Key takeaways
- The Federal Reserve chose to hold its benchmark rate steady last week, which could spell continued stability for high-yield savings account (HYSA) rates.
- Savers can choose from a handful of HYSAs currently offering the top rate of 4.30% APY.
- Although higher APYs exist, the ones on Bankrate’s editorial list are available broadly in the U.S. and have been reviewed by our editorial team.
Last week, Federal Reserve officials decided to hold interest rates steady, keeping the federal funds rate at a target range of 4.25-4.5 percent, which is the highest since 2007. Interest rates on loans and deposit accounts tend to move in response to this key rate, so while an elevated rate may cause headaches for borrowers, anyone with a high-yield savings account is enjoying an attractive, inflation-beating return.
The Fed’s current holding pattern has spanned four rate-setting meetings in 2025, after officials cut the rate three times in late 2024. High-yield savings account rates decreased due to those rate cuts, but overall, they’ve remained somewhat stable in recent months. The best APY was 4.75 percent at the start of 2025, while now it’s a bit lower at 4.30 percent.
As long as competitive savings yields continue to outpace inflation, it’s a great time for savers. And even if there’s an environment in the future where inflation is higher than competitive yields, you still want to make sure you’re doing your best to both keep up with inflation and have the safety of FDIC insurance coverage in case of a bank failure. And of course, make sure your money at that FDIC bank is within the FDIC’s limits and guidelines.
— Matthew Goldberg, senior consumer banking reporter | Bankrate
Here’s what’s going on in today’s market as it pertains to high-yield savings accounts.
What are today’s best savings account rates?
As of late, several banks are tied for the leading high-yield savings account rate, among banks monitored by Bankrate’s editorial staff. (Higher yields may be offered by banks outside of this scope.) As a saver, that gives you multiple options for securing a top-notch rate, each of which requires a different minimum opening deposit.
Note: Annual percentage yields (APYs) are as of June 23, 2025. APYs for some products may vary by region.
The latest news from the Federal Reserve
Along with the Fed’s rate decision on June 18, data was released including a projected median of two rate cuts this year, based on input from the 19 Fed officials who participated in the FOMC meeting. Some of those officials don’t think the Fed will cut rates at all this year.
In a press conference following the rate-setting meeting, Fed Chair Jerome Powell cautioned that officials’ projections could change as new economic data comes in. “Changes to trade, immigration, fiscal, and regulatory policies continue to evolve, and their effects on the economy remain uncertain,” he said, citing the Fed’s dual-mandate goals of maximum employment and price stability.
There are many, many different scenarios…where inflation does or doesn’t prove out to be at the levels we think, where the labor market does or doesn’t soften.
— Jerome Powell | Chairman, Board of Governors of the Federal Reserve
Benefits of a high-yield savings account in the current rate environment
A federal funds rate that remains elevated for longer could spell continued stability for rates on high-yield savings accounts, certificates of deposit (CDs) and money market accounts. Savers may benefit from higher rates for longer as they build up their emergency funds or save for other goals.
With APYs north of 4 percent, money in a competitive deposit account is earning a rate twice that of inflation, so your money is retaining purchasing power.
“Most financial institutions offering high-yield savings products are wanting to maintain competitive rates and secure their positions in the market, which is a good thing for consumers wanting a safe place for liquid returns.”
— Alana LevineChief Revenue Officer | Fintel Connect
Depending on your goals and needs, it might be worth also looking into different types of deposit accounts, Levine says. “In different rate environments, especially if they would start to fluctuate, there may be alternative vehicles to consider, such as CDs or money market accounts with benefits like locked-in rates or broader banking functions.”
Levine advises consumers should also consider other factors in a bank account, such as the minimum balance requirement and whether rates are tiered or only part of a promotional period.
Bankrate’s Goldberg agrees that there are some important factors to consider in a bank account in addition to the rate. “A competitive APY is very important,” he says. “But a combination of the features you’re looking for in a bank, the reputation of the bank and a competitive yield are all things to consider.”
Bankrate’s guide on what to look for in a high-yield savings account
- A high APY: The higher the APY, the faster your money will grow.
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Fees and account requirements
- No monthly maintenance fees: Even low monthly maintenance fees can cut into your savings over time. Accounts that come without fees — effectively free — will help maximize the cash you contribute to your savings account.
- Low or no minimum deposit: This only really matters when first opening an account, but if you don’t have a lot of money on hand at the start, you’ll want to search for an account that has a low (around $100 or so) or no minimum deposit requirement.
- Federal insurance protection: Ensure your chosen bank is FDIC-insured (or NCUA-insured at a credit union), protecting your deposits up to $250,000 per depositor, per financial institution, per ownership category. This federal backing means your money is safe even if the bank fails.
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Access and convenience: Consider the way you bank and how often you’ll need to access your money:
- Mobile app quality and online banking features
- ATM access: Some online banks reimburse ATM fees
- Transfer speed: How quickly can you move money to your checking account?
- Customer service availability and quality
Bottom line
With the Fed continuing to hold rates at their current level, high-yield savings accounts are having their moment in the sun, thanks to APYs at nearly twice the rate of inflation. Finding the right savings account ensures you’re reaping the benefits of an attractive yield as you save for emergencies or life goals.
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