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6 savings accounts that earn more than 4.5% APY right now

A top high-yield savings rate of at least 4.5% will boost your savings balance over time. Getty Images/iStockphoto

Today, you can earn close to 5% APY with a high-yield savings account.

Some banks are passing on high rates set by the Federal Reserve to customers in the form of savings account APYs. Not every savings account offers the same value, though. The best place to find competitive rates today is usually online-only banks or online divisions of existing banks. These banks have fewer overhead costs than their brick-and-mortar counterparts and offer high-yield savings accounts that can help you earn hundreds on your balance.

Today, many great high-yield accounts offer between 4.00% and 4.50% APY, which is much higher than the national average 0.40% APY on regular savings accounts. Some are even inching toward 5%, after the Fed's latest rate hike set the target fed funds rate range to 5.00%-5.25%. 

Below, we'll get into the details of some of the best savings rates today, with six high-yield savings accounts offering more than 4.50% APY right now. 

Compare today's top rates now and start earning more interest.

6 high-yield savings accounts with over 4.5% APY

The high-yield savings accounts below offer not only some of the best rates you can find today, but they're also safe places to keep your money. Each of these accounts is FDIC insured, which means up to $250,000 in deposits per account holder and per account type is safe against bank failure.

CIT Bank: 4.85% APY

You can earn up to 4.85% APY with CIT Bank's Platinum Savings account. The high rate does require a balance of $5,000 or more and there's a minimum $100 opening deposit. Without the $5,000 balance, you'll earn just 0.25% APY. The account has no fees. CIT Bank is a division of First-Citizens Bank and Trust.

Popular Direct: 4.85% APY

Popular Direct Savings offers another great 4.85% APY, as long as you meet the $100 minimum opening deposit requirement. There are no monthly service fees, though you may be charged $25 if you close your account within 180 days of opening. You can also access your account anytime using online or mobile banking. Popular Direct is the online division of Popular Bank. 

UFB Direct: 4.81% APY

The Premier Savings account from UFB Direct offers 4.81% APY with no maintenance fees or minimum deposit requirements. UFB Direct is a division of online bank Axos Bank. Along with its great rate, UFB's high-yield account comes with a complimentary ATM card, mobile check deposit and other digital tools for banking online.

Bask Bank: 4.75% APY

Bask's Interest Savings Account earns 4.75% APY. It charges no monthly fees and has no minimum balance requirements. You can transfer money in and out of your account by linking up to two external accounts. Bask Bank is a division of Texas Capital Bank.

Bread Savings: 4.65% APY

You'll earn up to 4.65% APY on deposits in the Bread Savings high-yield savings account. It charges no monthly fees and requires just a minimum $100 deposit to open. Bread Savings is part of Bread Financial and a division of Comenity Capital Bank.

Salem Five Direct: 4.61% APY

The eOne Savings account from Salem Five Direct earns 4.61% APY on every dollar you deposit up to $1 million. You'll need at least a $10 deposit to open the account, which charges no monthly fees. There is no ongoing minimum balance requirement. Salem Five Direct is the online division of Salem Five Bank.

Compare more of today's top savings accounts here.

The bottom line

Savings account rates right now are better than they've been in several years. Depending on your balance, you could add hundreds or even thousands of dollars to your savings with a great high-yield savings account. 

Whether you're looking to secure your emergency fund or put money toward a big expense you have coming up, a high-yield savings account is one of the best ways to ensure it stays secure while you get a significant boost from interest earnings.

Find the account and interest rate best fit for your savings goals and get started today!

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