High yield savings accounts and apps offering up to 5% annual yield

A note: Please kindly note that Cenoa does not provide investment, tax, legal or accounting advice; and this material has been prepared for informational purposes only. You should consult your own advisors before engaging in any transaction. You can find detailed disclaimers on Cenoa’s website. 

High-yield savings accounts, or HYSAs, and high-yield DeFi wallets are rapidly growing in popularity. They allow users to keep their savings in a secure account (often for free) that accumulates interest over time. 

HYSAs used to offer 2-3%, but now there are more and more options reaching nearly 5% yield. Why now? And how can everyday people take advantage of these high interest rates to grow their personal savings? 

At time of publishing, interest rates are rising in response to global inflation, with the Bank of England rate rising to 4.5%. Climbing interest rates are creating challenges for those with variable rate mortgages and loans, and benefiting those with money in their savings accounts. High-yield savings account rates vary, but they all offer at least considerably more yield than the average bank. Usually, high-yield account interest rates start around 2%, and, if you find the right provider, the best high-yield savings accounts can provide an APY of up to 5% or more. 

We’ll get into what you need to know about finding savings accounts that offer 5% yield or more, and outline some popular options.

Are 5% yield savings accounts too good to be true? What’s the catch?

High-yield savings accounts, many now offering 5% yield, are an amazing saving strategy: simply by holding your funds in the account grows them predictably and sustainably over time. High-yield accounts and apps aren't going to make you a millionaire overnight, but savings accounts with competitive interest rates can help you significantly grow your wealth. 

The only catch, if you can really call it one, is that high-yield savings accounts are not a get-rich-quick strategy. Unlike stocks, which are characterized by high highs and low lows, high-yield savings accounts lead to slow but steady — and cumulative! — growth. 

Here’s a scenario to compare savings accounts to high-yield savings accounts: If you deposit $1,000 into an average savings account with a 0.5% APY, at the end of the year, you’d earn $5. With a high-yield savings account with a 4.5% APY, you’d earn $45. And these calculations are made with the understanding that you’d only deposit $1,000 into the account, just once in the year. If you add more funds to the account on a regular basis, the amount you earn grows even larger. 

Where can I get a 5% yield savings account?

High-yield savings accounts are offered by major banks, local credit unions, finance apps, and other financial institutions. Their availability does vary country to country, so do your research on what’s available locally to find the highest interest savings account for you. Here’s four top high yield savings accounts to consider.  

Four of the best up to 5% yield savings accounts around the world

Apple Savings

Apple now offers a high-yield savings account in the form of Apple Saving, a new savings option for Apple Card users. It’s offered in conjunction with Goldman Sachs and works through Apple Wallet. It has a 4.15% APY, no fees, no minimum balance, and no minimum deposits. 

Users can track their savings progress in their Apple Wallet. 

Apple Savings is available only to U.S. residents at this time. 

Wealthfront Cast Account

Wealthfront also offers a savings account with almost 5% yield.

Wealthfront’s Cash Account is a high-yield savings account offered in conjunction with partner banks that offers a 4.30% yield, with no account fees, minimum balance, or strings attached. Recommended by Nerdwallet and Bankrate, it’s a great option for people looking to grow their savings steadily. They also offer fee-free transfers to external accounts, and it comes with a free debit card that gives free access to 19,000+ ATMs. 

Wealthfront’s Cash Account is currently only available to U.S. residents.

Robinhood Gold

Robinhood is an online investment and crypto platform, and Robinhood Gold is Robinhood’s premium membership option. It comes with the ability to get 4.65% interest on uninvested brokerage cash, so it functions like a high-yield savings account. It costs $5 a month to be a Robinhood Gold member, and you can learn more about Robinhood’s fee structure with their Fee Schedule.

Currently, Robinhood is only available to U.S. residents.

Cenoa

Cenoa is a high-yield savings app that lets users in emerging markets all over the world buy digital dollars that are always on par with USD — and Cenoa provides up to 5% APY on all funds held in the app. That means it’s an easy, accessible way for investors anywhere to grow their savings while staying protected from local inflation and currency devaluation. 

Plus, Cenoa has no fees, no minimum deposits or balances, and no lockups — you can withdraw whenever you need your funds, no questions asked. And Cenoa lets you send funds to friends and family for free.

Learn more about how Cenoa is bringing competitive yield to emerging markets.

Grow your wealth steadily and sustainably with Cenoa

Cenoa can help investors all over the world get set up for a brighter financial future. Even if you’re just starting small, Cenoa’s up to 5% yield can help you grow your wealth starting today.