Posted by Chuck on November 16, 2018
Savings Accounts

Published on November 16th, 2018 | by Chuck


Best High Yield Savings Accounts – up to 5% APY

Here’s a list of the best high interest savings accounts. Get up to 5% APY with a rewards account or over 2% on a basic account. We don’t receive any sort of commission for any of these, and ALL banks are included in this list.

Best Basic Savings Rates

Leaving money in a regular bank account will usually get you a terrible interest rate, currently close to 0%. With a little research, you can find accounts that offer competitive rates. These are all ordinary savings accounts and are FDIC insured up to $250,000. They do not have any requirements to earn these rates.

Here are the best options available, rated highest to lowest:

Other Basic Options:

All of these rates will fluctuate over time, and we’re constantly updating this list. There is an advantage to a bank who has a proven track record of giving good interest rates since some of the top rates might be ‘bait-and-switch’ soon to be lowered. Banks like Ally, Alliant, Discover, American Express and some others have been known to offer competitive interest rates for many years. Their rates will also fluctuate but will likely always be a good rate.

Another thing to keep in mind is that while most banks automatically increase your rate as interest rates increase, some don’t. We wrote data points on which do and which don’t here. Keep that in mind when choosing a bank.

Best CD Rates

Nationwide CD Offers:

Other CD Offers:

Best Business Savings Rates

Mega High-Interest (Nationwide)

Aside from basic accounts offering competitive interest rates, there are ultra high-yield options which are more involved and take time and patience to deal with. Bear in mind, all of the best options have velocity limits, sometimes it’s $5k, $10k, $15k, or $20k. You’ll never be netting more than $1,000 in annual interest from any of these accounts, and it’s usually much less than that. Someone whop is impatient or doesn’t have spare time would best use a standard high-interest savings account options and forget about the velocity-limited accounts.

Below you’ll find all mega high interest accounts which are available nationwide, and in the next segment we list the regional options.

More Restrictive Options:

Mega High-Interest (Regional)

Below are the regional accounts we’ve reviewed on the site. There are many more as well.

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GE Capital Bank offers 1.05% with no cap, no other requirements and the online portal looks a little more modern than Synchrony.

can you do a review on

they offer 5%APY but I can’t seem to get too much info from them even after calling.

I’m finding it alerting because the trial deposits weren’t returned to the bank properly.

It is possible that it didn’t return to the bank because it posted before the debits. Thus there was no money in the account? For example, I just added Mango to a different bank. My prepaid account was at $0. The transaction history shows the debit hitting and being denied before the credit hit.

I tried adding my bank to ACH push the money, but their trial deposits and withdrawal are just not showing up with insight.

@Jay – Yeah that happened to me with my Barclays savings account. I tried Discover and that worked, though the trial deposits were not pulled back like they normally are.

I have found amazon reloads and even paypal purchases on ebay were not counting on my consumers credit union as purchases.

They might be processed as PIN-less. I think this can be fixed with Amazon by opting out.

How does one fix this?

You can disable PIN debit transactions in amazon settings.

I am trying to figure out if the counter is instant or not…

Does it take a few days for the counter to update or is it instant (ie once its posted)?

credit card takes a few days after posting to update the counter

See my April 7 update below.

So a total of $3800 available per year, nationwide, $4080 for Michigan residents and $4200 to Missouri residents.

There’s one more out there, it may be Michigan only as well but I’m not certain, Option 1 Credit Union, 4% on $10k, they require direct deposit and 20 debits a month. Good for another $400 a year.

But… To get that ~$4k you sure have to put in some time to make sure to cover all the requirements. I think the biggest stumbling blocks are the $1k/month from consumers as well as their two hard pulls, plus 1 more from LMCU.

All in all though it’s a fantastic way to make ~$333 a month, and all mostly risk-free (no ups and downs of the market involved. That’s $90k making 4.2% interest (for just the nationwide offers).

Now I just need to find $90k+ somewhere to do this, lol.

There are more high interest checking accounts than this, we’ll feature some more in the future.

what? which bank? $90k can make you $333 a month? where? thanks!

I got it! First, many banks with high APY are gone!Second, you will become crazy to maintain all the requirements (direct deposits, debits transactions, bill payments ETC.) I think even $333 a month doesn’t worth it! You will lose money with Opportunity cost on spending with debit transactions also (for example spend $1 get 2 points back = 0.02% = 2% CASH BACK on credit card)! Plus money which you could gain if you put $90,000 in good saving/money market account with 1.25% APY a year!!!! – that’s $1125 a year!!!

Typo for CCU:
“This Consumer’s account is better than the 5% accounts mentioned above in a big way since you can get a high-interest rate on $20 with a single account.”


When time comes to take out that $5000 from these prepaid card linked savings accounts – how do I do that? No amount of reading / research seems to clarify that

I would like to ask a few Mint users to ask them to add Western Union.

