Are You Still Earning Less Than 1% on Your Savings?
In today’s inflation-conscious world, parking your money in a typical savings account isn’t going to be enough in the world of inflation. If you’re still earning less than 1% in interest, it’s time to stop talking about a high-yield savings account (HYSA) and go out and get one! Alarmingly, a Vanguard study reveals that 57% of savers earn under 3% interest, with many earning less than 1%, effectively causing their savings to lose value over time.
As of May 2025, many online banks are offering rates of up to 4.40% APY which is giving your money the opportunity to grow without risk. This article outlines the best high-yield savings accounts of 2025, the accounts’ interest rates, advantages, disadvantages, and help you choose the right account to fit your financial situations.
What Is a High-Yield Savings Account?
High-yield savings accounts are federally insured savings accounts that pay significantly higher Annual Percentage Yields (APY) than normal savings accounts. While large banks are offering APYs in the ballpark of 0.01%–0.10%, the top high-yield savings accounts this month are paying over 4.00%, with some even as high as 4.40%.
High-yield saving accounts are typically offered from online savings banks. Online savings banks have fewer overhead costs than traditional banks, allowing them to pass the savings on to you in the form of higher APYs and fewer fees.
Why Choose a High-Yield Savings Account?
Finding the best high-yield savings account (HYSA) is a relatively easy way to make your money work harder without any investment risk! Here’s why these accounts are so popular in 2025:
- High interest rates: Many accounts are offering from about 3.75% to 4.40% APY vs the national average of just 0.61%.
- Low or No Fees: Most leading HYSAs have little or no fees. Many don’t have a monthly maintenance fee and don’t have minimum balance requirements.
- Safe and Insured: The accounts we list are insured by either the FDIC or NCUA up to $250,000.
- Convenient access: Online banking and mobile banking make it fast and easy to access your money.
Top High-Yield Savings Accounts – May 2025
Here’s a snapshot of some of the best high-yield savings accounts available today that offered great APYs with flexible terms.
| Bank/Institution | APY | Minimum Deposit | Monthly Fees | FDIC Insured | Access Type |
| Openbank | 4.40% | $500 | None | Yes | Online |
| Bread Savings | 4.35% | $100 | None | Yes | Online |
| BrioDirect | 4.35% | $5,000 | None | Yes | Online |
| EverBank (formerly TIAA) | 4.30% | None | None | Yes | Online |
| Rising Bank | 4.30% | $1,000 | None | Yes | Online |
| TAB Bank | 4.26% | None | None | Yes | Online |
| Forbright Bank | 4.25% | None | None | Yes | Online |
| CIBC Bank USA | 4.21% | $1,000 | None | Yes | Online |
| Bask Bank | 4.20% | None | None | Yes | Online |
| Live Oak Bank | 4.10% | None | None | Yes | Online |
Top HYSA Accounts
1- Openbank – 4.40% APY
Openbank offers an impressive 4.40% APY, which is one of the best rates available today among FDIC insured savings accounts. It has a $500 minimum deposit and no monthly fees. Given that it only offers savings accounts and no physical branches, Openbank is best for savers who want simple, straightforward, and competitive returns.
Pros:
- Top of the market APY
- Low minimum deposit
- Clear simple a mobile-friendly user interface
Cons:
o No physical branches
o Narrower banking customer base and fewer banking products apart from saving accounts.
2-Bread Savings – 4.35% APY
Bread Savings, offering you a high-yield savings account backed by Comenity Capital Bank, continues to be one of the highest yielding savings accounts with a $100 minimum account opening.
Pros:
- Strong APY
- Excellent online reviews
- No maintenance fees
Cons:
o No ATM access
o Limited customer support hours
3- BrioDirect – 4.35% APY
BrioDirect features a 4.35% APY high-yield savings account, and while the $5,000 minimum deposit may not be a problem for everyone, it can be a hurdle for some.
Pros:
- Great rate
- FDIC insurance through Webster Bank
- No monthly fees
Cons:
o High minimum deposit
o No access to physical branches
How to Choose the Best High-Yield Savings Account?
There are more things to consider when comparing savings accounts than just the APY. Here’s what else to think about:
1. APY (Annual Percentage Yield)
The higher the APY, the more interest you will earn. Look to find accounts with consistently high rates, not just promotional rates.
2. Fees and Penalties
Steer clear of accounts that have monthly charges or limits on withdrawals as well as charges for inactivity that will drain your interest.
3. Minimum Deposit
No matter how promising you think a bank group’s APY or fees are, they could require $500 or more for the opening deposit. Be sure that the requirement fits your available savings.
4. Access
Is there a mobile app? Can you link your external checking account? Easy access to the account is key (particularly in an emergency).
5. Customer Support and Reviews
Look up the banking group online. How responsive are they? What kind of user experience are you seeing? What do recent reviews say? A good APY doesn’t mean much if you can’t get your money easily.
High-Yield Savings vs. Traditional Savings – A Comparison
To better understand, if you had $10,000 placed in a traditional savings account at 0.10% APY then you would earn $10 in interest for that year. Now, if you had the same amount in a high-yield savings account at a rate of 4.40% APY, that would mean you would earn roughly $440 per year. This last example has an interest payout of 44 times more than the traditional savings account option.
Final Thoughts
When the Federal Reserve’s policies have made encouraging savers easier due to higher rates, it is best to take advantage of these high-yield savings accounts. Whether you are looking for the highest APY, easy digital access, or no fees, the options above all provide a safe and very effective way to grow your savings even faster in 2025.
Don’t let your money get soft! Compare, select, and move on to one of the best high-yield savings accounts of July 2025 and start earning up to 4.40% APY now!
