-mortar branches, they can transfer those savings to consumers through improved interest rates.
As of 2025, interest rates are higher compared to past years, making it an ideal time to invest in a high-yield savings account. It’s an excellent way to make more on your cash without putting any risk.
Why Use a High-Yield Savings Account?
These are the primary reasons that even more individuals are choosing high-yield savings accounts in 2025:
- Higher Interest Rates: Instead of 0.01% APY at a regular bank, you can get 4.00% or better with high-yield accounts.
- FDIC or NCUA Insurance: Your savings are insured up to $250,000.
- No Risk: Unlike the stock market or cryptocurrency, your savings aren’t devalued.
- No Monthly Fees: Most of these accounts have no maintenance fees.
- Easy Transfers: You can transfer money to and from your checking account in a hurry.
Top 5 Best High-Yield Savings Accounts in 2025
After digging through the best banks and fintech companies, we’ve listed the top high-yield savings accounts this year, considering APY (Annual Percentage Yield), fees, accessibility, and user experience.
1. SoFi High-Yield Savings
- APY: Up to 4.60% (with direct deposit)
- Minimum Balance: $0
- Monthly Fees: None
- FDIC Insured: Yes
Why We Like It: SoFi has one of the highest available APYs for 2025, particularly if you have direct deposit set up. Their app is easy to use, and they even provide other financial services such as investing, student loan refinancing, and tracking your credit score. It’s an excellent one-stop platform.
2. Marcus by Goldman Sachs
- APY: 4.40%
- Minimum Balance: $0
- Monthly Fees: None
- FDIC Insured: Yes
Why We Like It: Marcus is straightforward, neat, and made for savers. No advanced jargon or sly charges. Transfers are quick, and support is industry-leading. It’s great for individuals who need a no-frills savings option.
3. Capital One 360 Performance Savings
- APY: 4.30%
- Minimum Balance: None
- Monthly Fees: None
- FDIC Insured: Yes
Why We Like It: If you’re already a Capital One bank customer, this account is an excellent addition. It rounds out nicely with your checking, and you can have several savings “buckets” set up for various purposes, such as emergency savings, vacations, or a down payment on a house.
4. Discover Online Savings Account
- APY: 4.20%
- Minimum Balance: None
- Monthly Fees: None
- FDIC Insured: Yes
Why We Like It: Discover is renowned for excellent customer service and security. You’ll enjoy a high APY, no charges, and a highly dependable mobile experience. It’s a good choice for anyone who wishes for their savings with a reputable and trusted name.
5. Ally Bank Online Savings Account
- APY: 4.25%
- Minimum Balance: $0
- Monthly Fees: None
- FDIC Insured: Yes
Why We Like It: Ally has been a top online bank for years. They provide robust features such as goal tracking, automatic transfers, and 24/7 customer support. It’s perfect for customers who wish for a combination of automation and simplicity.
How to Pick the Best High-Yield Savings Account
Not all accounts are created equal. Below are a couple of key points to check before becoming a member:
APY (Annual Percentage Yield)
Seek out the best APY, but ensure it’s not a teaser rate that lasts for just a few months. A competitive, consistent APY over the long term is more valuable than one that changes after a few months.
Minimum Balance Requirements
Some accounts demand a minimum balance to earn the maximum APY or prevent charges. Other accounts allow you to open with just $1 or even $0.
Fees
Most high-yield savings accounts don’t charge fees, but look for maintenance fees, overdraft charges, or wire transfer fees.
Access to Funds
Make sure to check how soon you can transfer the funds to a checking account, and if the bank has an accessible mobile app or desktop portal.
Customer Service
Check for reviews and ratings. Good customer service comes in handy in the event of any problems with deposits or transfers.
Who Should Open a High-Yield Savings Account?
- These accounts are perfect for anyone looking to:
- Create an emergency fund
- Save for a short-term goal (vacation, home, car, etc.)
- Temporarily park money they’re not yet ready to invest
- Keep their savings in a separate account from checking
- Escape the risk of investing but still be rewarded with interest
Final Thoughts
Opening a high-yield savings account in 2025 is one of the best financial decisions you can make. At over 4%, you’re getting paid 40x more than a traditional savings account. High-yield savings accounts are secure, versatile, and an excellent method for getting your money to work harder for you. Compare the choices above, choose the one that best serves you, and begin saving smarter today.