Best high-yield savings accounts of May 2025

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.

With a high-yield savings account, you can get a solid interest rate and your money grows even faster thanks to compound interest — which lets you earn interest on interest. The higher your rate, the faster your money grows and the better return you earn on your money.

To determine the top high-yield savings accounts, CNBC Select compared those with an above-average APY, FDIC insurance, zero monthly maintenance fees and low (or no) minimum balance requirements. (See our methodology for more information on how we choose the best high-yield savings accounts.)

Who's this for? Unlike many savings accounts, LendingClub LevelUp Savings offers a free ATM card and never charges any ATM fees. This makes it easy to access your savings account and withdraw money whenever you want.

Standout benefits: LendingClub offers an attractive APY, along with zero monthly fees and no minimum balance requirement. You can use your funds to pay bills, send money to friends and family and make internal and external transfers, which is less common for a savings account.

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Who's this for?UFB Portfolio Savings is ideal if you want to earn one of the highest returns and get ATM access. Although there are no physical branches, you can get a free ATM card.

Standout benefits: Along with an ATM card, you'll get a competitive APY on all balance tiers with no cap, no monthly fees and no minimum deposit requirement. You can earn even more interest on your savings with a UFB checking account.

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Who's this for? The Western Alliance Bank High-Yield Savings Account is for you if you're focused on maximizing your returns as it offers one of the highest savings rates we found and has just a $1 minimum deposit to open an account.

Standout benefits: There's no cap to earning Western Alliance Bank's high APY and no monthly fees.

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Who's this for? The SoFi Checkings and Savings account stands out for offering a valuable welcome bonus after you set up direct deposit payments: Earn up to $300 Bonus Tiered for new and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the direct deposit bonus Period. Cash bonus will be based on the total amount of Direct Deposit.*

Standout benefits: As a SoFi member who sets up direct deposit, you can earn a higher APY on your savings balances. There are no account or overdraft fees, up to $2 million of additional FDIC insurance and up to two-day early paychecks.

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Who's this for? Newtek Bank Personal High Yield Savings allows you to earn one of the highest savings returns with no minimum deposit required.

Standout benefits: WithNewtek, you can earn a respectable APY with a minimum balance requirement of just $0.01 to earn interest and no monthly fees. There's no cap on how much interest you can earn with this APY.

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Who's this for? The Synchrony Bank High Yield Savings account stands out if you're seeking convenient withdrawal options. You can access your money by ATM via an optional ATM card, wire transfer (up to three free per statement cycle) or through an electronic transfer to or from accounts you have at other banks.

Standout benefits: This account has no monthly fees or minimum deposits. Though you're limited to six free withdrawals or transfers per statement cycle, Synchrony Bank allows you to conduct unlimited transactions at an ATM. The bank won't charge an ATM fee, but the ATM provider may. For these charges, Synchrony Bank refunds ATM fees in the U.S. up to $5 per statement cycle.

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Who's this for? Marcus by Goldman Sachs High-Yield Online Savings Account offers no fees, no minimum deposit requirement and easy mobile access. It's one of the most straightforward savings accounts to use when all you want to do is grow your money with zero conditions attached.

Standout benefits: Marcus offers a strong APY and there's no limit to the number of withdrawals or transfers you can make from your online savings account.

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Who's this for? The CIT Bank Platinum Savings offers a solid APY on balances of $5,000 or more, making it ideal for those with a large deposit.

Standout benefits: In addition to offering a competitive savings rate on a minimum balance of $5,000, the CIT Bank Platinum Savings has no monthly service fees. There's a minimum account opening deposit of just $100.

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Who's this for? Ally Bank is a good choice to do all your banking in one place. While the Ally Bank Savings Account is a decent high-yield account on its own, you can enjoy even more benefits if you also have an Ally Bank Spending Account (Ally's checking account product). An Ally checking and savings account gives you access to over 43,000 free Allpoint ATMs, making it easy to withdraw cash. If you only have an Ally savings account, you won't have access to a debit card. Ally also reimburses out-of-network ATM fees up to $10 per month.

