The best online savings accounts have a strong interest rate, good perks, and low fees.
A high-yield savings account, also known as an HYSA, is a type of savings account that offers a higher interest rate than a traditional savings account. It can be a good place to keep money that you may need access to in the near term while still earning a high return on your cash.
The Federal Reserve has kept rates steady so far in 2025, keeping savings account rates at historic highs.
Best Savings Account Rates
- Today's top rate: Community Financial Credit Union High Yield Savings Account (up to 10.00% APY)
- Best for a low account balance: Varo Savings Account (2.50% to 5.00% APY)
- Best bundled checking and savings: Axos ONE Savings and Checking Bundle (up to 4.66% APY)
- Best low-maintenance account: Pibank Savings (4.60% APY)
- Best account from a credit union: Vibrant Credit Union Preferred Savings (1.00% to 4.50% APY)
- Best for ATM Access: LendingClub LevelUp Savings Account (up to 4.40% APY)
- Best from a large bank: Openbank High Yield Savings(4.40% (varies depending on location) APY)
- Best savings account bonus: CIT Bank Platinum Savings (4.10% (with $5,000 minimum balance))
Why You Should Trust Us: Experts' Advice on Choosing the Best High-Yield Savings Account
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best high-yield savings accounts for your needs.
- Tania Brown, CFP® professional, vice president of coaching strategy at OfColor
- Roger Ma, CFP® professional and author of "Work Your Money, Not Your Life"
- Sophia Acevedo, banking editor, Business Insider
- Mykail James, MBA, certified financial education instructor, BoujieBudgets.com
Here's what our expert panel had to say about high-interest savings accounts. (Some text may be lightly edited for clarity.)
Generally, what makes a high-yield savings account good or not good?
Roger Ma, CFP® professional with and author of"Work Your Money, Not Your Life":
"It might not be as seamless to get your money out of an online savings account as it is a brick-and-mortar, but you don't want to have so much friction where it's such a pain to get the money out when you need it."
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
"Anything with a fee is not a good high-yield savings account. Anything that restricts how much you can save is, to me, not very good. If I can't save more than $10,000 in this account, and then I have to move it over somewhere else — to me, that's not a really good savings account, because it's not really prepared to help me expand and grow, which is what a savings account is supposed to do. I also look at interest rates, definitely. I look to see when the interest is paid. Is it quarterly, or is it monthly? How often do they pay out interest, and what are the interest rate stipulations?"
Sophia Acevedo, banking editor, Business Insider:
"I would consider looking for features that will help manage your account. Some banks have high-yield savings accounts that let you separate your savings into individual goals and track your progress. Other financial institutions will let you deposit cash at ATMs or some retailers. A good high-yield savings account will likely be an account where you can grow your savings without unnecessary hassles."
How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?
Tania Brown, CFP® professional, vice president of coaching strategy at OfColor:
"So I guess we'll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you're stuck between the high-yield savings and the money market account."
Sophia Acevedo, Business Insider:
"I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I'm searching for an interest-earning bank account, I'll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account."
Our Methodology: How We Chose the Best Savings Accounts
There are many high-yield savings accounts available across financial institutions. Through our research, we've found that the best high-yield savings accounts are offered by banks with a strong online presence, robo-advisors, and other internet-only financial companies. If you're more comfortable banking with a national brick-and-mortar bank, you'll likely have to consider a premium savings account to earn a more competitive interest rate.
Business Insider's personal finance team is editorially independent, meaning that the business team doesn't tell the team's writers and editors what to write. You can learn more about how we review products through our editorial standards page.
We have reviewed around 230 savings accounts to identify the strongest options. While interest rates (specifically, APY) are an important aspect of any savings account, we also consider minimum deposits, monthly service fees, customer support availability, mobile app ratings, ethics, security, and miscellaneous features.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
We rate bank products on a scale from one to five stars, with one star being the lowest rating, three stars being an in-between rating, and five stars being the highest rating possible. See our bank account methodology to learn more about how we rate savings accounts.
