Looking for sky-high savings rates? There are a few bank accounts that really do offer up to 7% annual percentage yield (APY), but to get those tasty rates, you usually need to jump through some hoops. We located some of the highest-yielding bank accounts available, break down which accounts are legit, what you’ll need to qualify for the high rates and how they stack up against more accessible options.
We’ve done the work of comparing hundreds of savings accounts so you can find the right one. Compare savings accounts by monthly fees, requirements and rates. And of course, deposits are insured with all of these accounts.
Important: Some of these accounts are checking or prepaid accounts with limited balances to qualify for the high APY. Traditional savings accounts offering 7% APY are extremely rare.
| Account | APY and requirements | Monthly maintenance fee | Learn more |
|---|---|---|---|
| SoFi Checking and Savings | Up to 3.10% APY on savings By meeting deposit requirements or by paying the SoFi Plus Subscription Fee every 30 days | $0 | |
| Public Cash Account | 3.3% APY | $0 | |
| Western Alliance HYSA through Raisin | 3.8% APY | $0 | |
| DCU Primary Savings Account | Up to 5.00% APY $5 deposit and no balance requirements, requires DCU membership. | $0 | |
| Revolut | Up to 5.5% APY for Metal Plan For balances in a high yield account; 3.75% APY for balances in other savings accounts. Up to 4.5% APY for Premium Plan For balances in a high yield account; 3.35% APY for balances in other savings accounts. Up to 4% APY for Standard Plan For balances in a high yield account; 3.25% APY for balances in other savings accounts. | $0 for Standard plan $9.99/month for Premium plan $16.99/month for Metal plan | |
| Varo High-Yield Savings Account | Up to 3.75% APY On first $5,000 saved, Varo checking account required ($0/month). | $0 | |
| Greenlight Family Shield | Up to 6% savings bonus On first $5,000 saved. Comes with identity theft protection, financial account monitoring and more. | $19.98 | |
| Barclays Tiered Savings | Up to 3.65% APY | $0 | |
| Ivy Bank High-Yield Savings Account | Up to 3.85% Requires a $2,500 minimum opening deposit and a $2,500 minimum daily balance | $0 | |
| Synchrony High Yield Savings | 3.3% APY | $0 | |
| BCU Powerplus Checking | Up to 8% APY On balances up to $15,000 for three months with $3,000 in deposits or direct deposits and 30 qualifying transactions per month. Requires BCU membership. Up to 4% APY After the promotional period with same activity requirements as above. | $0 | |
| Uphold Interest Account | Up to 3.75% APY | $0 | |
| Netspend Savings | Up to 6% APY | $0 |
According to the FDIC, the average savings account APY is just 0.38% as of June 2025. Even many “high-yield” online savings accounts offer around 4% to 5% as a maximum rate.
So while 7% is possible, it’s often:
| Account type | Typical APY | Balance limits | Ease of access |
|---|---|---|---|
| Traditional savings | 0.38% | None | Easy |
| Online HYSA | 4.00% to 5.00% | None | Very easy, sometimes deposit or balance requirements |
| Interest-bearing checking | 0.07% | Often capped | Strict requirements, such as balances, deposit or spending |
Ask yourself these questions while you’re comparing high-yield accounts:
How much are you saving?
Many accounts with APYs around 7% APY cap how much of your balance can earn that rate. This means that promotion rates or accounts with tiered interest rates are better suited for short-term savings goals. If you have more than a few thousand dollars to store away for safekeeping, you might be better off with an account with a slightly lower interest rate that earns interest on your entire balance.
Can you meet the requirements?
The high rates usually come with strings attached — like using your debit card a certain number of times each month, setting up direct deposit, logging into the app regularly or signing up for e-statements. If that’s stuff you already do, great, but if not, missing those requirements could mean losing the rate altogether.
Are you comfortable with online banking?
Many of the highest-paying accounts are offered by online banks or fintechs, since they don’t have to pay to manage physical locations. If you’re okay managing everything from your phone or computer, you’ll have more high-yield options. But if you want in-person service, or frequently make cash deposits, your savings APY may be lower in exchange for that convenience.
Compare these other top accounts and guides to find the right account for your situation:
Account with 7% APYs exist, but they’re not common or available to everyone. Most have small balance caps, require you to jump through hoops, are online only or the highest rates are temporary. See more savings account options and best guides.
The BNPL app Klarna has a new savings account that can earn up to 3.78% APY, but you’ll need the highest membership tier to get that rate.
Smartypig may have a silly name, but this goal-tracking savings account has a competitive APY and no monthly fees.
A look at the TAB Bank high-yield savings account and what customers say about it.
Earn up to 6% with Greenlight, 5% with Varo and just under 5% with Barclays, Western Alliance, Uphold, Wealthfront and more.
These international banks offer accounts with 12% APYs or higher, but watch out for risks.
The Ponce Bank high-yield money market account offers up to 0.20% APY, but earning even that rate requires a high balance. Look elsewhere.
The Affinity SmartStart Savings account earns up to 2.65% APY, depending on your balance. But you’ll need to join the credit union first.
The Varo savings account is a no-fee savings account with up to 3.75% APY, but you need the Varo checking account to get it.
Chime’s savings account has a solid APY and has no monthly fees, but it requires Chime’s checking account.
Compare some of the best high-yield savings accounts available.