Best 5% Interest Savings Accounts Of 2025

The Laurel Road High-Yield Savings account offers a competitive APY with no monthly fee or minimum balance requirement.

Why We Like It
The account earns a solid 3.80% APY on all balance amounts and has no monthly fees to offset any interest earned.

Why We Don’t Like It
Laurel Road has limited customer service hours compared to other banks on our list that offer 24/7 customer service.

Who It’s Best For
This account is best for savers who don’t want to worry about meeting specific requirements or maintaining certain balances to earn APY.

• You’ll earn 3.80% on all balances. Interest compounds daily and is credited monthly.
• There’s no monthly maintenance fee or minimum required balances.
• There’s a $20 fee per item if you overdraft your account by more than $20. (The most you can owe in a given day is $60.) You’ll owe an additional $20 if your account has been overdraft by more than $20 for five consecutive days.
• There’s a $10 fee if your bank statement is returned to the bank because you have the wrong address on file and a $34 charge to stop payments.
• You’ll owe $20 for incoming wire transfers, $30 for outgoing domestic wires and $45 for each outgoing international wire transfer.
• There’s no debit card or checks available.
• You can reach customer service by phone Monday through Friday, 8 a.m. to 8 p.m. Eastern time.
• Live chat is available, and it’s relatively easy to connect with a human representative.

1. The variable Annual Percentage Yield (APY) indicated is accurate as of February 20, 2025, and is subject to change at any time. No minimum balance is required to earn the APY. Fees may reduce earnings on the account. For current rates visit https://www.laurelroad.com/high-yield-savings-account/#rates-fees-jump/

Laurel Road is a brand of KeyBank National Association. All products offered by KeyBank N.A Member FDIC.

The EverBank Performance Savings account is a suitable option for individuals looking to grow their savings thanks to its high APY and lack of fees.

Why We Like It
The EverBank Performance Savings account earns 4.30% APY on all balances, and there is no minimum deposit requirement or monthly fees.

Why We Don’t Like It
EverBank has poor reviews on the App Store (2.4 stars) and Google Store (2.6 stars).

Who It’s Best For
The EverBank Performance Savings is best for individuals who want to earn a high APY while avoiding fees—and don’t mind a subpar app experience.

• You’ll earn 4.30% on all balances, and interest compounds daily.
• There’s no minimum balance requirement or monthly maintenance fee. You’ll have access to more than 100,000 fee-free ATMs, and receive up to $15 per month in reimbursements when you’re charged a fee by an out-of-network ATM. There’s no fee for non-sufficient funds, returned deposit items, account closures or incoming wire transfers.
• Online bill pay is likewise fee-free, but you will owe $4.95 for expedited electronic bill payments and $14.95 for an expedited overnight bill payment.
• You will owe $25 for outgoing domestic wire transfers, and $35 for international wire transfers. There’s also a $25 charge to stop payments.

If you have at least $2,500 in savings, you could earn a competitive APY with the Ivy Bank High-Yield Savings account.

Why We Like It
Balances over $2,500 (and below $1 million) earn 4.25% APY. Plus, there are no monthly maintenance fees.

Why We Don’t Like It
We don’t like that this account has a high minimum deposit requirement and that balances under $2,500 only earn practically no APY.

Who It’s Best For
This account is best for individuals who feel comfortable maintaining a balance of at least $2,500 in their account.

Interest is compounded daily and paid monthly. There is a limit of $250,000 per domestic wire transfer and a $25 fee for each transfer.

The MSU Savings Builder account earns a blended APY based on the funds in each balance tier. The portion of the account balance within each balance tier will earn that tier’s APY. APYs range from 1.10% to 5.25%.

Why We Like It
The MSU Savings Builder account has no monthly maintenance fee or minimum deposit requirement. The account pays a different dividend rate based on the amount of funds in each balance tier.

• Tier 1 ($0.00 to $999.99): 5.25% APY
• Tier 2 ($1,000.00 to $1,999.99): 3.74% to 5.25% APY
• Tier 3 ($2,000.00 and above): 1.10% to 3.74% APY

Why We Don’t Like It
We don’t like that balances of $2,000 and above only earn the Tier 3 rate of 1.10%.

Who It’s Best For
This account is best for individuals who want to earn one of the highest APYs currently available (5.25%) on balances up to $1,000 and don’t mind dealing with a complicated rewards structure.

Interest is compounded daily and paid monthly. Since this is a blended-rate account, APYs don’t apply to the entire account balance but to the portion within each balance tier. The first $999.99 earns the Tier 1 rate, $1,000.00 to $1,999.99 earns the Tier 2 rate and $2,000.00 and above and above earns the Tier 3 rate.

The following accounts didn’t make our list of the top savings accounts offering APYs close to 5%, but they still offer solid APYs with minimal fees.

Thanks to its unconventional rewards structure, the Varo High-Yield Savings account is an excellent option for those who are new to saving and want to earn an impressive APY.

Why We Like It
With the Varo Savings account, balances under $5,000 earn an APY of up to 5.00%. Balances above this earn an APY of 2.50%. The account has no monthly fees and no minimum balance requirement.

Why We Don’t Like It
To earn the 5.00% APY, you must receive direct deposits of at least $1,000 by the end of the month (otherwise, you’ll earn the standard 2.50% APY).

Who It’s Best For
This account is best for young workers who are new to saving, want to earn a high rate of return and avoid monthly fees.

Varo’s high-yield savings account also offers automatic savings and savings roundups. To open a Varo high-yield account, you’ll first need to open a Varo checking account. Interest is compounded daily and paid monthly.