Best High-Yield Savings Accounts of April 2025

Many banks offer high-yield savings accounts with rates that exceed those of traditional savings accounts. If you have $5,000 in savings, moving it from a traditional savings account to a high-yield savings account could result in hundreds of additional interest earnings each year.

These high savings rates are partly due to the federal funds rate, which is at its highest level since the early 2000s. Additionally, the number of high-yield savings accounts has grown over the years, especially in the online space. This increased competition has prompted banks and credit unions to increase their rates.

At DepositAccounts, we regularly add new high-yield savings accounts to our database, and we update rates daily to ensure we are showing you the best offers. But because the interest rate isn’t the only factor to consider when shopping for a high-yield savings account, we also track features such as minimum deposit and balance requirements, fees, and rate trends.

Why you can trust DepositAccounts
Why you can trust DepositAccounts

DepositAccounts strives to produce high-quality content that meets your needs and exceeds your expectations. Content is fact-checked to ensure accuracy and objectivity. DepositAccounts gathers thousands of savings account rates from banks and credit unions across the country to identify the best daily rates. Read more about our methodology here.

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Best high-yield savings account rates of April 2025

Member FDIC
ONLINE BANKING
MOBILE APPLICATION
Peak Bank
Envision High Yield Savings
APY
4.54%
Service Charge
Svc Charge
$0
Minimum to Earn
Min to Earn
$0
Min to Open
Min to Open
$100
Sponsored Note: Member FDIC: Insured up to $250,000. $100 Deposit Earns Interest Immediately.
APY
4.54%
Member FDIC
Service Charge
$0
Min. to Earn
$0
Min to Open
$100
Peak Bank
Envision High Yield Savings
ONLINE BANKING
MOBILE APPLICATION
View Details
Sponsored Note: Member FDIC: Insured up to $250,000. $100 Deposit Earns Interest Immediately.
Member FDIC
ONLINE BANKING
MOBILE APPLICATION
BrioDirect
High-Yield Savings
APY
4.45%
Service Charge
Svc Charge
$0
Minimum to Earn
Min to Earn
$25
Min to Open
Min to Open
$5k
Sponsored Note: You must deposit at least $5,000 to open your account. Member FDIC
APY
4.45%
Member FDIC
Service Charge
$0
Min. to Earn
$25
Min to Open
$5k
BrioDirect
High-Yield Savings
ONLINE BANKING
MOBILE APPLICATION
View Details
Sponsored Note: You must deposit at least $5,000 to open your account. Member FDIC
Member FDIC
ONLINE BANKING
MOBILE APPLICATION
Jenius Bank
