Best Savings Accounts of July 2025 – Up to 4.40%

A savings account provides a safe place to keep your funds, offers easy access for emergencies or purchases, and earns interest to help your money grow. A high-yield savings account (HYSA) typically offers higher interest rates than traditional savings accounts — currently about 10 times higher than the national average rate.

With that in mind, here are five of the best savings accounts on the market today. Take a look to see how much your savings could earn.

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What are some of the best savings accounts available?

Here are our picks for the best savings accounts, ranked according to annual percentage yield (APY):

Summary of the 5 best savings accounts

Here’s a quick look at some of the best savings accounts you can open.

EverBank Performance Savings account

Best for low-balance account holders

APY: 4.30%

Account features: EverBank’s Performance Savings account offers 4.30% APY on all balances, making it our pick for low-balance account holders. On top of that, the account has relatively few fees overall and features a mobile app for convenient on-the-go banking.

LendingClub LevelUp Savings

Best for regular depositors

APY: 4.20%

Account features: LendingClub’s competitive LevelUp Savings rate of 4.20% is available to account holders who deposit at least $250 into the account each statement cycle. Otherwise, you’ll earn a 3.75% APY. Plus, the account offers quite a few perks, such as a free debit card and reimbursement for out-of-network ATM fees.

Bask Bank Bask Interest Savings Account

Best for low-fee banking

APY: 4.20%

Account features: While the Bask Bank's Bask Interest Savings Account offers a competitive 4.20% APY, the fee structure is really where this account shines. In addition to having no minimum balance requirements or ongoing maintenance fees, this account has no overdraft or nonsufficient funds (NSF) fees. Plus, it allows for free incoming wire transfers.

Bread Savings High-Yield Savings Account

Best for frequent mobile app users

APY: 4.30%

Account features: In addition to its 4.30% APY savings rate, Bread Savings’s High-Yield Savings Account comes with quite a few perks. Savers can fund the account using free Automated Clearing House (ACH) network transfers and incoming wire transfers alongside unlimited mobile check deposits. Plus, this account has no minimum balance requirements or monthly maintenance fees.

CIT Bank Platinum Savings

Best for high-balance account holders

APY: 4.00%

Account features: To earn CIT Bank Platinum Savings’s attractive rate of 4.00% APY, you need to have $5k in the account, which is why this is our pick for high-balance account holders. Those with lower balances will earn a rate of 0.25% APY. Maintaining a high balance will help you secure other advantages, too. For example, those with balances over $25,000 can take advantage of free outgoing wire transfers, which are otherwise $10 each.

How to choose the right savings account

These are the key factors to consider when opening a savings account:

Make sure your money is insured. The Federal Deposit Insurance Corp. (FDIC) or National Credit Union Administration (NCUA) insures most accounts up to $250,000 per depositor, per account category. This insurance keeps your money safe if your financial institution fails.

Think about minimum balances. While the accounts on our list do not impose minimum balance requirements, many do. Make sure you have enough money to fund the account, and avoid fees if your balance drops below a certain limit.

Consider the fees. Some accounts come with fees for engaging in certain types of transactions. Always read the bank’s rate and fee schedule so that you understand what you could owe based on your activity. Fees can eat into your interest earnings, and you can shop for a low- or no-fee account.

Look at the rate. Finally, consider the rate you’ll earn with the bank. A high-yield savings account may earn more than a traditional savings account, but it may also have a minimum opening deposit or balance requirement to get that yield.

What influences where consumers decide to deposit their money?

The rate of return is a top deciding factor for savings account holders when choosing a bank, but perhaps surprisingly, it is not the most important one. Online banking matters most, according to a LendingTree Deposits Consumer Survey in August and September 2024 of more than 600 consumers.

Here’s how survey respondents ranked factors influencing where they prefer to keep their money.

Most respondents said they have at least two deposit accounts, and they are significantly more likely to open an account than to switch accounts.

What to know about savings accounts

Banks and credit unions offer savings accounts, and rates are typically variable, meaning they can change anytime. You can take money from your savings account whenever you want without penalty, although some institutions may limit you to six monthly transactions before charging a fee. If you would like the security of a fixed rate and no fee for withdrawals, you could look into a no-penalty CD instead.

Savings accounts grow by earning interest, and as the name suggests, high-yield savings accounts tend to earn much higher annual percentage yields than traditional savings accounts. HYSAs are typically federally insured, allowing savers to know that their money is safe if their bank or credit union were to fail.

Many of the best rates are from online banks, which can offer higher yields because they lack the overhead costs of brick-and-mortar branches. However, some traditional banks have begun to roll out high-interest accounts to give customers both high APY and the convenience of branches.

Pros and cons of savings accounts

As with many financial products, savings accounts come with pros and cons:

Alternatives to savings accounts

If a savings account isn’t the right choice for you, here are two alternatives to consider that will also help your money grow:

Money market accounts (MMAs). Money market accounts often offer similar yields to HYSAs while giving you the flexibility to write checks and withdraw money from ATMs. However, in exchange, these accounts can sometimes impose strict transaction limits.

Certificates of deposit (CDs): Certificates of deposit often have fixed interest rates, so you’ll know how much money you’ll earn. That said, they are less liquid than MMAs and savings accounts — if you try to access your money before a CD reaches maturity, you may have to pay an early withdrawal penalty.

Methodology

To compile our list of the best savings accounts, we considered the APY offered and the fees attached to the account. We analyzed nearly 25 bank accounts at different banks, credit unions and financial technology companies.

Accounts that made the list needed to have these features:

• Offer a competitive APY
• Require only a small minimum deposit and a low minimum balance
• Charge few, if any, monthly service fees
• Provide many free ways to make deposits and withdrawals
• Function as a savings account
• Come with federal deposit insurance

Frequently asked questions

What is a savings account, and what does it do?

Savings accounts let you set aside money for a later date. They’re often used to save up to meet short-term financial goals or to create an emergency fund. However, unlike many other financial products, the money in a savings account is liquid, which means you can access it if needed.

Is a 5% savings account good?

A savings account with a 5% APY is well above the national average, which sits at 0.43% as of Nov. 18, 2024.

Can you lose money in a high-yield savings account?

Losing money in an HYSA is rare, but fees can eat away at your earnings. Be sure to consult the bank’s fee structure before opening an account so that you can choose a savings account that won’t charge you for your activity.