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Key takeaways
- The best high-yield savings account rate today is 4.35% APY.
- The highest rates are more than seven times greater than the national average savings account rate.
- The Federal Reserve has held its benchmark rate steady so far in 2025. As a result, high-yield savings account APYs remain elevated.
Today’s best high-yield savings accounts are earning up to 4.35 percent annual percentage yield (APY), which is currently offered by Peak Bank. The benefits of these accounts are easy access to your funds while earning yields that are well above the national average for savings accounts.
Savings account rates are variable, meaning the bank can change them at any time. As such, be sure to know what your account is earning and how that stacks up to offerings from other banks and credit unions. Below you’ll find a table that lists today’s top high-yield savings accounts rates.
Best high-yield savings accounts rates today
The latest news from the Federal Reserve
Competitive banks often respond to Federal Reserve interest rate changes by increasing their APYs when the Fed hikes rates, and they may decrease APYs when the Fed cuts rates. So far, the Fed has held its benchmark federal fund rate at a range of 4.25-4.5 percent in 2025; as a result, you may see continued stability in deposit account APYs, at least until the next Fed meeting in September.
Why should you choose a high-yield savings account?
A federally insured high-yield savings account can help you grow your money more quickly than a traditional savings account as you save for an emergency, a vacation, a new car or other short term goals. Reasons to choose a high-yield savings account include:
“High-yield savings accounts are a great place to keep cash that needs to stay on the sidelines, like your emergency fund or money for short-term goals. If your cash is just sitting, it might as well be earning something.”
-Jamie Bosse, CFP with CGN Advisors
Terms to know
Annual percentage yield (APY): A percentage that indicates how much interest a savings account earns in one year, which takes into account the effect of compounding.
Excessive transaction fee: Savings account holders are often limited to six withdrawals per month, with any additional ones triggering an excessive transaction fee.
Minimum deposit: Some banks require a set minimum opening deposit for new accounts. Similarly, some require you to maintain at least a certain balance to avoid monthly maintenance fees. It can pay to find a bank with no minimum deposit requirements.
Variable APY: A variable APY is a yield that can fluctuate at any time. Banks may change their APYs due to the need for more deposits or when the federal funds rate fluctuates. Most high-yield savings accounts offer a variable APY.
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