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10 best high-yield savings accounts for November 2025: Earn up to 4.5% APY
If you want your savings balance to grow faster, consider putting your money in a high-yield savings account (HYSA). Our team compared today's high-yield savings accounts offered by federally insured financial institutions and identified the 10 best based on interest rate, fees, account features, customer service, and more (see our methodology here). Find out which banks have the best high-yield savings accounts today.
Interest rates, fees, and requirements are accurate as of the publish date. Please verify account details directly with the financial institution.
SoFi
Account details:
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APY: Up to 4.5%
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Minimum opening deposit: $0
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Monthly fee: $0
SoFi’s online bank account — a combination checking and high-yield savings account — made our list for its competitive APY, lack of fees, and bundled approach to saving and spending.
It currently offers up to 3.8% APY on savings balances and 0.5% APY on checking account balances. However, for a limited time, new customers can earn a boost on their savings rate (up to 4.5% APY) by meeting certain requirements.
There are no monthly maintenance fees, minimum balance requirements, or minimum deposit requirements to open an account.
The online bank account from SoFi comes with several additional perks, such as purchase round-ups that are deposited into your savings account and multiple savings vaults to help you stay organized and save for different goals. Right now, new customers can also earn up to a $300 bonus when they meet certain requirements.
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 Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit.
If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible 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 with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. 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.
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Barclays Online Savings Account
Account details:
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APY: 3.7%
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Minimum opening deposit: $0
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Monthly fee: $0
The Barclays Online Savings Account offers 3.7% APY with no monthly maintenance fees and no minimum balance required to open. Barclays also offers a free savings assistant tool to help customers figure out how much they need to save each month to reach their goals.
Read our full review of Barclays Bank
Bask Interest Savings Account
Account details:
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APY: 4.05%
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Minimum opening deposit: $0
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Monthly fee: $0
At 4.05% APY, the Interest Savings Account from Bask Bank pays more than 10 times the national average. With no minimum opening deposit or monthly fees, this account could be a great option for savers who want to keep their banking costs low.
Bask operates as an online-only bank, meaning there are no physical branches. However, if you need assistance with your account, Bask Bank provides generous phone customer support hours, including Saturdays.
Read our full review of Bask Bank
Synchrony Bank Online High-Yield Savings Account
Account details:
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APY: 3.8%
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Minimum opening deposit: $0
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Monthly fee: $0
The Online High Yield Savings Account from Synchrony Bank offers a competitive 3.8% APY — which is nearly 10 times the national average for traditional savings accounts.
This account is free to open and doesn’t charge any monthly fees. Interest is compounded daily and credited monthly. Synchrony also offers an optional ATM card for savings account holders; the bank refunds customers up to $5 per statement cycle for any domestic ATM fees they have incurred.
Read our full review of Synchrony Bank
UFB Portfolio Savings Account
Account details:
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APY: 3.51%
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Minimum opening deposit: $0
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Monthly fee: $0
UFB Direct’s Portfolio Savings Account offers a competitive 3.51% APY, which applies to all balances. UFB customers also receive a complimentary ATM card for easy access to their funds and a host of digital tools to make banking easier, including mobile deposits and SMS banking.
This account also stands out due to UFB’s highly rated mobile app. Customers can use the app to check account balances, view transaction history, transfer funds between eligible accounts, and contact a customer service representative.
Read our full review of UFB Direct
Ally Savings Account
Account details:
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APY: 3.3%
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Minimum opening deposit: $0
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Monthly fee: $0
The Ally Bank Savings Account is a high-yield savings option with no minimum deposit required to open and zero monthly fees. At 3.3% APY, this account’s interest rate is more than eight times the national average.
Account holders can maximize their savings potential through round-ups, recurring transfers to their savings account, and surprise savings through tools that analyze your checking account spending and transfer “safe-to-save” money to your savings account.
Read our full review of Ally Bank
American Express High-Yield Savings Account
Account details:
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APY: 3.5%
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Minimum opening deposit: $0
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Monthly fee: $0
The American Express High-Yield Savings Account made our top 10 list thanks to its competitive 3.5% APY and lack of minimum opening deposit or minimum balance requirements. Interest on your account balance is compounded daily and deposited into your account on a monthly basis.
One drawback: This account does not provide account holders with an ATM card, debit card, or checks. In order to access your money, you’ll need to transfer your funds electronically. That’s why this account may be better for those who plan to keep their funds on deposit for the long-term and don’t anticipate needing immediate access.
