Personal Finance Banking Savings
Written by Sophia Acevedo, CEPF; edited by Laura Grace Tarpley
Updated
2024-04-23T14:41:21Z
- Savings accounts with at least 5% interest
- Compare 5% savings accounts
- What to look for in a 5% interest savings account
- FAQs
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The best high-yield savings accounts pay well above the average savings account rate of 0.47% APY (Annual Percentage Yield). In fact, 5% savings accounts are now available at numerous financial institutions. This means a savings account paying 5% APYallows you to earn 5% on money kept in the account over the course of a year.
We've compiled a list of banks and credit unions where you can find savings accounts that pay at least 5% APY.
Savings accounts with at least 5% interest
The following list includes 26 online banks, credit unions, and investing platforms with savings accounts offering at least 5% interest. However, be mindful of specific opening requirements at select financial institutions.
Digital FCU is limited to people who live in select areas of Massachusetts, live in a New Hampshire participating condominium community, work for a Select Employer Group, or belong to a local participating organization. Ivy Bank is available to anyone in the United States except California residents.
All accounts listed are federally insured by the FDIC or NCUA for up to $250,000 per depositor. Federal insurance protects consumer's insured deposits if a bank fails.
| Savings Account | APY |
DCU Primary Savings Account | 6.17% APY on up to $1,000; 0.15% APY on balances above $1,000 |
My Banking Direct High Yield Savings Account | 5.55% APY |
Betterment Cash Reserve Account | 5.50% APY for new customers' first three months, then 5.00% |
BrioDirect High-Yield Savings Account | 5.35% APY |
Ivy Bank High-Yield Savings Account | 5.30% APY on balances of $2,500 or more; 0.05% APY on balances under $2,500 |
5.27% APY | |
Newtek Bank Personal High Yield Savings Account | 5.25% APY |
5.25% APY | |
5.26% APY | |
Popular Direct Savings | 5.20% APY |
| EverBank Performance℠ Savings | 5.15% APY |
5.15% APY | |
Bank5 Connect Jumbo Savings Account | 5.10% APY |
Bask Bank Interest Savings Account | 5.10% APY |
BMO Alto Online Savings Account | 5.10% APY |
Primis Savings Account | 5.07% APY |
5.05% APY on balances of $5,000 or more; 0.25% APY on balances under $5,000 | |
5.01% APY | |
Laurel Road High Yield Savings® | 5.00%APY |
5.00% APY | |
M1 High Yield Savings Account | 5.00% APY for M1 Plus members; 1.50% APY for M1 users who do not have an M1 Plus membership* |
ONE account | 5.00% APY on savings balances up to $250,000 when you receive $500 per month in eligible direct deposits or have a daily balance totaling $5,000 or more |
5.00% APY on balances up to $5,000 if you receive direct deposits totaling $1,000 per month and maintain a positive account balance; 3.00% APY on the remaining balance |
*M1 Plus Membership has a $10 monthly or $95 annual fee. This is the only savings account on the list with monthly fees.
What to look for in a 5% interest savings account
When comparing 5% interest savings accounts, think about which features you prioritize most. Consider the following factors to help determine the right option for you:
- Opening requirements:See how much money you need to open an account. If you're looking at credit unions, check if you're eligible for membership.
- Interest rate requirements: Some savings accounts have certain requirements to qualify for the highest interest rate, or have a tiered interest rate system where the rate will change for various account balances. Review the criteria for earning interest.
- Fees: Common fees for savings accounts include monthly bank maintenance fees, bank paper statement fees, and excess withdrawal fees. View the schedule of fees if available online, or call a bank to learn about fees.
- Online/mobile banking:Find out if the bank has mobile or online banking services. Also, review mobile app ratings in the Google Play or Apple Store.
- Additional features offered:Some savings accounts come with unique features, like ATM cards or savings goal features. If these matter to you, prioritize a savings account with these perks.
- Other banking options:If you're considering opening other bank accounts with the same company, you might prefer an online bank or a credit union. Investing platforms typically do not offer many bank account options.
5% interest savings FAQs
Can I get 5% APY on savings?
Yes, you can get 5% or more on a savings account.
What bank offers 5% interest on savings accounts?
Multiple banks offer 5% on a savings account, such as Varo Bank and CIT Bank. Investing platforms like Betterment and Wealthfront also have 5% savings accounts for new customers.
Where can I get 5% interest on my savings?
You can earn 5% or more with several savings accounts, including the Milli Savings Account, Betterment Cash Reserve, Newtek Bank High Yield Savings Account, and more. You can also earn above 5% with several accounts through Raisin, an online savings marketplace that sets you up with high rates from partner banks.
How much interest will $10,000 earn in a 5% savings account?
If you deposit $10,000 into a savings account paying 5% APY, you'd earn a little over $500 in interest after one year.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She edits and writes bank reviews, banking guides, and banking and savings articles for the Personal Finance Insider team. She is also a Certified Educator in Personal Finance (CEPF).Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
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Top Offers From Our Partners
SoFi Checking and Savings Earn up to 4.60% APY on savings balances and up to a $300 bonus with qualifying direct deposit. FDIC Insured. There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. To earn the $300 bonus, the customer must complete a direct deposit with a minimum initial deposit of $250 in a new SoFi Checking and Savings account within 45 days of clicking to qualify (offer expires 06/30/24).
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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