5% Interest Savings Accounts - Where You Can Get 5% on Your Savings Nationally

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The best high-yield savings accounts pay well above the average savings account rate of 0.46% APY (Annual Percentage Yield). In fact, 5% savings accounts are now available at numerous financial institutions. This means a savings account paying 5% APY allows you to earn 5% on money kept in the account over the course of a year.

We've compiled a list of banks and credit unions where you can find savings accounts that pay at least 5% APY.

Savings accounts with at least 5% interest

The following list includes 26 online banks, credit unions, and investing platforms with savings accounts offering at least 5% interest.

Most of these accounts can be opened from anywhere in the US. However, there are a few exceptions.

Digital FCU is limited to people who live in select areas of Massachusetts, live in a New Hampshire participating condominium community, work for a Select Employer Group, or belong to a local participating organization. Ivy Bank is available to anyone in the United States except California residents.

BluPeak Credit Union is offering the Preferred Savings Account to new customers only, and you must meet certain membership requirements. You may qualify to join if you become a member of KBPS; live in an eligible area in California; work for the State of California; or are a student or alum of the University of San Diego or a school in the California State University or University of California systems.

All accounts listed are federally insured by the FDIC or NCUA for up to $250,000 per depositor. Federal insurance protects consumer's insured deposits if a bank fails. 

*M1 Plus Membership has a $10 monthly or $95 annual fee. This is the only savings account on the list with monthly fees.

What to look for in a 5% interest savings account

When comparing 5% interest savings accounts, think about which features you prioritize most. Consider the following factors to help determine the right option for you:

• Opening requirements: See how much money you need to open an account. If you're looking at credit unions, check if you're eligible for membership. 
• Interest rate requirements: Some savings accounts have certain requirements to qualify for the highest interest rate, or have a tiered interest rate system where the rate will change for various account balances. Review the criteria for earning interest.
• Fees: Common fees for savings accounts include monthly bank maintenance fees, bank paper statement fees, and excess withdrawal fees. View the schedule of fees if available online, or call a bank to learn about fees.
• Online/mobile banking: Find out if the bank has mobile or online banking services. Also, review mobile app ratings in the Google Play or Apple Store.
• Additional features offered: Some savings accounts come with unique features, like ATM cards or savings goal features. If these matter to you, prioritize a savings account with these perks.
• Other banking options: If you're considering opening other bank accounts with the same company, you might prefer an online bank or a credit union. Investing platforms typically do not offer many bank account options.

5% interest savings FAQs

Can I get 5% APY on savings?

Yes, you can get 5% or more on a savings account.

What bank offers 5% interest on savings accounts?

Multiple banks offer 5% on a savings account, such as Varo Bank and CIT Bank. Investing platforms like Betterment also have 5% savings accounts for new customers.

Where can I get 5% interest on my savings?

You can earn 5% or more with several savings accounts, including the Milli Savings Account, Betterment Cash Reserve, Newtek Bank High Yield Savings Account, and more. You can also earn above 5% with several accounts through Raisin, an online savings marketplace that sets you up with high rates from partner banks.

How much interest will $10,000 earn in a 5% savings account?

If you deposit $10,000 into a savings account paying 5% APY, you'd earn a little over $500 in interest after one year.

Products in this post: Columbia Bank High Yield Savings Account - Product Name Only, DCU Primary Savings Account - Product Name Only, Betterment Cash Reserve Account - Product Name Only, Milli Savings Account - Product Name Only, Newtek Bank Personal High Yield Savings Account - Product Name Only, UFB High Yield Savings - Product Name Only, , Popular Direct Savings - Product Name Only, FNBO Direct Online Savings Account - Product Name Only, Bank5 Connect Jumbo Savings Account - Product Name Only, Primis Savings Account - Product Name Only, CIT Bank Platinum Savings - Product Name Only, TAB High-Yield Savings Account - Product Name Only, Salem Five Direct eOne Savings - Product Name Only, Bask Bank Interest Savings Account - Product Name Only, Bread Savings High-Yield Savings Account - Product Name Only, First Foundation Bank Online Savings Account - Product Name Only, Laurel Road High Yield Savings® - Product Name Only, M1 High Yield Savings Account - Product Name Only, ONE account - Product Name Only, Varo Savings Account - Product Name Only, Valley Direct High Yield Savings Account - Product Name Only, BrioDirect High-Yield Savings Account - Product Name Only, BluPeak Credit Union Preferred Savings Account - Product Name Only, Ivy Bank High-Yield Savings Account - Product Name Only, EverBank Yield Pledge Online Savings - Product Name Only, BMO Alto Online Savings Account - Product Name Only, DCU Primary Savings Account - Product Name Only