Read our full review of American Express National Bank
EverBank Performance Savings Account
Account details:
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APY: 4.05%
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Minimum opening deposit: $0
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Monthly fee: $0
EverBank’s Performance Savings Account gives account holders the opportunity to earn 4.05% APY on their savings balance with no minimum opening deposit, minimum balance requirements, or monthly maintenance fee. Interest is also compounded daily.
Note that while EverBank does have extended customer service hours, the only way to reach a representative is by telephone — there is no live chat or email option.
Read our full review of EverBank
TAB Bank Save Account
Account details:
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APY: 3.8%
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Minimum opening deposit: $0
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Monthly fee: $0
The TAB Save account made our top 10 list thanks to its impressive 3.8% APY. This account is free to open and has no minimum opening deposit or monthly fee. Interest is compounded daily and credited to your account monthly.
Despite its high APY, TAB ranked lower on our list due to its average mobile app rating and lack of extra account perks or savings tools to help customers maximize their savings.
Read our full review of TAB Bank
Capital One 360 Performance Savings
Account details:
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APY: 3.4%
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Minimum opening deposit: $0
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Monthly fee: $0
The Capital One 360 Performance Savings account took the final spot on our list for its competitive interest rate, lack of fees, and highly rated mobile app. Account holders earn 3.4% APY regardless of their balance. However, unlike the other accounts on our list, interest compounds monthly rather than daily.
Capital One’s mobile app stood out in particular. Savers can use it to move money between linked Capital One accounts and external bank accounts, create multiple Performance Savings accounts for each of their financial goals, deposit checks with their mobile devices, and create savings plans.
Read our full review of Capital One
Understanding today's high-yield savings account rates
Because savings account rates fluctuate, what is considered a "good" rate can change over time.
Generally, a savings account that earns more than the national average is considered good. Today, the national average rate is just 0.4%, while the top high-yield savings accounts offer around 3% to 4% APY.
Over the past decade, savings account interest rates have experienced significant fluctuations. In the mid-2010s, rates were considerably low — below 1% — thanks to the Federal Reserve's efforts to stimulate economic growth following the 2008 financial crisis. As the economy recovered, the Fed incrementally increased the federal funds rate between 2015 and 2018, leading to a gradual rise in savings account rates. However, the onset of the COVID-19 pandemic in 2020 prompted a return to near-zero interest rates to support economic activity, resulting in a decline in savings yields.
However, this led to a period of rising inflation, so the Fed implemented several rate hikes, contributing to the current higher yields on savings accounts. Even so, rates are now back on a downward trend as the Fed began cutting its target rate again in late 2024.
Alternatives to high-yield savings accounts
An HYSA can be a smart place to store your savings, but it's not your only option. Review some of the alternatives you may want to consider:
High-yield savings account frequently asked questions (FAQs)
What is a high-yield savings account?
A high-yield savings account functions similarly to a traditional savings account. The main difference is that HYSAs offer much higher interest rates. In fact, some of the best HYSAs offer annual percentage yields (APYs) 10 times higher than the national average savings account rate.
Keep in mind that some banks may require you to maintain a minimum balance to earn interest or avoid a monthly service charge. However, there are plenty of accounts that offer the same rate regardless of your balance and do not charge monthly fees. When shopping around for an HYSA, it's important to compare multiple offers and select an account that fits your needs.
What are the benefits of opening an HYSA?
Opening a savings account is a smart financial move. For one, these accounts provide a safe place to store your money while earning interest, helping your savings grow over time. Plus, unlike keeping cash on hand or in a checking account, a savings account encourages financial discipline by separating money meant for future goals from everyday spending. And as long as you open an account with a reputable, federally insured bank or credit union, your deposits are protected in case the financial institution fails — up to $250,000 per depositor, per institution, per ownership category.
Learn more: 6 benefits of opening a savings account you shouldn't overlook
Are high-yield savings accounts still worth it?
High-yield savings accounts are one of the best places to keep extra cash, whether for your emergency fund or short-term savings. The best rates currently hover around 4% APY.
Learn more: Are high-yield savings accounts worth it?
Can savings account interest rates change?
Interest rates on savings accounts can change at any time. They're influenced by several factors, including the federal funds rate, general economic conditions, and individual bank policies.
Learn more: How do banks set their savings account interest rates?
