5% APY on Your Savings? Yes, It’s Still Possible, With These 3 Online Accounts

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Earn 5% by jumping through some hoops – or 4.60% attached without any wire

Whether you are going away for an emergency fund or transferring some of your savings from investment to cash, especially given the current tariff turmoil of the market, you need to earn a competitive rate on money in your bank accounts. In particular, if you earn less than the rate of inflation, your savings will become less valuable over time.

Fortunately, the rate you can earn with a high-upper savings account is currently very high, in 2024, the aggressive rate-haik campaign of 2022-2023 pushed up to a record level of 20 years by an aggressive rate-haik campaign. Today’s leading savings account rate is slightly lower than those days, but it is still possible to earn on your cash between 4% to 5% range.

Where you fall in that range, however, depending on how will you are to meet certain special requirements. Right now, the three highest rates in our daily rankings of the best high-high-saving accounts require you to check one or more special boxes. If you are able to do this and are ready, you can earn 5.00% APY on your balance.

If you do not meet the requirements or do not want to be disturbed, you can still earn an excellent 4.60% APY from Pibank. With no monthly fee or minimum requirements for deposit or running balance, Pibank offers the highest-string savings rate in the country.

For those interested in increasing the rate of 5%, here you have three options.

Option #1 – For those who can set direct deposit

Yes, this article is about your savings. But sometimes a checking account is so flexible that you can essentially use it as a savings account. This is a case with mph.bank’s “free account” that pays 5.00% annual percentage (APY) at a notable $ 50,000 balance. The only requirement is that a total deposit of at least $ 2,000 collides with every statement cycle (multiple deposits can be expressed to reach a range of $ 2,000, until they are within a single month).

This account does not charge any monthly fee, provides zelle and mobile check deposits, and does not require minimal opening deposits or ongoing remaining requirements, causing it to actually account for a free account. While mph.bank is an online-keval bank, it is owned and operated by brick-end-mortar Liberty Savings Bank.

Option #2 – For those who are physically active every day

One of the more unique bank accounts is a fitness bank in terms of requirements to acquire bonus status. As its name implies, it focuses on those who can meet healthy “step goals” every day. Right now, it is paying 5.00% APY on its ultra savings account. However, it does not cap cap on which you can earn 5.00%, it has two specific requirements to acquire that top rate:

• You should have an elite checking account in the fitness bank and keep your average daily balance in that account above $ 5,000.
• You should have average daily step for at least 10,000 steps (or 7, 500 stages if you are 65 or older).

You do not need a wearable device to qualify for this account, but you should be able to install the fitness bank’s step tracker app on smart phones. Fitness Bank is an online operation of FINTITI Bank, which is a physical bank located in Covington, Georgia.

Option #3 – For people wishing to have a small balance

If you do not want to have a big balance in savings, then Varo Bank is another option. It also, provides 5.00%, but only on the balance of up to $ 5,000. In addition, you need at least $ 1,000 in monthly direct deposits to acquire that top rate.

If you just need a place to get your salary and do not have too much extra savings, then the 5.00% account of Varo can work for you. But if you can save more than $ 5,000, you can be better with one of the above 5.00% options, or a slightly lower rate than no-string account in the ranking of best countrywide savings accounts.

How do we find the best savings and CD rates

Each Vocational Day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to nationwide customers and determine the daily rankings of top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the minimum initial deposit of the account should not exceed $ 25,000. It can’t even specify Maximum The deposit amount which is below $ 5,000.

To be available at the national level, banks must be available in at least 40 states. And while some credit unions need you to donate to a specific charity or association, if you do not meet other eligibility criteria (for example, you do not live in a certain area or do not work in a certain type of job), we exclude credit unions whose donations are required $ 40 or more. For more information about how we choose the best rates, read our entire functioning.