5 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.

Best Savings Accounts With Over 5% APY

Account	APY	Minimum Balance Required to Earn APY	Get Started
Newtek Bank Personal High Yield Savings Open Account	5.25%	$0.01	Open Account
DollarSavingsDirect Dollar Savings Account Open Account	5.00%	None	Open Account
Varo Savings Account Open Account	Up to 5.00% More Info Earn 5.00% APY on up to $5k and earn 3.00% APY on everything else	$1,000 (monthly direct deposit)	Open Account
Salem Five Direct eOne Savings Open Account	5.01% More Info 5.01% APY on every dollar for balances up to $1,000,000	$10	Open Account
Bask Bank Interest Savings 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 (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 5.25% 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 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 its highest 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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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).

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.

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. 

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