4 savings accounts earning more than 5.10% APY now
Interest rates are currently a lot higher than they were this time last year. In turn, opening a high-yield savings account is one of the best things you can do with your money in today's high interest rate environment.
After consistently raising interest rates on these accounts for over a year, some banks have surpassed 5% interest. Just a few months ago, you would have to lock your savings into a certificate of deposit (CD) to earn any amount over 5%. But today, a number of online banks offer as much as 5.10% or more through flexible, highly accessible savings accounts.
Find out how much more you could be earning on your savings today here.
4 savings accounts earning more than 5.10% APY now
Below, we've gathered some of the very best high-yield savings rates we could find available today. Each of these accounts earns at least a 5.10% APY right now. Before you open any new account, make sure you understand the full account details, including any minimum deposit requirements or potential fees.
All of the following accounts are FDIC-insured against bank failure for up to $250,000 in deposits (per account type and per depositor).
Vio Bank: 5.25% APY
The Cornerstone Money Market Savings Account from Vio Bank carries a 5.25% APY. There are no monthly fees and you'll only need to deposit $100 to open the account. You will need to opt out of paper statements to avoid a $5 fee. Vio Bank accounts are online only. Vio Bank is a division of MidFirst Bank.
Newtek Bank: 5.25% APY
You can also earn 5.25% APY with the Personal High Yield Savings account from Newtek Bank. You don't need to meet any minimum deposit or balance requirements, and there are no monthly fees for this account. Newtek Bank was originally designed for business banking (and is a division of business financial services company Newtek One), but also offers personal banking options.
Popular Direct: 5.20% APY
Popular Direct offers a very competitive 5.20% APY on its Select Savings high-yield account. You'll need to deposit at least $100 to open your account, but you won't be charged any monthly fees. If you close your account within 180 days of opening, you could incur a fee of $25. Popular Direct is an online division of Popular Bank.
Bank5 Connect: 5.10% APY
To earn more than 5% on savings with Bank5 Connect, you'll need a significant deposit. The high-interest Jumbo Savings account from the bank offers a 5.10% APY on balances of at least $25,000. If you don't have a balance that high, the standard high-yield savings from Bank5 Connect earns a much lower 1.49% APY. There are no monthly maintenance fees, but like some other accounts, you'll need to opt out of paper statements to avoid the fee. Bank5 Connect is an online-only division of BankFive community bank.
Compare more of today's top savings rates here now!
How much can you earn with a 5.10% APY?
Depending on how much money you have saved, 5.10% APY can help you add a significant amount to your balance.
Say, for example, you have $5,000 to deposit into savings today. If you choose a 5.10% APY account (and that variable rate remains the same for a whole year), you could increase your balance by $255 within 12 months — for a total balance of $5,255.
Of course, the more money you have saved, the more you can earn at that high rate. Don't forget about the power of contributions, too. If you're able to deposit more cash over time, you can increase the amount of interest you earn and grow your savings even more quickly.
The bottom line
If you haven't started saving in a high-yield savings account already, now is a great time to get started. With some accounts today earning well over 5% APY — while giving you easy access to your cash at any time and flexible withdrawal options — you may find a lot of benefits for your savings goals. Before you decide on an account, though, don't forget to compare a few different options and find the right balance of interest rate, features and other account details that work for you.
You can get started today by comparing some of the best high-yield savings accounts available now.
