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Key takeaways
- The Federal Reserve left interest rates unchanged at its July 30 meeting, signaling that high-yield savings account rates may remain high for some time to come — even if they dip slightly from week to week.
- Many banks are still offering top-notch yields firmly above four percent with few strings attached.
- While the U.S. has officially reached the Aug. 1 tariff deadline, ongoing negotiations mean the long-term impact of these new trade measures is still unfolding — adding another layer of uncertainty ahead of the Fed’s next meeting.
With another Federal Open Market Committee meeting in the books, and the Federal Reserve remaining steadfast on interest rates, experts anticipate a relatively quiet scene for high-yield savings accounts (HYSAs) until the Fed meets again in mid-September.
That’s good news for savers, as HYSA rates are expected to stay elevated in the wake of the Fed’s recent decision. Top-notch yields remain firmly above four percent, with many banks continuing to offer standout yields on no-fee accounts.
Here’s a look at the top HYSA rates on today’s market.
How it works
Learn more about the inner workings of the Federal Reserve, how it sets monetary policy and how its decisions ultimately affect Americans’ finances in Bankrate’s primer, What is the Federal Reserve?
Today’s best savings account rates
Peak Bank, the online division of First Idaho Bank, continues to offer the top-notch annual percentage yield (APY) of 4.35 percent. However, many other banks on Bankrate’s list of the best high-yield savings accounts are tied for second place, offering a slightly lower yield than what you could get with a new account at Peak Bank.
While not on this list, Varo Bank also continues to offer a highly competitive yield of 5 percent APY, but that rate only applies to the first $5,000 in your account, and only if specific requirements are met. If you don’t meet those requirements or surpass that balance, the yield will drop substantially to 2.50 percent APY. That’s much lower than the other offers on this list, which generally come without strings attached.
Note: Annual percentage yields (APYs) are as of Aug. 11, 2025. APYs for some products may vary by region.
The latest news from the Federal Reserve
The Federal Reserve held the federal funds rate steady at its two-day policy meeting July 29-30, as expected. Fed Chair Jerome Powell emphasized the need for more sustained improvement in inflation data before cutting rates further. That cautious stance likely means deposit rates — including HSYA yields — will stay elevated for the time being.
Layered on top of elevated inflation numbers in June is the continued uncertainty surrounding international trade via President Donald Trump’s tariffs. The Aug. 1 tariff deadline has officially passed, with the U.S. and several key trading partners striking deals, but many other negotiations are still ongoing. For example, President Trump recently announced that he’s ratcheting up tariffs on India and Canada while giving Mexico another 90-day extension.
The full scope of the tariffs — and their long-term economic impact — remains unclear. President Trump has insisted the measures will boost domestic industries, but critics warn they could add inflationary pressure, further complicating the Fed’s roadmap.
Our obligation is to keep longer-term inflation expectations well anchored and to prevent a one-time increase in the price level from becoming an ongoing inflation problem. For the time being, we are well positioned to learn more about the likely course of the economy and the evolving balance of risks before adjusting our policy stance.
— Jerome Powell | Chairman, Board of Governors of the Federal Reserve
What to consider before opening a HYSA
The top APY shouldn’t be the only thing you consider when opening a HYSA. In addition to the APY, look for:
- No monthly fees or minimum balance requirements: Fees can quickly erode your earnings, and minimum balance requirements can make it harder to “set and forget” automated savings.
- Low minimum deposit requirements: Ensure you can open and fund the account easily.
- FDIC or NCUA insurance: This guarantees your deposits up to $250,000 per institution, per depositor.
- User experience: An easy-to-navigate website or mobile app can make managing your money a smoother experience. Especially helpful are digital saving tools, such as automatic roundups or digital envelopes to separate your savings based on your goals.
Be cautious of promotional rates that drop significantly after a set time period, or those that only apply to certain balances before dropping off substantially. And remember to check in on your APY from time to time, as banks and credit unions can change the rates on these variable accounts at any time.
Bottom line
With interest rates holding steady and top savings account yields still firmly above four percent, this remains a prime moment for savers to act. While future rate cuts remain a possibility later in the year, current conditions suggest savers still have time to capitalize on high-yield savings before the environment shifts. Just be sure to choose an account with no hidden fees, solid user experience and FDIC or NCUA insurance to make the most of your money.
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