Best Online High-Yield Savings Accounts
Business Insider's personal finance team reviewed 230 savings accounts and narrowed our top picks down to eight. The top options offer no monthly maintenance fees, and many also have low minimum opening deposits.
Many of thebest banksand credit unions for high-yield savings accounts are online. Our top picks for savings accounts are federally insured by the FDIC or NCUA. Federal insurance protects up to $250,000 per depositor in the event of a bank failure.
Best Savings Account Rates
Here are the best high-yield savings accounts as picked by Business Insider editors in 2025.
- Market leader: Community Financial Credit Union High Yield Savings Account (up to 10.00% APY)
- Best for a low account balance: Varo Savings Account (2.50% to 5.00% APY)
- Best bundled checking and savings: Axos ONE Savings and Checking Bundle (up to 4.66% APY)
- Best low-maintenance account: Pibank Savings (4.60% APY)
- Best account from a credit union: Vibrant Credit Union Preferred Savings (1.00% to 4.50% APY)
- Best for ATM Access: LendingClub LevelUp Savings Account (up to 4.40% APY)
- Best from a large bank: Openbank High Yield Savings(4.40% (varies depending on location) APY)
- Best savings account bonus: CIT Bank Platinum Savings (4.10% (with $5,000 minimum balance))
Benefits of a High-Yield Savings Account
Earn High Interest Rates from High-Yield Savings Accounts
Online savings accounts let you earn high interest rates on your money with low risk. The highest savings rates land between 4% to 5% APY, which can outpace inflation. This means your money won't lose purchasing power over time in a high-yield savings account.
Safe and Secure
Like other bank accounts, almost all high-yield savings accounts are either FDIC-insured or NCUA-insured, depending on whether you're banking with a bank or a credit union, respectively. This means your money will be insured up to $250,000 for an individual online savings account or up to $500,000 for a joint bank account.
Ideal for Growing Your Money
High-yield savings accounts can be great when you want to earn some money on your savings without risk and while still having easy access to it. This makes it ideal for emergency funds; you don't want to risk your emergency funds on investing, and you want to be able to access your emergency funds if something major happens. With online savings accounts, you'll still be able to make money off your money without sacrificing safety and access.
How Savings Accounts Work
A savings account rate is variable, which means it can change over time. Your bank will usually email you to tell you the rate will go up or down soon.
Savings accounts may also have transfer limits, according to federal rule Regulation D. Generally, if a savings account has a transfer limit, this means that you'll only be permitted to make six transfers from the account each month. If you exceed the transfer limit, you will have to pay a fee for each additional transfer.
The Board of Governors of the Federal Reserve has recently amended Regulation D, so banks may choose to suspend the monthly transfer limit so customers can make unlimited monthly transactions, or they could enforce a six-per-month limit.
What is a Good Interest Rate on a Savings Account?
A good interest rate is one that pays above the average savings account interest rate. The average savings account in the United States offers 0.41% APY, but good accounts tend to pay between 3.50% to 5% APY.
If you're more comfortable banking with a brick-and-mortar bank, a traditional savings account might be a better option for you. Just know that you may not be getting the best possible interest rate because online savings accounts from banks and credit unions usually offer higher rates.
Applying for a High-Yield Savings Account
Once you're ready, you can apply for a high-yield savings account online. Typically, the bank will specify whether you can apply for individual and joint bank accounts, and if there are any age requirements to open an online savings account. Some banks will only let you open an online savings account if you're at least 18 years old.
The application for opening a savings account requires basic information and proof of identity, like your full name, home address, and job information. Online forms also generally require your Social Security number and driver's license information, although some banks let you use an Individual Taxpayer Identification Number instead of a Social Security number. You might also need to share copies of these documents if a bank asks for it. Some permit an alternative ID if you don't have a U.S. ID, like a foreign passport or Matricula Consular.
Once you're approved to open an account, you'll be able to deposit money into to an online savings account. Some banks don't require an initial deposit, but if yours does, you can link an external bank account and make an ACH transfer as a funding method. If you choose an in-person bank, you might be able to deposit money at a branch as a funding method.
If you'd like to have help opening a savings account, you can generally open a savings account at an in-person bank branch if your bank has it, or you can open an account over the phone.
