{"id":5970,"date":"2024-10-14T20:51:00","date_gmt":"2024-10-14T20:51:00","guid":{"rendered":"https:\/\/www.wallstreetzen.com\/blog\/?p=5970"},"modified":"2026-05-22T08:47:30","modified_gmt":"2026-05-22T08:47:30","slug":"best-high-yield-savings-account","status":"publish","type":"post","link":"https:\/\/www.wallstreetzen.com\/blog\/best-high-yield-savings-account\/","title":{"rendered":"Best 5% Interest Savings Accounts [Highest APY in Jun 2026]"},"content":{"rendered":"\n

Earning a yummy yield on savings has never been so simple. <\/p>\n\n\n\n

With the explosion of digital-only banks and high-yield savings accounts, you can get a decent chunk of change without fretting about market volatility.<\/p>\n\n\n\n

Sounds too good to be true, right? Well, in some cases, the fine print can put a dent in this strategy. <\/p>\n\n\n\n

However, there are many legit ways to earn from a nearly 5% interest savings account\u2014you just have to know where to look (and what to look for). <\/p>\n\n\n\n

Reviewing the best high-interest savings accounts will put you in a stronger position to make low-risk interest.<\/p>\n\n\n\n\n\n

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Quick context for May 2026:<\/strong> the Federal Reserve trimmed its benchmark rate three times in late 2025 and has held steady through the first half of 2026, with the next rate decision scheduled for June 17, 2026. That means HYSA rates have eased off the highs we saw in 2023\u20132024, but the top accounts are still paying around 4% APY \u2014 roughly 10x the national average of 0.38%.\u00a0<\/span><\/p>\n

Rates current as of publication. APYs are variable and may change without notice \u2014 check each bank’s site for the latest figures before opening an account. <\/span><\/p>\n<\/div>\n <\/div>\n\n\n\n

What bank has the highest interest rate?<\/strong><\/h2>\n\n\n\n

On paper, Varo<\/a> offers the most attractive APY with a 5% interest savings account, but that’s not technically the best deal. <\/p>\n\n\n\n

You see, Varo only pays the headline 5% APY on the first $5,000 \u2014 and only if you meet a couple of monthly requirements. Every dollar above $5,000 (and your entire balance if you miss the requirements) earns 2.50% APY instead. So if you plan to park more than $5,000 in savings, Varo’s offering won’t give you the most bang (or “bank”) for your buck.<\/p>\n\n\n\n

CIT Bank, by contrast, currently pays 3.75% APY on balances of $5,000 or more through its Platinum Savings account, with a limited-time promotional boost to 4.10% APY for the first six months when new customers use the promo code CITBOOST at sign-up. For a saver with $10,000+ sitting in savings, CIT delivers a better overall return than Varo’s tiered structure.<\/p>\n\n\n\n

That being said, keep in mind that APYs on savings accounts are constantly shifting. Unlike CDs, you won’t get a locked-in rate for however long you keep your money in one of these accounts.<\/p>\n\n\n\n

Therefore, it’s best to keep an eye on whichever bank you start out with and shop around for the most competitive rates. <\/p>\n\n\n\n

For scannable reference, here’s a table showing the highest APY savings accounts, along with the actual total interest you would earn if you deposited $10,000:<\/p>\n\n\n\n

Savings Account<\/strong><\/div><\/th>
APY<\/div><\/th>
Total Interest Earned Annually<\/strong><\/div><\/th>
Learn more<\/div><\/th><\/tr><\/thead>
CIT Bank Platinum Savings<\/a><\/div><\/td>
Up to 4.35% on accounts over $5,000<\/div><\/td>
$375 (standard) or \u2013 $393 (with 6-mo promo blend)<\/div><\/td>
Learn more<\/a><\/div><\/td><\/tr>
Public.com<\/a><\/div><\/td>
4.6%<\/div><\/td>
$460<\/div><\/td>
Learn more<\/a><\/div><\/td><\/tr>
M1 Finance<\/a><\/div><\/td>
4.25% (temporary boost to 4.75% using this link<\/a>)<\/div><\/td>
$475<\/div><\/td>
Learn more<\/a><\/div><\/td><\/tr>
Empower Personal Cash<\/a><\/div><\/td>
4.2% <\/div><\/td>
$420<\/div><\/td>
Learn more<\/a><\/div><\/td><\/tr>
Varo<\/a><\/div><\/td>
5% on the first $5,000; 2.50% on balances after that<\/div><\/td>
$375<\/div><\/td>
Learn more<\/a><\/div><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Pros and cons of a 5% interest savings account<\/strong><\/h3>\n\n\n\n

With close to a 5% kickback plus FDIC insurance, there isn’t much to complain about. <\/p>\n\n\n\n

It’s true; high-yield savings accounts are a sweet deal for conservative and passive investors. However, there are a few potential downsides that might dampen your “money dance.” <\/p>\n\n\n\n

Pros:<\/strong><\/p>\n\n\n\n