- Last updated January 2025
Best Savings Accounts Of January 2025
Compare the top savings accounts on the market
✓ Highest yield savings accounts
✓ Low monthly fees & overdraft fees
✓ Access your accounts 24/7
Member FDIC
9.9
Discover®
Earn 5x the national average*
Earn 4.20% APY as of 01/15/2025
- 24/7 U.S.-based customer service
- Competitive high-yield interest rate
- FDIC insured & no monthly fees
100% US-based customer service available 24/7
Earn 5x the national average*
Earn 4.20% APY as of 01/15/2025
- 100% US-based customer service available 24/7
Member FDIC
9.5
SoFi Checking And Savings
Earn up to 4.50% APY as of 01/15/2025 with direct deposit
- Earn up to $300 with direct deposit, terms apply*
- No minimum balances
- No monthly service fees
- Earn up to $300 with direct deposit, terms apply*
Member FDIC
9.4
CIT Bank
Convenience and security without the fees
- Earn 4.85% APY as of 01/15/2025
- No monthly maintenance fees
- No minimum balances to open
Member FDIC
9.2
Barclays Tiered Savings
Earn Up To 4.80% APY as of 01/15/2025 with minimum balance requirements
- No monthly maintenance fees
- Direct deposit to make savings simple and easy
- Secure, 24/7 online access to funds
Member FDIC
9.1
Bask Bank®
Earn 4.85% APY as of 01/15/2025 with no monthly account fees
- Competitive 4.85% APY
- No monthly fees or account minimums
- FDIC insured up to $250,000
Member FDIC
8.9
Laurel Road
Earn 5.00% APY as of 01/15/2025 with no minimums
- $0 monthly account maintenance fees
- Deposits are FDIC insured up to $250,000
- No minimum balance to open
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Our Ratings:
The rating system for the best savings accounts consists of a combination of the following 3 components:
When seeking a high-yield savings account, the primary consideration is the interest rate. Look for accounts with high interest rates to maximize your earnings on deposited funds, as higher rates can significantly boost your savings over time.
It’s crucial to find accounts with low or no monthly maintenance fees and minimal transaction fees. Avoiding unnecessary charges ensures you retain more of your hard-earned savings and benefit fully from the high interest rates.
Many customers prefer high-yield savings accounts that offer additional features such as automated savings tools, financial planning resources, and integration with other financial products. These benefits can help you efficiently grow and manage your savings, ensuring you get the most out of your high-yield account.
Best Savings Account Of 2025
Member FDIC
9.9
Discover®
Earn 5x the national average*
Earn 4.20% APY as of 01/15/2025
- 24/7 U.S.-based customer service
- Competitive high-yield interest rate
- FDIC insured & no monthly fees
Why Should You Open A Savings Account?
A savings account is a great way to save for short-term goals or unexpected expenses. When you open a high-yield savings account, you can earn interest on your deposited funds. This interest can help you grow your savings more quickly than if you left your money in a checking account, which generally gives you much less interest.
Another benefit of a savings account is that it is FDIC-insured. This means that your deposited funds are protected up to $250,000 per depositor, per bank. So, if the bank where your account is held fails, your money will be refunded by the FDIC with no risk to you.
If you want a safe and easy way to grow your savings, then a savings account may be right for you.
Which Account Is Right For You?
Top 5 Benefits Of Savings Accounts
- Earn More Interest: A savings account is the best way to go when saving money. Not only do you earn more interest on your deposited funds, but you can also access your cash quickly and easily if needed. In addition, many high-yield savings accounts come with no minimum balance requirements, so you can start saving today without worrying about meeting any specific requirements.
- Avoid Market Fluctuations: Unlike other investments, such as stocks and bonds, savings accounts are not subject to market fluctuations. This means that your deposited funds are always 100% safe and sound, no matter what the economy is doing.
- Easy Access To Funds: One of the most essential things about savings accounts is that you can easily access your deposited funds. This is perfect for when you need cash fast, such as in an emergency.
- Low Minimum Account Opening: Unlike other investment accounts, savings accounts usually have very low minimum opening requirements. This makes them accessible to nearly everyone, regardless of how much money you must deposit.
- Makes Saving Easier: A high-yield savings account makes saving money easier. First, the interest you earn can help your deposited funds to grow over time. Additionally, many high-yield savings accounts have automatic savings features that make it easy to set aside money each month without thinking about it.
1. Discover® High Yield Online Savings Account
Member FDIC
Discover Online Savings offers a high-yield account with a competitive 4.20% APY as of 01/15/2025 and no monthly fees or minimum balance requirements. The account features daily compound interest, FDIC insurance up to $250,000, and 24/7 customer support. With no minimum opening deposit, free online and mobile banking, and easy fund transfers, Discover provides a straightforward digital savings experience. The account also offers overdraft protection when linked to a Discover checking account and allows up to six monthly free withdrawals. Explore Discover's attractive rates, fee-free structure, and user-friendly platform make it a strong contender in the online savings market.
Pros
- High APY rates (4.20%)
- No monthly fees & $0 minimum deposit
- 100% US-based customer service available 24/7
Cons
- No branch access; online only
- No ATM access
2. SoFi Checking and Savings
Member FDIC
SoFi Checking and Savings offers a high-yield combination account with competitive interest rates and minimal fees. Members can earn up to 4.50% APY as of 01/15/2025 on savings balances with qualifying direct deposits or monthly deposits of $5,000 or more. The account features no monthly fees, free overdraft coverage up to $50, and access to over 55,000 fee-free ATMs. With additional FDIC insurance up to $2 million available through a network of participating banks, early direct deposit, and integrated financial tools, SoFi provides a comprehensive digital banking experience. Explore SoFi's attractive rates, cash bonuses, and additional member benefits, making it a standout option in online banking.
Pros
- High APY with direct deposit*
- No account fees or minimum balance
- 55,000+ fee-free ATMs
Cons
- Lower APY on checking
- No physical locations
3. CIT Bank
Member FDIC
CIT Bank offers several high-yield savings options, with its Platinum Savings account featuring a competitive 4.85% APY as of 01/15/2025 on balances of $5,000 or more. The Savings Connect account provides a 4.50% APY as of 01/15/2025 with no minimum balance requirement for those with lower balances. Both accounts have no monthly fees and can be opened with a $100 minimum deposit. CIT Bank's online platform offers easy fund transfers, mobile check deposits, and 24/7 account access. With FDIC insurance up to $250,000 per depositor and a user-friendly mobile app, CIT Bank combines attractive rates with digital banking convenience. Explore CIT Bank's range of savings products designed to help maximize your savings potential in the online banking landscape.
Pros
- Monthly ATM fee reimbursements
- Tiered Platinum Savings APY
- No-penalty CD option
Cons
- $5,000 minimum opening deposit
- Online-only customer support
Disclosures
SoFi:
*SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
*Direct Deposit Promotion begins on 12/7/23 and will be available through 12/21/24. See full terms and disclosures at sofi.com/banking.
Bask Bank:
The annual percentage yield is effective as of January. Annual Percentage Yields (APY) and Interest Rates shown are offered on accounts accepted by Bask Bank and effective per the dates shown above, unless otherwise noted. Annual Percentage Yield is variable and subject to change at any time. No minimum balance requirement and no monthly account fees. Must fund within 15 business days of account opening.
Texas Capital Bank d/b/a Texas Capital is a member of FDIC. Bask Bank is a division of Texas Capital Bank. The sum of your total deposits with Bask Bank and Texas Capital Bank is insured up to $250,000 per depositor for each account ownership category.