Maximizing Your Earnings with High-Yield Savings Accounts
Strategies for Consistent Savings
If you're looking for how to save money and be more consistent with your habits, consider the following tips:
- Set a savings goal. Creating a financial goal can be a helpful way to make saving money more tangible. To make a good saving goal, you should be precise instead of vague. Have a clear purpose for your goal, attach a dollar amount, and set a timeframe for when you want to achieve your goal.
- Automate your savings. Some financial planners recommend setting up automatic transfers from your checking account so that after every paycheck, you have some money moved to your savings account. This is often called the pay yourself first strategy since you're prioritizing saving money over spending.
- Adapt a budgeting strategy. You could also use a budgeting method like the 50/30/20 rule if you want more structure to your money management. The 50/30/20 rule splits your after-tax income so 50% goes to needs, 30% goes to wants, and 20% goes to savings and debt. There are other rules that split your after-tax income into different percentages and criteria, or you can also do your own spin on a rule so it matches your lifestyle and circumstances.
Avoiding Common Pitfalls on Savings Accounts
An online savings account's purpose is to give you a safe place to save money over time. If you're racking up bank fees or having a tough time managing your account, then your savings account isn't serving you. Write down the pros and cons of your current savings account, and explore other options to see if you can find a better fit.
Another thing to keep in mind is that savings accounts aren't necessarily the best place to keep money for long-term financial goals. If you have a long-term goal and are comfortable taking on some risk, you can earn higher returns if you invest in stocks.
Once you have a savings account, don't forget that you'll need to report your interest as taxable income to the Internal Revenue Service when you're filing your tax return. You'll have to file a Form 1099-INT, which will ask you to report your interest earnings during the year.
HYSA Rates and the Federal Reserve
How The Federal Reserve Affects Savings Rates
The Federal Reserve is the central banking system of the U.S. It sets its own interest rates based on current economic conditions, taking into account things like inflation and employment. It meets several times a year, and when it meets, it announces whether it's decided to raise interest rates, lower interest rates, or keep interest rates the same.
Whatever the Fed does, banks and credit unions usually follow suit. If the Fed lowers rates, you're likely to see lower online savings account rates, but if it raises its rates, then you're likely to see higher online savings rates too.
The next Fed meeting takes place on May 6 and 7. According to the CME FedWatch Tool, there's over 70% chance the Fed will keep rates the same. Projections may change as the May Fed meeting approaches.
How HYSA Rates Have Changed
Savings rates hit a historic high in 2023 following years of the Fed raising rates, topping out around 5.5% APY. In comparison, between 2014 and 2021, the highest the Fed ever set its rates was 2.5%. Historical savings rates follow similar patterns to historical Fed rates.
The Federal Reserve maintained rates for a good part of 2024. Savings rates started lowering in anticipation of a rate cut, but for the most part, the highest savings account rates still clung to around 5% APY. In late 2024, the Federal Reserve lowered rates for the first time after closing in on the rate of inflation and unemployment targets. The Fed lowered rates three times in 2024. Online savings account rates, as a result, dropped more significantly, ranging just under 4% or 5% APY.
At the first meeting of 2025, the Federal Reserve maintained interest rates. At its second meeting, which took place in March, the Fed continued to hold rates steady. While rates are still high — Fed rates are currently targeted at 4.25% to 4.50% — we're likely to continue seeing interest rates decline in the coming years. This means savings rates will continue to trend downward.
What to Do When Your High-Yield Savings Account Rate Drops
If the interest rate on your savings account drops significantly, you may decide to look at other financial institutions to see if you can find a more competitive interest rate elsewhere. Typically, online banks and credit unions offer the highest interest rates for savings accounts. However, bear in mind that changing accounts may not be worth the effort, particularly if your new account's rate drops afterward.
You also might consider other types of savings account options. For example, buying savings bonds or comparing CDs vs high-yield savings accounts may be worth doing if you've already established your emergency fund.
