We are researching the highest-yield, FDIC-insured high-yield savings accounts currently available. We have been looking at rates, deposit requirements, and any restrictions that might affect our ability to make deposits. Below are detailed comparisons of several FDIC- or NCUA‑insured high‑yield savings accounts that currently offer some of the highest yields available (as of August 2025).
Top high-yield savings offers
| Bank / Institution | Current APY | Minimum to Earn APY & Key Requirements* | Highlights & Insurance |
|---|---|---|---|
| Varo Bank – High‑Yield Savings | 5.00 % APY on balances up to $5k (2.50 % on the rest) | No opening deposit. Must maintain a Varo checking account and receive at least $1 000 in qualifying direct deposits each month and end the month with positive balances to earn the 5 % APY. | Fintech bank; no monthly fee; FDIC‑insured—Varo Bank, N.A. is a national bank. Best for people who can set up direct deposit and keep balances under $5 000. |
| AdelFi – New Member Money Market Savings | 5.00 % APY on first $5k, 2.25 % on $5k–$10k | $25 opening deposit. Requires membership in the Christian credit union and acceptance of its statement of faith; you must enter promo code “NEW2025” to qualify for the promotional rate. | No monthly fee; ATM card and mobile deposit available. Insured by the NCUA (federal credit‑union insurance). Good for those comfortable with the religious‑membership requirement and willing to keep balances under $5 000. |
| CloudBank 24/7 High‑Yield Savings | 4.57 % APY (rates verified Aug. 11 2025) | No minimum balance. | Online‑only bank; FDIC‑insured; no monthly fees. A high rate with few strings attached but a newer institution, so check customer‑service reviews before banking here. |
| CIT Bank – Platinum Savings | 4.00 % APY on balances ≥ $5 000, 0.25 % below that | $100 to open; must maintain at least $5 000 to earn the 4.00 % APY. | Part of First Citizens Bank; FDIC‑insured; no monthly fee. A strong option for savers who can keep balances above $5 000. |
| E*TRADE Premium Savings (Morgan Stanley Private Bank) | 4.00 % APY | No minimum deposit to open or to earn the APY. | Online savings account from Morgan Stanley’s bank; FDIC‑insured up to $500 000 (Morgan Stanley aggregates deposits across affiliates). No monthly fees. |
| Synchrony Bank – High‑Yield Savings | 3.80 % APY | No minimum opening deposit; no minimum balance; no monthly fees. | Online‑only bank; FDIC‑insured. A straightforward, no‑frills high‑yield account with ATM access and optional ATM card. |
| SoFi Checking & Savings | 3.80 % APY on savings balances with qualifying direct deposit; 4.50 % APY for six months with a 0.70 % APY boost when you enroll in SoFi Plus. | No minimum balance. Must have eligible direct deposit or $5 000 in monthly deposits to earn the 3.80 % APY. SoFi Plus requires enrollment by Sept 3 2025 to get the temporary 4.50 % rate. | Fintech bank that sweeps deposits into partner banks to get FDIC coverage (up to $2 million). No account fees. A good option if you want combined checking and savings with extra perks. |
| Other notable FDIC‑insured options | Rates around 3.5 %–3.9 % APY, including Barclays Online Savings, Discover Online Savings, Ally Bank Online Savings, and PNC High‑Yield Savings. | Generally no minimum deposit or balance, and no monthly fees. | These well‑known banks offer solid rates, excellent customer service, and simple online access; they’re good fallback options if you prefer a large, established bank. |
*APYs are variable and can change at any time; confirm the current rate and terms before opening an account.
Choosing and using a high‑yield account
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Qualification requirements matter. Some of the highest advertised APYs (e.g., Varo Bank and AdelFi) require monthly direct deposits, membership criteria or balance caps. If you can’t meet the requirements, you’ll earn a lower rate.
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Balance caps: Promotional rates often apply only to a limited balance (Varo and AdelFi only pay 5 % on the first $5 000).
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Insurance limits: The FDIC insures deposits up to $250 000 per depositor, per insured bank (Morgan Stanley Private Bank insures up to $500 000 for their premium savings account); credit unions are insured by the NCUA, which provides the same coverage limits. If you plan to deposit more than the insurance limit, spread funds among multiple banks.
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Accessibility and fees: Online banks typically have no monthly fees and higher APYs, but lack branch access. Check whether an ATM card or check‑writing is offered if that matters to you.
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Tax considerations: Interest earned in savings accounts is taxable. Keep records of interest payments so you can report them when filing taxes.
More Options
Source: Investopedia Best Money Market Account Rates for August 2025: Up to 5.00%
- HUSTL Digital Credit Union – 5.00% APY
- Presidential Bank – 4.37% APY
- Brilliant Bank – 4.35% APY
- Merchants Bank of Indiana – 4.25% APY
- Quontic Bank – 4.25% APY
- MYSB Direct – 4.15% APY
- Prime Alliance Bank – 4.05% APY
- UFB Direct – 4.01% APY
- Republic Bank of Chicago – 4.01% APY
- EverBank – 4.00% APY
- Sallie Mae Bank – 3.85% APY
- All America Bank – 3.85% APY
- Redneck Bank – 3.85% APY
- Northern Bank Direct – 3.75% APY
- Ally Bank – 3.50% APY