Before summer spending increases, ensure your savings are working effectively. Here are the top high-yield savings accounts (HYSAs) for May.

With summer approaching, if a little extra cash sounds good to help with seasonal expenses—from spontaneous trips to beach vacations to kids' sports camps—opening a high-yield savings account (HYSA) could be beneficial.

This month, the leading HYSAs offer 4.00% APY or better—a significant jump from the near-zero interest rates of typical savings accounts. For context, if you placed $10,000 in an account earning 4.00% APY, at year-end, you'd see $400 in interest. In contrast, the average savings rate across banks hovers around 0.60% APY, yielding only $60 on that same amount. That's a $340 gap you don't want to miss out on.

Besides competitive APYs, the top HYSAs often come with appealing sign-up bonuses—one account on our list currently offers $400 to new clients. With summer just ahead, now's the perfect time to let your money work for you. Check out May's top HYSAs:

SoFi

SoFi continues to shine this month, holding its spot at the top, thanks to a $400 bonus for new accounts.

Personally, I've been using SoFi for checking and savings for a few years, and it's among the most user-friendly banking platforms available.

As a newcomer, here's what you can expect:

  • Up to 4.00% APY
  • No account fees or overdraft charges
  • Access to paychecks up to two days early
  • Up to $400 bonus after completing qualifying tasks

If you value convenience and want to take advantage of an attractive new customer incentive, this option is definitely worth considering.

Barclays

A trusted choice, Barclays offers a simple, straightforward high-yield savings account.

Here are the key features:

  • Up to 3.75% APY with the Tiered Savings Account
  • $200 bonus upon meeting deposit criteria
  • No monthly maintenance fees
  • Convenient online transfers and direct deposits

Reliable, easy to navigate, and with a nice $200 bonus introduced this month!

CIT Bank

This bank is popular among users in a private financial community, and with good reason. For May, CIT Bank offers:

  • 4.10% APY when maintaining a $5,000 balance
  • No fees for opening or maintaining the account

This is a solid choice for those who keep a higher balance and prefer a strong rate without extra features.

Valley Direct

New customers are welcomed with open arms at Valley Direct. Here's what they have in store for May:

  • 4.00% APY for new clients
  • 24/7 access through online and mobile banking
  • No maintenance fees

Keep in mind, a minimum deposit of $1,000 is required to open an account.

Final Thoughts

As summer expenses approach, now is the perfect moment to ensure your savings are maximized. Interest from a high-yield savings account is essentially free money—no risks involved (all these banks are FDIC insured), no complex strategies, just smart cash management. However, be sure to compare rates, fees, benefits, and customer experiences before selecting a new account.

Need a quick refresher on how high-yield savings accounts compare to traditional ones? This informative guide can help.