Are high-yield savings accounts less favorable when interest rates are falling?
HYSAs generally remain a solid place to park cash, even when rates are going down. That’s because they typically have some of the highest rates compared to other types of deposit accounts. Still, it’s a good idea to compare HYSAs with alternatives, such as short-term CDs, money market accounts, or other low-risk investments.
Are high-yield savings accounts safe?
HYSAs are generally safe when you stick with a federally insured bank or credit union, since your deposits are protected in case the institution fails. To protect yourself, it’s important to check that the bank is covered by FDIC (or NCUA for credit unions), understand the terms and conditions (minimum balances, fees, withdrawal policies), and don’t assume the high rate will last forever.
Can you lose money in a high-yield savings account?
In most cases, you won't lose money in a high-yield savings account as long as the financial institution is insured by the FDIC or NCUA, which cover up to $250,000 per depositor, per institution, per ownership category. However, there are certain instances when your HYSA could lose money.
What are the pros and cons of high-yield savings accounts?
High-yield savings accounts have several advantages for savers. The most obvious benefit is that they pay much higher interest rates than traditional savings accounts, which means your money grows faster over time. Many HYSAs also have low or no minimum balance requirements and are typically insured by the FDIC or NCUA, giving you peace of mind that your money is protected up to federal limits. Because they’re usually offered by online banks, these accounts often come with fewer fees and convenient digital features, making them an attractive choice for people comfortable managing their finances online.
That said, HYSAs aren’t without drawbacks. Since they’re often provided by online-only institutions, they may lack physical branches, making cash deposits or in-person support more difficult. Interest rates are variable and can change frequently, so your earnings aren’t guaranteed over the long term. Some accounts also limit the number of withdrawals you can make each month, which can be inconvenient if you need quick access to your money. Finally, while the interest is better than traditional accounts, it may still lag behind returns from investments like stocks or bonds, meaning an HYSA is better suited for short-term savings rather than long-term wealth building.
Read more: Understanding the pros and cons of high-yield savings accounts
Do you pay taxes on high-yield savings account interest?
Yes, the interest earned in an HYSA is taxable income. You should receive a Form 1099-INT from your bank if you earn more than $10 in interest during the year, which you need to report on your tax return. However, even if you don't receive this form, you are responsible for reporting all interest income to the IRS.
Learn more: How to avoid taxes on savings account interest
Can a high-yield savings account replace your 401(k)?
High-yield savings accounts can offer attractive interest rates, but they’re not an adequate substitute for a 401(k) or other retirement plan. They lack several advantages that 401(k)s offer, including employer matches, tax deferral or tax-free growth, and returns that are high enough to reach major long-term goals.
Best high-yield savings account methodology
Our grading system, collected and carefully reviewed by our personal finance experts, comprised nearly 300 data points for approximately 30 federally insured savings accounts to develop our list of the top 10 high-yield savings accounts. We considered accounts with yields higher than the national average for traditional savings accounts.
We evaluated these accounts according to several key metrics, including annual percentage yield, minimum opening deposit, minimum balance requirement, monthly fees, compounding frequency, and more.
The accounts on our list could earn a maximum of 45 points across all metrics. Here’s a closer look at the categories we considered:
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Annual percentage yield (APY): Accounts with higher APYs were rewarded with more points than those with lower APYs. Note that rates on our list are current at the time of publishing but are subject to change at any time.
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Minimum balance to earn interest: Some banks and credit unions require a minimum balance to earn the advertised rate. We favored accounts that had no or low minimum balance requirements.
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Minimum opening deposit: Many high-yield savings accounts require a minimum deposit to open an account. High-yield savings accounts with no or low minimum deposit requirements were given preference in our rankings.
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Monthly fees: It’s not uncommon for high-yield accounts to charge a monthly maintenance or service fee. We rewarded accounts with no monthly fees.
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Compounding frequency: Compounding can happen daily, monthly, or even annually. We awarded more points to accounts that compound interest frequently.
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Account bonus: Accounts with a current bonus promotion earned extra points.
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Maximum bonus amount: We awarded more points to the accounts with higher welcome bonuses.
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Customer service contact methods: Our team awarded one point for every contact method available to customers (phone, email, chat).
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Mobile app rating: High-yield savings accounts at banks with a higher average mobile app rating on the Apple and Google storefronts scored more points than those with lower user ratings.
