Best High-Yield Savings Accounts Paying 5%+ APY in 2026
Online banks are still beating the big-name brands on rates. Here are the top FDIC-insured accounts paying more than 5% APY with no monthly fees and no minimum balance.
Why your savings rate matters more than ever
If you're still earning 0.01% on cash at a megabank, you're losing roughly $500 a year on every $10,000 compared to what online banks are currently paying. With the federal funds rate still hovering near a multi-decade high, online banks are aggressively competing for deposits — and that's good news for savers who are willing to switch.
Top picks paying 5%+ APY
These accounts are all FDIC-insured up to $250,000, charge no monthly maintenance fees, and require no minimum balance to earn the top rate:
- Varo Bank Savings — 5.00% APY on balances up to $5,000, then 3.00%. No fees, mobile-first.
- Newtek Bank Personal HYSA — 5.05% APY, no minimum, no monthly fee.
- Bask Bank Interest Savings — 5.10% APY, owned by Texas Capital Bank.
- My Banking Direct High Yield Savings — 5.15% APY for new customers, $500 to open.
- EverBank Performance Savings — 4.95% APY, no minimum after opening.
How to choose between them
Look at three things, in this order:
- Is the APY a teaser or ongoing? Some banks advertise a high intro rate that drops after 6 months.
- What are the withdrawal limits? Federal Reg D is gone, but most banks still cap free outbound transfers at 6 per month.
- How fast does external ACH settle? Slow 3-day transfers are a pain when you need cash.
Bottom line
If your savings is sitting at a 0.01% account, moving even a portion to a 5% APY account is one of the highest-return, lowest-effort financial moves you can make this year.