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

Rates are high now, but they won't last forever. You can get the most value by starting to save sooner rather than later. Getty Images/iStockphoto

A competitive high-yield savings account can help you add as much as 5% APY to your saving balance in today's economy.

These high-earning accounts are typically offered by online-only banks or online divisions of existing banks. Because they have fewer overhead costs than bigger banks, they often pass on savings to customers in the form of high interest. And amid the very high interest rates set by the Federal Reserve today, that can add up to a lot of added interest earned. 

If you're searching for the best high-yield accounts now, you can start by looking for APYs around 4.5%, though some are even starting to offer as much as 5% APY

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 some of the best rates you can find today. 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.

UFB Direct: 5.06% APY

The Premier Savings account from UFB Direct offers a very high 5.06% 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.

Popular Direct: 5.05% APY

Popular Direct Savings is one of the few banks offering more than 5% APY on savings, with a 5.05% high-yield savings account. You must meet the $100 minimum opening deposit requirement, though there are no monthly service fees. 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.

CIT Bank: 5.05% APY

You can earn up to 5.05% 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. 

Salem Five Direct: 5.01% APY

The eOne Savings account from Salem Five Direct is another account crossing the 5% threshold. You'll earn 5.01% 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.

Bread Savings: 4.90% APY

You'll earn up to 4.90% 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.

Bask Bank: 4.85% APY

Bask's Interest Savings Account earns 4.85% 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.

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. And after the most recent rate hike from the Fed, you can count on still earning great rates on savings for the foreseeable future. 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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