This article was subjected to a comprehensive fact-checking process. Our professional fact-checkers verify article information against primary sources, reputable publishers, and experts in the field.
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.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
4.00%Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Minimum Balance for APY
$0
Bonus Offer
Up to $300New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Why We Like It
Earn a $50 or $300 bonus and up to 4.00% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> on your money with eligible direct deposit
Limited-Time Offer: +0.70% Boost on Savings APY for 6 months on new accounts with eligible Direct Deposit. Terms Apply.2 <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
No account, overdraft, or monthly fees3 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
Get your paycheck up to two days early with direct deposit4 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
Access additional FDIC insurance up to $3 million5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
We looked for savings accounts or similar accounts (such as cash reserve, prepaid debit card, and rewards checking accounts) with at least 5.00% APY for our main picks. All of our picks offer mobile banking. We did not include money market accounts. We also excluded credit unions with location-based membership requirements. For our secondary list of picks, we looked for savings accounts with 4.00% APY or above. We did not consider every possible account available on the market for either list.
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 0.39% (as of 12/15/25), 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.
Up to 5.00% (as of 10/14/25) APY on balances up to $1,000
Netspend Savings
Up to 6.00% (as of 10/01/25) APY on balances up to $1,000
Editor's note
Many institutions place a cap on the amount of your money that can earn the best savings rate, and any amount over the limit earns a lower interest rate. You may also need to meet certain requirements to get 5% interest, such as setting up direct deposit or meeting deposit minimums.
Varo Savings
Account details
APY: Up to 5.00% (as of 05/27/25) APY on up to $5,000
Requirements: Direct deposits totaling $1,000 or more; both a Varo savings and bank account must have a positive balance at the end of the month.
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 05/27/25) 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 05/19/25) 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 05/27/25) APY rate on all of your money, you'll still earn a relatively generous 2.50% (as of 05/19/25) APY.
Pros
Up to 5.00% (as of 05/27/25) APY with direct deposit requirement
2.50% (as of 05/19/25) regular APY
No fees required for the savings account
No minimum balance required to keep your account open
Cons
You need a substantial direct deposit amount each month to qualify for the highest APY rate
You can only earn the highest APY rate on up to $5,000
You must have a Varo bank account and a savings account with positive balances
APY: Up to 5.00% (as of 10/14/25) APY on balances up to $1,000
Requirements: Membership in Blue Federal Credit Union
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.
Blue Foundation donation option
You need $10 to become a credit union member through a donation to the Blue Foundation. Blue Federal uses $5 to establish your account and the rest goes to the foundation. That's a more accessible membership requirement than many credit unions offer.
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 10/14/25) 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.
Pros
Up to 5.00% (as of 10/14/25) APY
You don't have to make a monthly transfer to be eligible to earn dividends
No minimum balance requirements
Relatively easy to qualify for credit union membership
Cons
You can only earn the highest APY on a maximum of $1,000
Interest rates drop quickly for higher balances
Must be a credit union member, which requires a one-time upfront donation and small deposit.
Netspend Savings
Account details
APY: Up to 6.00% (as of 10/01/25) APY on balances up to $2,000
Requirements: You must have a Netspend card account.
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 10/01/25) 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 10/01/25) 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.
Pros
Up to 6.00% (as of 10/01/25) APY
No minimum balance required
You can set up automated transfers to savings
No monthly direct deposit minimums to get the maximum APY
Cons
You must have a Netspend prepaid debit card account and use it to transfer money to your savings account
You can only transfer money from savings to your Netspend card six times monthly
You can only earn the highest APY on balances up to $2,000
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.
