Best High-Yield Savings Accounts of 2025

If you’ve never heard of Varo you might just be sleeping on this digital bank. While they offer many financial services from checking accounts, to cash advances and secured credit cards, their savings account really stands out.

The Varo Savings Account offers several perks, including one of the highest APYs we've seen, no fees or balance requirements, and automated savings tools. The savings rates are particularly attractive, starting at 3% APY. That’s pretty good but you can also earn 5% APY on up to $5,000 by meeting a couple of simple requirements.

1. You’ll need to set up direct deposits totalling $1,000 or more.

2. Make sure you have a positive balance in your accounts at the end of the month.

Sure there’s a couple extra steps to get that higher savings rate, but Varo could be a great place to stash your emergency savings or even a home down payment. It’ll be safe, sound and growing in no time.

One potential downside is that you’ll need to open a Varo Bank account first before you can get access to their savings account.

Depositing and withdrawing funds can be done through the Varo Bank app, from another bank’s site, with their mobile check deposit feature or digital wallets like PayPal and Venmo. This digital bank has no physical locations, but if you need to deposit cash, you can do so at Allpoint locations like Target and CVS. If you want to take money out, you’ll need to transfer money to your checking account or another institution first before you can withdraw it from an ATM or bank branch.

Like a traditional bank, Varo provides FDIC insurance to protect your funds, up to $250,000 per depositor, per institution.

The Capital One 360 Performance Savings Account is a great choice for those who want a free savings account with strong rates. Who isn’t looking for that?

With a competitive interest rate of 3.50% APY, there’s no minimum amount required to open this account, and you’ll pay no fees, which means you’ll keep all the money you earn.

You can also set up multiple savings accounts with different financial goals in mind. The same high savings rate applies to all of them, no matter how big or small.

Users really love Capital One’s app, which boasts high ratings from millions of iOS and Android users. It offers a simple process to transfer money between accounts and banks, set up automatic transfers and deposit checks.

It takes about five minutes to set up an account online, but you can also do it in person at a bank branch or Capital One Cafe. In fact, Capital One has hundreds of branches, which is rare for online institutions, many of which don't offer any branches at all.

Vio Bank is a great option for those who want a high interest rate, with no frills or fees. The digital bank’s Cornerstone Money Market Account offers a highly competitive interest rate of 4.77% APY.

This money market account is more like your traditional savings account, in that it doesn’t offer checks or debit cards. You do, however, have a pretty solid interest rate, with no monthly fees eating away at your earnings.

One downside is that you’re limited to six withdrawals per month. After that, you’re looking at $10 for each withdrawal. The fee is steep, but if you’ve been struggling to save, this just might be the incentive you need.

Plus, you can deposit up to $25,000 per day via online transfer and $100,000 per day in checks using the app. They are FDIC insured, so your deposits are protected up to $250,000.

Vio Bank doesn't have an ATM or branch network, but internal transfers between your Vio accounts are instant. Yet, you may wait up to five business days for external transfers to be deposited.

While there are no live chat options, customer service is available via phone, seven days a week.

CIT Bank offers high-yield savings options with competitive interest rates and no monthly fees, but no free ATM network. The Platinum Savings account has an impressive APY of 4.75% for balances of at least $5,000. The bank has an easy-to-navigate website and highly rated banking apps, but no physical branches or live chat support.

SoFi offers a combination checking and savings account that provides high interest on your savings with no monthly fees. They also offer a solid free overdraft coverage program for qualifying customers. Although SoFi does not have physical branches, it has a strong remote customer service system that includes extended business hours seven days a week for customer service phone calls, a robust Twitter account to handle customer questions and complaints, a virtual assistant chat feature for logged-in customers, and a website with a large FAQ section. Additionally, the account offers strong mobile app options with high customer ratings in both the Google Play Store and the Apple App Store.

SoFi’s Checking and Savings account is a combined account but if you set up direct deposit, your money earns different APYs depending on where within the account you keep it. Your checking balance will earn 1.20% APY and your savings balance will earn 4.20% APY. SoFi is part of the Allpoint ATM network, so customers can access more than 55,000 nationwide ATMs for free to withdraw cash. However, if customers want to deposit cash, then they'll need to visit a Green Dot retail location and Green Dot charges a fee of up to $4.95 per deposit. SoFi doesn’t charge overdraft fees and customers who have direct deposits of $1,000 or more per month qualify to opt in to overdraft protection coverage services.

Marcus by Goldman Sachs offers a high savings rate of 3.90%, much higher than the national average of 0.39%. Account opening requires no minimum deposit or monthly fees, but no checking accounts or mobile check deposits are available. Transferring money is possible through external bank accounts, wire transfers, or check requests, but cash withdrawals are not permitted through ATMs. The Marcus mobile apps for iOS and Android allow for balance checks and transfers, and customer support is available through FAQs, live chat, and a 24/7 phone line. Depositing money can be done through direct deposits, transfers, or wire transfers, but checks must be mailed in.

Barclays is a UK-based bank that offers online-only banking in the US. They serve 48 million people worldwide, and their US online banking operation has solid annual percentage yields for savings accounts and certificates of deposit with no minimum balance requirements. While they don't offer checking accounts or in-person assistance, they have low fees and strong rates with no monthly fees or minimum balance requirements. Barclays offers online and telephone help, and customer service is available every day from 8 a.m. to 8 p.m. Eastern time, and you can also get help through Twitter.

Citibank has a large ATM network and offers a wide range of banking products, as well as in-person banking at one of its many physical locations across the United States and around the world. While Citi Savings offers comparatively low rates, it's still a good option for keeping your money safe and accessible. You can contact the bank 24/7 through various channels and the bank's apps have high user ratings. Additionally, the bank has a large number of fee-free ATMs, more than the three largest national banks combined. If you travel abroad, you can access service at thousands of overseas branches.

The Synchrony Bank High Yield Savings account is an excellent choice for those seeking a wallet-friendly savings account with high yield and minimal fees. The account offers a high APY, with no minimum deposit or balance requirements, and no maintenance fees. Additionally, customers receive an ATM card with monthly out-of-network ATM fee reimbursements and mobile tools. With several deposit and withdrawal options, this account packs in many perks for those who prioritize convenience and cost-effectiveness. Plus, the account is FDIC-insured for added peace of mind.

PenFed is the second-largest credit union in the US and has an open charter, which means anyone can join. They offer two savings accounts: PenFed Credit Union Regular Savings and the PenFed Credit Union Premium Online Savings. The Regular Savings account offers a low APY of 0.05%, while the Premium Online Savings account offers a higher APY of 2.70%. Both accounts have no minimum balance requirements or monthly fees.

PenFed’s distinguishing features include low minimum deposits to open savings and checking accounts, a full-service credit union with a wide array of products and services, higher interest rates for savings accounts than other brick-and-mortar financial institutions, and a network of 85,000+ fee-free ATMs. Their mobile app allows members to handle virtually all of their banking tasks from their smartphone, and PenFed members have access to 85,000+ fee-free ATMs through the Allpoint and CO-OP ATM network.

The American Express High Yield Savings account is a great choice if you want to earn a high interest rate without having to pay any monthly maintenance fees. One of the main benefits of this account is that you can make up to nine withdrawals or transfers from your savings account every month without paying a fee. American Express High Yield Savings accounts do not provide ATM access, checks, or debit cards. Therefore, to access your funds, you will need to use their mobile app or website and connect to another bank account. There are no physical branches, but you can contact customer support over the phone 24/7. Plus, the bank is FDIC insured, which means that your deposits are protected up to $250,000.