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Personal FinanceSavings accounts

The best high-yield savings accounts offer up to 5% APY on March 28, 2025

Glen Luke Flanagan
By
Glen Luke Flanagan
Glen Luke Flanagan
Staff Editor, Personal Finance Commerce
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Glen Luke Flanagan
By
Glen Luke Flanagan
Glen Luke Flanagan
Staff Editor, Personal Finance Commerce
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March 28, 2025, 7:01 AM ET
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High-yield savings accounts continue to offer strong rates of return for those seeking to maximize their savings potential. With many accounts currently featuring annual percentage yields (APYs) surpassing 4%, and a select few still hovering around the 5% mark, it’s a great time to make sure you have the best account for your financial needs.

The current economic environment is characterized by rising inflation rates and an ambiguous U.S. economic outlook. This scenario has likely prompted the Federal Reserve to halt its rate-cutting measures for now. While this development carries varied implications across different economic sectors, it suggests that average savings account APYs may remain relatively stable—at least until the next Federal Open Market Committee (FOMC) meeting in May.

Recognizing the importance of informed financial decision-making, Fortune has partnered with Curinos, a team of esteemed financial industry consultants. This collaboration aims to provide readers with a precise and up-to-date snapshot of the most competitive savings account rates available in the market on March 28, 2025, catering to those looking to enhance their savings strategy or embark on new financial endeavors.

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The best high-yield savings accounts on March 28, 2025: Earn up to 5% APY

Fortune reviews the top rates offered by leading U.S. financial institutions each day to help readers obtain the best possible return on their savings. The best high-yield savings account interest rate on March 28, 2025 of 5% can be found at Varo Money. Here are the best savings account rates available nationwide on March 28, 2025:

FDIC average national deposit rates: January 2020 to present

In March 2024, the national average savings rate was 0.47%. This rate quickly began to fall as the Federal Reserve started making cuts to the federal funds rate later in the year. Now, the national average savings rate sits at 0.41%.

Savings account news in 2025

Federal Reserve interest rate decisions are crucial in shaping savings account rates. When the Fed raises its benchmark rate, financial institutions typically follow suit by increasing the interest they offer on savings accounts to remain competitive. Conversely, when the Fed lowers rates, savings account yields generally decrease.

However, this relationship isn’t always direct. Banks may adjust their rates based on a variety of factors, including their own financial objectives, efforts to attract new customers, and broader market conditions.

Fed meetings take place roughly eight times annually, but there have been no rate changes since December 2024, when the central bank adjusted the federal funds rate to 4.25%-4.50%. The next FOMC meeting is scheduled for May 6-7, 2025.

High-yield savings accounts might be easier to find than you expect

You may have already taken a look at the accounts available from local banks and been unimpressed with the rates offered, or wondered why there are no specific products labeled “high-yield savings accounts.” That’s largely because the primary difference between high-yield and traditional savings accounts is simply the interest rate offered. Traditional accounts often feature physical branch access but with lower rates, while high-yield accounts are typically offered by online banks and boast higher rates but limited in-person services.

High-yield accounts typically provide rates that are 10 to 20 times higher than conventional accounts. For example, while the national average savings rate is 0.41%, many high-yield accounts offer rates above 4%.

In addition to substantially higher interest rates than traditional savings accounts, consider opening a high-yield savings account if you want to avoid minimum balance requirements or monthly fees. Oftentimes, the two go hand in hand. These accounts are ideal for emergency funds or short-term savings goals and are FDIC-insured, providing the same protection as traditional banks. Just remember that you’ll have to pay taxes on any interest you earn from the account.

Series on daily savings rates created by former Fortune editor Cassie Bottorff. This edition has been updated by Editor, Evergreen Content Glen Luke Flanagan. 

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About the Author
Glen Luke Flanagan
By Glen Luke FlanaganStaff Editor, Personal Finance Commerce
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Glen is a commerce editor on the Fortune personal finance team covering housing, mortgages, and credit. He’s been immersed in the world of personal finance since 2019, holding editor and writer roles at USA TODAY Blueprint, Forbes Advisor, and LendingTree before he joined Fortune. Glen loves getting a chance to dig into complicated topics and break them down into manageable pieces of information that folks can easily digest and use in their daily lives.

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