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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 accou
Best Savings Accounts With Over 5% APY
| Account | APY | Minimum Balance Required to Earn APY | Get Started |
|---|---|---|---|
|
|
5.25% |
$0.01 |
Open Account |
|
|
5.00% |
None |
Open Account |
|
|
Up to 5.00%
Earn 5.00% APY on up to $5k and earn 3.00% APY on everything else |
$1,000 (monthly direct deposit) |
Open Account |
|
|
5.01%
5.01% APY on every dollar for balances up to $1,000,000 |
$10 |
Open Account |
|
|
5.10% |
None |
Open Account |
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Newtek Bank® Personal High Yield Savings: 5.25% APY
Deposits to Newtek Bank accounts are FDIC insured up to the maximum allowance limit (C
Newtek Bank is a publicly traded online bank offering per
Top Features
- No minimum opening or ongoing deposit requirements
- No monthly service fees
Drawbacks
- No physical branch locations
- Account does not include debit card or ATM access.
DollarSavingsDirect™ Dollar Savings Account™: 5.00% APY
DollarSavingsDirect deposits are FDIC insured under Emigrant Bank up to the maximum allowance lim
DollarSavingsDirect is an o
Top Features
- No monthly service fee (or other bank fees)
- No minimum deposit requirements
Drawbacks
- Limited digital access to funds
- Initial deposit delayed by 5-10 business days for security reasons
Varo Savings Account: Up to 5.00% APY
In 2020, Varo Ba
To qualify for its highest APY, yo
Top Features
- No monthly maintenance fee
- Includes automatic saving tools like round-ups
Drawbacks
- No standalone savings option (requires checking account to open)
- Direct deposit required to earn top APY
- Lower APY on balances above $5,000
Explore the Best Bank Bonuses Currently Available
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Top Features
- No minimum deposit requirement
Drawbacks
- Top APY requires paid M1 Plus membership
Salem Five Direct eOne Savings: 5.01% APY
Salem Five bank's history dates b
Salem Five Direct deposits are FDIC insured up to the maximum allowable limits (Cert
Top Features
- Low minimum opening deposit
- No monthly fees
Drawbacks
- Limited eligibility
- Requires new funds to open account
Bask Bank Interest Savings Account: 5.10% APY
Bask Bank is part of Texas Capital Bank, and Bask’s deposit accounts are FDIC insured up to $250,000 per depositor for each account ownership category (Certificate #34383). The Bask Interest Savings account has an excellent rate right now, coming in at 5.10% APY. Plus the account has no monthly service fee and no minimum balance requirements, other than having to fund the account with some amount in the first 15 days of opening.
Top Features
- No monthly account fees
- No minimum balance required
- Other savings and CD accounts offered
Drawbacks
- Online only—no physical branches
- No checking accounts
- No ATM or debit cards
How to Choose a High-Yield Savings Account
High-yield savings accounts are a great vehicle for
APY
The best high-yield savings acco
Fees
Bank fees cu
Accessibility
Even if you're socking away savings for the future, it's good to know those funds are available when you need them. Comp
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Features
Some high-yield savings accounts come with
Customer Service
Customer service op
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Best High-Yield Savings Accounts (December 2024)
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Kevin Payne
Kevin Payne is a personal finance, credit card, and travel writer. He is the family travel and budget expert behind FamilyMoneyAdventure.com. Kevin lives in Cleveland, Ohio, with his wife and four kids. His work has appeared on several websites, including FinanceBuzz, Credit Karma, Millennial Money, Club Thrifty, Student Loan Planner and Slickdeals.
