When’s the last time you waited more than 15 minutes for something? Waiting for food to be delivered? On hold with comcast? Whatever it was, I think we can all agree - waiting is the worst.
And when it comes to building wealth, who has time to wait?
Here’s a tool that can help you achieve your financial goals even faster: high-yield saving accounts.
What is a High-Yield Savings Account? (And Why Should You Have One?)
Unlike a traditional savings account, a high-yield savings account gives you a higher interest rate (called an annual percentage yield or APY), allowing the money that’s sitting in your account to grow faster and earn interest instead of gathering dust like it would in a traditional savings account.
Plus, since the Fed has been raising interest rates over the past two years to combat inflation, banks are responding by paying even higher APYs to their customers. And even though the Fed has been cutting rates since September, it looks like rates will remain pretty high for the foreseeable future.
So, now is a prime time to open a high yield savings account if you don’t already have one and to shop around for the best rates even if you do already have one - it could be a good time to switch.
How to Find a Good High-Yield Savings Account
I’m going to give you my recommendations for the best high-yield accounts in a minute, but first, let me explain what you should look for when picking the best high-yield savings account for you:
APY (Annual Percentage Yield)
The APY or annual percentage yield is the interest rate that your money will get from this account, and will determine how quickly your money will grow.
As you’re comparing different banks, look at the APY to determine how valuable this account could be to you. The higher the APY, the more interest you’ll earn on your money, but a difference of .5% won’t make a huge difference, so there are other factors to consider.
Monthly fees
Monthly fees will eat into your savings, and there are plenty of great high-yield savings accounts that don’t have any fees, so make sure you find an account with zero fees.
Withdrawal or transfer fees/limits
Some accounts will charge fees for transferring money between accounts or only allow a certain number of withdrawals per statement cycle.
This isn’t necessarily a bad thing; after all, the goal is primarily to leave your money alone so it can grow. But it is something to pay attention to when considering your options.
Minimum deposit/balance
Some banks require you to deposit a certain amount in order to open a savings account or maintain a certain balance. Again, this isn’t necessarily a negative thing, but it’s something to be aware of. You’ll need to figure out what works for you and your situation.
Now, I'm going to highlight the best high-yield savings accounts of 2025...
The Best High Yield Savings Accounts of 2025 in the US
Quick note - I’m going to share the APYs for these accounts as of the time of publishing this article, but APYs can change frequently, so please double check their current offer before you choose one!
All right, here are the best high-yield savings accounts of 2025.
1) Everbank
Everbank Performance Savings provide a 4.30% APY with no minimum balance, no minimum to open, no monthly maintenance fee, and no mobile check deposit fee. Plus, all accounts are FDIC-insured. You can also use their calculator to see how much you can earn in one year!
2) Ally
Not only does a high yield savings account at Ally offer 3.8% APY, but there are no account fees or minimum balance. Plus, they offer savings tools that allow you to organize your money and visualize what you're saving for -- kind of like a digital, more effective version of keeping different envelopes with your savings goals. On top of that, they provide 24/7 customer support.
3) CIT Bank
CIT Bank Platinum Savings does offer an APY of 4.35%; however, you need a balance of at least $5,000 in order to qualify. It is FDIC-insured, their mobile app is easy to navigate, and they don't charge monthly service fees, so if you have a significant chunk of money to put into savings, this could be a good option!
4) Openbank
Openbank High Yield Savings offers an APY of 4.75% and no monthly fees, making it a lucrative option. However, it requires a minimum balance of $500 and is not available in all areas (specifically, you can't open an account if you have a home zip code in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, or Rhode Island). Still, if you are in an area where you can open an account, it's worth looking into!
5) Bask Bank
A Bask Interest Savings Account offers a profitable 4.50% APY with no fees and FDIC insurance.
And finally, my favorite climate-focused ethical option…
6) Atmos Bank
Although Atmos Bank doesn't provide the highest APY on this list, it does offer a good return, is FDIC-insured, and there are no account fees or minimum balance. Plus, 100% of your money is used to fund innovative technologies and infrastructure that combats the global climate crisis.
The Best High Interest Savings Accounts of 2025 in Canada
For Canadian investors, here are the best high interest savings accounts (HISAs) of 2025:
Please remember that although these APYs and welcome offers are accurate at the time of publishing, they may have changed, so please double-check terms before transferring your money!
1) Manulife
The Manulife Bank Advantage Account offers a 4.80% APY. There are no monthly fees (although there may be some transactional fees) and your money is covered by the Canada Deposit Insurance Corporation (CDIC). It also provides unlimited free everyday banking transactions as long as you keep $1,000 in your account.
2) PC Financial
A PC Money Account provides 3.5% interest on savings with no monthly fee and no minimum balance. Plus, right now, new members can earn a welcome offer of 100,000 bonus PC Optimum™ points, which equates to about $100.
3) Simplii Financial
When new clients open a new high interest savings account at Simplii Financial, you may qualify for a special 3.90% interest rate on eligible deposits for 5 months. However, terms apply and the offer ends March 31, 2025. That said, there are no monthly fees and you can set up automatic deposits to make reaching your savings goals easier.
4) Motive Financial
New clients opening a Motive Savvy Savings Account earn 4.75% -- a 2.00% bonus on top of their regular interest rate of 2.75% -- for 120 days. There's no monthly fee, unlimited transactions, free Interac® e-transfers, and no ATM fees.
Want to take your wealth-building to the next level?
Whatever option you choose, you can’t go wrong.
Opening a high-yield savings account is an easy, hands-off way to earn a bit more bang for your buck, so don’t delay - you can open one of these account in less than a minute online.
And if you want to learn NEXT-level tools for managing your money effectively and effortlessly, then check out our free masterclass!
In it, we teach you our signature Aligned Money Method – the money management system that thousands of women have used to pay off debt, save for retirement, invest for the first time, and FINALLY achieve the financial goals that always seemed too far out of reach.
I would love to see you there!
.png)
A Weekly Sip of Our Best Advice
We respect your privacy. We'll use your info to send only what matters to you — content, products, opportunities. Unsubscribe anytime. See our Privacy Policy for details.
