8 of the highest paying savings accounts on the market today

Everyone wants to save money for their future, be it for one urgent or another goal such as buying a new car or paying for a vacation. An easy way to do this is to put your money in a savings account that pays interest on your balance.

But there is a huge difference in how much you can earn with different accounts. regular Savings Account Rate Can be negligible — consider the average APY which often tops out at 0.5%. High Yield Savings Account, on the other hand, typically offer 10 times the APY (or more). By opening one of these accounts, you can maximize your earnings and Grow your savings quickly.

Check today’s savings rates here and find out how much you could earn.

8 of the highest paying savings accounts on the market today

These savings accounts are among the highest paying you can find today. Protected by all of them FDIC Insurance Up to $250,000 per account, per bank and charges no monthly fees.

Popular Direct: 5.05% APY

The popular Direct Savings account tops our list with a 5.05% APY. $100 minimum deposit required to open account. However, you must keep your account open for 180 or you may be charged a $25 initial account closing fee.

Popular Direct is the online division of Popular Bank.

Salem Five Direct: 5.01% APY

Salem Five Direct’s Aeon Savings account has the next best rate on the list at 5.01% APY. You must deposit at least $10 to open the account and deposit up to $1 million in total. (That said, FDIC insurance only protects up to $250,000 per account per bank, so if you have more than that, you’re better off splitting it between different accounts).

Salem Five Direct is the online division of Salem Five Bank.

NewTech Bank: 5.00% APY

You may not have heard of NewTech Bank, but it’s been around since 1963 and is worth checking out. Its main focus is on business banking, but its personal high-yield savings account offers 5.00% APY and no minimum deposit requirements.

CIT Bank: 4.95% APY

CIT Bank’s Platinum Savings Account pays 4.95% on a $5,000 balance, though you only need $100 to open the account. If you don’t think you’ll be able to meet the minimum balance requirement, you might want to consider CIT’s Savings Connect account, which has an APY of 4.60% – the lowest on this list, but still competitive.

CIT Bank is a division of First-Citizen Bank and Trust.

Basque Bank: 4.85% APY

Bask Interest Savings Account has 4.85% APY, no minimum balance requirement and no monthly fee. If you like Multiple savings accounts To keep track of various savings goals, Bask’s Mileage Savings Account offers an account that’s perfect for travelers. This earns you 2.5 American Airlines Advantage points for every dollar you save annually.

Basque Bank is a division of Texas Capital Bank.

UFB Direct: 4.81% APY

UFB Direct’s Premier Savings Account pays a 4.81% APY and has no minimum deposit requirements or maintenance fees. Plus, it comes with a free ATM card — the only account on this list that does If you value quick, convenient access to your funds, this makes this account a great choice for you.

UFB Direct is a division of Axos Bank.

Laurel Road: 4.80% APY

Laurel Road’s High Yield Savings Account offers 4.80% and has no minimum balance requirement.

Note that Laurel Road also offers a checking account with a unique benefit Its Lorraine Road Loyalty Checking Account pays you $20 per month the first year you open your account if you make at least $2,500 in ACH deposits each statement period. After that, you get $10 per month with eligible deposits.

Laurel Road is a division of KeyBank NA

Bread Savings: 4.75% APY

Last, but not least, on the list is Bread Savings, where you can earn 4.75% with a minimum opening deposit of $100. Bread Savings is part of Bread Financial and a division of Community Capital Bank.

See the most up-to-date savings account rates here.

Bottom line

The accounts listed above are some of the top earning in the market right now. However, rates are constantly changing, so while this list is a great place to start, take the time to do a little research on your own. You can start here and save more money today.