Article
Top 10 Best Savings Accounts in 2025 - Highest APY Rates Up to 5%
Maximize your savings with the highest APY rates of 2025. Our experts compared top high-yield savings accounts to find the best options for growing your money with no fees and easy access.
Your savings account should do one thing exceptionally well: grow your money safely. With today’s top high-yield savings accounts offering APYs up to 5%—more than 10 times the national average of 0.39%—choosing the right account can earn you hundreds or thousands of dollars annually in interest.
Our team analyzed dozens of high-yield savings accounts, comparing APY rates, fees, minimum requirements, access, and features. Here are the 10 best savings accounts for 2025.
Quick Comparison
| Account | Best For | APY | Rating |
|---|---|---|---|
| 1. Varo Savings Account | Best Highest APY Overall | Up to 5.00% | ★4.9/5 |
| 2. Newtek Bank Personal Savings | Best No-Requirements High Rate | 4.35% | ★4.8/5 |
| 3. Axos Bank High Yield Savings | Best for Large Balances | 4.31% | ★4.8/5 |
| 4. Marcus by Goldman Sachs High Yield Savings | Best Brand Reputation | 4.10% | ★4.7/5 |
| 5. Openbank High Yield Savings | Best European Bank Option | 4.20% | ★4.7/5 |
| 6. SoFi Bank Savings | Best All-in-One Banking | Up to 4.00% | ★4.6/5 |
| 7. LendingClub LevelUp Savings | Best for Monthly Savers | 4.00% | ★4.6/5 |
| 8. Ally Bank Online Savings | Best Customer Service | 3.30% | ★4.6/5 |
| 9. Discover Online Savings | Best for Cash Back Bonus | 3.80% | ★4.5/5 |
| 10. Capital One 360 Performance Savings | Best for Hybrid Banking | 3.80% | ★4.5/5 |
Our Top Picks in Detail
Varo Savings Account
Varo Savings Account offers the absolute highest APY available at 5%, making it unbeatable for emergency funds and short-term savings. While the high rate requires $1,000+ in monthly direct deposits and only applies to the first $5,000, you'll earn $250/year on a full $5,000 balance—far exceeding competitors.
Pros
- ✓Industry-leading 5% APY on first $5,000
- ✓No monthly fees or minimum balance requirements
- ✓Early direct deposit access (up to 2 days early)
- ✓Automatic savings tools and round-ups
- ✓Mobile-first experience with excellent app
Cons
- ✗Requires $1,000+ monthly direct deposit for 5% APY
- ✗High rate only applies to first $5,000 (2.50% above that)
- ✗Balances without direct deposit earn lower rates
Newtek Bank Personal Savings
Newtek Bank delivers the highest APY available without any requirements—4.35% on your entire balance. With zero fees, no minimums, and no hoops to jump through, it's the simplest way to earn top-tier interest on your savings, ideal as a dedicated high-yield savings account.
Pros
- ✓Highest no-requirement APY at 4.35%
- ✓No minimum deposit or balance requirements
- ✓No monthly maintenance fees
- ✓Rate applies to entire balance
- ✓FDIC insured up to standard limits
Cons
- ✗Savings account only - no checking option
- ✗Basic mobile app features
- ✗No ATM or debit card access
Axos Bank High Yield Savings
Axos Bank High Yield Savings offers 4.31% APY on your entire balance with no tiers or caps, making it excellent for those with larger savings balances. With no fees or minimums and a solid mobile app, it's a straightforward high-yield option for serious savers.
Pros
- ✓Excellent 4.31% APY with no balance cap
- ✓No minimum deposit or monthly fees
- ✓Rate applies to all balance tiers equally
- ✓Award-winning mobile banking app
- ✓Multiple savings account options
Cons
- ✗No physical branch locations
- ✗Customer service limited to business hours
- ✗Website interface could be more modern
Marcus by Goldman Sachs High Yield Savings
Marcus by Goldman Sachs combines a competitive 4.10% APY with the trust and stability of the Goldman Sachs name. With no fees, no minimums, and a focus exclusively on savings products, it's perfect for those wanting a reputable high-yield savings account.
Pros
- ✓Strong 4.10% APY backed by Goldman Sachs
- ✓No fees whatsoever on savings accounts
- ✓No minimum deposit or balance requirements
- ✓User-friendly mobile app and website
- ✓Excellent customer service ratings
Cons
- ✗No checking account option available
- ✗No ATM access or debit card
- ✗Limited to savings and CD products only
Openbank High Yield Savings
Openbank, the digital division of Santander Bank, offers an attractive 4.20% APY with no monthly fees. While it requires $500 to open, there's no ongoing balance requirement. Its European banking pedigree brings a fresh perspective to U.S. high-yield savings.
