How about a 5% APY for your savings? Yes, it’s still possible with these 3 online accounts

Key Takeaways

• Even though the top savings rates have fallen from their two-decade highs in 2024, your cash can still earn you a 5.00% annual percentage yield (APY).
• Three online accounts—one checking and two savings—offer that top rate if you can jump through a hoop or two.
• The easiest option is to have a direct deposit of at least $2,000 per month.
• The other two accounts are subject to stipulations, such as the requirement of a second account with the bank, the need to meet a 10,000 steps-per-day goal and the ability to earn the high APY on balances up $5,000.
• But don’t fret if these won’t work for you—you can still earn a stellar 4.60% with the top no-strings savings account.

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Earn 5% by Jumping Through Some Hoops—or 4.60% With No Strings Attached

You need to earn a competitive interest rate on your money, whether you’re saving for an emergency fund, or transferring some of your investments into cash. This is especially important given the current market turmoil. If you earn less than inflation, your savings will lose value over time.

Fortunately, the rate you can earn with a high-yield savings account is currently very high, pushed up to 20-year record levels in 2024 by the Fed's aggressive rate-hike campaign of 2022–2023. Today's leading savings account rate is slightly down from those days, but it's still possible to earn in the mid-4% to 5% range on your cash.

The range you fall into depends on your willingness to meet certain special requirements. Currently, to get the three highest rates on our daily ranking of high-yielding savings accounts, you must check one or more boxes. If you are willing to do this, you can earn up to 5.00% APY.

Pibank will still offer you a 4.60% annual percentage yield if you do not meet the requirements. Pibank has the highest savings rate without any monthly fees or minimums for opening deposits and ongoing balances.

If you want to boost your rate to 5%, here are three options.

Option #1: For those who are able to set up a direct deposit

This article is about saving money. A checking account can sometimes be so flexible you can use it as a savings account. The “Free Account” at mph.bank pays a 5.00% annual percent yield (APY), on balances of up to $50,000. Direct deposits of at least $2,000 must be made to your account each statement cycle.

This account has no monthly fee, offers Zelle, mobile check deposit and does not require any minimum deposit or ongoing requirements. It is a free account. While mph.bank may be an online-only banking service, it’s owned and operated by Liberty Savings Bank.

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Some of our top-rated high-interest checking account options pay more than the mph’s 5.0%. However, all but one of them require you to make 12–15 debit purchases each month to earn their high rate, and the other only pays its high rate on up to a $10,000 balance. If you’re looking to keep a large balance, but don’t want to use debit cards, mph.bank has a solution for you.

Option #2 – For People Who Are Physically Active Each Day

Fitness Bank is one of the most unique bank accounts when it comes to earning bonus status. As its name suggests, it offers bonuses to those who meet “step goals” each day. It’s currently paying a 5.00% annual percentage yield on its Ultra Savings Account. It does not have a maximum balance for which you can earn the 5.00% rate, but it does have a couple of requirements to meet in order to get that top rate.

• You must maintain a minimum balance of $5,000 in your Elite Checking Account with Fitness Bank.
• You must have an average daily step count for the month of at least 10,000 steps (or 7, 500 steps if you're age 65 or older).

You do not need to own a wearable device to qualify for this account, but you must be able to install Fitness Bank's step tracker app on a smart phone. Fitness Bank is the online arm of Affinity Bank – a physical bank located in Covington Georgia.

Option #3 – For those who want to keep a small balance

Varo Bank can be a good option if you do not want to hold large amounts of money in your savings. It offers 5.00% but only for balances under $5,000. It also requires that you have at least $1000 in direct deposits per month to qualify for the top rate.

Varo offers a 5.00% account if all you need is a place to deposit your pay and you don’t have much money saved. If you have more than $5,000 to save, you may be better off with the 5.00% account or a slightly cheaper rate on a no-strings savings account from our ranking of the top nationwide savings accounts.

Rankings of the best CDs and savings accounts every day

These rankings are updated every business day so that you can get the best possible deposit rates.

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Note that the "top rates" quoted here are the highest nationally available rates Investopedia has identified in its daily rate research on hundreds of banks and credit unions. This is different from the national average that includes all banks that offer a CD under that term. Many large banks pay pittances of interest. The national averages are usually quite low. However, if you shop around, you can find rates that are 5, 10, or 15 times higher.

How to Find the Best CD Rates and Savings

Investopedia ranks the best-paying savings and CD accounts every day. It tracks rate data from more than 200 credit unions and banks that offer these accounts nationwide. To be included in our lists, an institution must be federally backed (FDIC for credit unions, NCUA or FDIC for banks) and have a minimum deposit of $25,000 for the account. It cannot also specify a maximum amount of deposit that is below $5,000.

To qualify as a national bank, the bank must be located in at least forty states. While some credit unions ask you to donate to an association or charity to become a part of their organization if you don’t meet the other eligibility criteria, (e.g. if you don’t live in certain areas or work in certain types of jobs), we exclude credit Unions that require a donation of $40 or more. Read our methodology to learn more about how we select the best rates.

Article Sources Investopedia asks writers to use primary resources to support their writing. White papers, government data and original reporting are some of the sources. Where appropriate, we also reference original research by other reputable publishers. Learn more about our standards for producing accurate and unbiased content by visiting our Editorial policy

1. Bank Customer Service. Phone conversation with a customer service representative on April. 17, 2025.