The best high-yield savings accounts in May 2025 offer annual percentage yields (APYs) significantly higher than the national average of 0.41%. Some of the top options include:
- Varo Bank and Fitness Bank : Both offer the highest APY at 5.00% with no minimum balance requirements
- Axos Bank : Offers 4.66% APY with a $1,500 minimum balance
- Bask Bank : Provides 4.65% APY with no minimum deposit and no monthly fees
- CIT Bank - Platinum Savings : Offers 4.70% APY but requires a $5,000 minimum balance
- Openbank and My Banking Direct : Both offer 4.40% APY with relatively low minimum balances
- Synchrony Bank : Offers around 4.00%-4.30% APY with no minimum balance and optional ATM access
When choosing the best account, consider not only the APY but also factors like minimum balance requirements, monthly fees, and whether the institution offers other banking services you might need (e.g., checking accounts)
. In summary, for the highest yield with no or low minimums, Varo Bank and Fitness Bank at 5.00% APY are currently the best. Axos Bank and Bask Bank also offer very competitive rates above 4.6% APY
. Key recommendations:
Bank/Institution| APY| Minimum Balance| Monthly Fees| Notes
---|---|---|---|---
Varo Bank| 5.00%| $0| $0| Highest APY, no minimum
Fitness Bank| 5.00%| $0| $0| Highest APY, no minimum
Axos Bank| 4.66%| $1,500| $0| Competitive rate
Bask Bank| 4.65%| $0| $0| No minimum, no fees
CIT Bank - Platinum| 4.70%| $5,000| $0| Higher minimum balance
Openbank| 4.40%| $500| $0| Solid rate, moderate minimum
Synchrony Bank| 4.30%| $0| $0| Optional ATM access
Choosing the best account depends on your balance and banking preferences, but these options lead the market in yield as of May 2025
