7 High-Yield Savings Accounts With Over 5.00% APY

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If you're interested in building your savings, few savings vehicles compare with high-yield savings accounts (HYSAs). High-yield savings accounts are typically offered through online banks and financial institutions, which may offer more competitive rates than traditional savings accounts available through local and national banks.

The following high-yield savings accounts take competitive rates to a new level, earning 5.00% APY and higher. Compare the high-yield savings accounts below to determine which is best to boost your savings.

UFB Direct High Yield Savings Account: 5.25% APY

UFB Direct is a division of Axos Bank®. Its bank accounts are FDIC insured up to the maximum allowance limit (Certificate #35546).

UFB Direct High Yield Savings Account offers one of the highest APYs around, with no monthly service fees or account minimums. Currently, the account earns 5.25% APY on all balance tiers.

UFB Direct High Yield Savings Account

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at UFB

• Our Rating 5/5 How our ratings work
• APY5.25% More Info

  UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate.

• Minimum
  Deposit RequiredN/A
• Intro Bonus N/A

The UFB High Yield Savings Account has one of the highest interest rates we’ve seen for a high-yield savings account at up to 5.25% APY. Plus, there are no monthly fees and no minimum balance to open.

• Overview
• Pros & Cons

Overview

With one of the strongest high-yield savings interest rates on the market, as well as no monthly fees or minimum opening deposit, UFB Direct’s High Yield Savings Account is an extremely attractive package.

Pros

• Strong interest rate
• No maintenance fees or minimum monthly balances
• Free complimentary ATM card
• Mobile app and SMS banking

Cons

• No signup bonus
• No associated checking account

CIT Bank Platinum Savings Account: 5.05% APY

CIT, as part of First-Citizens Bank & Trust Company, is one of the biggest banks in the country. CIT Bank's deposit accounts are FDIC insured up to $250,000 per account, per depositor (Certificate #11063).

The CIT Bank Platinum Savings Account currently offers a very competitive APY on balances of $5,000 or more. There are no monthly maintenance fees to worry about, but you do need at least $100 to get started. CIT Bank is online-only, so you won't find brick-and-mortar locations with this account.

CIT Bank Platinum Savings Account

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Member FDIC.

• Our Rating 4.5/5 How our ratings work
• APY5.05% More Info

  Earn 5.05% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of July 27, 2023. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice.

• Minimum
  Deposit Required$100
• Intro Bonus N/A

The CIT Bank Platinum Savings account offers one of the top APYs on the market right now, and CIT's flexible transfer options make it easy to access your money. So long as you're able to consistently maintain an account balance of $5,000 (the minimum amount required to earn this account's top APY) you'll likely find a lot of value in this account.

• Overview
• Pros & Cons

Overview

With the CIT Bank Platinum Savings Account, customers earn 5.05% APY on balances over $5,000. However, for accounts with less than $5,000, the APY falls to 0.25%. This account features a minimum opening deposit requirement of $100 and does not charge monthly maintenance fees. Accountholders also get free transfers to and from connected bank accounts, which even extends to non-CIT accounts.

Pros

• Strong APY for balances over $5,000
• No monthly service fee
• Free electronic bank transfers to checking accounts (even if it isn't a CIT checking account)

Cons

• APY on lower balances is unimpressive
• No fee-free ATM network
• Minimum opening deposit required

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Newtek Bank® Personal High Yield Savings: 5.00% APY

Deposits to Newtek Bank accounts are FDIC insured up to the maximum allowance limit (Certificate #18734).

Newtek Bank is a publicly traded online bank offering personal and business bank accounts. Right now, the Newtek Bank Personal High Yield Savings account earns 5.00% APY.

DollarSavingsDirect™ Dollar Savings Account™: 5.00% APY

DollarSavingsDirect deposits are FDIC insured under Emigrant Bank up to the maximum allowance limit (Certificate #12054).

DollarSavingsDirect is an online division of New York-based Emigrant Bank. The online bank's Dollar Savings Account currently earns 5.00% APY, higher than what you can earn from many of the top online banks.

Varo Bank High-Yield Savings Account: Up to 5.00% APY

In 2020, Varo Bank became the first fintech company to become a nationally chartered bank. Qualified Varo account holders can earn up to 5.00% APY with its high-yield savings account. 

To qualify for 5.00% APY, you must receive at least $1,000 total in direct deposits each month. If you meet account requirements, you'll earn 5.00% APY on balances up to $5,000. Additional funds earn 3.00% APY. Varo Bank deposits are FDIC insured up to the maximum allowable limits (Certificate #59190).

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M1 High-Yield Savings Account: 5.00% APY

M1 is a technology company, not a bank, but it's still home to one of the highest APYs we've seen for a while. The M1 High-Yield Savings Account currently earns a massive 5.00% APY on all balances. However, the elevated rate is only available for M1 Plus members, a paid subscription service. Nonmembers only earn 1.50% APY.

M1 savings account deposits are FDIC insured through its partner bank, B2 Bank, up to the maximum allowable limits (Certificate #5105).

Salem Five Direct eOne Savings: 5.01% APY

Salem Five bank's history dates back to 1855, but its online division, Salem Five Direct, offers up modern savings, earning 5.01% APY on balances up to $1 million.

Salem Five Direct deposits are FDIC insured up to the maximum allowable limits (Certificate #23296).

How To Choose a High-Yield Savings Account

High-yield savings accounts are a great vehicle for maximizing savings efforts, whether it's to build an emergency fund or pursue short- or medium-term savings goals. With so many HYSAs available now, finding the best one can be difficult. Consider the following factors when comparing savings accounts.

APY

The best high-yield savings accounts offer competitive rates much higher than the national average. The higher the APY, the more interest you'll earn on your deposits.

Fees

Bank fees cut into your savings efforts. Many online banks don't charge monthly maintenance fees on high-yield savings accounts, but it's not a given. Check if a bank charges monthly or other common bank fees before opening an account.

Accessibility

Even if you're socking away savings for the future, it's good to know those funds are available when you need them. Compare deposit and withdrawal options offered through various banks to find one that fits your needs.

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Features

Some high-yield savings accounts come with additional features, like mobile banking, automatic savings tools and free credit score access. Find an HYSA with your desired features.

Customer Service

Customer service options vary between banks. Find a bank that allows easy access to support through preferred communication methods.