Top 8 High-Yield Savings Accounts Offering 5.05% and Higher—Leading with 5.50%

Essential Highlights

• If your cash is parked in a standard bank account rather than a high-yield savings account, you're missing out on some of the most lucrative rates seen in over 20 years.
• The leading nationwide high-yield savings account is offered by Pibank, boasting a remarkable 5.50% APY, just shy of the 20-year record of 5.55% set last spring.
• Close behind is Newtek Bank with a 5.25% APY, and several other institutions provide rates of 5.05% or higher.
• Looking for more options? The next six top accounts all offer a competitive 5.00% APY.
• While savings rates can fluctuate, it’s always wise to ensure your money is working hard for you instead of earning minimal interest.

Earn Between 5.05% and 5.50% with the Nation’s Best Savings Accounts

Thanks to the Federal Reserve’s aggressive interest rate hikes during 2022–2023 aimed at curbing long-standing inflation, high-yield savings accounts now offer their most attractive returns in over two decades. The peak rate reached 5.55% in April, with the current top rate at a strong 5.50% APY.

This allows you to earn impressive returns on your idle cash simply by saving it. Plus, these accounts offer the flexibility to withdraw funds anytime without penalties or commitments.

Important Considerations

Watch out for minimum balance requirements. Many high-yield accounts impose no minimums, but some require maintaining a certain balance to earn the advertised high APY.

The accounts listed here represent the highest APYs available nationally, placing you in an elite bracket of savers.

Daily Updates on the Best Savings Rates

We continuously monitor over 100 federally insured banks and credit unions to keep our savings account rankings current, ensuring you always have access to the best rates.

Current Top High-Yield Savings Rates as of October 22, 2024

If these options don’t fit your needs, consider the six additional accounts offering a solid 5.00% APY featured in our comprehensive daily listings.

Pro Tip

If managing multiple banks seems daunting, don’t worry. Online banking simplifies transfers between institutions. Since transfers can take 1–3 days, keep a small reserve in your primary bank to cover immediate needs while transferring funds strategically.

Future Outlook for High-Yield Savings Rates

Savings account interest rates are variable and can change without notice. They often track the Federal Reserve’s benchmark federal funds rate, moving in similar directions.

With the Fed initiating a series of rate cuts starting with a 0.50% reduction on September 18, 2024, and more expected through 2025 and possibly 2026, savings rates will likely decline.

However, even if the top rates drop from 5.50% to around 4.50% by year-end or 3.50% by late 2025, these remain historically high returns compared to pre-2022 levels when the best APY was just 0.70%.

Consider Securing Future Earnings with Certificates of Deposit (CDs)

• If you can lock away funds for months or years, CDs offer historically high rates worth considering.
• Top 6-month CDs yield up to 5.50%, while 1-year CDs offer up to 5.05%. The longest term currently paying at least 5.00% is 14 months, locking in rates until nearly December 2025.
• For longer terms (2–5 years), rates range from 4.00% to 4.50%, guaranteeing returns through 2026 to 2029.
• CD rates are fixed for the term, unaffected by future Fed rate cuts.

Daily Rankings of Leading CDs and Savings Accounts

We update our rankings every business day, helping you find the best deposit rates available:

• Top High-Yield Savings Accounts
• Best Money Market Accounts
• Leading 3-Month CD Rates
• Leading 6-Month CD Rates
• Best 1-Year CD Rates
• Top 18-Month CD Rates
• Best 2-Year CD Rates
• Leading 3-Year CD Rates
• Best 4-Year CD Rates
• Top 5-Year CD Rates

Note on Rates

The "top rates" highlighted here represent the highest nationally available APYs identified through daily research of hundreds of banks and credit unions—not national averages. National averages include many large banks with low interest offerings, so these top rates can be 5 to 15 times higher.

How We Identify the Best Savings and CD Rates

Each business day, we analyze rate data from over 200 federally insured banks and credit unions nationwide. To qualify, institutions must be FDIC or NCUA insured, offer accounts with minimum initial deposits under $25,000, and not impose maximum deposit limits below $5,000.

Eligible banks must operate in at least 40 states. Credit unions requiring donations over $40 for membership are excluded. For full details, see our methodology.

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