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- Several bank accounts pay over 5% interest or more right now.
- The minimum opening deposits for these accounts range from $1 to $25,000.
- The accounts on our list do not have any monthly service fees; CDs have early withdrawal penalties, though.
If you’re searching for a high-yield bank account with no monthly fees to grow your savings, there are numerous options.
Here are 11 bank accounts paying over 5% APY (Annual Percentage Yield) right now. If you prefer banking with a more well-known bank or want to explore more interest-earning accounts, consider going through our best high-yield savings accounts or best CD rates guides.
Featured 5% Savings Accounts
Betterment Cash Reserve Account
Annual Percentage Yield (APY)
5.50%
Minimum Deposit Amount
$10
Fees
no monthly service fee
Betterment Cash Reserve Account
Annual Percentage Yield (APY)
5.50%
Minimum Deposit Amount
$10
Fees
no monthly service fee
Betterment, FDIC Insured Account
Betterment Cash Reserve Account
Betterment has strong checking and cash reserve accounts. However, Betterment won’t be a good fit if you need to deposit cash, or need to deposit checks but don’t qualify.
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.50%
New Customer Offer: Earn 5.50% (variable) APY* when you open your first cash account with qualifying deposit
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Minimum Deposit Amount
$10
Western Alliance Bank High Yield Savings Account
Annual Percentage Yield (APY)
5.25%
Minimum Deposit Amount
$1
Fees
no monthly service fee
Western Alliance Bank High Yield Savings Account
Annual Percentage Yield (APY)
5.25%
Minimum Deposit Amount
$1
Fees
no monthly service fee
Raisin, FDIC or NCUA Insured Accounts
Western Alliance Bank High Yield Savings Account
Raisin is a great option if your ultimate goal is to earn the best savings account, money market account, and CD rates out there. It’s a marketplace that connects you with accounts you might not be able to access otherwise, including ones at community-driven and minority-owned institutions.
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.25%
Minimum Deposit Amount
$1
Annual Percentage Yield (APY)
5.25% (as of 08/11/2023)
Minimum Deposit Amount
$0
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.25% (as of 08/11/2023)
Minimum Deposit Amount
$0
Fees
no monthly service fee
UFB (Axos Bank), Member FDIC
UFB High Yield Savings
UFB Direct is an excellent option if you’re searching for a competitive interest rate on a money market account or savings account. If you’d also like a checking account or CD, you might consider other institutions because UFB Direct doesn’t have these accounts.
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.25% (as of 08/11/2023)
Minimum Deposit Amount
$0
Annual Percentage Yield (APY)
5.25%
Minimum Deposit Amount
$0
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.25%
Minimum Deposit Amount
$0
Fees
no monthly service fee
Milli, FDIC Insured Account
Milli Savings Account
Milli is a solid choice if you’re comfortable with a mobile-only banking experience and want to keep your checking and savings all in one place. Milli offers a Spending and Savings Account.
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.25%
Minimum Deposit Amount
$0
CIT Bank Platinum Savings
Annual Percentage Yield (APY)
5.05% (with $5,000 minimum balance)
Minimum Deposit Amount
$100
Fees
$0 monthly service fees
CIT Bank Platinum Savings
Annual Percentage Yield (APY)
5.05% (with $5,000 minimum balance)
Minimum Deposit Amount
$100
Fees
$0 monthly service fees
CIT Bank Platinum Savings
Details
Fees
$0 monthly service fees
Annual Percentage Yield (APY)
5.05% (with $5,000 minimum balance)
0.25% APY on balances under $5,000
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Minimum Deposit Amount
$100
Bask Bank Interest Savings Account
Annual Percentage Yield (APY)
5.00%
Minimum Deposit Amount
$0
Fees
no monthly service fee
Bask Bank Interest Savings Account
Annual Percentage Yield (APY)
5.00%
Minimum Deposit Amount
$0
Fees
no monthly service fee
Bask Bank Interest Savings Account
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.00%
Minimum Deposit Amount
$0
11 bank accounts paying over 5% interest
Our list includes certificates of deposit and one high-yield savings account. The savings account from Betterment is technically a cash management account, meaning it’s offered through an investment platform or fintech company.
CDs may be a good choice for savings you don’t need to access for a specific time frame. These accounts never have monthly fees. However, you’ll still want to be mindful of early withdrawal penalties, a charge you’ll pay only if you take out money before the term ends.
1. Connexus Credit Union Certificates – 5.76% APY
If you have at least $5,000 to open an account, you may like Connexus Credit Union. The credit union has a 1-year certificate paying 5.61% APY. It also has a 1-year jumbo certificate paying 5.76% APY, which might be worth exploring if you have at least $100,000.
To join Connexus Credit Union, you must meet one of the membership eligibility requirements. The easiest way to join regardless of where you live is to become a member of the Connexus Association by making an initial $5 donation.
Connexus Credit Union Review
2. Dow Credit Union Simple CDs – 5.65% APY
Dow Credit Union may be a solid option if you’d like to grow your savings in a short-term CD. The credit union has a 3-month Simple CD term paying 5.65% APY and a 6-month term paying 5.50% APY.
