Top savings account interest rates - August 8, 2025
In the ever-changing world of finance, keeping your savings account competitive is crucial. As of early August 2025, the best high-yield savings accounts offer Annual Percentage Yields (APYs) up to 5.00%, with Varo Money leading the pack at this rate.
Varo Money's high-yield savings account stands out for its attractive features: no fees, no minimum balance, and no hassle. Other top contenders include Axos ONE Checking & Savings, SoFi Checking and Savings, and Credit Karma Money Save, offering APYs up to 4.46%, 3.80%, and 3.10% respectively.
These high-yield savings accounts are a breath of fresh air compared to the national average savings rate, which hovers around 0.38% as of mid-2025. Online banks tend to provide higher average savings rates due to lower overhead and competitive pressure, with an average of around 2.94% for online banks compared to 0.44% for traditional banks nationally.
The table below lists today's top rates for high-yield savings accounts:
| Institution / Account | APY (Annual Percentage Yield) | Minimum Opening Deposit | Fees & Account Features | |----------------------------|------------------------------|--------------------------------|------------------------------------------------| | Varo Money | 5.00% | Typically $0 | No fees, no minimum balance | | Axos ONE Checking & Savings| Up to 4.46% | No minimum balance | No maintenance fees | | SoFi Checking and Savings | Up to 3.80% | No minimum deposit | No account or monthly fees | | Credit Karma Money Save | 3.10% | No minimum deposit | No fees or deposit requirements |
It's important to note that APYs, minimum opening deposits, and our website's savings account scores may change. To ensure continued competitiveness, it's a good idea to spend time periodically comparing your APY with that offered from other banks.
APYs are subject to change based on Federal Reserve interest rate changes. As of 2025, the Fed has held its benchmark federal fund rate at a range of 4.25-4.5 percent. A variable APY is a yield that can change at any time due to banks' need for more deposits or federal funds rate fluctuations.
Our website researches over 100 banks and credit unions to find the best high-yield savings accounts. If you're interested in opening a high-yield savings account, choose a bank or credit union, fill out the application, provide the required information, and fund the account.
When considering a high-yield savings account, it's essential to look beyond the APY. Factors such as fees, minimum deposit requirements, access to funds, and more play a crucial role in choosing the best banking product. Our methodology for choosing the best banking products involves rating institutions on these factors and more.
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[1] Fortune, Aug 5 & 7, 2025: [Link to Article] [2] The Penny Hoarder, Aug 1, 2025: [Link to Article] [3] Fortune, Aug 7, 2025: [Link to Article] [4] The Penny Hoarder, Aug 1, 2025: [Link to Article]
To maximize your personal-finance goals, periodically compare the APYs of your savings account with high-yield savings accounts, such as those offered by Varo Money, Axos ONE Checking & Savings, SoFi Checking and Savings, and Credit Karma Money Save. These savings accounts offer competitive APYs, with Varo Money standing out with an APY of 5.00%.
When selecting a high-yield savings account, it's crucial to consider factors beyond just the APY, including fees, minimum deposit requirements, access to funds, and more. Researching over 100 banks and credit unions can help you find the best high-yield savings accounts for your personal-finance needs.
