Savers can now get better returns on their money because interest rates have gone up. This is a great chance for people to grow their emergency funds or save for big purchases. If you're with a big national bank, you might not be getting the best rates. Think about switching to an online bank for higher rates.
Don't stick with a low-interest rate on your savings.
We did the research and found the best high-yield accounts for 2025. Ready for My Millennial Guide’s selections for the best savings account rates?
Rates are current as of the writing of this post.
The Full List Of Top Savings Account Options
We assess savings accounts by considering factors such as their annual percentage yield (the interest you earn), required minimum balances, branch accessibility, and the account's terms and conditions. Please note that we might receive compensation from some or all of the featured companies. Below are our top picks for the best high-yield savings accounts.
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- Earn up to 4.86% APY with no monthly fees or minimum balance requirements
- Get your money up to 2 days early
- FDIC Insured
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- Earn up to 4.35% APY on balances of $5,000 or more (no monthly fees)
- 24/7 online access to your account and funds
- FDIC Insured
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- Earn up to a $325 bonus and up to 3.80% APY on your money (no monthly fees)
- Get your paycheck up to two days early
- FDIC insurance up to $2 million
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Our Pick
- Earn up to 4.86% APY with no monthly fees or minimum balance requirements
- Get your money up to 2 days early
- FDIC Insured
- Earn up to 4.35% APY on balances of $5,000 or more (no monthly fees)
- 24/7 online access to your account and funds
- FDIC Insured
- Earn up to a $325 bonus and up to 3.80% APY on your money (no monthly fees)
- Get your paycheck up to two days early
- FDIC insurance up to $2 million
Axos ONE®: Best for High-Yield Savings
Axos Bank’s Axos ONE® is a standout option for those seeking a high-yield savings account combined with the convenience of modern digital banking. One of its key features is early direct deposit, which gives you access to your paycheck up to two days sooner. Additionally, Axos ONE® charges no monthly maintenance fees, so you can focus on growing your savings without extra costs.
The Axos mobile app makes managing your finances effortless. It allows you to deposit checks, set up account alerts, freeze your debit card if needed, and more. For frequent ATM users, Axos ONE® reimburses all domestic ATM fees, giving you unlimited access to your cash without worrying about additional charges.
When it comes to earning potential, the Axos ONE® Savings account offers an impressive APY of up to 4.86%*. To qualify for this rate, you’ll need to receive at least $1,500 in monthly direct deposits into your Axos ONE® Checking account and maintain an average daily balance of $1,500. Axos provides an easy, no-stress setup with no initial deposit required.
Axos ONE® also ensures your funds are secure. All deposit accounts are FDIC insured for up to $250,000 per depositor.
If you’re looking for a competitive high-yield savings account paired with flexible, fee-free checking, Axos ONE® is a top choice for maximizing your money.
Top Pick for Savings Account
Axos One® Savings And Checking Bundle
5.0
- Earn up to 4.86% APY on savings, and 0.51% APY on checking when you meet requirements.
- Get your money up to 2 days early. You’ve earned it, so start earning on it.
- No monthly maintenance, minimum balance, account opening, or overdraft fees.
- Access expanded FDIC Insurance for up to $265 million.
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CIT Bank
For customers seeking savings accounts and CDs that offer above-average yields along with an interest-bearing checking account at an online bank, CIT Bank is an excellent option.
CIT Bank provides various banking products and services to individuals and businesses, including savings accounts, some of the best CD rates, money market accounts, and loans. The bank is headquartered in Pasadena, California, and has branches in different states. It also offers online banking services, allowing customers to access their accounts and perform transactions digitally.
Here are two online savings accounts from CIT Bank to consider:
CIT Platinum Savings Account: Best for high balances
CIT Bank's Platinum Savings Account is a high-yield savings account with a 4.35% APY on balances of at least $5,000. Balances under $5,000 earn only 0.25% APY.
The account has no account opening or maintenance fees, and the minimum initial deposit is only $100. It also offers daily compounding interest, meaning interest is earned on both the principal and any interest accrued.
Other features of the Platinum Savings account include:
- Unlimited transfers and withdrawals each month
- FDIC insured deposits
- Remote deposit checks
- Transfers with the CIT Bank mobile app
To qualify for the highest APY, you'll need to maintain a minimum balance of $5,000. Balances under $5,000 earn only 0.25% APY.
Best for high balances
CIT Platinum Savings
4.8
Offers a competitive 4.35% APY on balances of $5,000 or more, with no monthly maintenance fees.