Pros
- ✓Competitive 4.20% APY on all balances
- ✓No monthly fees or balance requirements
- ✓Backed by Santander Group (international bank)
- ✓Clean, modern mobile banking experience
- ✓Straightforward account structure
Cons
- ✗$500 minimum deposit to open
- ✗Newer to U.S. market (less track record)
- ✗Limited customer service hours
SoFi Bank Savings
SoFi Bank's savings component offers up to 4% APY when paired with their checking account and direct deposit. The integrated approach with financial planning tools, automatic savings features, and comprehensive banking makes it ideal for those wanting an all-in-one financial platform.
Pros
- ✓Up to 4% APY with direct deposit setup
- ✓Combined checking and savings in one account
- ✓Automatic savings vaults and round-ups
- ✓No monthly fees or minimum balances
- ✓Access to financial advisor consultations
Cons
- ✗Requires direct deposit for highest APY
- ✗FDIC coverage through partner banks
- ✗May be complex for those wanting simple savings
LendingClub LevelUp Savings
LendingClub's LevelUp Savings rewards consistent savers with 4% APY when you deposit at least $250 per month. This requirement encourages healthy saving habits while delivering competitive returns, making it perfect for those building savings through regular contributions.
Pros
- ✓Solid 4% APY when depositing $250+ monthly
- ✓No account fees or opening deposit
- ✓No minimum balance requirements
- ✓Free and unlimited transfers
- ✓Encourages consistent savings habits
Cons
- ✗Must deposit $250+ monthly for full APY
- ✗Lower rate if deposit requirement not met
- ✗Limited additional banking products
Ally Bank Online Savings
Ally Bank Online Savings prioritizes user experience and customer service over absolute highest rates. At 3.30% APY with zero fees, innovative savings tools like buckets and boosters, and legendary 24/7 support, it's perfect for those who value service quality and helpful features.
Pros
- ✓Outstanding 24/7 customer service
- ✓No monthly fees or minimum requirements ever
- ✓Innovative savings buckets for goal setting
- ✓Surprise savings and boosters features
- ✓Excellent mobile app and online tools
Cons
- ✗APY lower than top competitors (3.30%)
- ✗No physical branch access
- ✗Transfers can take longer during weekends
Discover Online Savings
Discover Online Savings delivers reliable 3.80% APY along with free credit score monitoring and excellent customer service. Occasional new customer bonuses and Discover's reputation for customer satisfaction make it a solid choice for straightforward, trustworthy savings.
Pros
- ✓Solid 3.80% APY with no requirements
- ✓No monthly fees or minimum balance
- ✓Free FICO credit score monitoring
- ✓24/7 U.S.-based customer service
- ✓Occasional deposit bonuses for new customers
Cons
- ✗APY lower than top-tier competitors
- ✗No checking account integration
- ✗Limited advanced savings features
Capital One 360 Performance Savings
Capital One 360 Performance Savings combines online bank rates (3.80% APY) with occasional branch access through Capital One Cafes. With no fees, strong technology, and the option for in-person service when needed, it bridges traditional and online banking perfectly.
Pros
- ✓Competitive 3.80% APY with no requirements
- ✓Access to Capital One Cafes nationwide
- ✓No monthly fees or minimum balances
- ✓Excellent mobile app with savings tools
- ✓Easy integration with Capital One 360 Checking
Cons
- ✗APY not the absolute highest available
- ✗Limited physical branch locations
- ✗Some features require Capital One credit card
How We Evaluate Savings Accounts
Our expert team uses a comprehensive methodology to test and compare savings accounts. Here’s what we evaluate:
Annual Percentage Yield (APY)
We track and compare interest rates:
- Current APY: How much your money earns annually
- Rate stability: Historical rate changes and consistency
- Tiered rates: Whether APY changes based on balance
- Comparison to benchmarks: vs. national average (0.39%) and federal funds rate
Fees and Requirements
We analyze costs that reduce your earnings:
- Monthly maintenance fees (deal-breakers for us)
- Minimum opening deposit requirements
- Minimum balance requirements to earn APY or avoid fees
- Transaction limits and fees
- Transfer and wire fees
Access and Liquidity
We evaluate how easily you can access your money:
- Transfer methods (ACH, wire, mobile app)
- Transfer speed (same-day, next-day, 1-3 days)
- Withdrawal limits (federal limit suspended but some banks maintain policies)
- ATM access (for accounts with debit cards)
- Mobile check deposit availability
Account Features
We test additional tools and benefits:
- Mobile app quality and functionality
- Automatic savings tools (round-ups, recurring transfers)
- Savings goals and bucket features
- Linked checking account benefits
- Customer service quality and availability
Safety and Security
We verify account protection:
- FDIC insurance up to $250,000
- Bank financial health and ratings
- Security features (2FA, biometric login, alerts)
- Fraud protection policies
Understanding High-Yield Savings Accounts
What Makes Them “High-Yield”?