5.0
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
2025 award winnerBest for Customer Service
American Express® Savings - 3.40% annual percentage yield (APY)6 <p>The Annual Percentage Yield (APY) as advertised is accurate as of November 26, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded.</p>
High Yield Savings Account. No Minimum Required Deposit or Balance.7 <p class="">There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you.</p> Terms Apply.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Use Cash App As Your All-in-One Financial Services Platform
Bank8 <p>Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Savings provided by Cash App, a Block, Inc. brand.</p><p class="">Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Direct Deposit provided by Cash App, a Block, Inc. brand.</p> without all the fees—save, send, and spend your money the way you want.9 <p class="">Your balance is eligible for FDIC pass-through insurance through our Program Banks Wells Fargo Bank, N.A. and/or Sutton Bank, Members FDIC for up to $250,000 per customer when aggregated with all other deposits held in the same legal capacity at each Program Bank above, if certain conditions are met. Cash App is a financial services platform, and not an FDIC-insured bank. Prepaid debit cards issued by Sutton Bank, Member FDIC. See <a href="https://cash.app/legal/us/en-us/card-agreement">terms and conditions</a>. </p> Get paid up to 2 days early – up to 2 days earlier than most banks10 <p>Your first deposit may take longer depending on your employer.</p>
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
2025 award winnerBest Checking and Savings Combo
SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit
Limited-Time Offer: Earn a $50 or $300 bonus and up to 4.00% APY on Savings (3.30% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.2 <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
Yes, it's possible to get 5.00% APY if you choose the right savings account and meet its requirements for earning this rate. Typically, those requirements include things like maintaining a certain account balance or having a certain amount of money directly deposited on a monthly basis. You will usually also be capped at how much money you can earn 5.00% APY on.
Do 5% interest savings accounts have minimum deposits?
Some of them do. For example, Varo's savings account offers up to 5.00% (as of 05/27/25) APY with no minimum balance requirement other than a positive balance. Varo does have a direct deposit requirement, though. Be sure to read the details carefully when you look for a high-interest savings account.
Do 5.00% APY savings accounts have caps?
Usually, yes. Savings accounts offering 5.00% APY do typically cap the amount of money you can earn this interest rate on. For example, Netspend's Savings accounts caps the amount you can earn the highest interest rate on at $1,000. Others have higher caps, such as Consumers Credit Union Rewards Checking, which will pay its highest APY rate on balances up to $10,000.
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.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
2025 award winnerBest Checking and Savings Combo
High APY of up to 4.00% on Savings (3.30% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.2 <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
Paycheck access up to 2 days early with direct deposit4 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
No monthly maintenance or overdraft fees3 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
Streamlined savings and savings goals with Vaults
Access to a large ATM network11 <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p>
Advertiser and Editorial Disclosures
Advertiser Disclosure
FinanceBuzz is an independent, advertising-supported website. Some or all of the offers that appear on this page are from third party advertisers from which FinanceBuzz receives compensation. For example, we may receive compensation when you click on a link, when an application is approved, or when an account is opened. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear).
FinanceBuzz does not include all financial or credit offers that might be available to consumers nor do we include all companies or all available products. Information, including rates and fees, is accurate as of the publishing date and has not been provided or endorsed by the advertiser.
The credit card offers that appear on this site are from companies from which FinanceBuzz receives compensation such as banks or CardRatings.com.
Editorial Policy
The FinanceBuzz editorial team strives to provide accurate, in-depth information and reviews to help you, our reader, make financial decisions with confidence. Here's what you can expect from us:
FinanceBuzz makes money when you click the links on our site to some of the products and offers that we mention. These partnerships do not influence our opinions or recommendations.
FinanceBuzz reviews and rates products on a variety of quantitative and qualitative criteria. Whenever possible we test each product and include our honest, firsthand experience using it. Read more about how we rate products.
Partners are not able to review or request changes to our content except for compliance reasons. Financial products are highly regulated so we work closely with partners to make sure the information we have on our site is accurate and includes any required legal language and disclaimers.
We aim to make sure everything on our site is up-to-date and accurate as of the publishing date, but we cannot guarantee we haven't missed something. It's your responsibility to double-check all information before making any financial decision. If you spot something that looks wrong, please let us know.
/images/2018/01/23/navina-side-hustle-mid_MPfEDfV.jpg)
/images/2019/12/06/smart_strategies_to_save_money_on_car_insurance.jpg)
/authors/christy_rakoczy_updated.png)
/authors/1d704d33-2268-4aac-9867-8e1784dc22f4_original.jpg)
/images/2024/07/31/sofi_logo_-_cropped.png){kind=logo}
/images/2025/05/02/0466c535-77ad-49b9-adab-f9b5ad447916.png)
/images/2025/06/19/cash_app_logo_rO38hx9.png){kind=logo}
/images/2024/07/31/sofi_logo_-_cropped.png){kind=logo}
/images/2024/07/31/sofi_logo_-_cropped.png){kind=logo}