--- title: 10 High-Yield Savings Accounts Offering 5% APY (or Higher) Right Now description: Here's a list of savings accounts with the best APY right now — high-yield savings accounts with APYs of 5% or over. authors: - name: Adam Hardy role: Lead Data Reporter url: https://money.com/author/adam-hardy/ bio: Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. Adam’s work has also appeared in Business Insider, Forbes, Nasdaq, The Penny Hoarder, Yahoo! Finance and more than a dozen local and regional newspapers. education: University of South Florida, BA, Magazine Journalism at_money_since: 2021 articles: 498 covers: - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - The Penny Hoarder - Forbes Advisor - Creative Loafing - The New York Times - The Washington Post - Bloomberg - Harvard Law School - The Federal Register - National Consumer Law Center - CBS News - Becker's Hospital Review - Business Insider - Mother Jones - The Week - Fortune - The Philadelphia Inquirer - National Association of Student Financial Aid Administrators (NAFSAA) - Education Advisory Board (EAB) - The Institute for College Access & Success (TICAS) - This Morning with Gordon Deal - Empower - Reddit social: - https://www.x.com/hardyjournalism - https://www.linkedin.com/in/hardyjournalism/ editors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true published: '2023-09-06T18:51:17.000Z' modified: '2025-12-11T15:59:51.000Z' section: Banking tags: - News word_count: 641 canonical: https://money.com/high-yield-savings-accounts-5-percent-apy/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We may earn a fee if you click on the links below. Compensation does not determine ranking. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Photo collage illustration of a person receiving APY money](https://img.money.com/2023/09/News-high-yield-savings-accounts-earn-5-APY.jpg) The Federal Reserve has repeatedly hiked interest rates in its war against inflation, causing the cost of borrowing for everything from [auto loans](https://money.com/best-auto-loan-rates/) to [mortgages](https://money.com/best-mortgage-lenders/) to spike. One welcome side-effect for everyday Americans: Socking away cash is becoming a lot more attractive. When benchmark interest rates rise, banks and other financial institutions typically raise the rates they’re paying out on their savings accounts in tandem. Right now, [high-yield savings accounts](https://money.com/best-high-yield-savings-accounts/) at several of the [best banks](https://money.com/best-banks/) offer annual percentage yields (APYs) of 5% or more — rates that savers haven’t seen in decades. Though inflation is indeed subsiding, the Fed’s work might not be done. Almost unanimously, market experts expect the Fed to skip a rate hike later this month, but many still predict more to come later this year, and for the foreseeable future it's a great time to take advantage of sky-high APYs. ## High-yield savings accounts with 5% APYs (or higher) Here’s a look at several savings accounts with APYs of at least 5% at press time. Some accounts are offered by traditional banks, while others are from ["neo-banks"](https://money.com/neobank-chime-current-varo/) or mobile-only banks. Keep in mind that banks can change the rates on their savings accounts at any time after you open one. (If you're looking for a more predictable return, consider [certificates of deposit (CDs)](https://money.com/best-cd-rates/) instead — which lock in rates for a specified period of time and have comparable rates to savings accounts right now.) ### 1\. Bask Bank - **Account:** Bask Interest Savings - **APY:** 5% - **Minimum opening deposit:** none - **Monthly fee:** none ### 2\. CIT Bank - **Account:** Platinum Savings - **APY:** 4.00% - **Minimum opening deposit:** none; must maintain $5,000 account balance to receive 4.00% APY otherwise APY is 0.25% - **Monthly fee:** none "For complete list of account details and fees, see our Personal Account disclosures." (link: [https://cit-fcb-t.cit.com/cit-bank/resources/forms](https://cit-fcb-t.cit.com/cit-bank/resources/forms)) Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. \*APYs — Annual Percentage Yields are accurate as of June 12, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 4.00% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100. Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of May 19, 2025. ### 3\. First Foundation Bank - **Account:** Online Savings - **APY:** 5% - **Minimum opening deposit:** $1,000 - **Monthly fee:** none ### 4\. Milli Bank - **Account:** Milli Savings Account (mobile-app banking only) - **APY:** 5.25% - **Minimum opening deposit:** none - **Monthly fee:** none ### 5\. Mph.bank - **Account:** Future Savings Account - **APY:** 5% - **Minimum opening deposit:** none - **Monthly fee:** none ### 6\. Texas Capital Bank - **Account:** Star High-Yield Savings Account - **APY:** 5% for Texas residents; otherwise 2.12% - **Minimum opening deposit:** none - **Monthly fee:** none ### 7\. UFB Direct - **Account:** UFB High Yield Savings - **APY: 3.40**% - **Minimum opening deposit:** none - **Monthly fee:** none ### 8\. Upgrade - **Account:** Premier Savings - **APY:** 4.14% on balances $1,000 or above; otherwise zero APY - **Minimum opening deposit:** none (but must maintain daily balance above $1,000 to receive APY) - **Monthly fee:** none ### 9\. Varo - **Account:** High-Yield Savings - **APY:** 5% on balances up to $5,000; 3% APY on balances above that amount - **Minimum opening deposit:** none to open; $1,000 worth of monthly direct deposits and a linked Varo checking account required to receive 5% APY - **Monthly fee:** no fees for checking or savings account *\*Rates and APYs are subject to change. 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