Jenius Savings Account
APY
4.20%
Service Charge
Svc Charge
$0
Minimum to Earn
Min to Earn
$0
Min to Open
Min to Open
$0
Sponsored Note: FDIC Insured. No fees or minimums. 24/7 U.S-based support.
APY
4.20%
Member FDIC
Service Charge
$0
Min. to Earn
$0
Min to Open
$0
Jenius Bank
Jenius Savings Account
ONLINE BANKING
MOBILE APPLICATION
View Details
Sponsored Note: FDIC Insured. No fees or minimums. 24/7 U.S-based support.
Member FDIC
ONLINE BANKING
MOBILE APPLICATION
Vio Bank
Cornerstone Money Market
APY
4.41%
Service Charge
Svc Charge
$0
Minimum to Earn
Min to Earn
$0
Min to Open
Min to Open
$100
Sponsored Note: Interest is compounded daily, growing your money fast
APY
4.41%
Member FDIC
Service Charge
$0
Min. to Earn
$0
Min to Open
$100
Vio Bank
Cornerstone Money Market
ONLINE BANKING
MOBILE APPLICATION
View Details
Sponsored Note: Interest is compounded daily, growing your money fast
Member FDIC
ONLINE BANKING
MOBILE APPLICATION
SoFi® Bank, N.A.
SoFi Checking and Savings
APY
3.80%
Service Charge
Svc Charge
$0
Minimum to Earn
Min to Earn
$0
Min to Open
Min to Open
$0
Sponsored Note: Earn up to 3.80% APY and up to $300 with direct deposit. Members can unlock our highest savings rate with direct deposit OR by depositing $5,000 or more every 30 days. Terms Apply. Member FDIC
APY
3.80%
Member FDIC
Service Charge
$0
Min. to Earn
$0
Min to Open
$0
SoFi® Bank, N.A.
SoFi Checking and Savings
ONLINE BANKING
MOBILE APPLICATION
View Details
Sponsored Note: Earn up to 3.80% APY and up to $300 with direct deposit. Members can unlock our highest savings rate with direct deposit OR by depositing $5,000 or more every 30 days. Terms Apply. Member FDIC
Member FDIC
ONLINE BANKING
MOBILE APPLICATION
CIT Bank
Platinum Savings
APY
4.10%
Service Charge
Svc Charge
$0
Minimum to Earn
Min to Earn
$5k
Min to Open
Min to Open
$100
Sponsored Note: Get up to a $300 Cash Bonus. FDIC Insured. See site for details.
APY
4.10%
Member FDIC
Service Charge
$0
Min. to Earn
$5k
Min to Open
$100
CIT Bank
Platinum Savings
ONLINE BANKING
MOBILE APPLICATION
View Details
Sponsored Note: Get up to a $300 Cash Bonus. FDIC Insured. See site for details.
Member FDIC
ONLINE BANKING
MOBILE APPLICATION
American Express®
High Yield Savings Account
APY
3.70%
Service Charge
Svc Charge
$0
Minimum to Earn
Min to Earn
$0
Min to Open
Min to Open
$0
Sponsored Note: Interest compounds daily, deposited monthly
APY
3.70%
Member FDIC
Service Charge
$0
Min. to Earn
$0
Min to Open
$0
American Express®
High Yield Savings Account
ONLINE BANKING
MOBILE APPLICATION
View Details
Sponsored Note: Interest compounds daily, deposited monthly