Standout benefits: Ally's savings account offers savings boosters and buckets, zero monthly fees or minimum balance requirements and 24/7 customer support.

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Who's this for? If you're a frequent traveler, opt for the Bask Mileage Savings Account to earn American Airlines AAdvantage^® miles back instead of interest. With the mileage savings account, you'll earn 2 miles for every $1 saved annually. You can use these miles for flights on American Airlines or any of its 20+ partner airlines. So, you can effectively fund your next vacation without any spending.

Standout benefits: If you want to maximize your interest-earning potential, there's also the Bask Interest Savings Account with a competitive APY to all savings account holders. Neither the Mileage Savings or Interest Savings accounts have monthly fees.

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Who's this for? With the Varo Online Savings Account, you get access to two programs that automatically transfer money from your Varo bank account to your savings account: Save Your Pay, which automatically transfers a percentage of your paycheck into your savings, and Save Your Change, which rounds up checking account transactions to the nearest dollar and transfers the difference to savings.

Standout benefits: The Varo Online Savings Account offers zero fees or minimums and a strong APY on balances up to $5,000. To earn the high APY, you must have at least $1,000 in monthly direct deposits and a positive balance at the end of the month in your Varo bank accounts.

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Who's this for? Capital One 360 Performance Savings can be a good option if you prefer in-person banking. Unlike many brick-and-mortar savings accounts, it offers a high APY that rivals the returns you can get with online banks. Capital One has about 300 branches, over 70,000 fee-free ATMs nationwide, plus Capital One Cafés you can visit to chat with someone.

Standout benefits: Capital One 360 Performance Savings offers a competitive savings rate, no monthly fees and no minimum requirements.

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Who's this for? If you prefer sticking to high-yield savings accounts offered by big-name banks because they're familiar, the online American Express High Yield Savings Account stands out.

Standout benefits: With the American Express High Yield Savings Account, you get a good savings rate for no minimum balance and no monthly fees, plus 24/7 customer service.

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Who's this for? Jenius Bank is an online-only bank offering a competitive APY on its high-yield savings account; it's ideal if you prefer solely digital banking.

Standout benefits: There are no fees or minimum balance requirements. You can count on 24/7 access to the bank's U.S.-based customer service online or by phone.

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Who's this for? Openbank High Yield Savings is for those who prefer banking on their phone since users manage their high-yield savings account directly through the Openbank mobile app, and they must have face or fingerprint recognition.

Standout benefits: Openbank stands out mostly for its high APY, no fees (but a $500 minimum deposit) and on-the-go access via its mobile app.

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LendingClub is known as a peer-to-peer loan lender but outside of personal and business loans, it also offers consumers its high-yield savings account, a rewards checking account and six different CD terms.

• Minimum balance: None
• Fees: Zero monthly fee or excessive transaction fee
• Maximum transactions: Up to $250,000 depending on Relationship Balance. See terms.

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UFB Direct is the online division of Axos Bank^®. In addition to offering a high-yield savings account, UFB also offers a checking account that can boost your savings rate, a money market account and home loans through Axos.

If you're an existing UFB savings customer, note that the bank sometimes changes the name of its savings accounts when it raises the APY, and it does not automatically enroll existing customers into the new account. Any time UFB increases the APY on an account, you should contact the bank to make sure you're enrolled in the account offering the best APY.

• Minimum balance: None
• Fees: Zero monthly fee, overdraft fee may be charged
• Maximum transactions: None

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The Western Alliance Bank High-Yield Savings Account is powered by Raisin, meaning accounts are opened and managed through the Raisin.com platform. The platform manages customers' deposits and withdrawals, bank statements, as well as customer service.

• Minimum balance: $1 minimum deposit
• Fees: Zero monthly fee or overdraft fee, the bank may charge fees for non-sufficient funds
• Maximum transactions: Up to 6 transactions each month

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SoFi began as a student loan refinancing company, but its offerings have since expanded to personal loans, mortgages, investing, banking, insurance, credit cards, credit monitoring and more. SoFi members get perks like free personalized advice from a financial planner.

