Best High-Yield Savings Accounts in July 2025

A savings account keeps your money safe and easily accessible. But the problem with traditional savings accounts is they offer very low interest rates compared to the best high-yield savings accounts. This means your money won’t grow as fast as it could if it were somewhere else. 

Switching your savings to a high-yield savings account can be a savvy move. You'll grow your savings faster by getting a better return on the funds you deposit. 

Best High-Yield Savings Accounts

Axos ONE®

Axos ONE® combines the features of a savings and checking account into a high-earning bundle designed to help your money grow faster, thanks to an extremely impressive 4.66% APY. 

And to further help you keep more of your money in your savings account, there are no monthly maintenance fees, no minimum balance requirements, and no overdraft charges. 

Account holders benefit from early direct deposit, with the ability to access their paychecks up to two days ahead of schedule. 

Axos also offers expanded FDIC insurance coverage through a partner network, protecting deposits up to $265 million. 

M1 High Yield Cash Account*

While not technically a savings account, the M1 High-Yield Cash Account functions similarly by helping you to earn interest on your idle funds — with no monthly account fee and unlimited withdrawals.

With the account, you can earn up to 4.50% APY for your first three months, then the APY drops to a (still very impressive) 4.00%.

Since M1 is a personal finance platform (not a bank), the only caveat is you’ll need a taxable brokerage account in M1. But if you’re already using M1 to invest, this is a great way to simplify your money management.

With features like Smart Transfers, you can set rules for how your money moves — whether that’s routing dividends into your cash account, or saving toward a goal and investing the rest.

And if you want to work towards your financial goals with a partner, you can open M1’s Joint High-Yield Cash Account to grow shared funds while benefiting from the same high APY.

M1’s High-Yield Cash Accounts are FDIC-insured up to $4.75 million.

* M1 is not a bank and M1 High-Yield Cash Accounts are not a checking or savings account. M1 High-Yield Cash Accounts are an investment product offered by M1 Finance, LLC, an SEC registered broker-dealer, Member FINRA / SIPC. The purpose of High-Yield Cash Accounts are to earn interest on securities not actively invested. An open M1 Investment account is required to participate in the M1 High-Yield Cash Account.

View M1 disclosures.

CIT Bank Platinum Savings

If you’re already starting with a good chunk of change, consider opening a CIT Bank Platinum Savings account.

This account offers 4.00% APY if you have $5,000 or more in your account. You can still open an account with just $100, but you’ll only earn 0.25% APY until your account balance reaches $5,000.

If you’re starting with a smaller deposit and don’t want to wait to earn higher interest, CIT Bank also has a Savings Connect account that offers a noteworthy 4.00% APY with just a $100 minimum deposit.

Because the goal is to keep what you earn, the fact that this account doesn’t charge any monthly service fees is pretty enticing. As is the fact that they have an easy-to-use mobile app that can make managing your account simpler. 

CIT Bank is a division of First Citizens Bank.

SoFi Checking and Savings Account

The SoFi Checking and Savings Account has a $300 welcome bonus on top of its already high APY.

To earn the full $300, you'll need to set up a direct deposit of at least $5,000 within 30 days of account opening. If your direct deposit is between $1,000 and $4,999, you'll receive a bonus of $50.

You will still earn the 3.80% APY on your savings account for six months even if you don't have direct deposit with SoFi, but you do need to open a new SoFi Checking & Savings account and enroll in SoFi Plus by 6/24/25.

SoFi's high-yield savings account comes with a checking account, which isn't something you see with a lot of savings accounts. Plus, there are no monthly fees or minimum balance requirements.

Another interesting feature of SoFi is that within your savings account, you can have what they call “vaults.” These function like categories for setting specific savings goals without having to open another account.

For example, you could have a vault to save for a vacation or a new car, and see those as separate parts of the whole balance.

If you use a linked checking account, you can also take advantage of SoFi's round-up feature. Any debit card purchases can be rounded up to the next highest dollar, and the change is automatically moved into your savings account.

Wealthfront Cash Account

While it’s not referred to as a savings account, Wealthfront‘s Cash Account works similarly to a high-yield savings account.

With a 4.00% APY, your savings can grow at a rate that outshines most traditional banks. While it does technically require a minimum deposit, the minimum is just $1 to open an account.

As an added bonus, you’ll gain access to up to $8 million in FDIC insurance to protect your cash.

Wealthfront's user-friendly platform provides a holistic view of your finances, and managing your Cash Account is seamless. You'll get access to real-time updates on your available balance, interest earned, and transaction history.

You also have the flexibility of unlimited withdrawals and transfers, so you can access your funds when you need them.

You can request a debit card to access your cash at a network of 19,000 nationwide fee-free ATMs, and receive two reimbursements a month for out-of-network ATM usage.

Synchrony High Yield Savings

The Synchrony High Yield Savings offers an impressive 3.80% APY. There are no minimum deposit or minimum balance requirements, making this account accessible to most savers.

