Ian Bergstrom

09/17/2025

As a service member, you’ve got missions to handle, deployments to plan, and moves that can come at any time. Amid all that, having a savings account that works for you — not against you — is critical. A high-yield savings account (HYSA) isn’t just about getting more interest: it’s about maximizing every dollar, building your emergency fund fast, and keeping your financial options open no matter where duty sends you.

What Makes a High-Yield Savings Account (HYSA) Military-Friendly?

Here are the qualities that you should be prioritizing when looking for a HYSA:

Annual Percentage Yield (APY) -- the higher, the better; must remain great after fees
Minimum Deposit/Opening Balance -- some require nothing or very little, some require a few hundred plus. Make sure it fits into your budget
Monthly or Maintenance Fees -- ideally, $0
Access / Ease of Use -- online/mobile, FDIC-insured, ability to transfer easily, globally
No Hidden Catches -- sometimes high APYs only apply to certain balances or conditions (direct deposit, linked accounts, etc)

Top High-Yield Savings Accounts in 2025

Here are some of the best HYSAs that are being offered right now. Just keep in mind that rates and requirements may change often. So, make sure to double-check the offer before applying.

Varo Bank
EverBank Performance Savings
AMEX High-Yield Savings
OpenBank
Synchrony Bank High-Yield Savings

Varo Bank

Tab 1 Title

APY: ~5.00%

Opening Balance: Any Amount

Minimum Balance: Any Amount

Note:

Direct Deposit required with Checking Account // APY is paid only on the first $5,000

EverBank Performance Savings

AMEX High-Yield Savings

OpenBank

Synchrony Bank High-Yield Savings

Warnings & Common Pitfalls

Always check if the high rate is promotional or requires specific conditions (direct deposit, balance minimums, etc). You might want to find another one if so.
Be sure you understand any withdrawal limits or if there are fees for falling below a certain account balance threshold. Poor understanding can be expensive.
Watch for required documentation, especially if accounts have "deployment" benefits. You might need to provide orders and/or orders must show being deployed to an active combat zone to get the benefits or waiver of fees.
Inflation matters! Even at a 5% APY, with a 5% Inflation rate, your real return is 0%. A HYSA will not solve everything and more important to be aware of how inflation can negatively impact our return -- in this case, it may be smarter to turn to another asset for growth.
FDIC Insured -- you want to make sure that the bank you choose for your HYSA has FDIC coverage to help protect your money in the event of a bank failure

Final Thoughts

A HYSA is a solid financial tools that you should have in your kit as a military member. Used right, it lets you build a cushion for PCS, emergencies, or when you decide to transition out of the military.

If you like to have that safety net of having readily available liquid cash on hand, the HYSA is a good choice for you. It allows you to compound your money more than you would with just a regular Savings Account earning 0.1%.

Pick one or two of the options above, open an account, and automate them through automatic transfers up to your goal amount. If you have an emergency, then great, you have some cash to throw at it. If a emergency never happens, great, your money isn't sitting stagnant on the sidelines, it is working for you.

Maybe not as hard as other options available to you, but still better than a brick-and-mortar bank's savings accounts.

Stick around, join the discord, and I will share my secrets on if you want to take your Emergency Fund to the NEXT LEVEL!

Written by Ian Bergstrom

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17/09/2025

Banking