7 Best 5% Interest Savings Accounts in 2023

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You may earn as much as 5% interest on your savings account if you are prepared to work for it. Here are the best 5% interest savings accounts available now, along with what you must do to receive the greatest possible interest.

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To get the most out of your savings, it’s best for you to open a savings account which can offer you the highest interest rate per year. There are various banks that can offer you 5% interest savings accounts.

Here are the best 5% interest savings accounts you can use today:

1. Aspiration

  • Interest rate: Up to 5% APY for the Aspiration Plus savings account.

Aspiration offers savings accounts suitable for those who are conscious of the climate change problems and want to bring better changes to the world with their savings. When you save money with the Aspiration savings account, you help keep the planet green. The savings account from Aspiration also offers you high-interest rates for the first $10,000, which is quite a good deal for anyone wanting to expand their savings.


  • You can help save the planet when you use the Aspiration savings account, such as by opting to plant a tree each time you purchase something.
  • You can use the Aspiration Plus savings account to get up to 5% APY for the first $10,000.
  • It provides the 256-bit security encryption and ID theft protection/alerts system for your card.
  • You can also get 10% cashback for each coalition purchase you make.
  • You only need to deposit $10 to open a savings account with Aspiration.


  • You need to sign in to the Aspiration Plus savings account to enjoy the 5% APY.
  • There’s a fee per month you need to pay if you want to enjoy 5% APY.
  • No additional Purchase Assurance feature unless you opt for the Aspiration Plus savings account.

How to open account:

  • Go to the savings page on Aspiration website to learn more about the Aspiration and Aspiration Plus savings accounts.
  • Click on the ‘Get Started’ button to sign up to the website.
  • Next, you can sign in to the Aspiration website and apply for your Aspiration savings account.
  • Be sure to prepare a $10 deposit and your personal documents before you sign up for this service.
  • Follow the process until you complete it.

Official URL: Aspiration

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2. Digital Federal Credit Union (DCU)

  • Interest rate: Up to 6.17% APY for the first $1,000 balance.

Digital Federal Credit Union (DCU) provides a savings account that allows you to earn one of the highest interest rates in the US. The interest rates apply for the primary savings account and for the first $1,000 balance. You only need to deposit $5 to open the primary savings account with DCU.


  • You can earn high interest rates just by depositing $5 in your DCU savings account.
  • You don’t need to keep any minimum balance with this account.
  • There are no fees per month for you to pay.
  • You can use the DCU ATM to access and withdraw your balance on all ATMs nationwide with no withdrawal fee.


  • The high interest rate only applies for your first $1,000.
  • Interests for remaining balance after $1,000 can be very low.
  • DCU branches might not be widespread nationwide.

How to open account:

  • Go to the savings account page at DCU to learn about the savings account from Digital Federal Credit Union and click the ‘Open Now’ box.
  • You need to prepare $5 as your initial deposit.
  • You also need to prepare various information, such as government-issued ID, Social Security Card, proof of address, and funding information.
  • Follow the process to proceed with the application, including the option to add Advantage Savings and Checking Account.

Official URL: Digital Federal Credit Union (DCU)

3. Blue Federal Credit Union (Blue FCU)

  • Interest rates: up to 5% APY for the first $1,000.

Blue Federal Credit Union provides various savings options you can choose based on the benefits you want to get, such as Accelerated Savings, Sky High Savings, Christmas Club Savings, Membership Share Savings, and Supplemental Savings. You can earn up to 5% APY when you open the Accelerated Savings account with Blue FCU for the first $1,000 you save.


  • You will get ‘Rewards for Life’ for your savings account balances.
  • There are various options for you to perform various banking activities with Blue Federal Credit Union, whether online, in-person, or via your mobile phone.
  • You will earn compounding dividends per day, which will get paid to you each month.
  • There are various savings accounts you can open with Blue Federal Credit Union, based on your lifestyle, preferences, and the benefits you want to take.


  • The 5% APY is only available for the first $1,000 balance in your account and only with the Accelerated Savings account.
  • There’s a point system you need to meet for you to be eligible to receive its APY benefits.

How to open account:

  • Visit the savings page on the Blue FCU website to learn more about the savings accounts they offer to you.
  • Scroll down and click ‘Open an Account’.
  • You can follow the sign-up application process, or if it’s not available, you can visit one of the Blue FCU branches near your area.

Official URL: Blue Federal Credit Union

4. Landmark Credit Union

  • Interest rates: 0.1% APY for the VIP savings and 7.5% APY for the premium checking account.

Landmark Credit Union provides various savings and checking accounts that allow you to earn competitive interest rates for your balances. It doesn’t provide any high interest rate plans for the savings account, but you can still use the premium checking account to get up to 7.5% APY for up to $500 of your initial balance.


  • It offers a high 7.5% APY for your checking account, which is higher than the one offered by most banks out there.
  • There are no minimum balance requirements and no service fees for you to enjoy the APY benefits from Landmark Credit Union.
  • There are also various savings and money market accounts you can open with Landmark Credit Union.


  • It only provides a high interest rate for the premium checking account, not the savings account.
  • The 7.5% APY is only available for up to $500 balance.
  • The initial deposit is quite higher than the others, which is $35.

How to open account:

  • Go to the official website of Landmark Credit Union at https://landmarkcu.com/.
  • Click the ‘Login’ option, and then click the ‘Sign up’ option.
  • Sign up for the Premium Checking Account and follow the application process.

Official URL: Landmark Credit Union

5. Mango Money

  • Interest rate: Up to 6% APY.

