15 Bank Accounts That Will Pay You 5% APY or More Right Now

Right now, there are plenty of bank accounts offering nearly 5% interest, with some offering as high as 5.20% APY (as of May 4, 2023). 

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 15 bank accounts that are paying 5% (or close to it).

GreenState Credit Union is a national credit union that is available in all 50 states and is currently offering 5.01% (as of May 4, 2023) on its Raisin high-yield savings account. 

Unlike some other banks, GreenState does not have a minimum deposit amount required to earn the highest rate, and there is no cap on deposits.

GreenState also offers fee-free checking accounts and access to tens of thousands of fee-free ATMs through the CO-OP Network. You must become a member of GreenState Credit Union to open a Raisin account and earn the high APY.

Newtek is an online bank that is offering 5.00% APY (as of May 4, 2023) 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 5.00% APY (as of May 4, 2023), though only for very short terms. And while Newtek offers business banking solutions, there is no personal checking account available.

UFB is a division of Axos Bank that is now offering 4.81% (as of May 4, 2023) on its Premier Savings account. UFB used to require a minimum balance to earn the highest APY but has opened the top interest rates to any depositor, with no minimum balance required.

UFB is an online-only bank, though you can still access your funds with a complimentary ATM card. There are no fees on the account, and it offers free transfers between direct deposit accounts.

Laurel Road is a student loan company that now offers banking services, and is paying out 5.00% APY (as of Aug. 1, 2023) 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. 

There are no account minimums or maintenance fees, though transfers out of the account are limited to seven per month. Otherwise, you’re hit with a $15 fee.

Bask Banks is offering a high 4.75% APY (as of May 4, 2023) on its savings account, but customers also earn two American Airlines Miles for every $1 saved in the account. 

If you’re a frequent traveler and want to earn interest and miles on your money, this is a great option. There are no minimums to open an account, though there is a six-transaction limit per month.

Primis is an online bank that offers 4.77% APY (as of May 4, 2023) 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.

CIT Bank is part of First Citizens Bank, and offers online banking solutions, including 4.75% APY (as of May 4, 2023) on deposits over $5,000. 

There is a $100 minimum to open the high-yield savings account, and the first $5,000 in your account online earns 0.25%. But balances over $5,000 earn the full 4.75% with no cap.

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 May 4, 2023).

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 May 4, 2023), which is still pretty decent.

Mango is a money management account that offers a prepaid Mastercard that you can fund for your purchases and track with the Mango app. The bank is currently offering 6.00% APY (as of May 4, 2023) on deposits into your Mango account.

Mango requires a $25 minimum deposit to start earning, and you must maintain that $25 minimum each month. You also need to have $1,500 in purchases per month on your Mango card to earn the 6.00% rate.

Mango is paying 6.00% APY on balances up to $2,500 and only pays 0.10% on balances over that amount.

Forbright is an online bank that is offering an eye-popping 5.20% (as of May 4, 2023) 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 Harris consistently offers high rates on its accounts, and its 13-month CD is now offering a 5.10% APY (as of May 4, 2023). 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. 

Unfortunately, this account is not available in Arizona, Illinois, Indiana, Kansas, Minnesota, Missouri, or Wisconsin.

Marcus is an online bank and part of global bank Goldman Sachs. While its high-yield savings account isn’t quite near 5% APY (yet), its 10-month CD is paying a flat 5.00% APY (as of May 4, 2023). 

There is a $500 minimum deposit to open this CD account, but there is no penalty for early withdrawal from the account.

CIT Bank is offering a 5.00% APY (as of May 4, 2023) rate on its short-term 6-month CD. There is a $1,000 minimum to open this account, and like other CD accounts, there is a penalty for early withdrawal. 

If you pull funds out before the 6-month mark, you’ll lose 3 months’ interest. CIT Bank offers a no-penalty CD with a term of 11 months, but the rate is slightly lower at 4.80% APY (as of May 4, 2023).

CFG Bank is one of the only banks offering over 5.00% APY (as of May 4, 2023) on its money market account. You can earn 5.02% if you open an account and deposit at least $1,000. 

You must maintain the $1,000 to continue earning the highest rate. 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 4.75% (as of May 4, 2023) 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% 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.