4 savings accounts currently earning 5% APY or more

Today’s High Yield Savings Account Savers offer some of the best rates they’ve seen in a long time.

You’ll find many competitive savings accounts with no fees, low minimums and great rates Online Bank. The top accounts available today offer as many as many 4% to 4.5% APY or even higher. Just a few years ago, the most competitive high-yield accounts earned less than 1% — and yet, the national average (which includes Regular savings account) only 0.42% APY, according to FDIC.

But some high-yield savings accounts are starting to exceed a new threshold: 5% APY or more. While your decision to open any new account should be based on more than just the interest rate, the accounts below are definitely worth considering for anyone looking for one. Their savings are maximum Today.

Start comparing high-yield savings accounts here to see how much more money you can earn

The savings account is currently earning more than 5% APY

The High yield online savings account Below can help you earn at least 5% on your balance

Since 5% APY savings are still quite rare, you should always check to see if the 5% rate is advertised, or has strings attached. Some banks may offer 5% rate but only up to the limit. For example, you could earn 5% on just $1,000, then drop to 1% on the rest.

The minimum balance requirements of the following accounts vary. They are also FDIC-insured up to a $250,000 limit.

Popular Direct: 5.05% APY

Popular Direct offers a full 5.05% APY on savings balances after a minimum deposit of $100. There is no monthly service fee, but you must keep your account open for at least 180 days to avoid the $25 initial account closing fee.

Salem Five Direct: 5.01% APY

The eOne Savings Account from Salem Five Direct earns 5.01% APY. All you need to open and start earning is a $10 deposit. There are no ongoing minimum balance requirements and no monthly fees. This rate only applies to balances up to $1 million — however, this amount is outside the FDIC insurance limit, so if you have more than $250,000 it makes sense to store it in different accounts.

Dollar Savings Direct: 5.00% APY

Dollar Savings Direct, an online division of Immigrant Bank, offers a solid 5% APY on savings. Dollar Savings Direct is easy, with no fees and no minimum requirements to earn interest on your account.

NewTech Bank: 5.00% APY

NewTech Bank also offers 5% APY for savers. With this savings account you don’t have to worry about any minimum balance or fees, although you need to deposit at least $0.01 to start earning interest.

This is not the only account of great interest rates today. See how much you could earn by comparing today’s top savings rates here!

Why it’s a great time to start saving

Federal interest rates may rise Currently paused, but you shouldn’t expect them to go down anytime soon. The range for the federal funds target rate is still between 5% and 5.25%, and savings yields show no signs of slowing. In fact, the Fed has signaled that it may be ready to raise rates again in the coming months — which could lead to hikes High Yield Savings Account More so with variable interest rates.

Still, something Short term CDs There may be slightly higher yields at the moment — and fixed rates that won’t change throughout the term. For example, Some six-month and one-year CDs As high as 5.30% or 5.50% APY. But if you choose a short-term CD for its rate, there are still good reasons to open a high-yield savings account. Unlike a CD, you can access your high-yield money at any time. This makes it a better choice for these flexible accounts Emergency savingswhich you may need to access at a moment’s notice.

Now find out how much you can boost your savings with a high-yield account here.

Bottom line

High Yield Savings Account One of the best tools for savers Keep their money safe And increase their balance by earning interest today. While there aren’t many accounts earning more than 5% APY right now, you won’t find any shortage of accounts Competitive rates Close by, plus features and terms that work for your savings goals

Start your savings now with one of today’s top savings accounts!