High-interest savings accounts are a smart way to grow your savings faster in 2025. Unlike regular savings accounts, they offer significantly higher interest rates, allowing your money to work harder for you—without any risk.
How High-Interest Savings Accounts Work in 2025
High-yield savings accounts function similarly to traditional savings accounts but with higher interest rates. Many online banks offer the best rates due to their lower operating costs. These accounts can offer rates 10 to 15 times higher than traditional accounts. To get the best return, it's important to compare accounts regularly, as rates can fluctuate with market conditions.
What to Consider When Choosing a High-Interest Savings Account
Beyond just the APY, here are the key factors to evaluate:
APY: Look for accounts with a high Annual Percentage Yield to maximize returns.
Account Fees: Avoid accounts with high fees that could reduce your earnings.
Minimum Deposits: Some accounts require a large deposit to qualify for the best rates.
Accessibility: Online-only accounts might not have ATM or branch access, so choose what fits your needs.
FDIC Insurance: Make sure the account is FDIC-insured to protect your savings.
For example, American Express High Yield Savings offers a competitive APY, no minimum balance, and no fees, making it an excellent choice.
Top Banks for High-Yield Savings Accounts
In 2025, these banks are offering some of the best high-interest savings accounts:
American Express High Yield Savings: Great for savers who want high returns and easy online management with no fees.
Ally Bank Online Savings: Known for its competitive rates and customer-friendly service.
Marcus by Goldman Sachs: Offers one of the highest APYs with no minimum deposit.
For more comparisons, visit resources like Forbes Advisor for up-to-date information.
Regional Banks and Credit Unions
Local options can also provide great rates. Check out:
State Bank Savings Plus: A regional bank offering strong rates with flexible access to your funds.
State Credit Union High-Yield Savings: Credit unions often provide better rates due to their nonprofit structure.
For more regional options, see CNBC’s comparison of local high-yield savings accounts.
Top High-Yield Accounts of 2025
As we head into 2025, many banks are offering even better rates. Here are some of the best accounts this year:
American Express High Yield Savings: Offers high APY and no fees, making it perfect for online savers.
Capital One 360 Performance Savings: A reliable option with competitive rates and strong customer service.
Citi Accelerate Savings: Available in select markets, offering high APY with no minimum deposit.