Choosing the right savings account is essential if you’re hoping to maximize your financial returns. Interest rates vary significantly from one financial institution to the next, and understanding how to earn more on your savings can have a big impact on your bottom line.
We’ll walk through some account options, explain how savings accounts earn interest and teach you to navigate important rules. By the end, you’ll be ready to select the savings account that aligns with your goals.
Types of Savings Accounts: Which One Fits Your Needs?
Some of the most popular types of savings accounts with high APYs include:
1. High-Yield Savings Accounts
High-yield savings accounts often offer significantly higher interest rates than traditional accounts. They are ideal for those looking to grow their savings with minimal effort.
- Examples:
- Synchrony Bank: Offers 4% APY, along with ATM access.
- SoFi: Offers a “round up and save” feature with an APY of up to 3.8%.
- CIT Bank: Requires a minimum opening deposit of $100 with a 4% APY.
These accounts typically have no monthly fees, and many compound interest daily, allowing your savings to grow faster. Even small balances can benefit you over time, thanks to frequent compounding.
Many high-yield savings accounts come with transfer limits to ensure security and regulatory compliance. While limits vary by bank and account type, they can affect how quickly you can move funds.
Here are some tips for managing transfer limits effectively:
- Plan large withdrawals in advance by spreading them across several days.
- Use ATM access for immediate cash needs, if available.
- Utilize your bank’s mobile app to monitor and manage transfers efficiently.
2. Money Market Accounts
Money market accounts combine high interest rates with more flexibility than traditional savings accounts. Like most high-yield and traditional savings accounts, they often have withdrawal limits — such as six withdrawals per month— but they allow easier access through debit cards and checks.
- Example: Quontic Bank offers a money market account with a 4.5% APY when you make a $100 minimum opening deposit. This type of account is excellent for people who want competitive interest rates without locking their funds in long-term investments.
3. Certificates of Deposit (CDs) Money Market Accounts
Certificates of Deposit (CDs) are a secure savings option offered by banks and credit unions. They typically feature:
- Fixed interest rates higher than standard savings accounts
- Terms ranging from a few months to several years
- Penalties for early withdrawals
Because CDs lock in funds for a set period, they work well for those who don’t need immediate access to their savings and want to earn a guaranteed return.
Top High-Yield Savings Accounts in 2025: A Comparison
Below is a comparison of some of the highest-yielding savings accounts currently available:
| Bank & Account | APY | Minimum Deposit | Notable Features |
| Axos Bank – Axos ONE Savings | Up to 4.86% | $0 | No monthly fees; requires bundled Axos ONE checking with at least $1,500 monthly direct deposit and $1,500 average balance to earn top APY |
| Openbank – High-Yield Savings | 4.75% | $500 | No monthly fees |
| Pibank – Online Savings | 4.60% | $0 | No monthly fees |
| BrioDirect – High-Yield Savings | 4.55% | $5,000 | No monthly fees |
| Fitness Bank – Savings Account | 4.55% | $100 | No monthly fees with $100+ balance; requires fitness activity – 4.55% APY is earned only with an average of 12,500 steps per day (tracked via the bank’s app) |
| TotalBank – Money Market Savings | 4.51% | $25,000 | No monthly fees |
| LendingClub Bank – LevelUp Savings | Up to 4.50% | $0 | No monthly fees; 4.50% APY is achieved by depositing $250+ per month (if a month is missed, rate drops to 3.50% APY); comes with a free ATM card for withdrawals |
| Valley National Bank – High-Yield Savings | 4.39% | $1 | No monthly fees |
| CIT Bank – Platinum Savings | 4.30% | $100 | No monthly fees; balances under $5k earn a lower APY |
| Forbright Bank – Growth Savings | 4.25% | $0 | No monthly fees |
Notes: All accounts listed above are FDIC-insured (either as banks or divisions of FDIC-insured banks). The APYs are current as of March 5, 2025 and are subject to change. No monthly fees indicates the account does not charge maintenance fees (though some may require e-statements to avoid a paper statement fee).
Finding the Right Account for Your Savings Goals
Choosing the right savings account depends on your financial priorities. If you prioritize high returns without locking your funds, high-yield savings accounts are ideal. For more flexibility, money market accounts offer competitive interest rates with easier access. Finally, certificates of deposit (CDs) are a good option if you want higher interest rates and can commit to leaving your money untouched for a set period.
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