Looking for a 5% APY? Check Out These 5 High-Yield Savings Accounts

The main reason to have a savings account is to keep your money safe. But earning a high interest rate doesn't hurt, either.

Right now, you can definitely do that -- if you have the right type of account. High-yield savings accounts, which are mostly available through online banks, are offering extremely high rates. Below, you'll find five that earn more than 5.00%.

1. Western Alliance Bank High-Yield Savings Premier: 5.36%

• Minimum deposit: $500
• Monthly maintenance fee: $0
• FDIC insurance: Yes

If you want to earn as much interest as possible, the Western Alliance Bank High-Yield Savings Premier has the highest rate I've found. While you need to deposit at least $500 to open the account, you don't need to maintain that balance. You could keep the account open and continue earning interest with a balance as low as $0.01.

The only way to deposit and withdraw money is through an external transfer to another bank account. You can also only link one other bank account, which could be inconvenient. But if you don't need to move money that much, this account is one of the best options.

2. UFB Secure Savings Account: 5.25%

• Minimum deposit: $0
• Monthly maintenance fee: $0
• FDIC insurance: Yes

The UFB Secure Savings Account is another big earner, and it doesn't require a minimum deposit. It also includes a complimentary ATM card and free withdrawals at approximately 91,000 ATMs across the country. That's a feature you don't see too often with online savings accounts.

One quirk worth mentioning with UFB is that this bank sometimes creates new savings accounts with higher rates instead of raising rates on its current accounts. When this happens, you need to switch to the new account if you want the higher rate. This probably won't be an issue anytime soon, though -- it's doubtful that UFB will create an account with an APY higher than 5.25%.

3. EverBank Performance℠ Savings: 5.15%

• Minimum deposit: $0
• Monthly maintenance fee: $0
• FDIC insurance: Yes

The EverBank Performance℠ Savings is one of multiple accounts currently offering a 5.15% APY. It has no minimum deposit or monthly fee, so it's a great choice no matter how much you have saved. EverBank also has branches you can visit if you live in Florida.

This account doesn't include a debit card. If you want one, you could open an EverBank Yield Pledge® Checking account. You can then link your savings and checking accounts.

4. Bread Savings: 5.15%

• Minimum deposit: $100
• Monthly maintenance fee: $0
• FDIC insurance: Yes

Bread Savings also earns a 5.15% APY. While it has a minimum deposit, it's a reasonable amount of $100. There aren't any fees if your balance goes below that amount, and there aren't any monthly maintenance fees.

Bread Financial is an online bank, so you need to manage this account entirely online. It doesn't include a debit card. You'll need to link another bank account to make deposits and withdrawals.

5. CIT Platinum Savings: 5.05% APY for balances of $5,000 or more

• Minimum deposit: $100 ($5,000 minimum balance required for max APY)
• Monthly maintenance fee: $0
• FDIC insurance: Yes

The CIT Platinum Savings is a high-yield savings account, but only if you maintain a high balance. You need to maintain a balance of at least $5,000 to earn this account's max APY. If your balance is under $5,000, the APY is just 0.25%.

There's no debit card included with this account, but CIT offers a checking account. If you open that, you can quickly transfer money from your savings to your checking when you need to make a withdrawal.

Choosing your high-yield savings account

As you look for a savings account, keep in mind that a few tenths of a percent aren't a huge difference. A $10,000 balance in an account with a 5.36% APY will earn $536 interest over the course of a year. In an account with a 5.05% APY, it will earn $505.

A higher APY is an advantage, but it's not all that matters. Minimum balance requirements and how easy it is to access your money are also important considerations. Compare your options so you can pick a high-paying account that has everything you need.