Best 5% Interest Savings Accounts [2025]: We Found the Options Still Out There

A 5% interest savings account can provide you with a generous return on your money without taking on the risk of investing in the stock market. Many financial institutions offer savings accounts that pay this rate, including several credit unions. High APYs can help you meet your savings goals, set up an emergency fund, and improve your personal finances long-term.

In order to receive the best rate, many institutions have specific requirements you must meet. This guide will explain your options for savings accounts offering 5% interest, as well as some financial institutions with rates that are close to this threshold.

Savings accounts that earn 5% interest

Several banks offer FDIC-insured savings accounts that pay around 5.00% APY, which is well above the national average rate of 0.38% (as of 6/16/25), according to the FDIC. Many credit unions also offer NCUA-insured savings accounts with similarly high rates.

Savings accounts earning 5% or more were once a bit easier to find, but you have to work a little harder today to score these rates. Fortunately, not that hard. These are the best high-yield savings accounts if you want to earn at least 5.00% APY on your money.

Savings accounts with close to 5% interest

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Earn up to 4.40% APY

Earn up to 4.40% APY¹ <p>LevelUp Rate of 4.40% Annual Percentage Yield (“APY”) is accurate as of 05/28/2025. Standard Rate of 3.40% APY accurate as of 05/28/2025. Rates are variable and subject to change at any time without notice, at the sole discretion of the bank.</p><p>LevelUp Rate is applied to the full balance of LevelUp Savings accounts that receive a total of at least $250 in deposits during the Evaluation Period. Otherwise, accounts will earn the Standard Rate. Interest payments, account bonuses, account credits and reversals or refunds from the bank are not considered deposits for rate evaluation purposes. All LevelUp Savings accounts earn the LevelUp Rate at account opening and continue to earn the LevelUp Rate until the First Evaluation Period, to provide an opportunity to set up deposits. While accounts will not move from the LevelUp Rate prior to the First Evaluation Period, the LevelUp Rate is variable and subject to change at any time, including prior to the First Evaluation Period.</p><p>An Evaluation Period is a statement cycle. The First Evaluation Period will be the third statement cycle after you open your account, with any rate change becoming effective the next statement cycle. For example, if you open in August, the first Evaluation Period would be October with any rate change effective in November. Any rate changes will take place at the end of the first business day of the month and will be based on deposits in the previous statement cycle.</p> when you open a new LevelUp Savings account and deposit $250+ per month. Member FDIC.

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UFB Portfolio Savings - 4.01% APY² <p> The Annual Percentage Yield (APY) is accurate as of 12/9/2024. The interest rate and corresponding APY for savings is variable and is set at our discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.</p>

High Yield Savings Account. No Minimum Balance. FDIC Insured.

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4.8

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2025 award winner Best for Large Deposits

Wealthfront Cash Account - 4.00% APY³ <p>Rate is current as of November 15, 2024.</p>

High Yield Cash Management Account. $1 minimum deposit. FDIC Insured.

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While these accounts don't offer a full 5.00% APY, they consistently provide competitive rates. However, you will want to check the individual requirements for each account to make sure you qualify for the highest rate, as there are often requirements you have to meet and limits on the amount of money you can earn on.

Varo Savings

Varo is a digital consumer bank that launched in 2020 with "the goal of being a force for good." Most online banks aren't actually banks — they're fintech platforms with associated partner banks, but Varo is a chartered nationwide bank and member FDIC.

The company offers both bank accounts and savings accounts, as well as Varo Advance, which provides cash advance loans of up to $500 to cover unexpected expenses.

Varo Savings earns up to 5.00% (as of 04/25/25) APY, one of the most generous rates still out there, but you must deposit at least $1,000 and end the month with a positive balance in both a Varo bank account and your Varo savings account to qualify for this rate in the upcoming month. You can also only qualify for the highest APY on balances up to $5,000.

The good news is, any remaining balance above that $5,000 earns a still-generous 2.50% (as of 12/11/24) APY (as does your total balance on months where you don't meet the requirements for the higher interest rate).

Opening an account is quick and simple online. There's no minimum balance required to maintain an account, and Varo has no monthly fees. Plus, if you don't earn the highest 5.00% (as of 04/25/25) APY rate on all of your money, you'll still earn a relatively generous 2.50% (as of 12/11/24) APY.

Read our full Varo review

Blue Federal Credit Union Accelerated Savings

Blue Federal Credit Union is a credit union, which means you must be a member to take advantage of the financial products on offer. You can become a member through a family relationship, employment relationship, or by donating to the Blue Foundation.

Members have access to a wide variety of financial products, including savings and checking accounts, credit cards, certificates of deposit (CDs), and loans. Blue Federal's Accelerated Savings gives up to 5.00% (as of 06/17/25) APY on balances up to $1,000. For larger balances, there's a tiered rate structure. You'll see a big dropoff in the interest you receive on higher amounts.

Blue Federal only pays the highest APY rate on up to $1,000, which is well below what competitors such as Varo offer. And Blue Federal's APY rates are much lower for large balances. You also have to pay for membership, although it's a pretty small one-time payment and half of it goes to Blue Federal's charitable organization.

Netspend Savings

Netspend is best known for its prepaid debit card, which has more than 10 million users. But Netspend offers a savings account as well. In fact, you can automatically transfer money from your Netspend card account into savings or manually transfer money over when you have a little extra money. When you transfer money to savings, you'll get a generous 6.00% (as of 08/26/24) APY on a balance of up to $2,000.

Netspend doesn't require a minimum balance in order to open a savings account or to qualify for up to 6.00% (as of 08/26/24) APY. You also don't need to set up direct deposit in order to get access to this generous interest rate. 

You must have a Netspend debit card account to take advantage of the Netspend savings account. The prepaid debit card account includes fees, which vary depending on if you opt for the Pay-As-You-Go Plan or the Monthly Plan. You also earn the the highest APY only on balances up to $2,000 while the rate for money over this amount is very low.

How to choose the best accounts with 5% interest

To pick the best savings accounts with a 5.00% APY, there are a few key tips you should follow:

• Understand the requirements you need to meet: Depending on the account you choose, you may have to meet direct deposit requirements, use other financial products, or meet other criteria such as becoming a credit union member before you can get the highest APY rate.
• Know how much money you can earn 5.00% APY on: It's hard to find a savings account (or other type of account) that offers 5.00% APY on an unlimited sum of money. You may get this generous rate only on balances up to $1,000, $2,500, or $10,000.
• Know what APY applies if you don't meet the requirements: If you do not meet the requirements for the 5.00% APY, find out what rate you will earn on your money. If it's very low and you know you won't always be able to meet the rate requirements, then you could ultimately earn more with a lower-rate savings account that has fewer hoops to jump through.

Do your research to make sure that a specific account works for you and your budget.

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Bottom line

As you can see, getting 5% APY on your savings account is possible, but your options may be a bit limited. You'll be capped on the amount of balance on which you can earn that rate and some accounts come with direct deposit requirements to earn the highest possible APY. 

If you can't or don't want to meet the requirements for these accounts, check out our list of the best savings accounts for alternatives that likewise come with a high — though not quite as high — APY.

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No monthly fees

No minimum deposit requirements

High APY

ATM access + unlimited rebates