In May 2025, high-yield savings accounts (HYSAs) continue to offer savers an opportunity to earn competitive interest rates while maintaining easy access to their funds. With the Federal Reserve’s recent rate cuts, many traditional savings accounts offer lower yields, making HYSAs an attractive option for maximizing returns.
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Top High-Yield Savings Accounts for May 2025
1. Axos Bank ONE Savings
- APY: 4.86%
- Minimum Balance: $1,500 with monthly direct deposit
- Monthly Fees: None
- Highlights: Axos Bank offers one of the highest APYs available, provided you meet the direct deposit requirement. The account features a robust digital banking platform, making it ideal for those comfortable with online banking.
2. Pibank Savings Account
- APY: 4.75%
- Minimum Balance: None
- Monthly Fees: None
- Highlights: Pibank provides a high APY without any minimum balance requirements, making it accessible for savers at all levels. The bank emphasizes simplicity and security in its digital platform.
3. Openbank High-Yield Savings
- APY: 4.75%
- Minimum Balance: $500
- Monthly Fees: None
- Highlights: Openbank offers a competitive APY with a modest minimum balance requirement. The account includes automated savings tools and a user-friendly digital interface.
4. BrioDirect High-Yield Savings
- APY: 4.75%
- Minimum Balance: $5,000
- Monthly Fees: None
- Highlights: BrioDirect caters to serious savers with a higher minimum balance requirement. The account offers robust mobile banking tools and no monthly maintenance fees.
5. CIT Bank Platinum Savings
- APY: 4.10% for balances of $5,000 or more
- Minimum Balance: $100 to open; $5,000 for max APY
- Monthly Fees: None
- Highlights: CIT Bank’s Platinum Savings account offers a solid APY for those maintaining higher balances, with a low minimum opening deposit.
Factors to Consider When Choosing a High-Yield Savings Account
- APY (Annual Percentage Yield): A higher APY means more interest earned on your savings.
- Minimum Balance Requirements: Ensure you can meet any minimum balance to earn the advertised APY.
- Monthly Fees: Accounts with no monthly fees help maximize your savings.
- Accessibility: Consider the ease of accessing your funds, including online and mobile banking features.
- FDIC Insurance: Ensure the bank is FDIC-insured to protect your deposits up to $250,000.
Frequently Asked Question
What is a high-yield savings account?
A high-yield savings account is a type of savings account that offers a significantly higher annual percentage yield (APY) than traditional savings accounts. These accounts are typically offered by online banks and help your money grow faster through compound interest.
Why are high-yield savings rates higher in 2025?
Rates remain elevated in 2025 largely due to previous Federal Reserve rate hikes intended to curb inflation. While some cuts have occurred, many banks still offer competitive APYs to attract depositors.
Are high-yield savings accounts safe?
Yes. Most reputable high-yield savings accounts are FDIC-insured (or NCUA-insured for credit unions), which means your deposits are protected up to $250,000 per depositor, per institution.
Can I lose money in a high-yield savings account?
No, as long as the account is FDIC-insured and you stay within the insured limits, your principal is protected and you won’t lose money, even if interest rates fall.
How often is interest paid on a high-yield savings account?
Most high-yield savings accounts calculate interest daily and pay it monthly. This allows your money to grow through compound interest over time.
Are there any fees associated with these accounts?
The best high-yield savings accounts typically do not have monthly maintenance fees, though some may have minimum balance requirements to earn the highest APY. Always read the terms and conditions carefully.
Can I access my money easily from a high-yield savings account?
Yes. Although they are designed for saving rather than daily transactions, you can usually transfer money to and from your checking account online or via a mobile app. However, withdrawals may be limited to six per month due to federal regulations (although this rule was relaxed during COVID-19 and some banks still allow more).
Conclusion
High-yield savings accounts in May 2025 offer competitive interest rates, especially when compared to traditional savings accounts. By carefully evaluating APYs, fees, and account features, you can select an account that aligns with your financial goals and maximizes your savings potential.