Traditional brick-and-mortar banks offer average savings APYs around 0.01-0.10% because of their overhead costs (branches, staff, facilities). Online banks pass these savings to customers through APYs of 3-5%, offering 30-100x more interest.
How Much Can You Actually Earn?
Here’s the real difference high-yield accounts make:
$10,000 balance for one year:
- Traditional bank at 0.10% APY = $10 interest
- High-yield account at 4.00% APY = $400 interest
- Difference: $390 more per year
$25,000 balance for one year:
- Traditional bank at 0.10% APY = $25 interest
- High-yield account at 4.00% APY = $1,000 interest
- Difference: $975 more per year
Are High Rates Sustainable?
Savings account rates generally follow the Federal Reserve’s federal funds rate. When the Fed raises rates, savings APYs go up; when they cut rates, savings APYs decline. The Fed cut rates in late 2025, causing some accounts to drop from 4.50% to 4.00-4.35%. However, these rates are still exceptional compared to historical averages.
Types of Savers and Best Account Matches
Emergency Fund Builders
Best choice: Accounts with no requirements and easy access
- Newtek Bank (4.35% APY, no requirements)
- Marcus by Goldman Sachs (4.10% APY, simple structure)
- Ally Bank (3.30% APY, excellent customer service)
Why: You need reliable access without worrying about maintaining direct deposits or transaction counts.
Direct Deposit Users
Best choice: Accounts rewarding regular deposits
- Varo (5% APY on first $5,000 with $1,000+ monthly direct deposit)
- SoFi (4% APY with direct deposit)
- LendingClub (4% APY with $250+ monthly deposits)
Why: You can easily meet requirements and maximize APY on your regular savings.
Large Balance Savers
Best choice: Accounts with high or no balance caps
- Axos Bank (4.31% APY on entire balance)
- Newtek Bank (4.35% APY, no cap)
- Marcus by Goldman Sachs (4.10% APY, no tiers)
Why: No tiered rates means you earn the full APY on $50,000, $100,000, or more.
Goal-Oriented Savers
Best choice: Accounts with organizational tools
- Ally Bank (savings buckets and goal tracking)
- SoFi (savings vaults for specific goals)
- Capital One 360 (multiple savings accounts allowed)
Why: Visual tools and separate buckets help you save for specific goals (vacation, down payment, car).
Frequently Asked Questions
How safe are high-yield savings accounts?
Completely safe if the account is FDIC-insured. Your deposits are protected up to $250,000 per depositor, per institution. Online banks offering high rates are just as safe as traditional banks—they’re simply passing savings from lower overhead to customers through higher APYs.
Can savings account rates go down?
Yes. Savings APYs are variable and typically follow Federal Reserve rate changes. When the Fed cuts rates, banks usually lower savings APYs within weeks or months. However, even after recent cuts, top accounts still offer 4-5% compared to the national average of 0.39%.
Should I keep all my money in savings?
No. Savings accounts are ideal for emergency funds (3-6 months expenses) and short-term goals (under 3-5 years). For longer-term goals and retirement, consider CDs, bonds, and investment accounts for potentially higher returns.
How many savings accounts should I have?
Many savers benefit from 2-3 accounts:
- Emergency fund at highest APY account (Varo, Newtek, Axos)
- Short-term goals at account with features you like (Ally, Capital One)
- Occasional use account at your primary checking bank for easy transfers
Can I lose money in a savings account?
No, your principal is protected in FDIC-insured accounts. The only “loss” is opportunity cost—inflation may exceed your interest rate. At 4% APY with 3% inflation, you’re maintaining purchasing power. At 0.39% APY with 3% inflation, you’re losing 2.61% in purchasing power annually.
What’s the difference between APY and interest rate?
APY (Annual Percentage Yield) includes compound interest and represents what you’ll actually earn in a year. Interest rate is the simple rate before compounding. Most banks advertise APY because it’s higher and more accurate. For daily compounding at 4.00%, the difference is minimal, but APY is the number to compare.
How often is interest paid?
Most high-yield savings accounts compound interest daily and pay it monthly. Some compound monthly. Daily compounding earns slightly more because each day’s interest starts earning interest the next day.