- 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 0.46% APY (Annual Percentage Yield). In fact, 5% savings accounts are now available at numerous financial institutions. This means a savings account paying 5% APY allows you to earn 5% on money kept in the account over the course of a year.
Nationally Available Savings Rates from Our Partners
Account | APY (Annual Percentage Yield) | Minimum Balance |
Customers Bank, powered by Raisin | 5.32% APY | $0 |
UFB Direct Secure Savings Account | 5.25% APY | $0 |
Upgrade Premier Savings | 5.07% APY | $1,000 |
CIT Bank Platinum Savings | 5.05% APY | $5,000 |
Wealthfront Cash Account | 5.00% APY | $0 |
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.
Most of these accounts can be opened from anywhere in the US. However, there are a few exceptions.
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.
BluPeak Credit Union is offering the Preferred Savings Account to new customers only, and you must meet certain membership requirements. You may qualify to join if you become a member of KBPS; live in an eligible area in California; work for the State of California; or are a student or alum of the University of San Diego or a school in the California State University or University of California systems.
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 |
Digital Federal Credit Union Savings Account | 6.17% APY on up to $1,000; 0.15% APY on balances above $1,000 |
4.75% APY — new users can earn 5.50% (variable) APY for the first three months with a qualifying deposit | |
5.20% APY | |
5.35% APY | |
5.33% APY | |
5.30% APY | |
Customers Bank High Yield Savings Account, powered by Raisin | 5.32% APY |
5.27% APY | |
5.50% APY on Savings Account and Jars | |
5.25% APY | |
5.25% APY | |
Valley Direct High Yield Savings Account | 5.05% APY |
EverBank Yield Pledge Online Savings | 5.15% APY for first-time savings clients on balances up to $250,000 for the first year; 4.75% APY ongoing rate |
5.15% APY | |
5.15% APY | |
5.10% APY | |
5.10% APY | |
5.10% APY | |
5.07% APY | |
5.05% APY on balances of $5,000 or more; 0.25% APY on balances under $5,000 | |
5.01% APY | |
5.00% APY | |
5.00% APY | |
5.00% APY for M1 Plus members; 1.50% APY for M1 users who do not have an M1 Plus membership* | |
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? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Yes, you can get 5% or more on a savings account.
What bank offers 5% interest on savings accounts? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Multiple banks offer 5% on a savings account, such as Varo Bank and CIT Bank. Investing platforms like Betterment also have 5% savings accounts for new customers.
Where can I get 5% interest on my savings? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.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? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.If you deposit $10,000 into a savings account paying 5% APY, you'd earn a little over $500 in interest after one year.
Products in this post: Customers Bank High Yield Savings Account, DCU Primary Savings Account, Betterment Cash Reserve Account, Milli Savings Account, Newtek Bank Personal High Yield Savings Account, UFB Secure Savings, , Popular Direct Savings, FNBO Direct Online Savings Account, Bank5 Connect Jumbo Savings Account, Primis Savings Account, CIT Bank Platinum Savings, TAB High-Yield Savings Account, Salem Five Direct eOne Savings, Bask Bank Interest Savings Account, Bread Savings High-Yield Savings Account, First Foundation Bank Online Savings Account, Laurel Road High Yield Savings®, M1 High Yield Savings Account, ONE account, Varo Savings Account, Valley Direct High Yield Savings Account, BrioDirect High-Yield Savings Account, BluPeak Credit Union Preferred Savings Account, Ivy Bank High-Yield Savings Account, EverBank Yield Pledge Online Savings, BMO Alto Online Savings Account, DCU Primary Savings Account, Betterment Cash Reserve Account, Wealthfront Cash Account, Upgrade Premier Savings
Sophia Acevedo, CEPF Banking Reporter Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Business Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).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:- Are banks open today? Here's a list of US bank holidays for 2023
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