Best High-Yield Savings Accounts Of August 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? 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 there are 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 a $300 bonus: 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 there are no account or overdraft fees*, up to $2 million of additional FDIC insurance and two-day early paychecks.

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Who’s this for? The 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? 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? The Axos ONE Savings and Checking is great if you want to keep all your banking in one place while earning interest on both your savings and your checking — a rare perk. You’ll get the best rates if you meet the requirements, either by maintaining at least a $1,500 daily balance and receiving $1,500 in monthly direct deposits, or by keeping a $5,000 daily balance and receiving $5,000 in monthly external transfers or checks.

Standout benefits: This account charges no monthly maintenance fees, no minimum balance fees, no minimum opening deposit and no overdraft fees. Customers also have access to over 95,000 fee-free ATMs nationwide for convenient cash withdrawals.

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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 EverBank Performance Savings offers competitive interest without requiring a minimum balance, which makes it accessible for all savers looking to grow their money.

• Minimum balance: No minimum balance required to open an account or to earn interest
• Fees: No monthly maintenance fees
• Maximum transactions: Up to 20 external transfers per day, subject to a maximum of 10 transfers that pull deposit funds from a linked external account into your accounts at EverBank and a maximum of 10 transfers that send deposit funds from your accounts at EverBank to a linked external account, and up to 50 total external transfers per month

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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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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 higher APY
• Fees: Zero monthly maintenance fees
• Maximum transactions: Unlimited transactions

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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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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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The Axos ONE Savings and Checking lets you earn interest on both the savings and the Axos ONE Checking, making it a convenient all-in-one banking solution. It also offers competitive rates when certain balance and deposit requirements are met.

• Minimum balance: No minimum balance required to open; higher APY available with either a $1,500 daily balance and $1,500 in monthly direct deposits, or a $5,000 daily balance and $5,000 in monthly external transfers or checks
• Fees: No monthly maintenance fees, no minimum balance fees and no overdraft fees
• Maximum transactions: None

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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.

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 list 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 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.*SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members 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 Eligible 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. 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. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit. *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/. *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. *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 and enroll in SoFi Plus by 9/3/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.