Elevate your savings with CIT Bank's Platinum Savings account, featuring an exceptional APY on balances of $5,000 or more—one of the highest rates available. Start with just $100 and enjoy the flexibility of unlimited transfers and withdrawals each month, all without any maintenance fees. Plus, with FDIC insurance and a convenient mobile app, your funds are both secure and easily manageable. Dive into smarter saving today!
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Savings Connect: Best for no fees
By rewarding those who actively add to their savings, the Savings Connect account helps people build their savings account balance while developing good saving habits.
Savings Connect is a tiered high-yield savings account that offers a 4.00% APY. It's FDIC-insured and doesn't have monthly fees or minimum balance requirements. Savings Connect offers a boost to your APY when you make a qualifying deposit into the linked interest-bearing eChecking account.
You’ll need $100 to open this account, but there are no account maintenance fees and you do almost all of your transactions through their app.
Best for no fees
CIT Savings Connect
5.0
Offers a 4.00% APY with no monthly fees, making it a simple and cost-effective way to grow your savings.
Savings Connect from CIT Bank is a great choice for people who want to save money. It has a high APY and you only need $100 to start and earn that rate. This makes it really good for anyone looking to grow their savings. Plus, there are no monthly fees with this account, so you won't have extra costs to worry about.
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SoFi Checking & Savings: Best for welcome bonus
SoFi is a digital bank that makes managing money easy and convenient. One of its best features is getting your paycheck up to two days faster, and you don't have to worry about overdraft fees. The SoFi mobile app is super handy. It lets you do a bunch of things like freezing your card if it's lost, getting alerts about your account, depositing checks with your phone, and changing your PIN.
When it comes to safety, SoFi's got you covered. Both checking and savings accounts are insured for up to $2 million. This is done through SoFi and a group of other banks they work with. Also, finding an ATM is a breeze because SoFi is part of the Allpoint® Network, which has over 55,000 ATMs nationwide. Plus, there are lots of opportunities to earn cashback.
Starting an account with SoFi is stress-free. You don't need to put money in right away, and the interest rate is pretty impressive – up to 3.80% APY. To get the best savings rate, you should either set up a direct deposit or add at least $5,000 every 30 days. Overall, SoFi seems like a great choice if you're looking for an online bank that offers both ease and extra perks.
Best for welcome bonus
SoFi Checking & Savings
4.5
Offers up to 3.80% APY, no fees, and a $325 bonus with direct deposit—perfect for boosting your savings!
SoFi Checking and Savings offers a high-yield savings account with an APY of up to 4.00% on savings balances for customers who set up direct deposit or deposit at least $5,000 each month. This account has no monthly maintenance fees and provides additional benefits like early paycheck access and no-fee overdraft coverage. It's an excellent choice for those seeking to maximize their savings with competitive interest rates and convenient features.
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Quontic Bank: Best for ease of use
Quontic Bank is a digital bank that offers online and mobile banking. It was founded in 2009, and offers a range of deposit accounts, mortgages, and savings accounts. It also has a fee-free ATM network with 90,000 ATMs across the country.
Quontic Bank's High Yield Savings account has an APY of 3.85%, which is more than 10 times the national average. Interest is compounded daily and credited monthly. There is no monthly fee and a low minimum opening requirement of $100.
Quontic's High Yield Savings account has the following features:
- No balance requirements or tiers
- Access to over 90,000 free ATMs with an ATM card
- Interest earned every day that the account balance equals or exceeds the minimum daily balance requirement
Quontic's High Yield Savings account has a $10 excess transaction fee for every transaction over six for pre-authorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card or similar transactions per account statement cycle.
Quontic's High Yield Savings account is a solid savings account with a high rate and no monthly service fee.
Best for ease of use
Quontic High Yield Savings
4.6
Offers a 3.85% APY, no monthly fees, and a user-friendly online platform for easy account management.
Quontic Bank's High Yield Savings account offers a high APY with no monthly fees, and interest is compounded daily and credited monthly. Features include remote check deposit, bill pay, account transfers, money transfers, and receipt tracking to make managing finances easy. Quontic offers a range of deposit accounts, mortgages, and savings accounts. It also has a fee-free ATM network with 90,000 ATMs across the country.
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Live Oak Savings: Best for no balance requirement
Live Oak Bank, headquartered in Wilmington, North Carolina, is a digital bank serving customers across all 50 states. As a subsidiary of Live Oak Bancshares, Inc., it specializes in deposit accounts, loans, and business banking, catering primarily to small business owners.
