While rates aren’t as high as a few years ago, it’s still pretty easy to locate 5% interest savings accounts or ones that are nearly 5%.
However, these high-interest accounts don’t always give you that high rate automatically. Be prepared to meet certain requirements to get those sky-high rates.
Compare some of the best rates available from banks, credit unions and fintechs, including Greenlight, Varo, Uphold, Wealthfront and more.
| Account | APY and requirements | Monthly maintenance fee | Learn more |
|---|---|---|---|
Greenlight Family Shield | Up to 6% savings bonus On first $5,000 saved. Comes with identity theft protection, financial account monitoring and more. | $24.98 | |
Varo High-Yield Savings Account | Up to 5% APY On first $5,000 saved, Varo checking account required ($0/month). | $0 | |
Uphold Interest Account | Up to 4.5% APY | $0 | |
Western Alliance HYSA through Raisin | Up to 4.25% APY | $0 | |
Barclays Tiered Savings | Up to 4.1% APY | $0 | |
Public Cash Account | Up to 4.1% APY | $0 | |
Wealthfront Cash Account | Up to 4.00% APY | $0 | |
Current card and account | Up to 4% saving bonus On up to $2,000 in each savings pod with direct deposit. | $0 |
For the most part, a high-yield savings account is the same as a regular savings account — it’s just an account with a much higher rate than average.
You can also consider inflation rates when searching for the best savings account. The current US inflation rate is 3%, and the US national average rate for savings accounts is 0.38%.(1) (2)
If you can land a savings account with a rate above both inflation and national averages, your saved funds can passively grow and successfully keep up with inflation.
Yes, but finding an account with a rate over 5% will prove difficult.
Accounts with rates over 7% pop up from time to time. You may also be able to find accounts with rates over 12% if you look outside the US, choose an investment account or open a large certificate of deposit (CD).
For example, the BCU Powerplus Checking account has a very high promotional 8% APY for three months on up to $15,000. After the promotional period is over, the interest rate becomes 4%, but that’s still a great rate for an interest-bearing checking account.
Most financial institutions don’t offer 5% interest savings accounts. If that’s something you’re really after, you’ll likely need to compare online banks. Since online banks don’t have to pay to maintain physical branches, they tend to pass those savings onto their customers through better interest rates on savings products compared to traditional institutions.
Compare more savings accounts to find the ideal one for your situation and goals.
No, high-yield savings accounts are very much real deposit accounts with high interest rates. In terms of functionality, high-yield savings accounts are the same as traditional savings accounts, though high-yield accounts are usually offered by online banks. Both high-yield and traditional savings accounts may come with withdrawal limitations, don’t come with debit cards for spending and earn interest on your balance.
Savings accounts earn interest as a way to incentivize customers to hold their deposits with them. In other words, banks offer 5% APY savings accounts as a way to attract new customers and set themselves apart from the average competition.
There can be some catches with a 5% savings account, such as needing to set up direct deposit, meet an opening deposit requirement or hold an average minimum balance. However, legitimate 5% savings accounts will offer the rate they advertise as soon as you meet the requirements.
Earn up to 8% with BCU Powerplus Checking and close to 7% with other accounts from Greenlight, Netspend, Varo, Uphold and more.
These international banks offer accounts with 12% APYs or higher, but watch out for risks.
Chime’s savings account has a solid APY and has no monthly fees, but it requires Chime’s checking account.
SoFi’s high-yield savings account is a hybrid checking and savings account featuring a high APY, cashback rewards and minimal fees.
SoFi, Discover, Wealthfront, Varo, Uphold, Bask Bank, Current, Marcus and Ally offer top vacation savings accounts with high APYs.
If you struggle to save, you could benefit from a savings account or CD that won’t allow you to withdraw funds.
Uninterrupted compound interest accounts pay interest on your initial balance and the interest you continually earn if you don’t withdraw.
How to choose the best savings account for your situation.
Compare some of the best high-yield savings accounts available.