Current high-yield savings rates: July 7, 2025 | Top APYs surpass 4% mark
In the current financial landscape of July 2025, high-yield savings accounts are proving to be a lucrative option for individuals seeking to grow their savings. With interest rates remaining relatively steady after some cuts in late 2024, these accounts are offering attractive returns without major drops recently.
The Federal Reserve's decision to keep its short-term borrowing rate steady throughout 2025 has resulted in a range of high-yield savings account rates, with some of the best options available reaching as high as 5.00% APY.
Leading the market is Varo Money, which offers an impressive 5.00% APY on its high-yield savings account. Axos Bank follows closely with a strong rate of 4.66% APY, while EverBank provides a competitive 4.30% APY with no monthly maintenance fee and low minimum opening amounts. CIT Bank offers a rate of around 4.00% APY, and Peak Bank provides another solid alternative with an APY of 4.44%.
These high-yield savings accounts are not only a great way to grow your money but also to build peace of mind when managing your savings. It's important to note that these accounts are covered by federal deposit insurance through either the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Administration (NCUA).
While the Federal Reserve may lower rates at some point in 2025, the exact timing is uncertain. However, financial experts like Elaine King Fuentes, a certified financial planner, expect high-yield savings account rates to remain stable given the Fed's steady rates and potential cuts.
When selecting a savings account, it's crucial to align savings with values and goals. A high-yield savings account is suitable for short-term needs, but longer-term plans might require options like CDs, T-bills, or short-term bonds. Keeping $10,000 in a high-yield savings account with a 4% APY will earn approximately $400 in a year.
It's essential to review a savings account's rate regularly and diversify your strategy as needed to grow your money and your peace of mind. Several banks offer competitive rates, including BankRate, Openbank, BrioDirect, Bread Savings, EverBank, Rising Bank, Forbright Bank, Bask Bank, Jenius Bank, CIBC Bank USA, and TAB Bank.
The next rate-setting meeting is scheduled for July 29-30, 2025. As always, it's important to stay informed about the latest developments in the financial market to make the best decisions for your savings.
In the ongoing financial landscape of July 2025, high-yield savings accounts from banks such as Varo Money, Axos Bank, EverBank, CIT Bank, and Peak Bank offer attractive returns in personal-finance, particularly in the banking-and-insurance sector. These accounts, covered by federal deposit insurance, are not merely devices to accumulate money but also tools to build personal peace of mind while managing savings.
