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Can I get a 5% interest savings account in 2022?

Find out how much interest you could earn with a 5% APY, plus explore your options.

Believe it or not, you can get a 5% interest savings account in 2022. They rope you in with a sensational APY, but it usually only applies to the first $500 or $1,000 in your account. After that, your APY drops significantly. Here are six 5% interest savings accounts:

Aspiration Spend & Save Account

Finder rating 4.2 / 5 ★★★★★

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on Aspiration's secure site
Although Aspiration Spend & Save Account is an online cash management account and not strictly a savings account you could earn interest as high as up to 5% APY. Depending on whether you choose the free standard plan or the paid Aspiration Plus plan, you can either earn 3% APY or 5% APY on savings up to $10,000. But you can only earn those APYs if you also use your Aspiration debit card to spend $1,000 each month.

Service Credit Union Primary Savings

This Primary Savings account from Service Credit Union has a low $5 opening deposit and no monthly fees. But you only earn 5% APY on the first $500 in your account. After that, it drops to 0.25%.

Blue Federal Credit Union Accelerated Savings

The Accelerated Savings account from Blue Federal Credit Union earns 5% APY on balances up to $1,000, then 0.1% on your remaining balance. As a member, you get access to Blue FCU rewards and other perks.

Netspend Savings

Available to those with a NetSpend Prepaid Debit Card, this optional savings account earns 5% on the first $1,000 in your account and 0.5% on the remaining balance.
Not available to Vermont residents. If you live in Vermont, you don’t qualify for the Netspend Card account and therefore can’t open the optional savings account.
NetSpend® Visa® Prepaid Card

Brinks Money Savings

This optional high-yield savings account is open to anyone with a Brink's Money Prepaid Mastercard. It earns 5% on the first $1,000 in your account and 0.5% on money over this limit.
Brinks Prepaid Mastercard review

ACE Elite Optional Savings

Ace Elite Prepaid Card users can open an optional savings account and enjoy 5% APY on balances up to $1,000. Then, 0.5% on balances after that.
ACE Flare Account review

Western Union Optional Savings

The Western Union Optional Savings Account is available to those with a Western Union NetSpend Prepaid Mastercard. It rewards you with 5% interest on balances up to $1,000, plus 0.5% on anything over this limit.
Western Union NetSpend Prepaid Mastercard Review

Pros and cons of a 5% interest savings account

Opening a 5% interest savings account comes with these benefits and drawbacks:

Pros

  • Good savings boost. The 5% interest rate is high enough to give your savings a noticeable boost, which can help you reach your goals faster.
  • Low deposits. Most 5% savings accounts have opening deposits of $0 to $25, making them a good choice for those who are just getting started on their savings journey.

Cons

  • There’s always a catch. We’ve yet to find a 5% savings account that doesn’t cap your earnings at $500 or $1,000. Plus, you may have to watch out for minimum balance requirements and monthly activity minimums to earn interest.
  • Most are tied to prepaid cards. Most prepaid cards cost at least $60 a year ($5 a month). If you keep a $1,000 savings balance, you’d earn $50 in interest, which is not even enough to cover the fees.

How much money can I make on a 5% savings account?

This table highlights how much interest you’d earn in a year if you put $1,500 into each savings account in this list.
AccountAPYInterest compoundedTotal annual interest earned
Service Credit Union Primary Savings5% on the first $500
0.25% after that
Daily$27.50
Blue Federal Credit Union5% on the first $1,000
0.1% after that
Daily$50.50
NetSpend Optional Savings Account5% on the first $1,000
0.5% on balances after that
Daily$52.50
Brinks Money Optional Savings Account5% on the first $1,000
0.5% on balances after that
Daily$52.50
ACE Elite Optional Savings Account5% on the first $1,000
0.5% on balances after that
Daily$52.50
Western Union Optional Savings Account5% on the first $1,000
0.5% on balances after that
Daily$52.50

Is a 5% interest savings account worth it?

Whether a 5% interest savings account is worth it depends on several factors, such as the APY restrictions and how much money you keep in the account. Eventually, you’ll reach a tipping point where you’ll earn more interest with a regular high-yield savings account.

Case study: 5% APY vs. 1% APY annual savings

This table shows how much interest you’d earn in a year in an account that earns 5% interest on your first $1,000 vs. an account that earns 1% on your total balance.

APYInterest earned on $1,000 balanceInterest earned on $5,000 balanceInterest earned on $10,000 balanceInterest earned on $15,000 balance
5% on first $1,000 and 0.25% after that$50$60$72.50$85
1% on all balances$10$50$100$150

Compare savings accounts

Use this table to calculate interest rates and compare accounts by APY, monthly fee and minimum deposit requirements.

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00%
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
$10
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
Quontic Bank High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank High Yield Savings
0.55%
$0
$100
Interest is compounded daily. No monthly service fees. Competitive rates
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
0.61%
0.25%
0.15%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
0.50%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Gemini Earn
Gemini Earn
Up to 8.05%
$0
$0
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.
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Compare up to 4 providers

Are there 6% or 7% APY savings accounts?

Yes. There are a few savings accounts in the US that earn at least 6% APY:

Mango high-yield savings

Up to 6%
APY
None
Fees
$25
Min. opening deposit
Mango Savings earns 6% APY on the first $2,500 in your account when you maintain a minimum $25 balance and make at least $1,500 a month in signature-based purchases with your Mango Prepaid card. You earn 0.1% on balances over $2,500.
  • Fallback APY. If you can't meet the steep $1,500 spending requirement, you still earn 2% APY when you make between $750 and $1,499.99 in signature-based purchases.
  • High APY cap. Most savings accounts with rates of 5% or more cap your earnings at the first $1,000, but Mango lets you earn 6% on up to $2,500.
  • Prepaid card required. As with other accounts on our list, you must have a Mango Prepaid Card to open this savings account.
  • Not completely free. Although the Mango Savings account is free, the Mango card has a $5 monthly fee that's waived when you make at least $800 in monthly direct deposits.
Interest compounding Daily

Mango Prepaid Mastercard review

DCU Primary Savings Account

Up to 6.17%
APY
None
Fees
$5
Min. opening deposit
Get a jump start on your savings with the Digital Federal Credit Union (DCU) Primary Savings account. You earn 6.17% on the first $1,000 in your account — the highest rate we've seen yet. Plus, 0.25% on anything over this limit.
  • No monthly fee. This account has no monthly fees, no minimum to earn interest and a low $5 opening deposit.
  • ATM card. Unlike other savings accounts, this one comes with an ATM card so you can withdraw cash whenever you need it.
  • Easy membership requirements. Anyone can join when they make a $10 donation to DCU's partner charity, Reach Out For Schools.
  • Limited branches. DCU only has branch locations in Massachusetts and New Hampshire. If you live outside of this area, you are limited to phone support.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit
Fee per transaction over limit

Bottom line

A 5% interest savings account sounds enticing, but you’ll want to read the fine print before you open an account. There’s a good chance the APY maxes out at $500 or $1,000. If you don’t want to deal with strict APY requirements, consider these high yield alternatives. Depending on your balance, you may earn more interest with one of these accounts anyway.

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