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Banking
High-Yield Savings Accounts
10 High-Yield Savings Accounts Offering 5% APY (or Higher) Right Now

10 High-Yield Savings Accounts Offering 5% APY (or Higher) Right Now

Photo collage illustration of a person receiving APY money

Rangely Garcia for Money

The Federal Reserve has repeatedly hiked interest rates in its war against inflation, causing the cost of borrowing for everything from auto loans to mortgages to spike. One welcome side-effect for everyday Americans: Socking away cash is becoming a lot more attractive.

When benchmark interest rates rise, banks and other financial institutions typically raise the rates they’re paying out on their savings accounts in tandem. Right now, high-yield savings accounts at several of the best banks offer annual percentage yields (APYs) of 5% or more — rates that savers haven’t seen in decades.

Though inflation is indeed subsiding, the Fed’s work might not be done. Almost unanimously, market experts expect the Fed to skip a rate hike later this month, but many still predict more to come later this year, and for the foreseeable future it's a great time to take advantage of sky-high APYs.

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10 high-yield savings accounts with 5% APYs (or higher)

Here’s a look at several savings accounts with APYs of at least 5% at press time. Some accounts are offered by traditional banks, while others are from "neo-banks" or mobile-only banks.

Keep in mind that banks can change the rates on their savings accounts at any time after you open one. (If you're looking for a more predictable return, consider certificates of deposit (CDs) instead — which lock in rates for a specified period of time and have comparable rates to savings accounts right now.)