Their personal savings accounts, accessible through both an online platform and a mobile app, offer a competitive 4.20% APY.
Even though the APY is a bit lower than the previous banks, this savings account offers unlimited monthly withdrawals so your money is always easy to access.
Other key features include no monthly maintenance fees, no minimum deposit requirements, and FDIC-insured. You can open an account in minutes online and access your account online or through the bank's mobile app.
Best for no balance requirement
Live Oak Bank Personal Savings
4.5
Offers a competitive 4.20% APY with no monthly maintenance fees, minimum balances, and a $300 cash bonus!
Live Oak Bank's personal savings accounts have a 4.20% APY and no monthly maintenance fees. They also don't have a minimum deposit requirement and don't limit the amount of withdrawals you can make per month. Live Oak Bank is a digital bank that serves in all 50 states.
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Is Having a Savings Account Worth It?
Having a savings account can be worth it depending on your financial goals and circumstances. Here are some factors to consider:
High-Yield Savings Rates
The average interest rate for savings accounts in the U.S. is about 0.58%, as found in a Bankrate survey. Some accounts, like money market or cash management accounts, offer higher rates. But, they require you to keep more money in them and often have higher fees.
To find the best rates for savings accounts, you should look at what different banks offer, especially for online accounts. Savings accounts like the Platinum Savings Account currently have really good rates, around 4.35% APY, which is one of the highest out there.
CIT Platinum Savings
4.8
Offers a competitive 4.35% APY on balances of $5,000 or more, with no monthly maintenance fees.
Elevate your savings with CIT Bank's Platinum Savings account, featuring an exceptional APY on balances of $5,000 or more—one of the highest rates available. Start with just $100 and enjoy the flexibility of unlimited transfers and withdrawals each month, all without any maintenance fees. Plus, with FDIC insurance and a convenient mobile app, your funds are both secure and easily manageable. Dive into smarter saving today!
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Remember, you won't become rich just by having a savings account, but it's still good to have your money earn the best interest it can.
Here are some more factors to consider:
- Safety: Money in a savings account is usually safe because the FDIC guarantees it (usually up to $250,000 per depositor, per bank). This means you won't lose your money even if the bank has problems.
- Easy to Get Your Money: You can quickly get to your money in a savings account, which is great for emergencies or money you'll need soon.
- Helps You Save: Having a separate account for savings can help you manage your money better and save for things you want or need later.
- Low Risk: Keeping your money in a savings account is very safe compared to investing in things like the stock market.
- Low or No Fees: Many savings accounts don't charge monthly fees, especially if you keep a certain amount of money in them.
- Automatic Saving: Some banks let you set up a plan to automatically move money from your checking account to your savings, making saving easier.
However, there are some downsides to savings accounts:
- Low Interest Rates: The interest you earn on a savings account is often less than inflation (the rate at which prices go up), so over time, your money might buy less.
- Better Options for Long-Term Saving: If you're saving for the future, other options like stocks or mutual funds might grow your money more, though they're riskier.
- Fees and Minimums: Some savings accounts have monthly fees or require you to keep a certain amount of money in them, which might not work for everyone.
- Inflation Risk: Your money in a savings account might lose some of its buying power over time because of inflation.
In summary, whether a savings account is worth it depends on your financial needs and goals. If you're looking for a safe, easily accessible place to store funds for short-term needs or emergencies, a savings account is a good choice.
For long-term savings, especially if you're aiming for higher returns and can tolerate more risk, you might consider other investment options.
Ready to Open a Savings Account?
It is not just the convenience of opening an online savings account. A growing number of banks offer free online banking tools that help people learn how to save money.
Below is a recap best online savings accounts for 2025.
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- Earn up to 4.86% APY with no monthly fees or minimum balance requirements
- Get your money up to 2 days early
- FDIC Insured
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- Earn up to 4.35% APY on balances of $5,000 or more (no monthly fees)
- 24/7 online access to your account and funds
- FDIC Insured
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- Earn up to a $325 bonus and up to 3.80% APY on your money (no monthly fees)
- Get your paycheck up to two days early
- FDIC insurance up to $2 million
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Our Pick
- Earn up to 4.86% APY with no monthly fees or minimum balance requirements
- Get your money up to 2 days early
- FDIC Insured
- Earn up to 4.35% APY on balances of $5,000 or more (no monthly fees)
- 24/7 online access to your account and funds
- FDIC Insured
- Earn up to a $325 bonus and up to 3.80% APY on your money (no monthly fees)
- Get your paycheck up to two days early
- FDIC insurance up to $2 million
