What banks have a 5% APY?

Here are some examples of savings accounts with 5% APY or higher: Varo Online Savings Digital Federal Credit Union Primary Savings UFB High Yield Savings Blue Federal Credit Union Accelerated Savings Account

What is the APY for Wysh Savings+?

Currently, the APY for Wysh Savings+ is [info-gbr-rate institution="wyshbox" product="Savings+"]. The account is FDIC-insured up to $250,000 as is standard with most savings accounts. Best of all, you can start saving with just $1 and the more you save, the more life insurance you can unlock.

Where can I get 7% interest on my money?

There are very few domestic financial institutions that pay 7.00% interest on a savings account. This interest rate certainly isn't the standard, and it's actually offered on a checking account: the Premium Checking Account at Landmark Credit Union. Though it's not a savings account and subject to change, you can currently earn [info-gbr-rate institution="landmark-credit-union-wisconsin" product="Checking Account"] APY given you meet the requirements and stipulations.

What is a good APY rate?

A good APY can vary depending on what bank or credit union you have as well as what type of account. To earn a better APY on savings, you should look into high-yield savings accounts. These accounts offer more than traditional savings accounts. At many national banks, you'll earn rates as low as 0.01% APY, but there are good APYs available that can come in around 4% to 5% APY.

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Wysh Savings+ Review: Perks of Life Insurance Payouts

October 13, 2023

6 min Read

Written by Caitlyn Moorhead

Edited by Rikki Elliot

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
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ON THIS PAGE

Overview
Key Features
Comparable Options
How To Apply
Is It Right for You

4.6

GBR RATING

GOBankingRates Score

Quick Take: Wysh's Savings+ account with life insurance coverage is one of the first of its kind. It offers a competitive interest rate, no minimum balance requirements, no additional fees and you can get up to $10,000 in Wysh life insurance.

Pros

No medical exam is necessary when applying for life insurance
Above average APY with a chance to earn interest rates nearly 10 times higher than the national average
Flexible term policies and benefits

Cons

Cannot get policies if you are over the age of 50
Limited types of life insurance and coverage amounts offered

Wysh Overview

Not only is Wysh an online provider that offers term life insurance but it also now offers a high-yield savings account. Wysh is an affordable option with flexible policies. Skip the medical exam and answer just a few questions to see if you are in good health to qualify. Wysh helps new policyholders gain peace of mind by specializing in personalized policy fits, customizable and permanent life insurance and high yields to help grow savings.

Key Features of Wysh Savings+

If you can find a high-yield savings account that works for you, it is a great way to sit back and let your money grow with interest. With Wysh Savings+, you can get a high-interest earning account but also some life insurance to boot. Here’s a look at some of the standout features of Wysh Savings+.

APY

The current APY for Wysh Savings+ is . The account is FDIC-insured up to $250,000 per depositor. You can start your savings with just $1. The more you save, the more life insurance you can unlock.

Fees

Savings+, the high-yield savings account from Wysh, has no required minimum balance and no additional fees. You can start saving with as little as $1 a day for some applicants for both the savings account and corresponding life insurance. However, the price of your life insurance will vary depending on certain pieces of personal information like the following:

Gender
Age
Any pre-existing conditions
Current state of your health
Where you live
If you are a smoker and other lifestyle choices

Perks

Having life insurance benefits linked to your savings account can be highly motivating. Essentially, the more you save the more life insurance you can unlock. Through Wysh Savings+ you can get life insurance coverage equal to 10% of how much is in your savings account. This holds true up to $10,000.

Another perk of Wysh Savings+ is the ease of use of its mobile banking app. It is user-friendly and you can perform transactions such as transfers or auto-deposits to smoothly automate your savings and watch it grow. You should also note you can use mobile banking no matter your health status.

Customer Service

Wysh’s customer service is highly reviewed and you have many avenues to reach them including live chat. This is true whether you need assistance with your personal finances, life insurance payouts or other banking services. Wysh customer service is here to help you with your questions and can be reached in the following ways:

Live chat: The Wysh chatbot is available 24/7 and you can speak with a live representative Monday through Friday from 9 a.m. to 5 p.m. EST.
Call 844-997-4457: You can speak with a live support representative Monday through Friday from 9 a.m. to 5 p.m. EST.
Help Center: Visit Wysh’s website and find answers to frequently asked questions on the Help Center page.

How Wysh Savings+ Stands Out Compared To Other Options

While there are many life insurance providers, there are not many who also provide high-yield savings options. Here are a few side-by-side comparisons to other high-yield accounts so you can see how Wysh stacks up.

Wysh Savings+ vs. Varo Online Savings Account

A Varo Online Savings Account will help you reach your savings goals quicker. By taking advantage of Varo’s auto savings tools, you can transfer a percentage of your pay and round up your transactions to build your savings. This account has a starting APY of but you can qualify to earn if you meet the monthly requirements of receiving direct deposits totaling $1,000 or more and ending the month with a positive balance in both your Varo Bank Account and Savings Account.

Wysh Savings+ vs. Landmark Credit Union Premium Checking Account

Landmark’s Premium Checking Account, though not a savings account, might fit your personal financial goals if you maintain a low bank balance. Premium Checking Accounts with e-statements and a minimum $250 direct deposit each month earn APY on balances up to $500. This is one of the highest domestic APYs available on any deposit account.

How To Apply for Wysh Savings+

Applying for Wysh Savings+ can be done in less than 10 minutes. This makes it a convenient choice for you if you are looking for both a high-yield savings account and life insurance coverage. You can easily apply online or through the app for the Savings+ account by just answering a few simple questions.

Final Take To GO: Is Wysh Savings+ Right for You?

If you have been debating getting some form of life insurance, Wysh Savings+ may be a win-win situation for you. It is best for entry-level or younger life insurance applicants, term life insurance shoppers or those who prefer help with choosing death benefits.

FAQ

Here are the answers to some of the most frequently asked questions regarding interest rates and Wysh Savings+.

What banks have a 5% APY?
- Here are some examples of savings accounts with 5% APY or higher:
  - Varo Online Savings
  - Digital Federal Credit Union Primary Savings
  - UFB High Yield Savings
  - Blue Federal Credit Union Accelerated Savings Account
What is the APY for Wysh Savings+?
- Currently, the APY for Wysh Savings+ is 4.00%. The account is FDIC-insured up to $250,000 as is standard with most savings accounts. Best of all, you can start saving with just $1 and the more you save, the more life insurance you can unlock.
Where can I get 7% interest on my money?
- There are very few domestic financial institutions that pay 7.00% interest on a savings account. This interest rate certainly isn't the standard, and it's actually offered on a checking account: the Premium Checking Account at Landmark Credit Union. Though it's not a savings account and subject to change, you can currently earn 7.50% APY given you meet the requirements and stipulations.
What is a good APY rate?
- A good APY can vary depending on what bank or credit union you have as well as what type of account. To earn a better APY on savings, you should look into high-yield savings accounts. These accounts offer more than traditional savings accounts. At many national banks, you'll earn rates as low as 0.01% APY, but there are good APYs available that can come in around 4% to 5% APY.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 12, 2023.