I have done this a few times with no effect.

A few requests from others might do the trick.


I am surprised Everbank is not on the list of basic options. Their high yield checking has 1.60% APY on up to $100,000, and a money market with 1.60% APY on up to $150,000. Although technically it is only for the first 6 months, when my 6 months were almost up, I called and they allowed me to open a second money market account for another 6 months with the bonus rate. Note the opening deposit of $2,000 had to be “new money” from outside Everbank (ie mail them a check).

I think the problem with Everbank is, that while higher than savings accounts, I think with that much money I’d be targeting my IRA and 401K vs getting a return of 1.6% on that much money. The return on that $100k is alright, but it locks up an awful lot of money.

Doesn’t lock up anything. It’s not a CD. I use it as my everyday checking account. S&P 500 down 10% in the last year. I’ll take 1.6% all day long

I could put it in LMCU at $15K for $450 a year or to get the same out of Everbank I’d have to put in $28,125.

In that sense you have to keep a LOT more money in there to get the same return, essentially “locking” it up, sure it’s available for emergencies. But wow.

Let’s move on to Consumers $20k is worth $918 a year, sure there are some opportunity costs there to maintain the interest rates. But still, I’d have to put $57,375 into Everbank to rival that return.

Now consider stacking 2 or 3 of the above and Everbank is looking more and more like a slightly better alternative to a savings account. With above accounts I’d have less money tied up than I would in one Everbank account.

Sure 1.6% is better than nothing, and to some people not dealing with multiple accounts is very appealing. So, if you are the type of person to regularly have $60k in their checking AND you are the type that wants a hassle free return, Everbank is your bank.

Sure, the S&P 500 is down, but I’m in my late 20’s, it’ll recover.

I agree, except on your final point about what type of person should use Everbank. It’s not all or nothing; you can have a mix of these accounts. I consider Everbank to be a basic option, an easy 1.6% on as little as $1 and up to $250k. The “mega high interest” accounts like LMCU and Consumers require a lot of maintenance, not to mention opportunity cost of losing cash back and min spend on all those debit card transactions, and the risk of missing the requirements one month. Personally I’d max out the Netspend accounts first as Chuck suggests, which just require one quarterly ACH to avoid the inactivity fee, and then use Everbank as your basic everyday account. 1.6% is better than the 1% on most of the other basic options.

Currently MySavingsDirect’s 2.25% on up to $250k/person without any fees, minimums, or additional requirements looks like the best “catch all” account to me.

Also “A lot” is relative. 10-15 $1 or $15 debits per month isn’t hard to do. With a little creativity it can even be automated as a way to pull out the interest while meeting their requirements. For example, LMCU pays 3% on up to $15k which works out to $450/year. $450/365 = $1.2329… Throw an extra $37 in the account, set up a $1.23 daily debit purchase/reload somewhere and presto! you’ve automated your debit transactions while automatically pulling your interest out.

DB DB why is MySavingsDirect better than EBSB? EBSB is 2.5% up to $1 mill. No hoops or requirements to do each month

you’re the first to mention EBSB. Why not on this list? 2.5% as stated and no hoops to jump through. Also verified that one can transfer out $150,000 limit at a time. Works for me. Does anybody know negative data points I’m missing?

Because it’s not available to new customers currently. It used to be on the list when it was

What do you typically use to do automated debit purchase that qualify towards the 10-15 transaction limit?

Amazon gift card reloads. Small utilities (i.e. $8 trash or $10 water bills). Small Renter’s insurance premiums. Still looking for more automated transactions myself.

In the meantime I’m also using small gas purchases & individual items at the self-checkout.

Other suggestions?

Problem is you’re probably burning a ChexSystems inquiry every time you open a new account. I’ve added Everbank to the post anyway.

When you wrote a “second money market account” did you mean it was your 2nd “money market” account or that it was your 2nd account (1st was “high yield checking”)? If it was the former what would stop someone from adding another account every 6 months and maintaining that (relatively) high interest rate? I emailed Everbank a few months ago and never received a response which turned me off. Have they had good CS in your opinion?

I meant second money market account. I had a checking and money market both earning 1.4% (the bonus rate at the time). After about 5 months, I called customer service to ask them to bump me up to the new promo rate of 1.6% for the last month, and instead they told me I could open a second money market account and earn the 1.6% bonus rate for another 6 months. No idea if it would work a third time, but that’s what I’m hoping for. Their CS is better than most IMO; for example Discover charged me a fee related to a withdrawal from Everbank that got processed twice, and Everbank credited my account for the fee that Discovered charged me.

Update on Everbank: 6-month intro APY of 1.60% no longer offered; its been replaced by 1.11% APY for the first 12 months, then drops to standard rate (currently 0.61%). Makes the account less attractive, considering there are plenty of 1.00% options out there with no time limit.

