What are the highest-paying savings account rates right now?

If you're a saver who's looking for ways to rake in the returns on your money, you have plenty of good options to choose from right now. That's because the Federal Reserve has hiked its benchmark rate nearly a dozen times over the last 18 months, resulting in much higher rates on borrowing products — and also much higher rates on deposit accounts. So, while the average regular savings account offers a paltry rate of just 0.46%, many banks and credit unions are offering deposit accounts with rates that are much, much higher.

For example, many financial institutions are offering rates well above 5.5% on certificates of deposit (CDs) — and that's especially true for shorter-term CDs. But while opening a CD account can be a lucrative move right now, it's not the right one for every saver. After all, when you put your money in a CD, you agree to leave it untouched for the full CD term. If you choose to withdraw it early, you're typically stuck paying a penalty worth some or all of the interest you've earned. So, if you may need access to your savings in the near future, a CD may not be a great fit.

That's not the only option you have for earning a high rate of interest, though. Right now, it's also possible to find high-yield savings accounts offering rates that are comparable to what you can earn with CDs — but you can still deposit, withdraw or transfer money directly from the account when you need to. In turn, these accounts can be a great option for savers who want quick and easy access to their money while still earning an excellent interest rate on their savings. 

Explore the top savings rates you could be earning here.

What are the highest-paying savings account rates right now?

If you're looking for savings accounts offering the highest rates right now, it may be worth considering the following options:

• Popular Direct — 5.40% APY: Minimum opening deposit requirement of $100; minimum balance requirement of $0; no monthly maintenance fee
• My Banking Direct – 5.35% APY: Minimum opening deposit requirement of $500; minimum balance requirement of $0; no monthly maintenance fee
• Brio Direct — 5.35% APY: Minimum opening deposit requirement of $5,000; minimum balance requirement of $25 to earn the top APY; no monthly maintenance fee
• North American Savings Bank – 5.35% APY: Minimum opening deposit requirement of $25,000; minimum balance requirement of $0; no monthly maintenance fee
• Blue Peak Credit Union — 5.33% APY: Minimum opening deposit requirement of $25; $200 daily minimum balance required to avoid a $5 per month account fee
• Ivy Bank — 5.30% APY: Minimum opening deposit requirement of $2,500; minimum balance requirement of $2,500; no monthly maintenance fee
• Vio Bank — 5.28% APY: Minimum opening deposit requirement of $100; minimum balance requirement of $0 to earn APY; no monthly maintenance fee
• TAB Bank — 5.27% APY: Minimum opening deposit requirement of $0; minimum balance requirement of $0; no monthly maintenance fee
• Total Direct Bank — 5.26% APY: Minimum opening deposit requirement of $25,000 (made via ACH); minimum balance requirement of $2,500 to earn advertised APY; no monthly maintenance fee
• UFB Direct — 5.25% APY: Minimum opening deposit requirement of $0 to earn the top APY; account offers ATM access; no monthly maintenance fee
• Milli — 5.25% APY: Minimum opening deposit requirement of $0; minimum balance requirement of $0; no monthly maintenance fee
• Newtek Bank — 5.25% APY: Minimum opening deposit requirement of $0; minimum balance requirement of $0; no monthly maintenance fee
• UFB Direct — 5.25% APY: Minimum opening deposit requirement of $0; minimum balance requirement of $0 to earn APY; no monthly maintenance fee
• Valley Direct — 5.25% APY: Minimum opening deposit requirement of $1; minimum balance requirement of $0.01 to earn APY; no monthly maintenance fee
• Evergreen Bank Group — 5.25% APY: Minimum opening deposit requirement of $100; minimum balance requirement of $0 to earn APY; no monthly maintenance fee
• Bread Savings — 5.15% APY: Minimum opening deposit requirement of $100; minimum balance requirement of $0 to earn the advertised APY; no monthly maintenance fee
• FNBO Direct — 5.15% APY: Minimum opening deposit requirement of $1; minimum balance requirement of $1 to earn advertised APY; no monthly maintenance fees
• CIT Bank — 5.05% APY: Minimum opening deposit requirement of $100; minimum balance requirement of $5,000 to earn the top APY; no monthly service fees
• Tab Bank — 5.02% APY: Minimum opening deposit requirement of $0; minimum balance requirement of $0 to earn top APY; no monthly maintenance fee
• CIBC Bank — 5.01% APY: Minimum opening deposit requirement of $1,000; minimum balance requirement of $1 to earn advertised APY; no monthly maintenance fee
• Salem Five Direct — 5.01% APY: Minimum opening deposit requirement of $10; minimum balance requirement of $10 to earn the top APY; no monthly maintenance fee; balances up to $1 million earn stated APY

Find out more about the savings rates you could qualify for here.

The bottom line

You don't have to settle for sub-par rates on your savings; there are plenty of good accounts that offer high APYs on your money without extra fees or laborious requirements. By moving your money to one of these accounts, you can take full advantage of what today's high-rate environment offers and grow your savings balance quickly and easily — no matter what kind of saver you are. Just make sure you understand all of the terms and conditions before opening an account to ensure that it aligns with your needs and financial goals.