Today, the national average interest rate for savings accounts is just 0.45%, according to the FDIC. But that doesn’t mean you’re stuck earning a low rate on your savings.
Many banks and credit unions offer high-yield savings accounts with 5% APY or more, giving you the opportunity to maximize your saving potential and hit your savings goals even faster.
15 savings accounts that pay 5% and up
Here’s a look at some of the top federally insured high-yield savings accounts available today that currently offer 5.00% APY and higher.
Note that interest rates, fees, and requirements are accurate as of the publish date. Please verify account details directly with the financial institution.
Digital Federal Credit Union Primary Savings Account: 6.17% APY
Digital Federal Credit Union (DCU) offers a high-yield savings account with the highest APY on our list at 6.17%. The catch: this only applies to balances up to $1,000; balances above $1,000 earn 0.15% APY. But for savers who are just getting started, this could help get the ball rolling on growing their savings.
The minimum deposit needed to open this account is $5.00. There is no monthly maintenance fee or minimum balance required to earn the disclosed APY. Eligibility for membership with DCU is determined by a prospective member’s relationship to a current member, employment at an eligible company, geographic area, or involvement in qualifying organizations.
My Banking Direct High-Yield Savings Account: 5.55% APY
My Banking Direct’s high-yield savings account has one of the highest rates on our list with 5.55% APY. That’s more than 12 times the national average. To open this account, you’ll need to make an initial deposit of $500. There are no monthly maintenance fees associated with this account.
BrioDirect High-Yield Savings Account: 5.30% APY
BrioDirect’s high-yield savings account currently offers 5.30% APY. The drawback is that it requires a minimum opening deposit of $5,000 to get started. However, once the account is open, you only need to maintain a minimum of $25 in your account to earn the disclosed APY. There’s no monthly maintenance fee.
Ivy Bank High-Yield Savings Account: 5.30% APY
The Ivy Bank High-Yield Savings Account offers 5.30% APY on balances of $2,500 and up. Balances below this threshold earn just 0.05% APY. Interest is compounded daily and credited to your account monthly.
Read more: Can you negotiate a higher savings account rate with your bank?
Tab Bank Save Account: 5.27% APY
The Tab Bank Save account offers a competitive 5.27% APY. This account is free to open and has no minimum opening deposit or monthly fee. Interest is compounded daily and credited to your account monthly. The minimum balance needed to obtain the advertised APY is $0.01.
UFB Secure Savings: 5.25% APY
UFB Direct’s Secure Savings account is a high-yield savings account that offers 5.25% APY on all balances. There are no maintenance or service fees and no minimum balance required.
Bread Savings High-Yield Savings Account: 5.15% APY
Bread Savings’ High-Yield Savings Account offers 5.15% APY, which is more than 11 times the national average. The minimum deposit required to open an account is $100, and there are zero monthly service fees. Interest is compounded daily and posted to your account monthly.
Read more: What is a good savings account interest rate?
Bask Interest Savings Account: 5.10% APY
The Bask Interest Savings Account offers 5.10% APY, which is more than 11 times the national average. This account does not charge any monthly fees and doesn’t pose a minimum balance requirement to open an account or earn the advertised rate. With this account, you’ll decide how much you want to deposit, but you must fund your account within 15 days to keep your account open.
Read our full review of Bask Bank
BMO Alto Online Savings Account: 5.10% APY
BMO Alto’s Online Savings Account offers a competitive 5.10% APY with no minimum deposit or minimum balance requirement. Plus, there are no monthly fees for maintaining your account. Interest on this account is compounded daily and credited to your account monthly.
Primis Personal Savings Account: 5.07% APY
Primis Bank’s Personal Savings Account can be opened with as little as $1 and boasts a 5.07% APY — more than 11 times the national average. There’s no cap on your interest earnings, meaning this APY applies to all balances. There are no monthly service fees or minimum balance requirements. Interest on this account is compounded and credited to your account monthly.
EverBank Performance Savings: 5.05% APY
EverBank’s Performance Savings Account gives account holders the opportunity to earn 5.05% APY on their savings balance with no minimum deposit requirement to get started, no minimum balance requirements, and no monthly maintenance fees. Interest is compounded daily.
Salem Five Direct eOne Savings Account: 5.01% APY
Salem Five Direct’s eOne Savings Account requires a minimum deposit of $10 to get started. This rate applies to balances of up to $1,000,000. The account does not have a minimum balance requirement and doesn’t charge monthly service fees. Interest is compounded monthly and credited to your account monthly.
Read more: How much can I save in a year with $10,000 in a savings account?
CIT Bank Platinum Savings Account: 5.00% APY
CIT Bank’s Platinum Savings Account currently offers 5.00% APY on balances of $5,000 or more. Balances of less than $5,000 earn 0.25% APY. You’ll need a minimum of $100 to open this account. There are no monthly account fees.
Varo Bank High-Yield Savings Account: 5.00% APY
Varo Bank’s HIgh-Yield Savings Account offers an attractive 5.00% APY on balances up to $5,000. Balances below this threshold earn 3.00% APY. There’s no minimum balance required to get started and no monthly fees. This account also allows for automatic round-ups to give your savings a boost over time.
LendingClub Online Savings: 5.00% APY
LendingClub’s Online Savings account currently offers 5.00% APY with a minimum balance of $100 required to open an account. This account also comes with a free ATM card for easy access to your funds, as well as unlimited external transfers. There are no monthly fees associated with this savings account. Interest is compounded daily and credited to your account monthly.
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