According to the FDIC, the national average interest rate on savings accounts is currently just 0.45%. But that doesn’t mean you’ll get a low interest rate on your savings.
Many banks and credit unions offer high-yield savings accounts with 5% APR or more, so you can maximize your savings potential and reach your savings goals even faster.
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20 savings accounts with 5% or more interest
Here’s a look at some of the best government-insured high-yield savings accounts available today, currently offering 5.00% APY and above.
Please note that interest rates, fees and requirements are correct as of the date of publication. Please verify account details directly with the financial institution.
Check out our pick of the 10 best high-interest savings accounts>>
Digital Federal Credit Union Primary Savings Account: 6.17% APR
Digital Federal Credit Union (DCU) offers a high-yield savings account with the highest annual interest rate on our list at 6.17%. The catch: This only applies to balances up to $1,000; balances over $1,000 earn 0.15% annual interest. However, for savers just starting out, this could help get the ball rolling and grow their savings.
The minimum deposit to open this account is $5.00. There is no monthly account maintenance fee or minimum balance to receive the stated APY. Eligibility for DCU membership is determined by a prospective member’s relationship with a current member, employment with an eligible business, geographic location, or involvement with qualified organizations.
Poppy Bank Premier Online Savings Account: 5.50% APY
Poppy Bank’s Premier Online Savings Account offers a highly competitive 5.50% APR, guaranteed for the first three months of account opening. This rate only applies to accounts opened online and a minimum balance of $1,000 must be maintained to receive the advertised rate.
My Banking Direct high-interest savings account: 5.35% effective annual interest rate
My Banking Direct’s High Yield Savings Account offers an attractive interest rate of 5.35% per annum, which is more than 12 times the national average. To open this account, you will need to make an initial deposit of $500. There are no monthly maintenance fees for this account.
Flagstar Promo Savings Plus Account: 5.35% APY
This high-yield savings account from Flagstar offers an impressive 5.35% APY on balances of $25,000 or more, guaranteed for the first five months after account opening. After that period, the account earns 0.10% to 2.00% APY depending on your balance. You can avoid a $15 monthly maintenance fee on this account if you have a Flagstar checking account or maintain an average daily balance of at least $10,000.
Western Alliance Bank: 5.31% APR
With the Western Alliance Bank High-Yield Savings Premier account, you can enjoy an impressive 5.31% APY interest rate on all balances. The minimum required deposit is $500. There are no account maintenance or account maintenance fees.
BrioDirect high-interest savings account: 5.30% APR
BrioDirect’s high-yield savings account currently offers 5.30% APR. The downside is that it requires a minimum deposit of $5,000 to open. However, once the account is open, all you need to do is keep at least $25 in your account to earn the stated APR. There is no monthly account maintenance fee.
Forbright Bank: 5.30% effective annual interest rate
Forbright Bank’s Growth Savings Account offers a highly competitive 5.30% APR with unlimited transfers. The account has no monthly fees and no minimum balance required. As a bonus, Forbright Bank focuses on supporting responsible and sustainable projects, including wind turbine repairs, geothermal energy, and affordable housing. That means you’re supporting these efforts when you invest your money with this bank.
Ivy Bank High-Yield Savings Account: 5.30% APR
The Ivy Bank High Yield Savings Account offers 5.30% APY on balances of $2,500 or more. Balances below this threshold earn just 0.05% APY. Interest is compounded daily and credited to your account monthly.
Read more: Can you negotiate a higher savings account interest rate with your bank?
Jenius Bank: 5.25% effective annual interest rate
Jenius Bank’s high-yield savings account offers an attractive 5.25% annual interest rate on all balances with daily compounding. There are no fees and no minimum balance required. Additionally, customers can access U.S.-based customer service 24/7 online or by phone.
UFB Portfolio Savings: 5.15% APY
UFB Direct’s Portfolio Savings Account is a high-yield savings account that offers 5.15% APY on all balances. There are no maintenance or service fees and no minimum balance required.
Read our full review of UFB Direct
Bread Savings High-Yield Savings Account: 5.15% APR
Bread Savings’ high-yield savings account offers 5.15% annual interest, which is more than 11 times the national average. The minimum deposit to open an account is $100 and there are no monthly service fees. Interest is compounded daily and credited to your account monthly.
Read more: What is a good savings account interest rate?
Bask Interest Savings Account: 5.10% APY
The Bask Interest Savings Account offers 5.10% APR, which is more than 11 times the national average. This account has no monthly fees and no minimum balance required to open an account or receive the advertised interest rate. With this account, you decide how much you want to deposit, but you must fund your account within 15 days to keep your account open.
Read our full review of Bask Bank
BMO Alto Online Savings Account: 5.10% APY
The BMO Alto online savings account offers an attractive 5.10% annual interest rate with no minimum deposit or balance. There are also no monthly fees to maintain your account. Interest on this account is compounded daily and credited to your account monthly.
Read our full review of BMO Alto
Primis private savings account: 5.07% effective annual interest rate
Primis Bank’s personal savings account can be opened with as little as $1 and offers an annual interest rate of 5.07% – more than 11 times the national average. There is no cap on your interest earnings, meaning this annual interest rate applies to all balances. There are no monthly service fees or minimum balance requirements. Interest on this account is compounded monthly and credited to your account.
EverBank Performance Savings: 5.05% APY
EverBank’s Performance Savings Account offers account holders the opportunity to earn 5.05% APR on their savings with no minimum deposit required, no minimum balance required, and no monthly account maintenance fees. Interest is compounded daily.
Read our full EverBank review
TAB Bank savings account: 5.02% effective annual interest rate
The TAB Bank Save account offers a competitive APR of 5.02%. There is no charge to open this account and there is no minimum deposit or monthly fee. Interest is compounded daily and credited to your account monthly. The minimum amount required to reach the advertised APR is $0.01.
Read our full report on TAB Bank
Salem Five Direct eOne Savings Account: 5.01% APY
Salem Five Direct’s eOne Savings Account requires a minimum deposit of $10. This rate applies to balances up to $1,000,000. The account has no minimum balance requirement and does not charge monthly service fees. Interest is compounded monthly and credited to your account monthly.
Read more: How much can I save per year with $10,000 in a savings account?
CIT Bank Platinum Savings Account: 5.00% effective annual interest rate
CIT Bank’s Platinum Savings Account currently offers 5.00% APY on balances of $5,000 or more. Balances of less than $5,000 earn 0.25% APY. You need a minimum of $100 to open this account. There are no monthly account fees.
Varo Bank High-Yield Savings Account: 5.00% APY
Varo Bank’s high-yield savings account offers an attractive 5.00% annual interest on balances up to $5,000. Balances below that threshold earn 3.00% annual interest. There’s no minimum balance required to get started, and there are no monthly fees. This account also allows for automatic round-ups to grow your savings over time.
Read our full review of Varo Bank
LendingClub Online Savings: 5.00% APY
LendingClub’s online savings account currently offers 5.00% annual interest with a minimum balance of $100 required to open an account. This account also comes with a free bank card for easy access to your money, as well as unlimited external transfers. There are no monthly fees for this savings account. Interest is compounded daily and credited to your account monthly.