5% Interest Savings Accounts

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• Numerous banks and credit unions have savings accounts paying at least 5% APY.

• Some savings accounts have balance requirements or other rules for earning interest.
• When choosing a 5% interest savings account, compare fee structures and additional features.

The best high-yield savings accounts pay well above the average savings account rate of 0.43% 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.

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 20 online banks, credit unions, and investing platforms with savings accounts offering at least 5% interest.

With the exception of Digital Federal Credit Union Savings, these accounts can be opened from anywhere in the US. 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.

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. 

*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

Products in this post: DCU Primary Savings Account, Betterment Cash Reserve Account, Milli Savings Account, Newtek Bank Personal High Yield Savings Account, UFB High Yield Savings, CloudBank 24/7 High Yield Savings Account, 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 AccountVio Bank Cornerstone Money Market Savings Account

Top Offers From Our Partners

Betterment Cash Reserve Account New Customer Offer: Earn 5.50% (variable) APY* when you open your first cash account with qualifying deposit

*The annual percentage yield (APY) on the deposit balances in Betterment Cash Reserve (Cash Reserve) is 4.75% and represents the weighted average of the APY on deposit balances at the banks participating in Cash Reserve (the Program Banks) and is current as of August 1, 2023. This APY is variable and subject to change daily. Deposit balances are not allocated equally among the participating Program Banks. A minimum deposit of $10 is required, but there is no minimum balance required to be maintained. The APY available to a customer may be lower if that customer designates a bank or banks as ineligible to receive deposits. APY applies only to Cash Reserve and does not apply to checking accounts held through Betterment Checking. Cash Reserve and Betterment Checking are separate offerings and are not linked accounts.

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