Best High Yield Savings Accounts – up to 5% APY


Here’s a list of the best high interest savings accounts. Get up to 5% APY with a rewards account or up to 2.5% on a basic account. We don’t receive any sort of commission for any of these, and ALL banks are included in this list.

Best Basic Savings Rates

Leaving money in a regular bank account will usually get you a terrible interest rate, currently close to 0%. With a little research, you can find accounts that offer competitive rates. These are all ordinary savings accounts and are FDIC insured up to $250,000. They do not have any requirements to earn these rates.

Here are the best options available, rated highest to lowest:

Other Basic Options

  • Ally – .60% no penalty 11-month CD (our review)
  • Marcus by Goldman Sachs – .55% 7-month no penalty CD ($500 minimum)
  • Simple – .50% APY 12-month no penalty CD ($250 minimum)
  • My ebanc – .55%-.70% 11-month no-penalty CD ($10,000 minimum); .70% rate for $100k+
  • CommunityWide – .90% APY savings (note: funds are locked in for 3 months at a time)
  • [NJ] AmboyDirect – 1.01% savings on up to $50,000 (guaranteed for 12 months)

All of these rates will fluctuate over time, and we’re constantly updating this list. There is an advantage to a bank who has a proven track record of giving good interest rates since some of the top rates might be ‘bait-and-switch’ soon to be lowered. Banks like Ally, Alliant, Discover, American Express and some others have been known to offer competitive interest rates for many years. Their rates will also fluctuate but will likely always be a good rate.

Another thing to keep in mind is that while most banks automatically increase your rate as interest rates increase, some don’t. We wrote data points on which do and which don’t here. Keep that in mind when choosing a bank.

Most of these are savings accounts, with a few checking accounts mixed in. We wrote about options for getting a high yield on your checking account in this post.

Best CD Rates

Nationwide CD Offers:

Other CD Offers:

Best Business Savings Rates

Mega High-Interest (Nationwide)

Aside from basic accounts offering competitive interest rates, there are ultra high-yield options which are more involved and take time and patience to deal with. Bear in mind, all of the best options have velocity limits, sometimes it’s $5k, $10k, $15k, or $20k. You’ll never be netting more than $1,000 in annual interest from any of these accounts, and it’s usually much less than that. Someone who is impatient or doesn’t have spare time would best use a standard high-interest savings account options and forget about the velocity-limited accounts.

Below you’ll find all mega high interest accounts which are available nationwide, and in the next segment we list the regional options.

More Restrictive Options:

Mega High-Interest (Regional)

Below are the regional accounts we’ve reviewed on the site. There are many more as well.

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