High-yield savings rates today: June 2, 2025 | Highest APY remains 4.40% as the Fed prepares its next move

Two weeks before Federal Reserve top brass will gather at the next Federal Open Market Committee (FOMC) meeting, some Fed officials are already indicating that the central bank won’t raise interest rates at its mid-June meeting. And why should it? With inflation still above, but closing in on, the Fed’s target rate of 2 percent, and the unemployment rate stable but up above 4 percent, it’s easy to see why Fed officials want to keep the Fed’s benchmark federal funds rate at its current target range of 4.25-4.5 percent.

It may seem like much ado about nothing, but keeping interest rates steady is good for savers who can still enjoy competitive annual percentage yields (APYs) among top-yielding high-yield savings s (HYSAs).

As of early June, many online-only banks and credit unions are offering APYs above 4 percent. Top rates include a 4.40 percent APY from Openbank, the new digital arm of Santander Bank, and a 4.30 percent APY from EverBank. These rates far sur the national average for savings s, which is just 0.60 percent.

What are today’s best savings s and rates?

For now, HYSAs continue to provide healthy returns. Online-only banks tend to offer the best yields. What’s more, you can find s with minimal or no deposit requirements.

Live Oak Bank, for example, beat out CIT Bank this week in a tiebreaker for our list of the best high-yield savings s. Although both offer a 4.10 percent APY, Live Oak doesn’t require a minimum opening deposit. CIT, however, requires a $100 minimum opening deposit and a balance of $5,000 to earn the featured rate.

Bank	Interest rate	Minimum opening deposit
Openbank	4.40% APY	$500
EverBank	4.30% APY	$0
Bread Savings	4.30% APY	$100
Rising Bank		$1,000
BrioDirect	4.30% APY	$5,000
TAB Bank	4.26% APY	$0
Forbright Bank	4.25% APY	$0
Bask Bank	4.20% APY	$0
CIBC Bank USA	4.11% APY	$1,000
Live Oak Bank	4.10% APY	$0

Note: Annual percentage yields (APYs) shown are as of May 29, 2025. APYs for some products may vary by region.

The latest news from the Federal Reserve

The Federal Reserve’s next Federal Open Market Committee meeting is scheduled for June 17-18, following its decision to hold rates steady in May. This will be the fourth of eight planned meetings for the year. The current federal funds rate remains in the 4.25–4.5 percent range, which is unchanged since December 2024.

With the April annual inflation rate at 2.3 percent, above, but close to, the Fed’s target rate of 2 percent, industry analysts, along with Fed officials, expect the FOMC to keep its federal funds rate steady at its current range, especially in light of a moderately strong jobs report and continued economic uncertainty. If, however, the Fed hints at a future rate cut, yields on high-yield savings s could start to trend downward. As of now, the expectation among Fed officials and industry experts is that rate could rise later this year.

“After a year of falling yields, 2025 is shaping up to be more stable. With the Fed pausing its rate cuts, savings rates have entered a holding pattern for now. What we’re seeing is a more competitive landscape, especially among digital banks and fintech platforms.”

Duransoy advises savers to weigh their options. It pays to shop around for the best yield. “Many are still offering APYs above 4 percent, well above historical norms. The key for savers this year is to stay proactive — rates can vary significantly across institutions, and not every bank es along the full value,” Rasin’s Duransoy adds.

Is now still a good time to open a high-yield savings ?

For now, high-yield savings s remain a solid option for your savings goals. Yields are relatively stable right now, so it’s a good idea to take advantage now while you can.

“In any rate environment, a high-yield savings remains a safe, smart way to make your cash work harder for you. It’s a seller’s market right now for deposits, so be sure to check interest rates at your current bank because better options may be out there.”

Higher APYs allow savers to earn more than traditional s. However, if the Fed were to cut rates, yields on HYSAs are likely to take a tumble.

Additional saving options to consider

If you want to lock in a rate for a specific period – from three months to five years – consider opening a certificate of deposit (CD). This type of deposit might offer similar or higher APYs compared with a HYSA, but you can’t withdraw your money during the term of the CD. If you do, you could suffer penalties that could wipe out the interest you’ve earned.

If you’re looking for a savings with amenable means to withdraw your money, consider a money market . Such an charges minimal fees and usually has a low minimum deposit. What’s more, some s offer check-writing privileges and/or debit card access, which gives you the flexibility you need when withdrawing your money.

Bottom line

High-yield savings s remain a strong choice. Annual percentage yields are still higher than those offered for traditional savings s. The Federal Reserve’s June meeting will determine which way rates are headed. Opening a HYSA now could allow you to take advantage of higher yields before any potential rate cuts in the future.