These 5 Savings Accounts Pay Higher Rates Than Most CDs

Certificates of deposit (CDs) have been a popular savings option lately, because they're offering some of their highest rates in years. Many CDs earn between 4.00% and 5.00% APY. Some of the very best CDs even have rates above 5.00%.

The drawback with CDs is that you need to lock up your money for the entire term. If you need it sooner, you'll pay an early withdrawal penalty. For flexibility, a savings account is a better choice.

Luckily, you don't need to sacrifice high rates to get that flexibility. Here are five high-yield savings accounts that pay even more than most CDs.

1. Western Alliance Bank High-Yield Savings Premier

• APY: 5.22%
• Minimum deposit: $500
• Monthly maintenance fee: $0

I haven't found a savings account with a higher APY than the Western Alliance Bank High-Yield Savings Premier. At 5.22%, it earns more than any other savings account and most of the CDs I've seen (and I've reviewed dozens of each of them).

Another perk with this account is that you don't need a big deposit to open it. The minimum deposit is $500, and you can also go under that balance later. The one notable downside to this Western Alliance account is that you can only link it to a single external account.

2. CIT Platinum Savings

• APY: 5.00% APY for balances of $5,000 or more
• Minimum deposit: $100
• Monthly maintenance fee: $0

If you were thinking of getting a CD because you have a lot of money saved, another option is the CIT Platinum Savings. It has a high APY, but only if you maintain a balance of at least $5,000. If your balance is lower than that, the APY drops quite a bit, to just 0.25%.

That balance requirement could be frustrating if you often move money in and out of your savings account. On the other hand, it's good motivation to keep your savings in place.

3. SoFi Checking and Savings

• APY: up to 4.60% (after meeting qualifying conditions)
• Minimum deposit: $0
• Monthly maintenance fee: $0
• $300 bonus opportunity with qualifying direct deposits

SoFi Checking and Savings is one of the more unique bank account options. As you can tell from the name, it's a combination checking account and savings account. You can move money between the checking and savings sections.

Savings has an APY of up to 4.60%. You earn the maximum APY by having Direct Deposit (there's no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days.

While competitive, the APY for this account isn't quite as high as the other options on this list. But it offers something they don't: A $300 cash bonus with a qualifying direct deposit of $5,000 or more in the first 25 days. Terms apply. Between the APY and the bonus, this account could earn you more than you'd get with a CD.

4. UFB Secure Savings Account

• APY: 5.25%
• Minimum deposit: $0
• Monthly maintenance fee: $0

The UFB Secure Savings Account is ideal for anyone who doesn't want to deal with minimum deposits or qualifying conditions. It's as straightforward as it gets: A 5.25% APY with no minimum requirements. And unlike most online savings accounts, this one includes a complimentary ATM card.

There is one issue to know about before you open an account with UFB. In the past, this bank has created entirely new savings accounts with higher rates, without raising rates on its current accounts. It can be annoying, because UFB normally doesn't provide any notice to current customers about this. So you need to keep watch then switch to the new account if you want the higher rate.

5. EverBank Performance℠ Savings

• APY: 5.15%
• Minimum deposit: $0
• Monthly maintenance fee: $0

EverBank Performance℠ Savings is another no-monthly-fee, no-minimum-deposit option. The bank is based in Florida, so you could visit a branch if you live there. If not, anyone can open an account with EverBank online and earn an impressive APY with no fees or other hoops to jump through.

You have plenty of high-paying options

Interest rates are high right now. One of the benefits of that is you can get a high APY on any type of banking product.

CDs are good for locking in your rate. You don't get a guaranteed rate with a savings account -- it can change at any time. But you'll need at least some of your savings, and especially your emergency fund, in a savings account for easy access. If you want to maximize interest on that savings, the five accounts listed above are all excellent options.