What to Look for in a High-Yield Savings Account
The Different Types of Savings Accounts
There are six types of savings accounts: traditional savings accounts, high-yield savings accounts, money market accounts, certificates of deposit, cash management accounts, and specialty savings accounts. The best savings account for you depends on your banking preferences, goals, and when you'll need to access your money.
An online savings account, for example, can be a strong choice if you're comfortable with banking digitally and want to obtain a high interest rate.
High-Yield Savings Account Fees
Depending on where you bank, some savings accounts may charge monthly bank maintenance fees. A monthly service fee is an amount you'll have to pay each month to maintain an account. Some accounts will allow you to waive a monthly service fee if you meet certain requirements, while others cannot be waived. Bear in mind that some savings accounts do not charge certain fees at all.
Minimum Balance Requirements for Earning Interest
Some banks will require you to keep some money in your savings account to get the highest savings account interest rate. Savings account promotions are also more common in a competitive interest rate environment. You might see some companies pay a bonus rate for a new account for the first couple of months. These specials are to attract new customers. To make sure you're getting a top rate, find out what the interest rate will be once the promotion is over so you know there isn't a significant decline in APY.
Accessibility and Customer Service of the Bank
You should also factor in the overall customer experience at the bank.
High-yield savings accounts are more commonly found at online banks. You might find some brick-and-mortar financial institutions with these accounts, or a few institutions that offer a hybrid experience, but for the most part, be prepared for a primarily digital banking experience.
Some banks offer 24/7 customer support by phone or through live chat for online savings accounts, so you may look into these options if traditional banking hours don't work well with your schedule.
You can also check a bank holiday schedule to see if it has a flexible branch calendar. Some banks are open on holidays when other banks aren't, or they'll stay open for longer while other banks may close early before a holiday weekend.
If you value strong mobile banking, you might prefer a bank with one of the best mobile banking apps. It should also be noted that some smaller local institutions and new online banking divisions don't have mobile apps for their online savings accounts. That could be a disadvantage because that's one less way to manage your account.
Accessibility for cash deposits and withdrawals also varies widely between online banks.
A handful of high-yield savings accounts have debit cards or ATM cards, but for the most part, this isn't a common feature. Typically, you'll need to own a checking account with the same bank or make an external bank account transfer to take out cash.
Depositing cash through an online savings account can also involve extra steps, depending on the bank. Some banks do not let you make cash deposits on online savings accounts, so you have to deposit cash in the bank's checking account or in an external bank account from a different bank and then transfer money.
A couple of online banks may have more ways to deposit physical cash into an online bank account. For example, a few let you make cash deposits at ATMs in their network. You also might be able to make cash deposits at stores — usually there's a fee of around $5 per transaction, though.
Alternatives to High-Yield Savings Accounts
CDs
The best CD rates are comparable to the best high-yield savings account rates. You might prefer a CD if you want to lock in a high rate for a set period of time, since CDs offer fixed rates. You won't risk your rate decreasing as you would with a savings account. But CDs offer less flexibility because you can't add or withdraw your money without penalty until the end of their term length.
That being said, something like a CD ladder, which is where you buy multiple CDs with different term lengths, could give you more liquidity while still letting you lock in good rates.
Money Market Accounts
Money market accounts are similar to high-yield savings accounts, but they typically make it easier to access your savings. The best money market accounts come with features that checking accounts might have, such as an ATM card, debit card, or paper checks.
High-Yield Checking Accounts
The best high-yield checking accounts are great tools for earning even more interest on your money. But checking account balances are often lower than savings account balances because you use them to spend money. If you're serious about using interest to grow your balance, a high-yield savings account is usually the better bet.
Savings Account Reviews
Today's Best Available Savings Account Rate: Community Financial Credit Union High Yield Savings Account
Unlike the other options on this list, the Community Financial Credit Union High Yield Savings Account is not available nationwide. It still makes our list because it offers a much higher interest rate on the first $1,000 in your account than other banks and credit unions do — it's hard to find even 7% interest savings accounts right now, and this account offers much higher interest.
You can earn up to 10.00% APY in this account pretty easily; once you meet the minimum opening balance of $5, you'll automatically earn the high interest rate on the first $1,000 in the account. If your balance goes over $1,000, you'll only earn 0.10% APY on the extra cash.
