Current high-yield savings rates as of July 7, 2025: Top APYs surpass 4% mark
In the current financial landscape, high-yield savings accounts are proving to be a smart choice for savers, with many accounts earning yields at multi-year highs. These accounts not only provide easy access to an emergency fund but also offer high yields in today's rate environment.
As of early July 2025, the highest-yielding nationally available savings accounts offer annual percentage yields (APYs) ranging from approximately 4.30% to 4.66%, with some outliers reaching up to about 5.00% APY. Peak Bank, an online-only division of Idaho First Bank, currently offers the highest known APY at 4.44%, though it's available for new accounts only and is not widely tracked by all platforms.
Axos Bank, on the other hand, currently has the top online savings account yield at 4.66% APY with no minimum balance requirements, according to NerdWallet's July 2025 roundup. Other online banks such as Openbank, BrioDirect, Bread Savings, EverBank, and Rising Bank offer competitive APYs typically around 4.30% with varying minimum deposits required.
In contrast, large traditional U.S. banks generally offer much lower rates on savings accounts, often significantly below 1%, typically around 0.01% to 0.10% APY. This wide disparity is due to large banks prioritising branch services and having greater overhead, while online banks pass on savings to customers through higher interest rates.
Here's a summary table of top savings APYs for July 2025:
| Institution | APY | Minimum Opening Deposit | Notes | |------------------|---------|------------------------|--------------------------------| | Axos Bank | 4.66% | Usually $0 | Top NerdWallet pick | | Peak Bank | 4.44% | $100 | Online-only, new accounts only | | Openbank | 4.30% | $500 | Competitive online bank | | BrioDirect | 4.30% | $5,000 | Online bank | | Bread Savings | 4.30% | $100 | Online bank | | EverBank | 4.30% | $0 | No minimum opening deposit | | Rising Bank | 4.30% | $1,000 | Online bank |
High-yield savings account rates remain attractive in mid-2025 due to the Federal Reserve maintaining steady interest rates. However, these yields could dip if the Fed cuts rates in the future.
For savers looking for the highest returns, online banks like Axos Bank or Peak Bank are worth considering, while large banks remain suitable primarily for convenience and branch access. It's important to align savings with values and goals, review your savings account's rate regularly, and diversify your strategy as needed.
When looking for a savings account, it's important to remember that banks with competitive rates, including those offering 4.30% APY, can be found on Bankrate's list. The highest-yielding savings account is from Peak Bank, offering a 4.44% APY. An APY of 4% in a high-yield savings account is significantly higher than the APYs commonly offered by large U.S. banks.
It's also worth noting that high-yield savings accounts are covered by federal deposit insurance through either the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Administration (NCUA). These accounts provide a safe place to grow savings with rates currently outpacing inflation.
The current range of the fed funds rate is 4.25-4.5 percent. The federal funds rate is the price of borrowing money and influences various financial decisions and products. The current high-yield savings account rates are up to 4.44% APY.
High-yield savings accounts are expected to remain stable in 2025. However, it's important to remember that a high-yield savings account is suitable for short-term needs, but for longer-term plans, consider options like CDs, T-bills, or short-term bonds.
Some large, established banks may offer APYs as low as 0.01% on savings accounts and certificates of deposit (CDs). The Fed's decision to raise or lower the federal funds rate can have a significant impact on the economy. The Federal Reserve has kept its short-term borrowing rate steady so far in 2025. However, the Fed may lower rates at some point in 2025, but the exact timing is unknown.
Fed Chair Jerome Powell expressed uncertainty over the impact of changes to trade, immigration, fiscal, and regulatory policies on interest rates. When considering a high-yield savings account, it's essential to keep an eye on these factors and be prepared to adjust your savings strategy accordingly.
In the world of personal-finance and banking-and-insurance, high-yield savings accounts continue to be a favored choice for savers, especially online banks like Axos Bank and Peak Bank, which offer top rates of 4.66% and 4.44% APY respectively. These competitive yields are in stark contrast to traditional U.S. banks that typically offer much lower rates, often below 1%.
