Best & Worst Savings Accounts of 2025
Ultimate Tier List Ranking High-Yield Savings Accounts by Rates, Fees, and Features
With savings account rates constantly changing, it's crucial to know which banks offer competitive yields and which ones pay virtually nothing. Our comprehensive tier list ranks the most well-known savings accounts available in summer 2025, helping you maximize your savings while avoiding poor-performing options.
Remember: FDIC insurance is essential for all savings accounts mentioned here, protecting your money up to $250,000 per account.
Savings Account Comparison Table
| Bank & Account | APY | Minimum Deposit | Monthly Fees | Tier |
|---|---|---|---|---|
| Bask Bank Interest Savings | 4.20% | $0 | None | S |
| Lending Club Level Up Savings | 4.40%* | $100 | None | A |
| Barclays Tiered Savings | 4.00-4.20% | $0 | None | A |
| CIT Bank Platinum Savings | 4.10%* | $100 | None | A |
| SoFi Checking & Savings | 3.80%* | $0 | None | S |
| American Express HYSA | 3.60% | $0 | None | A |
| Capital One 360 Performance | 3.60% | $0 | None | B |
| Marcus by Goldman Sachs | 3.65% | $0 | None | A |
| Discover Online Savings | 3.60% | $0 | None | A |
| Chase Savings | 0.01% | $0 | $5 (waivable) | D |
| Bank of America Advantage Savings | 0.01% | $100 | $8 (waivable) | D |
| Wells Fargo Way2Save | 0.01% | $25 | $5 (waivable) | D |
*Rate requires meeting certain conditions (e.g., minimum balance, monthly deposits)
SoFi Checking & Savings
Best for: Comprehensive banking with premium features
Current Rate: Up to 3.80% APY (with direct deposit qualification)
- No fees or minimums
- "Vaults" feature for organizing savings goals
- Welcome bonus up to $300 with qualifying direct deposits
- Integrated checking account with 0.50% APY
- Excellent mobile app experience
SoFi stands out for its combination of competitive rates, innovative features, and user-friendly experience. The vaults system allows you to create sub-accounts for different financial goals, making it ideal for targeted saving.
Bask Bank Interest Savings
Best for: Pure interest maximization
Current Rate: 4.20% APY (no conditions)
- No fees or minimums
- Consistently among the highest rates available
- FDIC insured through Texas Capital Bank
- Simple, straightforward savings
Bask Bank Mileage Savings Alternative
For points and miles enthusiasts, Bask offers a unique Mileage Savings Account that earns 2 American Airlines AAdvantage miles per $1 saved annually. This can be particularly valuable when interest rates decline, as miles can potentially offer greater redemption value.
American Express High-Yield Savings
Current Rate: 3.60% APY
- No fees or minimums
- Trusted brand with excellent customer service
- Easy-to-use online platform
Marcus by Goldman Sachs
Current Rate: 3.65% APY
- No fees or minimums
- Simple, straightforward savings account
- Backed by established financial institution
Barclays Online Savings
Current Rate: 3.70% APY (Standard) or 4.00-4.20% APY (Tiered)
- No fees or minimums
- Tiered option offers higher rates for larger balances
- FDIC insured
Discover Online Savings
Current Rate: 3.60% APY
- No fees or minimums
- 24/7 US-based customer service
- Highly rated mobile app and online experience
Capital One 360 Performance Savings
Current Rate: 3.60% APY
- No fees or minimums
- Physical branch access in some locations
- Ability to create multiple savings accounts
Important Note: Capital One recently settled a $425 million lawsuit for offering higher rates to new customers while existing customers with older 360 accounts earned only 0.3% APY. Always verify your account is earning the current promotional rate.
Apple Savings (Goldman Sachs)
Current Rate: 3.65% APY
- Seamless integration with Apple Card
- No fees or minimums
- Easy cash back deposits from Apple Card
- Requires Apple Card and iPhone
- Future uncertain as Goldman Sachs transitions out of consumer banking
Chase Savings Account
Current Rate: 0.01% APY
- Abysmal interest rate (100x less than competitors)
- $5 monthly fee (waivable with conditions)
- $10,000 would earn only $1 annually in interest
While Chase offers excellent credit cards, their savings products should be avoided by anyone seeking to grow their money.
Bank of America Advantage Savings
Current Rate: 0.01% APY (0.04% for premium customers)
- Poor interest rates even for premium customers
- $8 monthly fee (waivable with conditions)
- $100 minimum opening deposit
Wells Fargo Way2Save & Platinum Savings
Current Rate: 0.01% APY
- Extremely low interest rates
- Monthly service fees on both accounts
- Minimum deposit requirements
Wells Fargo's savings accounts offer no competitive advantage despite their extensive branch network.
Understanding Savings Account Rates
Savings account rates fluctuate based on the Federal Reserve's interest rate policies. Compared to summer 2024, most high-yield savings rates have decreased slightly (from ~4.25% to ~3.60-4.20% range) as the Fed has modestly lowered rates.
This trend will likely continue if the Fed implements expected additional rate cuts in late 2025 and 2026. While earning less interest isn't ideal, lower rates typically make borrowing cheaper for mortgages, auto loans, and other credit products.
Pro Tip: Focus on finding accounts that consistently offer competitive rates relative to the market rather than fixating on specific percentages that will inevitably change over time.
Specialized High-Yield Options
For those seeking the absolute highest yields regardless of features, consider these specialized options:
- Valley Direct: 4.20% APY for new customers ($1,000 minimum)
- Forbright Bank: 4.25% APY on Growth Savings account
- Bread Savings: 4.30% APY ($100 minimum)
- Lending Club Level Up: 4.40% APY (requires $250+ monthly deposits)
These accounts typically offer fewer features but maximize interest earnings for those focused solely on yield.
Maximize Your Savings Strategy
Subscribe to our newsletter for weekly updates on the best savings account rates, banking strategies, and financial tips to grow your money efficiently.
Subscribe NowFinal Recommendations
Based on our comprehensive analysis:
- For most people: SoFi offers the best combination of rate, features, and user experience
- For pure interest maximization: Bask Bank provides the highest consistent rate
- For simplicity: American Express, Marcus, or Discover offer competitive rates with no complications
- Always avoid: Traditional big-bank savings accounts (Chase, Bank of America, Wells Fargo) for actual savings
Remember that you can have multiple savings accounts for different purposes, and it's relatively easy to transfer funds between institutions to take advantage of the best rates and features.
Post a Comment