Today's high-interest savings rates: August 11, 2025 - Top savings accounts still boast yields above 4% Annual Percentage Yield (APY)
The high-yield savings account (HSYA) market is thriving in the middle of 2025, with numerous banks offering competitive rates above 4 percent. Here's a roundup of the top rates as of August 11, 2025.
Leading the Pack: Varo Money
Varo Money is currently the frontrunner in the HSYA market, offering a yield of 5.00% APY. However, it's important to note that this rate applies only to the first $5,000 in your account, and specific requirements must be met.
Axos Bank and Peak Bank Follow Close Behind
Axos Bank and Peak Bank are not far behind, offering APYs of 4.46% and 4.35%, respectively. Axos Bank's rate is among the best among large online banks, while Peak Bank provides a competitive rate with no monthly fees and a $100 minimum deposit.
Newtek Bank, EverBank, Bask Interest, Openbank, and More
Newtek Bank, EverBank, Bask Interest, Openbank, and several other institutions offer rates in the 4.20% to 4.30% APY range. These rates are highly competitive and provide a strong high-yield option for savers.
Average National Savings Rate Pales in Comparison
The average national savings rate is significantly lower, around 0.38%, indicating that these high-yield savings accounts offer substantially better returns than average savings accounts.
Federal Reserve's Interest Rate Decisions Impact HSYA Rates
The Federal Reserve's interest rate decisions can affect HSYA rates. While the Fed cut rates in late 2024, they have remained steady into 2025. Banks adjust their rates based on these decisions and market competition.
Keep an Eye on Your HSYA Rates
It's essential to check in on your HSYA's APY from time to time, as banks and credit unions can change the rates on these variable accounts at any time.
Tariff Uncertainty Continues
President Trump's tariffs on India, Canada, and Mexico have created ongoing uncertainty in the international trade landscape. The full scope and long-term economic impact of these tariffs remain unclear. The Aug. 1 tariff deadline has passed, with the U.S. and several key trading partners striking deals, but many other negotiations are still ongoing.
When Opening a High-Yield Savings Account
When opening a high-yield savings account, consider no monthly fees or minimum balance requirements. Look for low minimum deposit requirements and ensure the HSYA has FDIC or NCUA insurance for deposit protection.
The Federal Reserve's next meeting is scheduled for mid-September. Keep an eye on the news for any updates on interest rates and their potential impact on HSYA rates.
- In the midst of the thriving high-yield savings account (HSYA) market in 2025, personal-finance decisions revolve around choosing the right institution for investing and growing savings, such as Varo Money, Axos Bank, Peak Bank, Newtek Bank, EverBank, Bask Interest, and Openbank.
- For those seeking better returns on their savings, it's essential to compare HSYA options among various finance institutions, as the average national savings rate pales in comparison to the competitive rates offered by the top HSYA providers.
){kind=link}