7 Banks Now Paying Over 5% on Savings

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Long-suffering savers, rejoice! After more than a decade of puny returns, there are now plenty of places to get a no-risk, guaranteed 5% return — or more — on CDs and savings accounts.

If you have been hoping for solid earnings on your savings, following are some of your best bets today.

Note that bank rates can change fast following government rate hikes. Also, our list of rising bank rates is not exhaustive. There might be other banks that also have bumped up the returns they are offering on their accounts.

So, stop by the Money Talks News Solutions Center to search for a great savings account.

Popular Direct

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Product name: Popular Direct Select Savings and six-month, 12-month and 18-month CDs

Current annual percentage yield (APY): 5.5%, 5.35% and 5.15%

Popular Direct is offering high returns on the following CDs: six months (5.35%), 12 months (5.5%) and 18 months (5.15%). In all three cases, the minimum deposit required is $10,000.

You can also earn 5.15% with Popular Direct Select Savings if you make a minimum deposit of $100.

New York-based Popular Bank — the U.S. banking subsidiary of Popular Inc., founded in 1893 — offers Popular Direct products.

CIBC

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Product name: Agility CDs

Current APY: 5.36%, 5.17% and 5.11%

CIBC now offers lucrative CDs of nine months (5.11%), 12 months (5.36%) and18 months (5.17%). The minimum deposit on these CDs is $1,000, and the maximum deposit is $5 million.

The U.S. headquarters of the bank, a 150-year-old Toronto-based global financial institution, is in Chicago.

Bank5 Connect

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Product name: Six-month and 15-month CDs

Current APY: 5.35% and 5.3%

Bank5 Connect is paying generous rates on two types of CDs — six months (5.3%) and 15 months (5.35%).

You need to make a minimum $500 deposit to earn that rate.

Bank5 Connect is an online division of BankFive, a community bank based in Fall River, Massachusetts, that was established in 1855.

Prime Alliance Bank

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Product name: Six-month and 12-month CDs

Current APY: 5.25%

Prime Alliance Bank is offering 5.25% on both six-month and 12-month CDs. There is a minimum balance of $500 to take advantage of this offer.

The bank is based in Woods Cross, Utah, and says it has “a national network of over 100,000 surcharge-free ATMs.”

Vio Bank

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Product name: Cornerstone Money Market and six-month and 12-month CDs

Current APY: 5.2%, 5.15% and 5%

Vio Bank is offering a 5.2% return on a six-month CD and 5% on a 12-month CD. There is a $500 minimum deposit requirement on CDs.

The Cornerstone Money Market earns 5.15% and requires a minimum deposit of $100 to open.

Vio Bank is the online bank division of MidFirst Bank, which is based in Oklahoma City. MidFirst is the largest privately held U.S. bank.

Newtek Bank

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Product name: Personal High Yield Savings

Current APY: 5.15%

The Personal High Yield Savings at Newtek Bank pays 5.15%. There is no minimum necessary to open an account, but you must have a balance of at least 1 cent to earn interest.

Miami-based Newtek Bank uses the slogan “business first banking since 1963.” The publicly traded company NewtekOne backs the bank.

Consumers Credit Union

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Product name: Free Rewards Checking

Current APY: Up to 5%

Consumers Credit Union now offers up to 5% interest on its Free Rewards Checking account. This is a tiered-rate account, and you can earn the 5% on the first $10,000 you deposit. However, to secure that return, you will need to meet basic service requirements — such as enrolling in eDocuments and making at least 12 debit card purchases a month — and make $1,000 in monthly purchases with a CCU Visa credit card.

No minimum balance is required to open a Free Rewards Checking account.

Anyone can join the credit union — which is based in Gurnee, Illinois — by paying a one-time membership fee of $5.

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