Interest rates on the best high-yield savings accounts (HYSAs) have been holding steady. But as we draw nearer to expected federal funds rate cuts, the window to earn a top-tier return on your cash might be closing.

HYSAs are still offering APYs of up to 5.00% today. Locking in a strong yield now could help you stay ahead of inflation and market uncertainty.

We keep tabs on savings rates from dozens of banks and credit unions every day to bring you the top options. Below are the best offers to close out the month of April.

Bank Account

APY

Minimum Account Balance

Varo Savings

up to 5.00%

Max APY on up to $5,000, 2.50% APY after

Axos ONE®

up to 4.66%

$1,500

Pibank Savings

4.60%

$0

Peak Bank Envision High Yield Savings

up to 4.54%

$100 to open, 2.02% APY on balances of $10,000,000 and above

Presidential Bank Advantage Savings

up to 4.50%

$5,000 to open. Must maintain an Advantage Checking Account to be eligible for top APY.

Data source: Issuing banks. Rates are accurate as of April 29, 2025.

Why we chose these high-yield savings accounts

  • Attractive returns. Enjoy some of the top APYs available to boost your savings quickly.
  • Easy start. Some accounts require little or no deposit to open and begin earning interest.
  • Digital convenience. Open and manage these accounts fully online from your phone or computer.
  • Nationwide access. No need to join a credit union or meet membership requirements.

If you’re not earning more than 4.00% APY on your savings, it might be time to switch. Rates have been mostly flat since the end of 2024, but several online banks are leading the pack without requiring huge balances. We like Barclays Tiered Savings account because it pays 4.10% with no account minimums. Pro tip: Be careful with teaser rates that drop after a few months. Always check the fine print. Click here to open a Barclays Tiered Savings account today.

Should you open a high-yield savings account?

Got extra cash sitting in an account earning next to nothing? It’s a great time to boost your earnings. Right now, high-yield savings accounts continue to offer competitive rates.

Opening a high-yield savings account could make sense if:

  • You want to earn more interest without locking up your money
  • You value safety — most accounts are FDIC insured
  • You prefer flexibility over committing to a fixed term

HYSAs allow you to earn a competitive return while keeping your money accessible. That makes them a great choice for emergency funds, upcoming expenses, or savings goals you want to reach in the next year or two. Click here to compare the best high-yield savings accounts and open one today.

How to open a high-yield savings account

Getting started with a high-yield savings account is easy and usually takes just a few minutes. Follow these simple steps:

  1. Compare accounts. Look for the best APY, but also consider fees, ease of access, and minimum balance rules.
  2. Apply online. Most accounts can be opened from your phone or computer — no paperwork required.
  3. Fund your account. Link an existing checking or savings account and transfer your money.
  4. Set up recurring deposits (optional). Some accounts offer higher APYs when you make regular monthly contributions.
  5. Track your balance and earnings. Interest usually compounds daily and is paid monthly, helping your savings grow faster over time.

Fed up with monthly deposit requirements?

Some high-yield savings accounts give you great rates without any catches. You don’t need to make regular deposits, keep a minimum balance, or worry about monthly fees. If you want something easy, check out the Discover® Online Savings account. It offers a 3.60% APY, and you don’t need a minimum deposit to open the account.

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