You will need to qualify for membership with this credit union to open the account, which could be hard depending on where you live. To join Community Financial Credit Union, you'll need to live, work, attend school, or worship in Michigan. You can also join if you live in the same household as a current member or if you have an immediate family member who qualifies to join. If you own a business, you might be able to join through your company if it regularly does business in Michigan.
Community Financial Credit Union has a B- rating from the BBB because it hasn't responded to one complaint filed against it. It does not have any recent controversies.
Best for a Low Account Balance: Varo Savings Account
The Varo Savings Account is one of the last high-yield savings accounts to offer up to 5% APY, but it only offers that high rate if you maintain a low balance in the account. It also comes with automatic savings tools that automatically transfer money from your paychecks and purchases to your savings account, if you choose to use them.
You'll need to meet some requirements to earn the highest APY, though. First, you'll need to get at least $1,000 in direct deposits each month and end the month with a positive balance in all of your Varo bank accounts. Then, you'll earn the high APY — but only on the first $5,000 in your account. You'll earn a much lower rate on any money over that $5,000.
Varo has an A- rating from the BBB because of the large number of complaints filed against the bank. It has no recent controversies.
Best Bundled Checking and Savings: Axos ONE Savings and Checking Bundle
The Axos ONE Savings and Checking Bundle is a hybrid savings account and checking account, which means you can't open an Axos ONE savings account without an Axos ONE checking account. You could earn a high rate with the Axos ONE Savings and Checking Bundle; your savings account balance can earn up to up to 4.66% APY, while your checking account balance can earn up to 0.51% APY. The account also comes with other perks, like early direct deposit and enhanced FDIC coverage.
In order to earn a good interest rate, you'll need to receive at least $1,500 in direct deposits before the 25th of the month. You'll also need to maintain an average daily balance of $1,500. Alternatively, you could also receive at least $5,000 in qualifying deposits and maintain an average daily balance of at least $5,000 in your checking account. If you can't meet the requirements of one of those options, you'll only earn 1.00% APY on your savings balance, and you won't earn any interest at all on your checking balance.
Axos Bank has an A+ rating from the BBB. It does not have any recent controversies.
Best Low-Maintenance Account: Pibank Savings
Pibank Savings offers one of the highest-yield savings account rates nationally without any limits or requirements. This online savings account pays 4.60% APY, and it has a $0 minimum opening deposit and no monthly service fees. You won't need to maintain a certain balance to earn this high rate, and you won't need to make a certain amount of direct deposits each month, making it a low-maintenance account.
If you haven't heard of Pibank before, it's an online brand of Intercredit Bank, a financial institution in Miami.
While this online savings account offers a competitive interest rate and has relatively flexible opening requirements, there are a couple of downsides. Pibank Savings doesn't support payments through Bill Pay or Zelle. You also may be charged fees by your external financial institution for outgoing and incoming wire transfers.
The BBB gave Intercredit Bank an A rating because of a few complaints filed against the business. Pibank hasn't received an individual rating from the BBB yet.
Best Account From a Credit Union: Vibrant Credit Union Preferred Savings
The Vibrant Credit Union Preferred Savings account could be a good option for you if you have a small amount of savings you'd like to earn a good rate on. The account has no monthly service fee and a $0 minimum opening deposit, making it a low-fee account. You don't need to meet any special requirements to earn the highest interest rate on the first $15,000 in the account.
Once your balance goes over $15,000, you'll be earning a significantly lower rate of 1.00% APY. If you're planning on keeping a significant amount of money in your savings account, you might prefer one of our other picks.
Credit unions require membership to open bank accounts. You can join Vibrant Credit Union by becoming part of the Illinois Consumer Council. If you join it through a Vibrant Credit Union application, it will pay any associated fees for you. You can also join by living or working in certain parts of Illinois, Indiana, Iowa, or Wisconsin, by being a member or employee of a select employee group or association, or by having a domestic partner or immediate family member who's already a member of the credit union.
has an A+ rating from the BBB. It doesn't have any recent controversies.