Compare top savings rates nationwide

Search our robust database of banks and credit unions to find your perfect account.

Location
Deposit Amount
Filters
Institution
APY
Service Charge
Min. to Earn
Min. Deposit
Axos Bank
Member FDIC
Axos ONE®
4.9 Our Rating
4.66%
$0
$0
$0
View
Axos Bank
Axos ONE®
View
4.9 Our Rating Member FDIC
APY 4.66%
Service Charge $0
Minimum to Earn $0
Minimum Deposit $0
Pibank
Member FDIC
Pibank Savings
4.7 Our Rating
4.60%
$0
$0
$0
View
Pibank
Pibank Savings
View
4.7 Our Rating Member FDIC
APY 4.60%
Service Charge $0
Minimum to Earn $0
Minimum Deposit $0
Bread Savings
Member FDIC
High-Yield Savings Account
3.9 Our Rating
4.40%
$0
$100
$100
View
Bread Savings
High-Yield Savings Account
View
3.9 Our Rating Member FDIC
APY 4.40%
Service Charge $0
Minimum to Earn $100
Minimum Deposit $100
First Foundation Bank
Member FDIC
Online Savings Account - New Money
4.9 Our Rating
4.40%
$0
$0
$1k
View
First Foundation Bank
Online Savings Account - New Money
View
4.9 Our Rating Member FDIC
APY 4.40%
Service Charge $0
Minimum to Earn $0
Minimum Deposit $1k
My Banking Direct
Member FDIC
High Yield Savings
4.7 Our Rating
4.40%
$0
$1
$500
View
My Banking Direct
High Yield Savings
View
4.7 Our Rating Member FDIC
APY 4.40%
Service Charge $0
Minimum to Earn $1
Minimum Deposit $500
Texas Capital Bank
Member FDIC
Star High Yield Savings Account - Texas
4.8 Our Rating
4.40%
$0
$0
$0
View
Texas Capital Bank
Star High Yield Savings Account - Texas
View
4.8 Our Rating Member FDIC
APY 4.40%
Service Charge $0
Minimum to Earn $0
Minimum Deposit $0
TIMBR
Member FDIC
High Yield Savings
4.6 Our Rating
4.40%
$0
$0
$1k
View
TIMBR
High Yield Savings
View
4.6 Our Rating Member FDIC
APY 4.40%
Service Charge $0
Minimum to Earn $0
Minimum Deposit $1k
EagleBank
Member FDIC
Eagle High-Yield Savings Account - New Money
3.8 Our Rating
4.35%
$0
$0
View
EagleBank
Eagle High-Yield Savings Account - New Money
View
3.8 Our Rating Member FDIC
APY 4.35%
Service Charge $0
Minimum to Earn $0
Minimum Deposit
Newtek Bank
Member FDIC
Personal High Yield Savings
4.7 Our Rating
4.35%
$0
$0
$0
View
Newtek Bank
Personal High Yield Savings
View
4.7 Our Rating Member FDIC
APY 4.35%
Service Charge $0
Minimum to Earn $0
Minimum Deposit $0
EverBank
Member FDIC
Performance Savings - New Accounts Only
4.9 Our Rating
4.30%
$0
$0
$0
View
EverBank
Performance Savings - New Accounts Only
View
4.9 Our Rating Member FDIC
APY 4.30%
Service Charge $0
Minimum to Earn $0
Minimum Deposit $0
Community Savings
Member FDIC
High Yield Savings
4.9 Our Rating
4.25%
$1
View
Community Savings
High Yield Savings
View
4.9 Our Rating Member FDIC
APY 4.25%
Service Charge
Minimum to Earn $1
Minimum Deposit
Dollar Bank
Member FDIC
Smart Savings
5.0 Our Rating
4.25%
$0
View
Dollar Bank
Smart Savings
View
5.0 Our Rating Member FDIC
APY 4.25%
Service Charge
Minimum to Earn $0
Minimum Deposit
Evergreen Bank Group
Member FDIC
High-Yield Online Savings
4.9 Our Rating
4.25%
$0
$0
$100
View
Evergreen Bank Group
High-Yield Online Savings
View
4.9 Our Rating Member FDIC
APY 4.25%
Service Charge $0
Minimum to Earn $0
Minimum Deposit $100
Ivy Bank
Member FDIC
High-Yield Savings
4.4 Our Rating
4.25%
$0
$2.5k
$2.5k
View
Ivy Bank
High-Yield Savings
View
4.4 Our Rating Member FDIC
APY 4.25%
Service Charge $0
Minimum to Earn $2.5k
Minimum Deposit $2.5k
Western Alliance Bank
Member FDIC
High Yield Savings Account Via Raisin
4.6 Our Rating
4.25%
$0
$1
View
Western Alliance Bank
High Yield Savings Account Via Raisin
View
4.6 Our Rating Member FDIC
APY 4.25%
Service Charge
Minimum to Earn $0
Minimum Deposit $1
Next
On this page

What is a high-yield savings account?

Most high-yield savings accounts are online accounts that must be opened and managed online or through a mobile app. These accounts are offered by online-only banks as well as by other financial institutions with physical branches and traditional savings accounts.

Many online banks provide high-yield savings accounts because these institutions have lower overhead costs than traditional banks with physical branches. This allows them to pass on the savings to customers through higher interest rates. It also enables online banks to offer accounts with low minimum balance requirements and low or no fees.

Online banks have a long history of offering accounts with rates that are significantly higher than traditional savings account rates. Currently, the highest online savings account rate listed on our website earns an annual percentage yield (APY) of 5.00% — about 12 times the average savings account rate of 0.41% APY.

How do high-yield savings accounts work?

