High-yield savings accounts are still must-have for savvy savers, as they offer annual percentage yields (APYs) that far surpass the average. Right now, a few of the best savings accounts offer rates above 4%, with a handful still at the coveted 5% mark.
Recent economic indicators point to hotter inflation and an uncertain U.S. economic outlook. As a result, the Federal Reserve might be done with rate cuts for the time being. While this isn’t the best news for some parts of the economy, it suggests that savings account APYs could remain where they are for the foreseeable future.
To help savers maximize their returns, Fortune has joined forces with the banking industry experts at Curinos to bring you a comprehensive overview of the highest savings account rates currently available nationwide.
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The best high-yield savings accounts on July 3, 2025: Earn up to 5.00% APY
Varo Money currently leads the pack with an impressive 5.00% rate on its high-yield savings account, setting the bar for the industry. Fortune continuously monitors the top rates offered by leading U.S. financial institutions. Check out the top savings account rates on July 3, 2025:
FDIC average national deposit rates: January 2020 to present
Right now, the national average savings rate hovers at 0.38%, marking a noticeable decrease from the 0.47% rate recorded in March 2024. This downward trend correlated closely with the Federal Reserve’s rate reductions toward the end of 2024.
Savings account news in 2025
The Federal Reserve’s interest rate decisions have a major impact on savings accounts. When the Fed increases its benchmark rate, banks typically respond by raising the interest offered on savings accounts to maintain competitiveness. Conversely, when the Fed lowers rates, savings account yields tend to decrease.
However, this relationship isn’t always so straightforward. While changes frequently follow in the wake of Fed meetings, which are held approximately eight times per year, some banks adjust rates more often depending on their competitive positioning or in response to unexpected market developments.
It’s anticipated that savings account rates will remain stable in the coming months. The Fed last cut rates in December 2024, but the outlook on inflation is uncertain these days. The next FOMC meeting will be held on July 29-30, 2025.
Here’s what you get with a high-yield savings account
High-yield savings accounts typically provide rates that are 10 to 20 times higher than their traditional counterparts. For instance, while the national average savings rate stands at 0.38%, many high-yield accounts offer rates exceeding 4%.
Traditional accounts often provide physical branch access but with lower rates, while high-yield accounts are typically offered by online banks and feature higher rates but limited in-person services.
Consider opening a high-yield savings account for these benefits:
- Significantly higher interest rates compared to traditional savings accounts
- Often free from minimum balance requirements or monthly fees
- Ideal for emergency funds or short-term savings goals
- FDIC-insured, providing the same protection as traditional banks
When looking for a new savings account, interest rates aren’t the only factor to consider. Make sure you also avoid accounts with monthly maintenance fees, and look into how hard it will be to access your funds. You want to ensure you can easily make withdrawals or transfers when necessary—preferably without any pesky foreign ATM fees.
Frequently asked questions
How often do APYs on high-yield savings accounts change?
High-yield savings account rates don’t change on a predictable timetable. Your bank or credit union may alter the rate at any time, though APY adjustments often coincide with changes in the Fed’s decisions on whether to raise or cut the federal funds rate.
Should I switch banks if I find a savings account with a higher rate?
Moving your money for a better rate can make sense, but weigh the effort against the potential benefit. Check if the new account has minimum balance rules and calculate how much more you’d actually earn before deciding.
How easy is it to withdraw money from a HYSA?
Withdrawing money from a HYSA is usually pretty hassle free, thanks to digital banking. Assuming your institution lets you link external accounts online, you can likely initiate a withdrawal with just a few clicks. But make sure you’re aware of monthly withdrawal limits—many banks still cap withdrawals at six per statement cycle even though it’s no longer a federal restriction.
Should I choose an online-only bank for my HYSA?
If maximizing your APY is your priority, online-only banks are a solid choice, as their reduced operating expenses may translate to better rates for savers.
Can I lose money in a high-yield savings account?
As long as your account is with an FDIC- or NCUA-insured institution, your funds are safe from loss up to the insurance limit. Of course, there’s still the possibility that your account’s APY might not keep pace with inflation, which could diminish your savings’ value over time.
Series on daily savings rates created by former Fortune editor Cassie Bottorff. This edition has been updated by Editor, Evergreen Content Glen Luke Flanagan.