9 savings accounts that earn 11 times the national average (or more!)
One good thing about high interest rates is that savers stand to earn a lot more for their money — if they choose the right account.
While the national average for regular savings accounts is currently 0.42% APY, some high-yield savings accounts offer rates of 4.75% APY and above. That's more than 11 times higher.
This can make a big difference over time. On a $1,000 balance at 0.42%, for instance, you'd earn a paltry $4.20 in interest over 12 months. At the highest rate available today (5.15%), you'd earn $51.50. The greater your savings and the longer your account is open, the faster this difference compounds.
In other words, if you don't have a top-earning high-yield savings account, you're essentially losing out on free money.
View today's top savings accounts here and see how much you could be earning.
9 savings accounts that earn 11 times the national average (or more!)
All of the accounts on this list have no monthly maintenance fees, so you'll keep more of the interest you earn. They're also protected by FDIC insurance, which means your money is safe up to $250,000 per bank per account.
Western State Bank: 5.15% APY
The Western Alliance Bank Savings Account is offered through an exclusive partnership with Raisin, an online savings marketplace. It offers a 5.15% APY and requires a mere $1 minimum deposit.
Popular Direct: 5.05% APY
The Popular Direct Savings account offers nearly 12 times the national average with a 5.05% APY. You'll need to deposit at least $100 to open the account, and you must keep the account open for 180 days. If you don't, you could be charged a $25 early account closing fee.
Popular Direct is the online division of Popular Bank.
Salem Five Direct: 5.01% APY
Salem Five Direct's eOne Savings account offers a slightly lower APY of 5.01% but only requires a $10 deposit to open. You may deposit up to $1 million (though it's worth keeping in mind that FDIC insurance only covers up to $250,000 per account per bank).
Salem Five Direct is the online division of Salem Five Bank.
Newtek Bank: 5.00% APY
Newtek Bank may not be as well-known as the others on this list, but it's been around since 1963. While it mainly focuses on business banking, its Personal High-Yield Savings account is worth checking out. It offers a 5.00% APY and has no minimum deposit requirements.
CIT Bank: 4.95% APY
You only need $100 to open CIT Bank's Platinum Savings account. However, to earn the 4.95% APY, you'll need to maintain a balance of at least $5,000. CIT Bank is a division of First-Citizens Bank and Trust.
Bask Bank: 4.85% APY
The Bask Interest Savings Account provides a 4.85% APY and has no minimum balance requirement. If you're a frequent traveler, you may want to consider also opening Bask's Mileage Savings Account offers an account that's perfect for travelers. For every dollar you save in this account annually, you'll earn 2.5 American Airlines AAdvantage points.
Bask Bank is a division of Texas Capital Bank.
UFB Direct: 4.81% APY
If you want quick, convenient access to your savings at any time, check out UFB Direct's Premier Savings account. It has a 4.81% APY, no minimum deposit requirements, and it's the only account on this list that comes with a free ATM card.
UFB Direct is a division of Axos Bank.
Bread Savings: 4.75% APY
Bread Savings offers a 4.75% APY and requires a minimum opening deposit of $100. Bread Savings is part of Bread Financial and a division of Comenity Capital Bank.
BMO Alto: 4.75% APY
Last but not least, the BMO Alto account provides a 4.75 APY. You don't need to deposit anything to open the account. It's worth noting, however, that BMO Alto is the rare online bank that doesn't have a mobile app, so you'll need to check your balance on the website and link existing accounts to transfer funds.
Compare your savings account options online now.
The bottom line
If you're looking to earn more interest on the money you save, the accounts above are a great place to start. That said, rates change regularly, and the best account for your needs is the one that earns you the most while also fitting your savings budget and offering the features you need. Take the time to shop around and compare multiple accounts to find the one that hits the sweet spot.