You’ll need a minimum of $500 to open a Simple CD. Membership is also required to open an account at Dow Credit Union. The easiest way to become a member is to make a $10 donation to the Midland Area Community Foundation. The credit union also has other ways to join, such as being part of a Select Employer Group or having a family member who is a current Dow CU member.
3. TotalDirectBank CDs – 5.65% APY
TotalDirectBank is an online-only financial institution. Its 1-year CD pays 5.65% APY, and the 6-month term offers 5.56% APY. TotalDirectBank CDs have a $25,000 minimum deposit and a $1 million maximum deposit per client.
TotalDirectBank is available throughout the US except Florida, Puerto Rico, American Samoa, Guam, Northern Mariana Islands, and US Virgin Islands.
4. Limelight Bank 1 Year CD – 5.60% APY
Another online bank paying 5.60% APY on a 1-year CD is Limelight Bank, an online division of CCBank. Limelight Bank CDs have a $1,000 minimum opening deposit. You’ll like this bank if you’re specifically looking for CDs.
5. Sallie Mae CDs – 5.55% APY
Sallie Mae is an online bank with savings, money market accounts, and CDs. The bank’s 18-month CD term offers 5.55% APY, and the 12-month, 13-month, and 15-month terms pay 5.50% APY. Sallie Mae CDs require at least $2,500 to get started.
Sallie Mae Bank Review
6. Signature Federal Credit Union Certificates – 5.55% APY
Signature Federal Credit Union is another good option for short-term share certificates. Its 3-month term offers 5.55% APY, and the 6-month term pays 5.50% APY.
You’ll need at least $500 to open a certificate. The easiest way to become a member of Signature Federal Credit Union is to enroll in the American Consumer Council.
Signature Federal Credit Union Review
7. Western Alliance Bank CDs, powered by Raisin – 5.51% APY
Through Raisin, you can use one platform to find, fund, and manage multiple high-yield savings accounts and CDs from a multitude of banks and credit unions. Currently, the Western Alliance Bank 9-month and 12-month CDs have the highest rates available at Raisin: 5.51% APY. You’ll only need $1 to open an account. Raisin also has other accounts that pay well above 5% APY.
Raisin Review
8. Betterment Cash Reserve Account – 5.50% APY for new customers
You may like the Betterment Cash Reserve Account if you’d like to save and invest at the same place. Betterment, the online investment platform, is offering new customers 5.50% APY on the Betterment Cash Reserve Account.
Betterment Cash Reserve is technically a cash management account, but it’s similar to a high-yield savings account. High-yield savings accounts offer a higher APY than a traditional savings account. The Betterment Cash Reserve Account account notably offers the best high-yield savings account rate right now.
To get the promotional rate, you’ll open it through the signup link and make a deposit from an external bank account in the first 14 days. The promotional rate will be applied to your account until December 31, 2023. After that, you’ll earn the standard rate (currently 4.75% APY). This account doesn’t have any monthly fees and has a $10 minimum opening deposit.
Betterment Cash Reserve Review
9. Forbright Bank 1 Year CD – 5.50% APY
Forbright Bank is an additional financial institution offering 5.50% APY on a 1-year CD. You might like Forbright if you value banking with an eco-friendly financial institution. Forbright Bank is Fossil Free Certified, which means the bank will not lend to fossil fuel companies or projects.
10. Popular Direct 1 Year CD – 5.50% APY
Popular Direct is an online bank with high CD rates. The 12-month Popular Direct CD offers the highest rate available at the bank: 5.50% APY.
Popular Direct also has one of the best high-yield CDs out there.
Popular Direct Review
11. Rising Bank 1 Year CD – 5.50% APY
Rising Bank, an online-only subsidiary of Midwest BankCentre, has a 1-year CD paying 5.50% APY. A minimum of $1,000 is required to open a CD. The online bank might be worth considering if you’re also searching for a high-yield savings account or interest-earning checking account, so you can open all three accounts at the same bank.
Rising Bank Review
What to keep in mind when looking for a high-interest account
Even if a company offers a high-interest account, make sure your deposits are secure. When you come across a bank that you’re unfamiliar with, check for federal insurance.
If a bank fails, your insured deposits — $250,000 per depositor — are safe at a federally insured financial institution.
The accounts on our list are protected by FDIC or NCUA insurance. The cash management account is offered by an investing platform but is still FDIC-insured through partner banks.
Products in this post: Connexus Credit Union 1 Year Share Certificate, Dow Credit Union 3 Month Simple CD Special, Dow Credit Union 6 Month Simple CD, TotalDirectBank 1 Year CD, TotalDirectBank 6 Month CD, Sallie Mae 18 Month CD, Sallie Mae 1 Year CD, Sallie Mae 13 Month CD, Sallie Mae 15 Month CD, Signature Federal Credit Union 3 Month Certificate, Signature Federal Credit Union 6 Month Certificate, Western Alliance Bank 9 Month CD, Western Alliance Bank 1 Year CD, Betterment Cash Reserve Account, Forbright 1 Year Online CD, Limelight Bank 1 Year Online CD, Popular Direct 1 Year CD, Rising Bank 1 Year CD
SoFi Checking and Savings
Eligible customers can earn up to $250 with direct deposit through 12/31/2023. Plus, earn up to 4.50% APY on savings accounts with qualifying activities.
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