Another update. I requested the bonus intro rate a third time, but no dice. From Everbank: “We apologize, we show that you have had the bonus rate on the Money Market twice, unfortunately we would not be able to provide it again.”

DoC, out of curiosity, how many such accounts do you have and how easy is it for you to keep up?

I have quite a few, but I think I’ll probably scale back as I move some emergency money into other investments in the next few years.

Hi Thanks for the detailed info. very helpful. one Question though. what to do with all that Amazon gift card if I purchase 15 or 10 fifty dollars amazon gift cards monthly to satisfied the requirements. that amounts to thousands of dollars of amazon gift cards monthly. any way to get rid of them beside spending them. Thanks

50 CENTS, not dollars.

Am I correct in understanding that as of 1/22/16 NEW INITIAL opening/funding of NetSpend accounts must be with a true direct deposit and not an ACH transfer (previously opened accounts excluded)?

Does that also apply to Brinks & NetSpend/H-E-B since they are backed by Bofl?

Also does that apply to PayPal prepaid since it’s backed by Bancorp?

And, lastly, is it possible to get a 2nd Mango account? Thank you all so much.

I’ve had the bulk of my savings parked at SFGI Direct (affiliated with Summit Community Bank somewhere in the midwest) for several years. Current APY is 1.06%. I don’t think there’s any limit on the deposit amount accruing interest.

To me it’s a no brainer. EVerbank is paying 1.60% (highesty anywhere) for the first 6 month of their Savings account. Then it drops (as interest rates will probably go up) but then you look for another place. Meanwehile you get 1.60% FDIC insured. Max is $150,000

You’re burning a ChexSystems inquiry though on Everbank for an increase of 0.5% apy for six months.

Can anyone give me a really dumbed down, child’s version explanation of how the NetSpend account works? I’m interested in setting one up for the 5% interest, but I’m getting bogged down in confusion as to (1) fees, (2) general setup, and (3) limitations on ACH transfers/liquidity. All these factors are making me fearful of moving any emergency savings into a NetSpend account.

(1) Fees – I’m super confused about the fee structure. I read that there are fees for simply using the card and inactivity fees. Does anyone have a simple list of what fees the netspend account has? The important things that matter are fees for using the card, fees for paying bills with the card, and fees for doing transfers into and out of the card.

(2) General setup – Am I right that you only need to open a NetSpend prepaid card, and then you automatically get a 5% interest savings account with it? And then, if I am correct, you transfer money to the netspend card, then transfer the money to the savings account?

(3) Limitations on ACH Transfers/Liquidity – This is a big concern if I’m reading this right. My plan was to link my Capital One 360 savings account to the NetSpend card, and then move money onto it. From there, I would then move money back to Capital One 360 savings in the event something were to happen. Am I right that some people are saying that NetSpend won’t let you move money back to your bank account? If forced to pay credit card bills using NetSpend, am I going to get charged a fee just for paying bills with the card?

Sorry for the long post, but I’ve spent hours reading up on NetSpend and while there’s some decent info out there, the information is confusing enough to discourage me from even considering using NetSpend.

There will only be a fee if you have no activity for 90 days. It is very easy to have activity. You can simply make an ACH transfer into and/or out of the account. The other way there will be a fee if you make purchases with the card. I would guess 99% of us have never and will never make a purchase with the card. The 5% savings should open up once you activate the card. If not, just transfer $500+ from one of your bank accounts. I’m unsure if CO360 will work for this as I haven’t tried it. As far as I know you can withdraw funds with no fees. Make sure to have the money on your card though as it takes it from there rather than your savings account. I have never paid a bill from the NetSpend site so I am unsure if there is a fee for that.

Thanks for the helpful information. Do you know if we can link our Netspend savings account to Mint?

I’m not sure as I’ve never used Mint before. If you have any other questions or want a referral feel free to email me at

Netspend, Ace Elite, Brinks, Western Union, and HEB all connect to Mint just fine. Personal Capital has issues with some of them.

I looked at the “subject” like here which was about “Savings Accounts” (which I assumed was banks. Seems the postings are not in line with subject. There should probably ne a new one about Net Spend – and those interested in it will find the info they need.
I did post what I think is the answer to the posters question – unless yiou can find an EASY 1/60% on FDIC insured “BANK SAVINGS Account” elsewhere. Minimum is $1500; max $150,000. Not one finance article has mentioned this. They push Ally which I have a few $ in but they are only at 1.01%

I’m going to unsubscrive from this thread as it’s changed direction.

If inflation gets higher, I-Bonds are also an option for higher earnings with little risk to principal. I max out the $10k every year.

There’s also the Paypal savings account, which has the benefit of being able to be funded with PP Cash bought at drugstores, although I have not really explored that angle and everyone is rightly concerned about Paypal shutdowns – although would that be the case if you were putting money into an account and not taking it out? $4.95 fee means it goes at the end of the list.

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