Top Online Banks with High APY Savings Accounts in 2025

In today’s fast-paced financial world, finding an online bank that offers a high Annual Percentage Yield (APY) on savings accounts can make a huge difference in growing your money efficiently. Thanks to online banks’ lower overhead costs, many now provide significantly higher interest rates than traditional brick-and-mortar banks. If you’re looking to maximize your savings with ease and flexibility, here’s a rundown of some of the top online banks with high APY savings accounts in 2025.

Why Choose an Online Bank for Your Savings?

Online banks typically pass their savings on you through higher interest rates, no monthly fees, and low minimum balance requirements. Since they don’t maintain physical branches, they save on costs and can offer better deals. Plus, with mobile apps and online tools improving all the time, managing your savings has never been easier or more convenient.

The Best Online Banks Offering High APY Savings Accounts in 2025

1. Newtek Bank – Highest APY with No Minimum Balance

Newtek Bank stands out by offering an APY that is more than 11 times the national average, making it one of the top choices for disciplined savers. The best part? There is no minimum deposit or balance required to earn this impressive rate. This means you can start growing your savings immediately without a hefty upfront investment.

Key Features:

• APY: Highest on the market (11x national average)
• No minimum deposit or balance
• Limited to 6 withdrawals per month
• Transfers are somewhat restricted, so it’s ideal for those who want to save long-term without frequent access

This account is perfect if you want to earn a fantastic rate and can commit to limited withdrawals, encouraging strong savings habits.

2. BrioDirect – High APY with Flexible Withdrawals

Operating under Webster Bank, BrioDirect combines a high APY with zero monthly fees and unlimited withdrawals. Although there is a $5,000 initial deposit requirement, the minimum balance to keep earning the APY drops to just $25 afterward. This flexibility makes it a strong contender for savers who prefer easy access to their funds without sacrificing yield.

Key Features:

• Competitive APY with no monthly fees
• $5,000 minimum to open, $25 minimum to maintain APY
• Unlimited withdrawals and mobile check deposits
• External transfers, mailed checks, and wire deposits supported

BrioDirect is well-suited for those who want a blend of high returns and convenience, especially if you can meet the initial funding requirement.

3. Bread Savings – Competitive Rates with No Monthly Fees

Bread Savings offers a competitive APY on balances from $100 up to $1 million, making it ideal for both new savers and those with substantial funds. While it’s an online-only bank without physical branches, it provides phone support seven days a week to ease customer concerns.

Key Features:

• No monthly fees or incoming wire charges
• Unlimited mobile check deposits
• Free online statements; paper statements available for a fee
• Requires no minimum balance to earn the advertised APY

Bread Savings is a strong option if you value customer support and want a straightforward high-yield savings account with no hidden fees.

4. Openbank – 4.20% APY with $500 Minimum Opening

Openbank offers an impressive 4.20% APY, about 10 times the national average, across all balance tiers. The account is fee-free but requires a $500 minimum deposit to open and maintain the APY.

Key Features:

• 4.20% APY
• $500 minimum deposit and balance
• No fees
• Account setup in about five minutes online

Openbank is ideal for savers who can start with a moderate initial deposit to lock in a high rate quickly.

5. My Banking Direct – Competitive APY with Low Minimum Balance

A digital service of Flagstar Bank, My Banking Direct offers a 4.20% APY as well, but with a much lower minimum balance requirement of just $1 to earn the advertised rate. The account is managed through Flagstar’s mobile app, praised for ease of use.

Key Features:

• 4.20% APY
• $500 minimum to open, $1 minimum balance for APY
• No monthly maintenance fees
• Fast account opening process

This bank works well for those who want high interest with minimal balance requirements and a user-friendly app experience.

6. TAB Bank – No Minimum Deposit, 3.80% APY

TAB Bank offers a solid 3.80% APY with no minimum deposit or balance required to earn interest. It has no monthly maintenance fees or balance caps, making it highly accessible to all savers.

Key Features:

• 3.80% APY
• No minimum deposit or balance
• No monthly fees or caps on balance
• Simple online account management

TAB Bank is a great choice for beginners or anyone who wants a no-hassle, high-yield savings account without strings attached.

7. SoFi – Hybrid Savings and Checking with 3.80% APY

SoFi combines a savings account with a checking account, offering a 3.80% APY with no monthly fees or minimum balance requirements. The catch is the advertised APY is guaranteed only for six months, so it’s good for short-term savers or those who want easy access to funds.

Key Features:

• 3.80% APY (introductory rate for six months)
• No minimum balance or monthly maintenance fee
• Hybrid checking and savings account setup
• Highly rated mobile app and customer service

SoFi is perfect if you want a flexible money management solution with competitive short-term yields.

8. Marcus by Goldman Sachs – Reliable 3.65% APY with No Minimum

Marcus offers a well-known, trusted savings product with a 3.65% APY and no minimum balance required to earn it. It’s a solid choice for savers looking for a reputable institution with consistent rates.

Key Features:

• 3.65% APY
• $0 minimum balance
• No fees
• Strong track record and brand reliability

Marcus is for those who value stability and a straightforward high-yield savings account from a top-tier bank.

How to Choose the Right High APY Savings Account for You

When selecting an online bank with a high APY savings account, consider these factors:

• APY and how it compares to the national average: Higher is better for growing your money faster.
• Minimum deposit and balance requirements: Choose a bank that fits your starting capital.
• Fees and penalties: Look for accounts with no monthly maintenance fees or hidden charges.
• Withdrawal limits and flexibility: Some accounts restrict withdrawals, so know how often you can access your money.
• Ease of access and mobile app quality: A good app and online tools make managing your savings simpler.
• Customer service: Especially for online-only banks, accessible support is important.

Final Thoughts

Online banks in 2025 offer some of the most attractive savings account options in history, with APYs multiple times the national average, no fees, and user-friendly digital experiences. Whether you want the highest yield with disciplined saving or a flexible account with no minimums, there’s an option tailored for you.

Start by assessing your savings goals and initial deposit capacity, then pick the bank that matches your needs for rate, flexibility, and service. With the right high APY savings account, your money can work harder for you year-round.

Ready to grow your savings? Explore these top online banks and watch your balance flourish!

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