Highest Interest Rates on Savings Accounts for July 31, 2025: As high as 5.00% available
In the world of savings accounts, finding one that offers a competitive Annual Percentage Yield (APY) is crucial for maximising your returns. Here's a rundown of some high-yield savings accounts currently available, focusing on Varo Money, which stands out with an APY of up to 5.00% - significantly higher than the national average of around 0.38%.
Varo Money's high-yield savings account offers several advantages to its users. It doesn't require a minimum balance, allowing you to save without worrying about maintaining a certain amount. The account is flexible, enabling deposits and withdrawals anytime, without the need for advance notice.
Varo Money's account also includes features like automatic transfers from direct deposits, rounding up debit card purchases to the nearest dollar, and transferring the difference to savings. This boosts the accumulation speed, on average making it 2.6x faster compared to traditional methods. The account is FDIC insured up to $250,000, providing peace of mind, and there are no hidden fees or mandatory services.
However, when it comes to Axos Bank, PiBank, Elevault, Presidential Bank, and Peak Bank, the search for detailed features and benefits of their high-yield savings accounts yielded no results as of August 2025.
In comparison, top-rated savings accounts like SoFi offer competitive APYs around 3.80%, with promotional boosts up to 4.50% for qualifying direct deposits. SoFi's accounts have no monthly fees and no minimum balances. They also feature "vaults" to help set aside money for specific goals, and automatic sweeps of funds from paychecks or roundups on card transactions. As with Varo Money, SoFi's funds are FDIC insured, ensuring the safety of deposits.
For those interested, I can help research specific, up-to-date information on these other banks from additional sources. It's important to keep in mind that the information provided is accurate as of August 2025, and banks' offerings may change over time.
For those looking for a high-yield savings account, Varo Money appears to be a strong contender, but it's always wise to compare offerings from various banks to find the account that best suits your needs.
References:
- SoFi High-Yield Savings Account: https://www.sofi.com/banking/savings/
- Varo Money High-Yield Savings Account: https://www.varomoney.com/high-yield-savings-account/
- Information about Varo Money's high-yield savings account features and benefits: https://www.varomoney.com/banking/savings/
- National average APY data: Federal Deposit Insurance Corporation (FDIC) - https://www.fdic.gov/regulations/resources/rates/rates/yields/
- The personal-finance industry is crowded with various banks offering high-yield savings accounts, like Varo Money and SoFi, each with unique features such as APYs, flexibilities, and additional benefits.
- For instance, Varo Money's banking-and-insurance services include a high-yield savings account featuring an APY of up to 5.00%, with no minimum balance required and the option for automated transfers and round-up savings.
- On the other hand, while Axos Bank, PiBank, Elevault, Presidential Bank, and Peak Bank appear to offer high-yield savings accounts, as of August 2025, their specific features and benefits remain unknown – a trend that warrants further investigation in the finance industry.