• Minimum balance: None
• Fees: Zero monthly fee, excessive transactions fee, offers no-fee overdraft protection
• Maximum transactions: None

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Newtek Bank was formerly National Bank of New York City (NBNYC); it had been acquired and rebranded as a part of NewtekOne. Its one branch is in Miami, FL. Newtek offers banking for both businesses and individuals. In addition to consumers having access to a high-yield savings account, there are also seven different CD terms available.

• Minimum balance: $0.01 to earn interest
• Fees: Zero monthly fee, excessive transactions fee or overdraft fee
• Maximum transactions: Up to 6 free withdrawals or transfers per statement cycle; transaction amount limits apply; withdrawals from your account can only be transferred to the original external funding source

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Synchrony Bank is an online bank offering all sorts of savings products, including its high-yield savings account, a money market account, CDs and specific IRA CDs and IRA money market accounts for retirement.

• Minimum balance: None
• Fees: Zero monthly fee, excessive transactions fee or overdraft fee
• Maximum transactions: Up to six free withdrawals or transfers per statement cycle

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Marcus is the consumer banking arm of Goldman Sachs and offers its high-yield savings account and CDs, including a high-yield CD, a no-penalty CD and a CD allowing rate bumps. Customer support is available 24/7.

• Minimum balance: None
• Fees: Zero monthly fee, excessive transactions fee or overdraft fee
• Maximum transactions: None

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CIT Bank is an online division of First Citizens Bank. It offers savings, checking and money market accounts, as well as CDs and home loans.

• Minimum balance: $100 minimum deposit; $5,000 minimum balance to earn 4.10% APY
• Fees: Zero monthly maintenance fees
• Maximum transactions: Unlimited transactions

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Ally Bank operates online, offering checking and savings accounts, a money market account, CDs, credit cards with FICO® Score access, mortgages, auto and personal loans, plus investment products. Its customer support line is open 24/7.

• Minimum balance: None
• Fees: Zero monthly fee, overdraft fee, or excessive transaction fees
• Maximum transactions: 10 withdrawals per statement cycle

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Bask Bank is a division of Texas Capital Bank, but operates completely online. Along with its high-yield savings account, Bask also offers four different CD terms and a Bask Mileage Savings Account where you can earn 2 American Airlines AAdvantage miles for every $1 saved annually.

• Minimum balance: None
• Fees: Zero monthly fee
• Maximum transactions: Up to six free withdrawals or transfers per statement cycle

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Varo Savings is a part of Varo Bank, which is an all-mobile national bank. In addition to its bank account offerings, Varo also has a credit builder card (no credit history required), cash advances and a tax filing service to offer you.

• Minimum balance: $0.01 to earn interest
• Fees: Zero monthly fee, excessive transactions fee or overdraft fee
• Maximum transactions: Up to six free withdrawals or transfers per statement cycle

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Capital One is a brick-and-mortar bank that offers everything from credit cards to bank accounts, auto loans, business and commercial banking. Capital One has about 300 branches and 70,000-plus fee-free ATMs nationwide.

• Minimum balance: None
• Fees: Zero monthly fee, excessive transactions fee or overdraft fee
• Maximum transactions: Up to six free withdrawals or transfers per statement cycle

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Many people think of credit cards when they hear big-name American Express, but it also offers a high-yield savings account, CDs, a checking account, personal loans and small business accounts.

• Minimum balance: $0
• Fees: $0 monthly fee, excessive transactions fee or overdraft fee
• Maximum transactions: None

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Jenius Bank is an online-only bank offering a high-yield savings account and personal loans.

• Minimum balance: None
• Fees: Zero account opening fee, monthly fee, withdrawal fee, inactivity fee, account closure fee, excessive transaction fee or overdraft fee
• Maximum transactions: None

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Openbank is a division of Santander Bank. It only offers a high-yield savings account, which users manage directly from the Openbank mobile app. Note that Openbank does not currently service residents in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania or Rhode Island.

• Minimum balance: $500 minimum deposit
• Fees: None
• Maximum transactions: None

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The Federal Reserve paused on cutting interest rates at its last meeting on Jan. 29, keeping the Federal Funds rate target range from 4.25% to 4.50%. As savers have likely noticed, the Fed's rate cuts during the latter half of 2024 led to banks and other institutions lowering the interest earned by high-yield savings accounts. APYs above 5%, though never common, are now almost extinct. If the Fed continues with cuts later in the year, expect APYs in general to also take a dive, though this will vary from account to account.