Mango Money provides the savings account you can use to earn up to 6% APY with no hidden fees. With Mango Money, you can manage and perform transactions via your mobile device. With Mango Savings, you can manage your money with full flexibility, simplicity, and security. You can also get a prepaid MasterCard from Mango to make your transactions even seamless, with plenty of benefits you can get.


  • You can earn up to 6% APY for the deposit of up to $2,500, with no hidden fees.
  • For more than $2,500 balance in your account, you can keep the interest rate high if you pass certain transaction or deposit requirements.
  • You get a prepaid MasterCard from Mango, which you can use to perform transactions in various merchants worldwide.


  • There are various associated card fees you need to pay, such as when you request a card, withdraw cash via ATM, make a purchase with your card, check your balance via ATM, and more.

How to open account:

  • You need to go to Mango Money's official website at https://www.mangomoney.com/.
  • Click on the ‘Sign up’ button and accept the terms from Mango Money.
  • Follow the instructions to pick your prepaid MasterCard and proceed with your application.

Official URL: Mango Money

6. T-Mobile Money

  • Interest rate: 4% APY for up to $3,000 balance and 1% APY for the balance over $3,000.

T-Mobile Money gives up to 4% APY for T-Mobile wireless customers when they save their money on this banking platform. You will get the associated T-Mobile debit card when you open your online account with T-Mobile Money, and managing your money is very easy with this platform. You can use features like tap to pay, zero liability protection, FDIC Insurance, and many more.


  • It provides mobile banking and online banking features with no account fees.
  • You will get a debit card you can use in thousands of non-fee ATMs throughout the country, and you can also get the overdraft protection benefit.
  • It offers quite a high balance threshold ($3,000) for you to earn the 4% APY, and you can still earn a good 1% APY once your balance passes the threshold. 


  • It only offers 4% APY for eligible T-Mobile Wireless customers, while the rest of the customers will earn 1% APY for their savings.
  • You will need to make at least 10 qualifying purchases each month for you to be eligible to earn the 4% and 1% APY.

How to open account:

  • Go to the T-Mobile Money website and click the ‘Sign up’ button.
  • You can use your T-Mobile ID if you are an existing customer, or you can create a new ID.
  • Follow the instructions and supply the required personal information to proceed with the application.

Official URL: T-Mobile Money

7. NetSpend

  • Interest rate: 5% APY for up to $1,000 balance.

NetSpend provides you with the prepaid debit cards you can use to manage various aspects of your finances. With the prepaid debit cards from NetSpend, you can use it to purchase from various online stores worldwide, manage your payroll, and get various benefits from each transaction you make with the card. There are various prepaid card choices available from NetSpend, which you can pick based on your needs.


  • You can get various options for your prepaid debit cards based on your needs, whether for personal or business purposes.
  • You can transfer your money from your savings account up to 6 times per month.
  • It’s easy to manage your money, create budgets, and perform transactions online with NetSpend prepaid cards.


  • The 5% APY is only available for up to $1,000 balance.

Official URL: NetSpend


Are there any savings accounts that pay 5% interest?

You can find the savings accounts that pay 5% interest from this list, such as Aspiration, Digital Federal Credit Union, NetSpend, and more.

Which bank account has the highest interest rate?

You can use the Landmark Credit Union premium checking account to earn up to 7.5% interest rate, which is the highest in this list.

Where can I get the highest interest on my money?

You can pick from one of the banks in this list and open a savings account there.

What to Look for in a Savings Account

When choosing a savings account, look at the APY they offer and the balance threshold for that APY. This way, you know what to expect from them. Also, it’s best for you to look for other requirements, such as minimum transaction amount per month, minimum deposits per month, and so on.

Interest Rate and APY

Interest rate and APY refer to the amount of interest you can earn per year from the balance you have in your savings account. Some banks will pay the interest per month, so be sure to check the terms from the bank you want to join.

Initial Deposit

Most banking services will require you to make a specific amount of initial deposit for you to be eligible to earn the APY as promised by the bank. So, be sure to prepare the initial deposit before you go with the sign-up process.

Minimum Balance Requirements

Some banks will also need you to have a specific balance in your savings account before you are eligible to earn the APY from the bank. It’s best for you to keep the minimum balance in your account if you want to keep earning the interest rate from your savings.

Account Fees

Each bank will have different fees they offer. These account fees are there as the maintenance fees for your account. Some banks might offer zero fees for their savings account, while some others will require you to pay fees per month or per year depending on the type of account you have.

Rate Tiers

Rate tiers are the interest rates you will earn for the amount of balance you have in your savings account. For instance, the bank might give you 5% APY for the first $1,000 of your account balance, while they will give you 0.5% APY for the remaining balance.

Accessibility and Ease of Use

It’s best to choose the savings account that will give you the best accessibility and ease of use, such as those that offer prepaid cards, mobile banking, and other important features to ease your banking transactions.

5% Interest Savings Account Summary

Pick the best savings account based on your preferences, lifestyle, and the benefits you want to get. These savings accounts are the best ones you can find today, and these savings accounts can also help you a lot in managing your money.

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About the author

Brian Meiggs
Hi, I'm Brian Meiggs! A personal finance expert, entrepreneur, and the founder of My Millennial Guide. My drive is to help others unlock the wealth of freedom and pave the path to financial success. With my bachelor's degree in finance, I help millennials follow the smart money in order to increase their earning potential and start building wealth for the future. I write regularly about side hustles, investing, and general personal finance topics aimed to help anyone earn more, pay off debt, and reach financial freedom. I have been quoted in major publications including Business Insider, Yahoo Finance, NASDAQ, Discover, GoDaddy, BiggerPockets, Fox News, Debt.com, Quick Sprout, Money Geek, MSN Money and many more!