November 22, 2024

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20 savings accounts that pay 5% APY or higher (updated weekly) #CashNews.co

20 savings accounts that pay 5% APY or higher (updated weekly) #CashNews.co

Cash News

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.

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.

See our picks for the 10 best high-yield savings accounts>>

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.

The Premier Online Savings Account from Poppy Bank offers a highly competitive 5.50% APY, guaranteed for the first three months after opening an account. This rate only applies to accounts opened online and a minimum balance of $1,000 must be maintained to obtain the advertised rate.

My Banking Direct’s high-yield savings account offers an attractive rate of 5.35% 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.

This high-yield savings account from Flagstar offers an impressive 5.35% APY on balances of $25,000 or more, which is guaranteed for the first five months after opening an account. After this period, the account earns 0.10% to 2.00% APY, depending on the balance. You can avoid a $15 monthly maintenance fee for this account with a Flagstar checking account relationship or by maintaining an average daily balance of at least $10,000.

With the Western Alliance Bank High-Yield Savings Premier account, you can enjoy an impressive rate of 5.31% APY on all balances. The minimum opening deposit required is $500. There are zero account activity or maintenance fees.

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.

The Growth Savings account from Forbright Bank offers a highly competitive 5.30% APY with unlimited transfers. There are no monthly fees associated with the account and there is no minimum opening balance requirement. As an added bonus, Forbright Bank is focused on supporting responsible and sustainably oriented projects, including wind turbine repairs, geothermal energy, and affordable housing. That means depositing your money with this bank helps support these efforts.

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?

Jenius Bank’s high-yield savings account provides a competitive 5.25% APY on all balances with daily compounding interest. There are no fees or minimum balance requirements. Additionally, customers can access U.S.-based customer service online or by phone 24/7.

UFB Direct’s Portfolio Savings account is a high-yield savings account that offers 5.15% APY on all balances. There are no maintenance or service fees and no minimum balance required.

Read our full review of UFB Direct

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?

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’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.

Read our full review of BMO Alto

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’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.

Read our full review of EverBank

The TAB Bank Save account offers a competitive 5.02% 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.

Read our full review of TAB Bank

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’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’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.

Read our full review of Varo Bank

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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