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Many 5% interest savings accounts can be opened online from anywhere in the US.
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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.
Featured 5% Savings Accounts
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.
Savings AccountAPY
Digital Federal Credit Union Savings Account
6.17% APY on up to $1,000; 0.15% APY on balances above $1,000
5.50% APY through 12/31/2023 for new customers who make a qualifying direct deposit; 4.75% APY standard rate
5.25% APY on Savings Account and Jars
Newtek Bank Personal High Yield Savings
5.25% APY
5.25% APY
Western Alliance Bank High Yield Savings Account, powered by Raisin
5.25% APY
5.20% APY
FNBO Direct Online Savings Account
5.15% 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
TAB Bank High Yield Savings Account
5.02% APY
Salem Five Direct eOne Savings
5.01% APY
Bask Bank Interest Savings Account
5.00% APY
Bread Savings High Yield Savings Account
5.00% APY
First Foundation Bank Online Savings Account
5.00% APY
Laurel Road High Yield Savings Account
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% on savings?
Yes, you can get 5% or more on a savings account.
What bank offers 5% on savings accounts?
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?
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.
Products in this post: DCU Primary Savings Account – Product Name Only, Betterment Cash Reserve Account – Product Name Only, Milli Savings Account – Product Name Only, Newtek Bank Personal High Yield Savings Account – Product Name Only, UFB High Yield Savings – Product Name Only, Western Alliance Bank High Yield Savings Account – Product Name Only, Popular Direct Savings – Product Name Only, FNBO Direct Online Savings Account – Product Name Only, Bank5 Connect Jumbo Savings Account – Product Name Only, Primis Savings Account – Product Name Only, CIT Bank Platinum Savings – Product Name Only, TAB High-Yield Savings Account – Product Name Only, Salem Five Direct eOne Savings – Product Name Only, Bask Bank Interest Savings Account – Product Name Only, Bread Savings High-Yield Savings Account – Product Name Only, First Foundation Bank Online Savings Account – Product Name Only, Laurel Road High Yield Savings® – Product Name Only, M1 High Yield Savings Account – Product Name Only, ONE account – Product Name Only, Varo Savings Account – Product Name Only