The best high-yield savings accounts pay well above the average savings account rate of 0.43% APY. 5% savings accounts are now available at numerous financial institutions. In the event that a savings account is paying 5% APY, it can earn 5% over the course of a year.
We have gathered a list of banks and credit unions where you can find savings accounts that pay at least 5% APY.
An account with 5% interest is called a savings account.
The list encompasses 20 online banks, credit unions, and investing platforms with savings accounts offering at least 5% interest.
The Digital Federal Credit Union Savings account can be opened from any location in the US, with the exception of Digital Federal Credit Union Savings. Digital FCU is only available to individuals who live in certain 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 safeguards consumer deposits when a bank fails.
The M1 Plus Plus membership is $110 a month or $95 annually. The only saving account with monthly fees is listed on the list.
What are some key things to look for in a 5% interest savings account?
On comparing 5% interest savings accounts, consider which features you prioritize the most. •• Mobile/online banking: If the bank has mobile or online banking, make sure to check your account details. Reviews of mobile app ratings can be found on the Google Play and Apple Store.
How do I get 5% interest on my savings? It indicates an expandable section or menu, or sometimes previous / next navigation options. With several savings accounts, including the Milli Savings account, Betterment Cash Reserve, Newtek Bank High Yield Savings Account, and more, you can earn 5% or more. Raisin, an online savings marketplace that allows you to earn above 5% with multiple accounts, offers high rates from partner banks.