Earn 5% APY or More With These High-Yield Savings Accounts
Accelerate your interest growth with a savings account that earns up to 10 times the national average.
A high-yield savings account is a federally insured account to store your cash that will earn an annual percentage yield several times higher than the average savings account. Oftentimes, high-yield savings accounts are available at online-only banks or credit unions such as Ally, Alliant Credit Union or Panacea Financial that don’t maintain physical branches.
As with traditional savings accounts, high-yield savings accounts earn a variable interest rate that can change at any time, and you can deposit or withdraw money as needed. It’s always a good idea to choose a high-yield savings account that doesn’t charge a monthly service fee or require a minimum balance.
- Digital Federal Credit Union 6.17% (on balances up to $1,000) APY , $5 Min. deposit to open
- LendingClub 4.00% to 5.00% APY, $0 Min. deposit to open
- Newtek Bank 5.25% APY, $0 Min. deposit to open
- BrioDirect Bank 5.00% APY, $5,000 Min. deposit to open
- Varo Bank 5.00% on first $5,000 (3.00% on the rest) APY, $0 Min. deposit to open
A deposit account issued by banks, credit unions and neobanks used to store money and earn a small amount of interest. Typically, these accounts are insured for up to $250,000 per account owner, per institution.
An interest-bearing account similar to a traditional savings account that pays a much higher annual percentage yield, or APY, than the average savings account. They are also typically insured for up to $250,000 per account owner, per institution.
A type of savings account in which a lump-sum deposit accrues interest at a fixed rate for a fixed term, usually with an early withdrawal penalty.
Similar to a savings account but with the added feature of check-writing privileges and a debit card to access cash, often with limitations on the number of monthly withdrawals.
An interest rate that represents the return from the compounded interest you’ll earn in 12 months on your deposit. The higher the APY, the faster your money grows.
CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.
Writers and editors and produce editorial content with the objective to provide accurate and unbiased information. A separate team is responsible for placing paid links and advertisements, creating a firewall between our affiliate partners and our editorial team. Our editorial team does not receive direct compensation from advertisers.
CNET Money is an advertising-supported publisher and comparison service. We’re compensated in exchange for placement of sponsored products and services, or when you click on certain links posted on our site. Therefore, this compensation may impact where and in what order affiliate links appear within advertising units. While we strive to provide a wide range of products and services, CNET Money does not include information about every financial or credit product or service.