High-yield savings accounts pay interest just like traditional savings accounts. Interest generally accrues and compounds daily or monthly. At the end of each month, the total accrued interest for the month is credited to the account, making it available for withdrawal.

With compound interest, you earn interest on both the original amount and the interest earned from the previous period. Daily compounding maximizes interest earnings, but its effect compared with monthly compounding is minor. That said, its effects are more apparent with a high-yield savings account because of the higher interest rate.

For example, if a savings account has an interest rate of 5%, daily compounding results in an APY of 5.13%. For a $10,000 balance over one year, a 5.13% APY would result in $514 of interest—$14 more than what you would earn with a 5% interest rate and no compounding.

Are high-yield savings accounts safe?

Any savings account you open at a bank insured by the Federal Deposit Insurance Corp. (FDIC) is protected up to FDIC coverage limits. FDIC insurance applies regardless of whether the account is opened at a physical branch or through the bank's website.

Some credit unions also offer high-yield savings accounts. Credit unions have deposit insurance through the National Credit Union Administration (NCUA), and the coverage is essentially equivalent to FDIC insurance.

FDIC and NCUA deposit insurance protects accounts only if the financial institution fails. Federal regulations, however, limit your liability for losses on your savings account caused by certain types of fraud. You’re responsible for notifying the bank of an unauthorized withdrawal promptly, so it's important to review your bank statements monthly to check for unauthorized withdrawals.

Pros and cons of high-yield savings accounts

A high-yield savings account can be useful for growing an emergency fund or working toward short-term goals. However, it has some disadvantages compared with other types of accounts.

Here are the pros and cons to consider:

Pros

  • Higher interest rates: High-yield savings accounts typically earn higher returns than other types of savings accounts.
  • Flexible withdrawals: Unlike CDs, high-yield savings accounts allow multiple no-fee withdrawals each month.
  • Safety for savings: High-yield savings accounts generally come with FDIC or NCUA insurance.
  • Digital tools for easy account management: You can often open and manage your account online or through a mobile app.

Cons

  • Variable interest rates: Like any savings account, the rate on a high-yield savings account is subject to change at any time.
  • Access to funds: You typically must make an electronic transfer to a checking account to access your money.
  • Limited customer service options: Customer service communication may be limited to phone or online chat.
  • Withdrawal limits: Some banks cap your monthly withdrawals, though many removed this limit during the pandemic.

How to choose a high-yield online savings account

The interest rate is only one of many factors to consider when choosing a high-yield savings account. Here are four other important factors to weigh:

Alternatives to high-yield savings accounts

Methodology

The savings accounts in our rate table are ranked based on APY, with the highest APY listed on top. APYs are checked daily to ensure they match the APYs listed on the financial institutions’ websites.

If the savings account has tiered rates, the APY listed is based on the deposit amount specified in the rate table’s filter box. If the deposit amount is below the minimum balance required to earn the APY, the account may not be listed. If the selected deposit amount is above the maximum balance required to qualify for the APY, the account may also not be listed.

To be listed in our rate table, the savings accounts must be from either FDIC-insured banks or NCUA-insured credit unions. Also, the savings accounts must not require a checking account relationship to either open the savings account or qualify for the top-tier APY.

Frequently asked questions

Is a high-yield savings account worth it?

A high-yield savings account is a solid option if you’re looking to earn more on your savings than you would with a traditional savings account. When choosing a savings account, it’s important to compare the APY, fees, requirements and features so you can choose the right option for you.

How many high-yield savings accounts can I open?

There is generally no limit on the number of high-yield savings accounts you can open. However, some banks may reject your application if your ChexSystems report shows a negative banking history.

Do you pay tax on a high-yield savings account?

Interest earned on savings accounts is typically taxed as ordinary income. Banks and credit unions are required to report all interest earned on Form 1099-INT when the total interest earned on all accounts during the previous tax year is at least $10.