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Best High-Yield Savings Accounts of April 2025
Compare savings accounts with the best interest rates.
The best high-yield savings accounts have no fees, low deposit requirements and sky-high interest rates. Rates may be on the decline, but there are still plenty of savings accounts with rates well above the national average of 0.41%.
Rate news
In the most recent March 2025 meeting, the Federal Open Market Committee (FOMC) maintained rates to hold the 4.25% to 4.50% target rates. For savers, we're seeing top saving account rates around 4% APY. Last September, the Fed cut rates by 50 basis points (which translates to 0.50%) to a target range of target range of 4.75% to 5%. This rate cut was the first since 2020.Compare high-interest savings accounts
Narrow down high-yield savings accounts based on fees, interest rates and minimum opening deposits. Select Compare for up to four products to see how they stack up against one another.
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What is the Finder Score?
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
How does a high-yield savings account work?
The only difference between a regular savings account and a high-yield savings account is the significantly higher rate — they are the same type of deposit account. High-yield and regular savings accounts are designed to grow your savings and only require depositing funds to start earning interest.
Run-of-the-mill savings accounts tend to have APYs between 0.01% and 0.46%. For example, Chase Savings has a 0.01% APY, and then there’s Bread Savings with a high 4.4% APY.
The only potential downside with high-yield savings accounts is that they’re typically found at online banks or fintechs. These institutions don’t have to maintain physical branches, so they can afford to offer high APYs. This means if you want a high-yield savings, you’ll likely have to be comfortable managing the account online.
How much can I earn with a high-yield savings account?
How much you can earn with a high-yield savings account depends on your interest rate, balance, monthly contributions and how long you let it sit. And if you have a monthly fee, you’ll need to factor that in as well.
A free savings account with a $10,000 deposit earning 0.46% APY can only earn $47.10 in one year. With a 5.00% APY account and a $10,000 deposit, you can earn $511.62 in interest after one year.
Use our savings calculator to see how much you can save.
Pros and cons of high-yield savings accounts
Most savings accounts are straightforward, but keep these points in mind.
Pros
High-yield savings accounts have many more upsides than downsides.
- Many don’t charge monthly maintenance fees
- Savings accounts are FDIC- or NCUA-insured
- Earn interest passively
- Low-risk way to grow savings, especially compared to investment options
- May offer tools like buckets or savings round-ups
- Can often be connected to checking for overdraft protection
- Some savings accounts have an ATM card for withdrawals
Cons
There isn’t a catch with high-yield accounts, but they’re not designed for spending.
- You won’t get a debit card like a checking account
- May have transaction limits, often up to six withdrawals per month
- Some accounts have balance requirements to earn APY
How to open a savings account
You’ll need to provide your full name, address and government-issued ID to apply for a savings account. Some accounts require an opening deposit, which you can meet by transferring funds from another account or depositing cash if the bank has physical branches.
Must read: How to open a bank account online
High-yield accounts from banks you might already use
Many of the best savings accounts are from online banks or fintechs that you may not be familiar with. The good news is there are plenty of high-yield accounts from popular and trusted institutions, such as SoFi, Marcus by Goldman Sachs and Discover. These banks were also highly rated by their customers in Finder’s 2024 Savings Customer Satisfaction Awards.
| Brand | Overall satisfaction | Customers who’d recommend | Review | More Info |
|---|---|---|---|---|
 | ★★★★★ | 86% | SoFi® is an online bank known for offering a range of products like its checking and savings hybrid account, investing, loans and more. Customers praise its easy-to-use mobile app, competitive rates and customer service. | |
 | ★★★★★ | 91% | CIT Bank offers a variety of free interest-bearing accounts to choose from to build up your savings. Customers praise CIT’s helpful customer service and its competitive rates. | |
 | ★★★★★ | 90% | Discover is a full-service online bank offering checking, savings, credit cards and more. Customers praise its competitive rate and like that Discover helps you build your credit and savings. | |
 | ★★★★★ | 87% | American Express offers competitive rates, $0 fees and online account access. Customers praise its competitive rates, reliability and helpful customer service. | |
 | ★★★★★ | 83% | Varo is an FDIC-insured digital bank account offering a checking and savings account with no monthly fees. Customers praise its no-hassle online savings experience and friendly customer service. | |
 | ★★★★★ | 84% | Synchrony is an online bank that specializes in savings products, like savings and money market accounts, CDs and IRAs. Customers praise its customer service and reliability. | |
 | ★★★★★ | 89% | Ally is an online-only bank that offers competitive rates on its savings and checking accounts. Customers praise its savings features, easy-to-use app, competitive rates and helpful customer service. | |
 | ★★★★★ | 93% | Marcus by Goldman Sachs offers exclusively online accounts with competitive rates and no fees. Customers praise its high rate, its banking and investing strategies and how easy it is to save and budget with Marcus. | |
 | ★★★★★ | 86% | Chase is one of the largest banks in the US offering a variety of financial products like checking, savings and credit cards. Its savings accounts come with an autosave feature and new customers could snag a welcome bonus offer. | |
 | ★★★★★ | 81% | Citizens bank is a regional bank offering a large branch network in the Midwest, Northeast and Florida. Customers praise its reliability and easy-to-use online banking platform. |
5 alternatives to savings accounts
If you’re not sure a high-yield account is the right type of savings account for you, consider these alternatives for saving and storing your money.
- Certificates of deposit (CD). These deposit accounts lock your money for a set term and with guaranteed interest earnings, regardless of national rate changes.
- Money market accounts (MMAs). These deposit accounts are similar to regular savings accounts because they earn interest and are also like checking accounts because they can offer a debit card and checkwriting privileges. Compare the best MMAs.
- High-yield checking. A high-yield checking account offers a place to spend and save on unspent funds with rates as high as 4% APY.
- Investing. Investment accounts can offer strong yields, but your money isn’t insured by the FDIC. But some platforms, like Robinhood, offer FDIC-insured plans that let you earn strong yields on uninvested funds.
- Treasury bills. Also known as T-Bills, these are a short-term loan to the government backed by the US Treasury Department. Most offer a term of one year or less, with longer terms offering higher rates.
Bottom line
Savings accounts are considered a must-have account. Whether you’re saving up for an emergency fund, vacation or retirement, a high-yield account can help you reach your goals faster.
For more options, check out our comprehensive savings account guides.
Frequently asked questions
Why do savings accounts have transaction requirements?
The Federal Reserve had something called Regulation D, which stipulated that a bank can’t allow consumers to withdraw more than six times per month. That regulation has since been suspended, but many banks and credit unions still abide by this standard.
Are high-yield rates guaranteed?
No, saving account rates are not guaranteed. Savings account rates are variable, which means the bank, credit union or fintech could adjust your rate at any time. If you want a locked-in rate, consider a certificate of deposit.
How often do savings rates change?
Savings rates can change frequently. They have variable interest rates, so they can change in response to interest rate changes enacted by the Federal Reserve. The Federal Reserve meets eight times annually (every six weeks) but can meet more often when economic events require it.
Which bank gives 7% interest on savings accounts?
There are no savings accounts with a 7% interest rate as of February 2025. The highest APY on a savings account we found was Pibank Savings, offering 5.50%. If you want higher returns, you may have to take a risk with investment options, such as stock trading.
Do you have to pay taxes on high-yield savings accounts?
The IRS taxes your earnings from savings accounts, also called dividends, at the same rate as your income. If you received payments of interest of $10 or more, you should receive a Copy B of Form 1099-INT or Form 1099-OID reporting those payments, according to the IRS.(2)
More resources on Finder
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