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Published: Sep 06, 2023 4 min read
Photo collage illustration of a person receiving APY money
Rangely Garcia for Money

The Federal Reserve has repeatedly hiked interest rates in its war against inflation, causing the cost of borrowing for everything from auto loans to mortgages 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 at several of the 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.

10 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" 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) 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. Bread Financial

  • Account: Bread Savings High-Yield Savings Account
  • APY: 5%
  • Minimum opening deposit: $100
  • Monthly fee: none

3. CIT Bank

  • Account: Platinum Savings
  • APY: 5.05%
  • Minimum opening deposit: none; must maintain $5,000 account balance to receive 5.05% APY otherwise APY is 0.25%
  • Monthly fee: none

4. First Foundation Bank

  • Account: Online Savings
  • APY: 5%
  • Minimum opening deposit: $1,000
  • Monthly fee: none

5. Milli Bank

  • Account: Milli Savings Account (mobile-app banking only)
  • APY: 5.25%
  • Minimum opening deposit: none
  • Monthly fee: none


  • Account: Future Savings Account
  • APY: 5%
  • Minimum opening deposit: none
  • Monthly fee: none

7. Texas Capital Bank

  • Account: Star High-Yield Savings Account
  • APY: 5% for Texas residents; otherwise 2.12%
  • Minimum opening deposit: none
  • Monthly fee: none

8. UFB Direct

  • Account: UFB High Yield Savings
  • APY: 5.25%
  • Minimum opening deposit: none
  • Monthly fee: none

9. Upgrade

  • Account: Premier Savings
  • APY: 5.07% 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

10. 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. The rates provided here are accurate as of September 6, 2023.

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