3 Top Savings Accounts With 5% APY Right Now

Despite the surge in interest rates over the past couple of years, many savings accounts -- especially those offered by branch-based financial institutions -- still pay extremely low yields to their customers. In fact, the average savings account yield as of October 2023 is a paltry 0.46%, according to FDIC data.

The good news is that there are some excellent banks that have yields well above the national average. Here are three of our top-rated savings accounts, all of which have APYs of 5% or more as of this writing.

1. Western Alliance Bank

The Western Alliance Bank High-Yield Savings Premier is one of our highest-rated savings accounts, and for good reason.

First and foremost, it has one of the highest yields of any bank account on our radar. The Western Alliance Bank High-Yield Savings Premier has an APY of 5.36%, and a $1 minimum balance to earn interest. It also has no limits on transfers, no monthly account fees, and is FDIC insured up to $250,000 per person.

To be fair, the account isn't perfect. Western Alliance Bank has limited customer service hours, and the only way to deposit and withdraw money to and from the account is through one linked external bank account. But for those primarily looking to maximize yield, this account certainly deserves a spot on the list.

2. CIT Bank

You may not have heard of CIT Bank, but you may know its parent company First Citizens (CIT is an online-only subsidiary). And for people who can deal with a relatively high minimum balance requirement, the CIT Platinum Savings account and its 5.05% APY could be a good fit.

We'll start with the biggest drawback -- the CIT Platinum Savings account has a $5,000 minimum balance requirement. However, the CIT Platinum Savings has no account fees, as well as unlimited transfers and withdrawals. It's backed by a massive and long-established bank, and like all of the accounts discussed here, it is FDIC insured.

It's also worth noting that this isn't CIT's only high-yield savings account product. The CIT Savings Connect account has a still-respectable 4.65% APY and only has a $100 minimum balance requirement.

3. Quontic Bank

Technically speaking, Quontic Bank's top savings product is a money market account. As of this writing, the Quontic Money Market Account offers a 5.00% APY and could be an ideal fit for many people.

Not only does the Quontic Money Market Account have no monthly fees and an excellent APY, but it is without question the most flexible account discussed in this article. Specifically, money market accounts often combine some of the top features of savings accounts (like high APYs) with some of the best checking account features -- such as debit card access and the ability to write checks on the account. And unlike many money market accounts, Quontic has a very low $100 minimum balance requirement to earn the 5.00% APY.

Which is best for you?

As you can see, there are several good options when it comes to savings accounts that pay more than 10 times the national average APY. The best fit for you depends on several factors, such as the amount of money you can commit to keep in savings and how much convenience you expect when it comes to moving money around. Spend some time reviewing options and comparing account details to find the best place to stash your funds.