Best for ATM Access: LendingClub LevelUp Savings Account
The LendingClub LevelUp Savings Account could be a good option for people who want to be able to withdraw cash from ATMs.
The LendingClub LevelUp Savings Account comes with a minimum opening deposit of $0 and no monthly service fee, making it a good choice for people looking for a low-fee savings account. It also comes with a free ATM card, which is useful for people who don't mind using an online bank but who want to be able to withdraw cash.
You'll need to meet some requirements to get the highest interest rate, though. In order to get the full 4.40% APY, you'll need to deposit at least $250 each month. If you don't, you'll earn 3.40% APY — still a good rate, but not as high as some of the other accounts on this list.
has an A+ rating from the BBB. It doesn't have any recent controversies.
Best From a Large Bank: Openbank High-Yield Savings Account
The Openbank High Yield Savings has a high savings account interest rate of 4.40% (varies depending on location) APY. It doesn't charge any monthly service fees, either. The bank is an online branch of Santander Bank, a large brick-and-mortar bank that primarily serves the East Coast.
The Openbank High Yield Savings comes with some downsides that might not make it a good choice for you. You'll only be able to bank using Openbank's mobile banking app, and you'll need a phone that has either fingerprint or face recognition technology. If you don't have a phone with those features or don't want to use those features, you'll want to go with a different bank. You might also struggle to get money in and out of the account; you won't have access to ATMs or mobile check deposit with this account, and Openbank doesn't have a checking account you can transfer your money into easily.
Openbank does not have a rating from the BBB. Its parent bank, Santander Bank, has an A- rating from the BBB because it hasn't responded to one customer complaint. Neither Openbank nor Santander Bank have recent controversies.
Best Savings Account Bonus: CIT Bank Platinum Savings Account
The CIT Bank Platinum Savings account comes with a savings account bonus, which is rare from savings accounts in general and especially rare for high-yield savings accounts. If you're looking for a high-yield savings account bonus, this could be a good choice for you.
CIT Bank Platinum Savings comes with an interest rate of 4.10% (with $5,000 minimum balance) APY. You'll need to have at least $5,000 in the account to earn that high rate; otherwise, you'll only earn 0.25%. The account has a $100 minimum opening deposit and $0 monthly service fees.
To earn the savings account bonus, you'll need to meet certain requirements. Earn a one-time bonus of up to $300 with use of the code PS2025 by depositing at least $50,000 of new money into the account within 30 days of opening the account or enrolling your existing account with the code. If you can't deposit $50,000, you can still earn $225 by depositing at least $25,000 within 30 days. You can only get this HYSA bonus once, no matter how many CIT Bank Platinum Savings accounts you have.
If you can't earn this account bonus, the other accounts we list offer higher interest rates.
CIT Bank has an A- rating from the BBB because it hasn't responded to a complaint filed against it. It does not have any recent controversies.
High-Yield Savings Account FAQs
What is the top high-yield savings account?
The current top high-yield savings account rate is from the Community Financial Credit Union High Yield Savings Account, which offers up to 10.00%. You'll need to live in Michigan to open an account, though.
Will savings interest rates go down in 2025?
Yes, the savings rate forecast for 2025 indicates rates are expected to decline throughout the year. Savings account rates peaked, and as market conditions change, it's expected that banks will steadily lower rates in response to Fed rate cuts.
Can you lose money in a high-yield savings account?
It's safe to keep all of your money in a high-yield savings account if your balance is $250,000 or less (for an individual account) or $500,000 or less (in a joint account). The FDIC and NCUA insure up to $250,000 per owner, per category. So if your bank fails, all of your insured money would be safe. If you have more than the FDIC or NCUA would insure, consider opening a second account at another institution or choosing a bank that offers enhanced FDIC insurance coverage.
What is a high-yield savings account?
A high-yield savings account is a type of savings account that offers higher interest rates than traditional savings accounts. High-yield savings accounts are typically online-only.
Where can I get 6% interest on my savings account?
There aren't any nationwide banks and credit unions paying 6% APY on savings accounts right now. You can still find local financial institutions that pay at least 6% on savings accounts, though.
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