Expert opinions and evaluations on banks and credit unions, as provided by NerdWallet specialists
In the ever-evolving world of personal finance, finding the best savings account to grow your money can be a daunting task. However, with the rise of online banks and credit unions, individuals now have access to high-yield accounts that offer attractive annual percentage yields (APYs) and minimal fees.
According to NerdWallet, the top high-yield online savings accounts in August 2025 include a variety of options, each with its unique features and APYs.
Leading the pack is the Axos ONE® Savings account, which boasts an impressive APY of 4.46%. This account stands out as NerdWallet's top recommended high-yield online savings account for the month.
Following closely is the EverBank Performance® Savings account, offering a competitive APY of 4.30%. Other notable mentions include the Bask Interest Savings Account, Openbank High Yield Savings, UFB Portfolio Savings, E*TRADE Premium Savings, CIT Bank Platinum Savings, Barclays Tiered Savings Account, SoFi Checking and Savings, and Marcus by Goldman Sachs Online Savings Account, each with APYs ranging from about 3.65% to 4.30%.
It is essential to note that some accounts, such as CIT Bank Platinum Savings, require maintaining a higher balance ($5,000) to earn the top APY, while others have lower or no minimum balance requirements.
Online banks and credit unions, like Axos ONE® Savings, EverBank, Bask, Openbank, UFB, E*TRADE, CIT Bank, Barclays, SoFi, and Marcus by Goldman Sachs, tend to have fewer fees and higher yields compared to traditional savings accounts. This is mainly due to their lower overhead costs as online institutions.
Moreover, these accounts are FDIC-insured, meaning deposits up to $250,000 per depositor are protected. The rates are variable and can change, but high-yield savings accounts remain a low-risk option to earn more interest with easy access to funds.
In summary, Axos ONE® Savings with 4.46% APY is NerdWallet’s top recommended high-yield online savings account as of August 2025, followed by several alternatives with APYs ranging from about 3.65% to 4.30% depending on balance requirements and features. By choosing one of these high-yield accounts, you can take a significant step towards maximising your savings and securing your financial future.
[1] NerdWallet. (2025). Best High-Yield Online Savings Accounts. [online] Available at: https://www.nerdwallet.com/best/banking/high-yield-savings-accounts
[4] NerdWallet. (2025). Axos ONE® Savings Review. [online] Available at: https://www.nerdwallet.com/reviews/banking/axos-one-savings-account
[5] FDIC. (n.d.). FDIC Insurance Coverage. [online] Available at: https://www.fdic.gov/deposit/deposits/deposits/
- The Axos ONE® Savings account, a leader in high-yield online savings accounts, boasts an impressive APY of 4.46%.
- NerdWallet's top recommended high-yield online savings account for August 2025 is the Axos ONE® Savings account.
- Other notable high-yield online savings accounts include the EverBank Performance® Savings account with a competitive APY of 4.30%.
- Online banks and credit unions such as Bask, Openbank, UFB, E*TRADE, CIT Bank, Barclays, SoFi, and Marcus by Goldman Sachs also offer high-yield savings accounts.
- Some high-yield savings accounts have minimum balance requirements, like CIT Bank Platinum Savings, which requires a balance of $5,000.
- Choosing a high-yield online savings account from institutions like these can help you take a significant step towards maximizing your savings and securing your financial future.
- Deposits up to $250,000 in high-yield savings accounts are FDIC-insured, making them a low-risk option for earning more interest with easy access to funds.