Synchrony also operates on a no-fee framework, which is a helpful savings boost. 

This account provides easier access to your money than many other savings accounts, with an optional ATM card that you can use for cash withdrawals and basic transactions in the U.S., as well as abroad.

Plus, Synchrony also doesn't charge ATM fees, and may even refund potential ATM operator charges up to $5 per statement cycle.

Just keep in mind that having quick access to your savings account could be counterproductive to your savings goals — you don't want to be dipping in there unless absolutely necessary!

With a user-friendly online platform and mobile app, Synchrony offers convenient access and management of your account from almost anywhere.

Discover Online Savings Account

With an APY of 3.50%, the Discover Online Savings Account offers substantial interest earnings — that's five times the national savings average, according to Discover.

One of the most attractive features is that there are no monthly fees or minimum opening deposit requirements.

There are also no fees for services like monthly maintenance, official bank checks, excessive withdrawal fees, expedited delivery for official bank checks, deposited item returns, stop payment orders, insufficient funds, and account closure.

Ally Savings Account

The Ally Savings Account comes with a 3.50% APY across all balance tiers and is another fee-free account. You can also say goodbye to minimum balance requirements.

What sets the Ally Savings Account apart is its innovative tools that accelerate your savings journey. You can create up to 10 different “buckets” within your account, like “Emergency Fund” or “House Down Payment,” allowing you to allocate funds for specific goals.

You can also use Ally’s Round Ups function to round up eligible checking transactions to the nearest dollar — once you’ve accrued at least $5 in round-ups, this will automatically be transferred to your savings. Surprise Savings will transfer what Ally calls “safe-to-save” money from your checking to your HYSA, too.

This account has no monthly maintenance fees, but Ally limits your free withdrawals to six per month. After that, a $10 excessive transaction fee applies.

What Is a High-Yield Savings Account?

A high-yield savings account (HYSA) works the same way a normal savings account does. The difference is that these accounts offer a higher interest rate.

According to the FDIC, typical savings accounts offer an average of 0.42% APY (as of May 2025). Interest rates for HYSAs, on the other hand, can range from 3.5% to over 4%. The increased interest rate offered by HYSAs enables you to earn more money on your saved funds over time. 

Most HYSAs are available through online-only banks, although some more traditional financial institutions also offer them. They typically come with features like no or low fees and no minimum balance requirements. The best part is that you don't take on any risk like you do when investing.

How To Choose an HYSA

When comparing high-yield savings accounts, several key factors should guide your decision. Here are some things to keep in mind:

• Interest rate: A higher APY (annual percentage rate) means your savings will grow more quickly. 
• Fees: Opt for an account with no monthly fees or maintenance charges. It's also a good idea to inquire about any transaction or withdrawal fees.
• Minimum balance requirement: The best HYSAs have no minimum balance requirement, meaning you can start earning interest on your savings no matter the size of your nest egg.
• Security: Confirm that the bank is FDIC-insured, protecting your deposits up to the maximum limit. (All accounts on this list are.) Also, do some research on the bank's reputation. Read customer reviews to get an idea of reliability and customer service quality.
• Perks: Look for perks like a welcome bonus or extra tools like budgeting features.
• Accessibility: Look for user-friendly online and mobile banking features that make it easy to stay on top of your finances. 

Pros and Cons of HYSAs

While high-yield savings accounts are great savings tools, they're not perfect. Consider the pros and cons of them when choosing the best place to stash your cash.

Pros

• High interest: Often 8-10 times higher than the national average of traditional savings accounts 
• Minimal fees: Usually no or low monthly maintenance fees 
• Low risk: Earn a high return without the risk of losing money
• Low minimum balance: Start saving without a ton of cash 
• Easy to monitor: Usually easily accessible online and via mobile apps

Cons

• Variable APY: Interest rates can fluctuate with market changes
• Withdrawal limitations: Usually a limit on monthly withdrawals — you can generally only withdraw from your account six times a month; after that, you’ll be charged a transaction fee
• Fees may apply: May need to do things to waive fees, such as meeting a minimum balance requirement 
• No physical locations: Your best bet is usually with online-only banks, which means you have to give up the perks that come with banking in person

How To Open an HYSA

Opening a high-yield savings account is a straightforward process. Once you've done your research and chosen a reputable bank or financial institution offering high APYs and favorable terms, here’s how to get started:

1. Visit the bank's website or app and navigate to the account opening section. 
2. You'll need to supply personal information such as your name, address, Social Security number, and employment details. You might need to also upload identification documents.
3. Add funds to the account. Many accounts have low or no minimum deposit requirements so you can start with a small amount. Confirm the details and review any terms and conditions. 
4. Most financial institutions send a confirmation email or mail documents confirming that you’ve opened a new account.
5. Once the account is active, you can access it online or through an app to manage your funds and monitor your savings growth.

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