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6 savings accounts offering 5.25% APYs (or more) right now

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If you're going to put money away in savings, why not make it work for you with a high APY? Getty Images

When it comes to earning interest on your savings, you have lots of good options to choose from right now. Thanks to numerous Fed rate hikes over the last 18 months, banks and financial institutions are offering higher-than-average APYs on deposit accounts, like certificates of deposit (CDs) and high-yield savings accounts.

A CD can be a smart option to choose since you'll lock in the rate you're offered for the entire CD term. That means you're insulated from any rate drops that happen during that time. But that rate-lock protection can be a double-edged sword, as you'll miss out on any rate increases that occur during that time, too. And, in most cases, your money won't really be accessible during your CD term, unless you want to pay a hefty penalty for early withdrawal.

But high-yield savings accounts come with variable interest rates, meaning that the APYs on these accounts will adjust up (or down) based on the overall rate environment. And, because these accounts function much like a regular savings account, you'll still be able to access the money in your account if you need to. If you're going to put your savings in a high-yield savings account, though, you may want to get the highest rate available today — which is precisely what the accounts below offer.

Explore today's top savings account options online here.

6 savings accounts offering 5.25% APYs or more right now

If you want a high-yield savings account that offers an APY of 5.25% (or more) on your money, the following accounts could be worth considering:

Popular Direct: 5.40% APY

This account has a minimum deposit requirement of $100, which is lower than a lot of high-yield savings accounts with comparable rates. It has no monthly maintenance fee. However, if you close the account within 180 days of opening it, you'll be charged a $25 fee. 

My Banking Direct: 5.35% APY

This account has a minimum deposit requirement of $500 to both open it and obtain the advertised APY. It has no monthly service fee, but this is also a tiered account, so different balance tiers could be assigned different APYs. All account tiers currently earn a 5.35% APY, but that could change over time.

BrioDirect: 5.35% APY

This account has a minimum opening deposit requirement of $5,000, which is much higher than many of the other high-yield savings account options with comparable rates. However, there is no monthly maintenance fee attached to it, and to earn the advertised APY, the required minimum balance is just $25. Note, though, that if this account has a $0 balance for three weeks (21 days) or more, it could be closed by the bank.

North American Savings Bank: 5.35% APY

It only takes a required minimum deposit of $1 to open this high-yield savings account, so it may be a smart option to consider for certain types of savers. And, the daily balance requirement is low too at $0.01. That said, this account is only available in the bank's service areas, meaning that it may not be accessible if you aren't located in the right place.

Tab Bank: 5.27% APY

The nice thing about Tab's high-yield savings account is that there is no minimum deposit required to open it. There are no monthly service fees, either. There are charges for other things, though, like a $30 outgoing wire transfer charge and a $30 returned deposit fee.

UFB Direct: 5.25% APY

You don't have to meet any minimum deposit requirements or pay any monthly maintenance or service fees with this high-yield savings account. And, while the rate is slightly lower than the other options on this list, you'll also get an ATM card — which isn't the case with many high-yield savings accounts. There is one caveat, though. This account has balance-based APY tiers. The rates on them are the same currently, but there's always a chance that could change in the future.

Find out the best savings account rates you could earn here.

The bottom line

There are lots of good options for earning high APYs on your savings right now, but the high-yield savings accounts outlined above offer some of the top rates available today. And, what's more, is that there are options to fit nearly any type of saver — or any amount of deposit — and you won't have to pay unnecessary monthly fees or service charges, either. But before you make any decisions, just be sure that you're well-versed on the account's terms and conditions. Otherwise, you could end up with an account that doesn't quite fit your savings strategy.

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