You can compare high-yield savings accounts by the interest rate they offer, their minimum balance or deposit requirements, their fees and the access they give you to your money.

A high-yield savings account is like a normal savings account but offers a higher interest rate, or APY, on your cash. With a higher APY, your money grows faster as it sits in your account. Note, however, that unlike with certificates of deposit (CDs), these interest rates are variable, meaning they can go up or down at any time.

Not only does your money earn a better return in a high-yield savings account than in traditional savings, but you still have access to your cash when you need it as you would in a normal savings account. Your money in a high-yield savings account is federally insured by the FDIC or NCUA, which means that deposits up to $250,000 are protected if the bank were to suddenly collapse.

By nature, when choosing which high-yield savings account to open, you're likely looking for the highest APY offering. While this is an important aspect to consider, make sure you're reading the fine print.

High returns banks advertise may require large minimum deposits to open an account or earn the attractive APY. Ensure any minimum is an amount you're comfortable putting into a savings account. Sometimes, there are also caps that limit the dollar amount that can earn the high APY, thus limiting your interest-earning potential.

Yes, it's worth putting money into a high-yield savings account. You'll earn a higher return than you would with a traditional savings account for no additional effort on your part. If your money is going to sit in a savings account, it might as well work harder for you, earning you the most interest possible.

The biggest benefit of the best savings account rates is the ability to earn more interest than you would with a savings account that doesn't have a top APY. The national average savings rate is just 0.45% APY, which pales in comparison to some of the best savings account rates, currently 4% to 5% APY.

Using a hypothetical APY, $10,000 in a high-yield savings account earning 5% APY would earn you $500 in interest alone over the course of a year. For context, $10,000 in a savings account earning just the national average 0.45% APY would earn you only $45 in a year.

• ACH transfer: When you want to make small and frequent payments electronically (direct deposit, automated bill payments, etc.); typically always free but usually takes at least one business day to complete the transfer.
• Annual percentage yield (APY): The amount of interest an account earns in a year.
• ATM networks: ATMs can either be in-service or out-of-network, depending on which bank you have. When you make a transaction at an ATM that is outside your bank's network, then a fee will most likely be applied by both the ATM operator and your bank.
• Mobile deposit: Instead of going to the bank to deposit a check, you can use your mobile banking app to scan a photo of the check and have the funds immediately deposited into your account. It can sometimes take a day or two for the funds to be accessible.
• Wire transfer: When you want to move funds from one bank account to another and have the money available for use on the same business day; banks usually charge a fee.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every high-yield savings account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of savings and banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best high-yield savings accounts.

To determine which high-yield savings accounts offer the best return on your money, CNBC Select compared dozens of U.S. savings accounts offered by various financial institutions, including brick-and-mortar banks, online banks and large credit unions. Though most online banks don't have physical branches, they often offer higher APYs, lower fees and overall better benefits than national brick-and-mortar banks.

We narrowed down our ranking by only considering those savings accounts that offer an above-average interest rate, no monthly maintenance fees and low (or no) minimum balance/deposit requirements.

While the accounts we chose in this article consistently rank as having some of the highest APY rates, we also compared each savings account on a range of features, including ease of use and account accessibility, as well as factors such as insurance policies and customer reviews when available. We also considered users' deposit options and each account's compound frequency. We took into account CNBC Select audience data when available, such as general demographics and engagement with our content and tools.

All accounts included on this list are FDIC- or NCUA-insured up to $250,000. Note that the rates and fee structures for high-yield savings accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate per the Federal Reserve rate. Your earnings depend on any associated fees and the balance you have in your high-yield savings account. To open an account, most banks and institutions require a deposit of new money, meaning you can't transfer the money you already had in an account at that bank.

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Information about the Synchrony Bank High Yield Savings Account has been collected independently by CNBC Select and has not been reviewed or provided by the bank prior to publication.

*New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.