8 Best 5% Interest Savings Accounts for November 2023

Shot of a young woman using her cellphone while sitting at home with her laptop.
shapecharge / Getty Images

If a global pandemic, a turbulent economy and a confusing job market have taught people anything, it’s that an emergency fund is more important than ever. Having to cover unexpected expenses, a job loss or an extended illness is less stressful with an extra bit of cash on hand.

No matter your current financial institution, it never hurts to consider opening a high-yield savings account elsewhere, especially when some online savings account interest rates are so high. Read on to learn about eight 5% interest savings accounts you might want to consider.

Top 5% Interest Savings Accounts

In addition to having an appealing 5% or higher annual percentage yield, several of these savings accounts come without monthly service fees or minimum balance requirements:

  1. Varo Savings Account: Up to APY
  2. Digital Federal Credit Union Primary Savings Account: Up to APY
  3. UFB High Yield Savings Account: APY
  4. Centier Bank Connect Savings Account: Up to APY
  5. Western Alliance Bank Savings Account: APY
  6. Blue Federal Credit Union Accelerated Savings Account: Up to APY
  7. CIT Bank Platinum Savings Account: Up to APY
  8. Bread Savings High-Yield Savings Account: APY

1. Varo Savings Account

Consistently included among the best accounts for high APYs, a Varo savings account will help you reach your goals faster. To save more money quicker, take advantage of Varo’s “Save Your Pay” and “Save Your Change” tools that transfer a percentage of your pay and a round-up of transactions to your account.

With a starting APY of , you can qualify to earn if you meet two requirements each month:

  • Receive direct deposit(s) totaling $1,000 or more
  • End the month with a positive balance in both your Varo Bank Account and Savings Account

2. Digital Federal Credit Union Primary Savings Account

DCU touts that its Primary Savings account features no monthly fees and doesn’t require you to open any additional accounts, but you will need a $5 minimum opening deposit and balance to join and maintain credit union membership. You can earn a whopping APY on balances up to $1,000. A lower rate applies to balances over $1,000.

A Better Way to Bank

Membership is open to those who live, work, worship or attend school in a listed Massachusetts community, belong to a participating organization, or work for one of the many employers listed on the DCU website.

3. UFB High Yield Savings Account

There is lots to love about the UFB High Yield Savings account, starting with a large APY. At , it’s one of the largest APYs on the market, and you won’t have any maintenance or service fees eating away at your earnings.

UFB Direct also offers a high-yield money market account, but it requires a daily minimum balance of $5,000 to avoid a monthly fee.

4. Centier Bank Connect Savings Account

A premium savings rate of up to APY can be yours when you link Centier Connect savings and checking accounts.

Centier advertises no fees or minimum balance required. However, there are minimum opening deposits — $50 for checking and $100 for savings — and the APY is determined by the number of qualified debit card transactions posted per statement cycle. You’ll need 50 or more to earn APY. The APY drops considerably if you have fewer transactions.

5. Western Alliance Bank Savings Account

Despite being a commercial bank, Western Alliance Bank offers a savings account and CDs to consumers through digital storefront Raisin. The savings account interest rate is APY, no monthly fees and a minimum deposit of $1.

Western Alliance Bank accounts opened through the Raisin storefront are FDIC-insured up to the limits of federal law.

6. Blue Federal Credit Union Accelerated Savings Account

The Blue Accelerated Savings account has no minimum balance to earn dividends. Accelerated Savings pays APY on balances up to $1,000, after which the rate drops.

A Better Way to Bank

Anyone can qualify for membership by donating $10 to the Blue Foundation — $5 of that counts as the required opening deposit to join the credit union.

7. CIT Bank Platinum Savings Account

If you carry a savings balance of $5,000 or more, you can earn APY with CIT’s Platinum Savings account. The minimum opening deposit is only $100, but until you reach a $5,000 balance, the account APY is only .

CIT Bank’s Savings Connect account has a slightly lower APY at , but there is no balance requirement to earn the rate. Neither CIT savings account has maintenance fees.

8. Bread Savings High-Yield Savings Account

Another maintenance fee-free account you may want to consider is the Bread Savings high-yield savings account, which has a APY and a minimum opening deposit of $100. According to Bread Savings, it works to remain competitive with its account APY, so you don’t have to shop around as rates change. 

Final Take

Opening an online high-yield savings account is the best way to up your money game. Online banks and credit unions can offer significantly higher APYs than traditional brick-and-mortar banks. With the average deposit rate for savings accounts around 0.46%, per the Federal Deposit Insurance Corp., a 5% APY savings account will earn a higher return than that.


  • Is there a 5% interest savings account?
    • Yes — here are some examples of banking options that offer savings accounts with an APY of 5% or higher:
      • Varo
      • Digital Federal Credit Union
      • UFB Direct
      • Centier Bank
      • Western Alliance Bank (offered via Raisin)
      • Blue Federal Credit Union
      • CIT Bank
      • Bread Savings
  • How can I get 5% interest on my money?
    • Several high-yield savings accounts and even a few checking accounts offer up to 5% interest or higher. Examples of the latter include the Consumers Credit Union Rewards Checking account or the Landmark Credit Union Premium Checking account. Keep in mind that with either of these checking accounts, you'll need to meet certain requirements in order to earn the highest possible APY, and the rate will only apply to balances up to certain limits.
    • If you want a guaranteed rate and can lock your money into an account for a set period of time, also consider a certificate of deposit.
  • Which bank pays 6% interest on savings accounts?
    • A few financial institutions currently offer savings APYs of 6% or higher, including:
      • Digital Federal Credit Union Primary Savings account: Up to 6.17% APY on balances up to $1,000
      • Mango Financial Mango Savings: Up to 6.00% APY on balances up to $2,500
  • Can I get a 7% interest savings account?
    • You won't currently find a 7% interest savings account. However, the Landmark Credit Union Premium Checking account pays 7.50% APY on balances up to $500 for customers with e-statements and a minimum of $250 in monthly direct deposits. Balances over $500 see a much lower rate.
A Better Way to Bank

Andrea Norris and Caitlyn Moorhead contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Nov. 6, 2023.

GOBankingRates is a personal finance and consumer interest rate website and an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of GOBankingRates, which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.

GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.


See Today's Best
Banking Offers