8 savings accounts offering 5% or more right now
Whether you're putting away money for an emergency, unexpected expenses or just saving for a big vacation or purchase, it's important to try and maximize your money's growth. And, there are lots of simple ways to do that, whether it's setting up automated deposits to your savings account, diverting more money to your savings or simply opening a savings account with a high-earning potential.
And, if your goal is to open an account that has top-earning potential, this is an excellent time to make your move. Thanks to numerous rate hikes by the Fed over the last 18 months, many deposit accounts, like certificates of deposit (CDs) and high-yield savings accounts, currently offer some of the best rates we've seen over the last few years. And that alone can equate to some big returns on your money.
But where exactly can you find a high-yield savings account offering a top rate? You can start with the accounts below, which offer some of the best savings account APYs on the market today. And, in many cases, these accounts have low or no fees and simple account requirements, so there's bound to be an option that works for every type of saver.
Learn the top savings rates you could qualify for here.
8 savings accounts offering 5% or more right now
If you're trying to find a high-yield savings account that offers an APY of 5% (or more) on your money, these accounts could be worth considering:
Popular Direct: 5.40% APY
The Popular Direct High-Rise Savings account has a minimum deposit requirement of $100, making it accessible to most savers. There is no monthly maintenance fee, but if the account is closed within 180 days of opening it, you'll have to pay a $25 fee.
My Banking Direct: 5.35% APY
In order to open the account and obtain the advertised APY, you'll need to deposit at least $500 into this account with My Banking Direct when opening it. There are no monthly service fees attached to this account, but it's worth noting that this is a tiered account — meaning that different balances could earn different APYs. Right now, all tiers come with a 5.35% APY, but there's a chance that could change in the future.
BrioDirect: 5.35% APY
The BrioDirect High Yield Savings account comes with a minimum opening deposit requirement of $5,000 and has no monthly maintenance fee attached to it. The minimum balance requirement to earn the APY is $25, and the account could be closed if it has a $0 balance for three weeks (21 days) or more.
North American Savings Bank: 5.35% APY
The minimum deposit requirement to open this high-yield savings account with North American Savings Bank is just $1, so it's accessible to a wide range of savers. There is a $0.01 daily balance requirement, though, and this account is not available in certain areas of the country — so it could be off-limits if you're located outside of the bank's service areas.
Tab Bank: 5.27% APY
There is no minimum deposit requirement when you're opening Tab Bank's high-yield savings account, and there is no monthly service fee attached to the account, either. However, there is a $30 charge for outgoing wire transfers and a $30 fee for returned deposits.
UFB Direct: 5.25% APY
The UFB Direct high-yield savings account comes with no minimum deposit requirement and no monthly maintenance or service fees. You also get an ATM card with this account, which is a feature that not all savings accounts offer, but while the balance-based APY tiers are the same currently, it may be worth considering that those APYs could change in the future.
Bread Savings: 5.15% APY
In order to open this high-yield savings account with Bread Savings, you'll need to deposit at least $100 into the account. There are no monthly maintenance fees attached to this account, but if you want paper statements, you'll pay $5 for them. Sending wire transfers comes with a cost of $25.
FNBO Direct: 5.15% APY
It only takes $1 to open this account with FNBO Direct, and there are no monthly maintenance fees to contend with, either. You will also earn interest on any money you have deposited in the account, starting at $0.01, so there are no minimum balance requirements either. However, wire transfers come with a cost of $15 — and you can't receive international wire transfers to this account.
Find out more about today's best savings account options here.
The bottom line
There are lots of great options available right now when it comes to high-yield savings accounts — and you don't have to be a high-net-worth saver to access one. It's easy to earn a rate over 5% currently, and plenty of the accounts outlined above have low or no minimum opening deposit requirements and balance requirements, too. But while there are lots of options to consider, it's still important to do your homework and ensure that any account you're considering aligns with your savings goals and overall financial picture. Otherwise, you could end up negating any potential earnings you'd make with a high-yield savings account.
