Your money could be working much harder for you.
That savings account you’ve held for years is likely costing you a significant amount of money in lost interest. While the majority of savers are earning practically nothing, a select few are capitalizing on rates that are more than ten times the national average. This isn’t just a minor difference; it’s a substantial gap that separates passive saving from active earning, and it’s easier to cross than you might think.
The key is a high-yield savings account, a simple and secure tool offered primarily by online banks. This guide will introduce you to five of the top contenders currently offering impressive 4–5% rates, breaking down exactly what you get and what you need to do to get it.
1. Varo Bank offers a stunning 5.00% APY with a few key conditions.
Varo Bank grabs headlines with the highest annual percentage yield (APY) from a nationally chartered bank, an impressive 5.00%. This rate makes it an incredibly attractive option for savers looking to maximize their returns, especially on smaller balances. The account is completely digital, managed through a highly-rated mobile app, and comes with the security of being FDIC-insured. With no monthly fees or minimum balance requirements, Varo presents a compelling, cost-free way to make your money grow at a pace that far exceeds any traditional savings account. It’s designed for the modern, mobile-first user who is comfortable managing their finances entirely from their phone.
However, achieving that 5.00% APY isn’t as simple as just opening an account. The top rate only applies to your first $5,000; any amount over that earns a much lower 2.50% APY. To qualify for the 5.00% rate, you must also receive $1,000 or more in direct deposits each month and end the month with a positive balance in both your Varo savings and checking accounts. This structure makes Varo an excellent choice for someone with a smaller emergency fund who is willing to make it their primary banking hub, but less ideal for those with larger savings balances or who don’t want to switch their direct deposit.
2. SoFi provides a promotional 4.50% APY for new banking relationships.
SoFi has become a major player in the online banking space, attracting customers with a robust suite of financial products and a competitive high-yield savings account. Currently, new customers can earn up to 4.50% APY, a rate that positions it firmly among the top market offerings. This account is part of a combined checking and savings product, meaning you get both when you sign up. SoFi is known for its user-friendly mobile app, which integrates savings, checking, investing, and loan products into a single platform. With no monthly fees and no minimum balance requirements, it’s an accessible option for anyone looking to upgrade their savings strategy without incurring extra costs.
The 4.50% APY from SoFi is a promotional rate that requires a bit of commitment. It’s composed of a standard 3.80% APY plus a 0.70% boost that lasts for six months. To qualify for this top rate, you need to set up direct deposit or transfer at least $5,000 into your account each month. While the direct deposit requirement is common among high-yield accounts, the six-month limit on the rate boost is an important detail to remember. This makes SoFi a great fit for those who can meet the deposit requirements and want to take advantage of a temporary high rate, but you should be prepared for the APY to decrease after the promotional period ends.
3. Axos Bank has a complex but rewarding 4.51% APY option.
Axos Bank offers a unique product called the Axos ONE® Savings account, which boasts a very competitive 4.51% APY. This account is not a standalone savings product but is instead part of a checking and savings bundle, designed for customers who want an integrated banking experience. Axos operates entirely online and provides a full suite of digital banking tools, including a mobile app for managing your funds on the go. As an FDIC-insured institution, your deposits are protected, giving you peace of mind while you earn a high return. The account has no monthly maintenance fees, which is a significant perk for those looking to avoid the nickel-and-dime charges common at traditional banks.
Earning the top 4.51% APY with Axos ONE® requires meeting some fairly specific and complex criteria. You must either have an average daily balance of at least $1,500 and receive $1,500 in monthly direct deposits, or maintain a $5,000 average daily balance and receive $5,000 in monthly external transfers. If you fail to meet either of these requirements, the interest rate on your savings drops dramatically to just 1.00% APY. This structure makes the Axos ONE® account best suited for individuals with high cash flow and consistent monthly deposits who are willing to actively manage their accounts to ensure they meet the qualifications for the premium rate.
4. Forbright Bank keeps it simple with a straightforward 4.25% APY.
For those who are tired of chasing promotional rates or navigating complex requirements, Forbright Bank offers a refreshingly simple high-yield savings account. It pays a very competitive 4.25% APY on all balances, with no strings attached. This “what you see is what you get” approach is a major advantage for savers who want a reliable, high-earning account without having to worry about meeting monthly transaction or deposit quotas. Forbright is an online-only bank, which allows it to keep overhead low and pass those savings on to customers in the form of higher rates. The account is FDIC-insured, has no monthly maintenance fees, and requires no minimum balance to earn the advertised APY, making it accessible to everyone.
The primary appeal of Forbright Bank is its simplicity. Unlike other top-tier accounts that use tiered rates or require direct deposits, Forbright’s 4.25% APY applies to your entire balance, whether you have $100 or $100,000 saved. This makes it an excellent choice for a primary emergency fund or for parking a large sum of cash that you want to keep liquid. The rate is variable, as are all high-yield savings accounts, meaning it can change over time based on market conditions. However, for savers who value transparency and a hassle-free experience, Forbright Bank provides one of the most straightforward and attractive high-yield options available today.
5. Bask Bank provides a no-fuss 4.05% APY for easy saving.
Bask Bank is another excellent choice for savers who prioritize simplicity and strong, consistent returns. Its Interest Savings Account offers a solid 4.05% APY, placing it well above the national average and in competition with the best online banks. As a division of Texas Capital Bank, Bask Bank is FDIC-insured, ensuring your deposits are safe. The account is designed for the digital saver, with an easy online application process that can be completed in minutes. One of its most appealing features is the complete absence of fees; there are no monthly maintenance charges and no minimum balance requirements to earn the high APY, which means every dollar you deposit goes to work for you from day one.
The beauty of the Bask Interest Savings Account lies in its simplicity. There are no direct deposit requirements, no tiered rates based on your balance, and no complicated hoops to jump through. This makes it an ideal “set it and forget it” account where you can park your savings and watch it grow without active management. Bask Bank also offers a unique alternative for frequent flyers: a Mileage Savings account that earns American Airlines AAdvantage® miles instead of interest. For most people, however, the Interest Savings Account provides a powerful and straightforward way to earn a great return on their cash reserves with minimal effort.