9 Bank Accounts That Will Pay You 5.00% APY or More Right Now

Right now, there are plenty of bank accounts offering 5.00% APY (as of January 2, 2024), with some offering even higher.

You can find these returns in high-yield savings accounts, CDs, and money market accounts, with FDIC insurance and no risk to your principal. It's one of the easiest ways to boost your bank account.

But there are some requirements for earning this rate, depending on the account you choose. We've found the top 13 bank accounts that are paying 5% (or close to it).

Newtek is an online bank that is offering 5.25% APY (as of January 2, 2024) on its high-yield savings account. 

There is no minimum balance required to open the account, and no caps on earnings, so all deposits qualify. And there are no maintenance, service, or transaction fees on the account either.

Newtek also offers CDs that are paying out up to 5.67% APY (as of January 2, 2024), though only for very short terms. And while Newtek offers business banking solutions, there is no personal checking account available.

Laurel Road is a student loan company that now offers banking services and is paying out 5.00% APY (as of January 2, 2024) on its high-yield savings account. 

Laurel Road is another online-only bank that offers high rates due to its low overhead of not having any physical locations, and there are no account minimums or maintenance fees.

Bask Bank is offering a high 5.10% APY (as of January 2, 2024) on its savings account. 

Customers can expect quality service, too, with Bask Bank being named one of the top banks by U.S. News & World Report in their first-ever Banking, Investing Platforms and Lender Awards.

Primis is an online bank that offers 5.07% APY (as of January 2, 2024) on its high-yield savings account. There is a $1 minimum to open the account, but no caps on earnings. There are no account or service fees for using the account and no transaction limits either.

Varo Bank is an online-only bank that offers no fees on most accounts, access to fee-free ATMs via the Allpoint network, and a savings account that is currently paying up to 5.00% APY (as of January 2, 2024).

To earn the highest rate, you are required to set up a monthly direct deposit into the Varo savings account of at least $1,000 per month. 

You must also have a regular Varo bank account open, and a positive balance in both the standard account and savings account at the end of the month to qualify for the 5.00% rate.

Varo offers 5.00% APY on balances up to $5,000, and then the rate drops down to 3.00% APY (as of January 2, 2024), which is still pretty decent.

Forbright is an online bank that is offering an eye-popping 5.25% (as of January 2, 2024) on its 1-year CD account. There is a $1,000 minimum deposit to open the account, but there are no maintenance fees charged. 

If you decide to withdraw the funds before the 1-year mark, there is a penalty of three-months' interest charged. This bank has several fees for its other services, so consider just sticking to the CD account for minimal charges.

BMO Alto consistently offers high rates on its accounts, and its 12-month CD is now offering a 5.55% APY (as of January 2, 2024). There is a $1,000 minimum deposit required to open the CD, but there are no fees on the account. 

There is a steep penalty if you withdraw funds before the 1-year mark, as you'll lose 180 days of interest collected, which is half the earnings for the year. 

CFG Bank is one of the only banks offering over 5.25% APY (as of January 2, 2024) on its money market account. You can earn 5.25% if you open an account and deposit at least $1,000. 

You must maintain the $1,000 to continue earning the highest rate and avoid a $10 service fee. There are no fees for the account, but you are limited to six transactions per month.

Money market accounts aren't paying as much as high-yield savings and CDs right now, but Bank Purely is offering 5.05% (as of January 2, 2024) on its money market account. This account requires a hefty $25,000 minimum deposit to earn the highest rate. 

The account comes with an ATM card, so you can access cash if needed too.

You can easily earn 5.00% APY these days, as many high-yield savings accounts and CDs are offering great rates with no additional fees. 

But before you sign up to boost your bank account, make sure to read through the minimum deposit requirements and any other qualifications required to earn the highest rate, or you might miss out. 

And remember, rates on these accounts are variable, so if the Federal Reserve lowers rates, expect the APYs on these accounts to drop as well.

Can a bank change your APY after you open an account?

Banks can generally change the APY on variable-rate savings and money market accounts at any time. CDs typically lock in a fixed rate for the term, but withdrawing the money early may trigger a penalty.

How can I tell if my savings account is earning a competitive rate?

Check your bank's app, website, or monthly statement for the account's current APY. Many savers may be earning a low APY and don't know it because they rarely check their account's current rate. Check your current rate, then compare it with current high-yield savings rates.

Is the bank account with the highest APY always the best choice?

Not necessarily. A top APY may apply only to a limited balance or require direct deposit, a minimum balance, or other qualifying activity. Compare fees, withdrawal access, deposit insurance, and rate requirements to determine which account could earn you the most in practice.