4 Top Savings Accounts to Open With $5,000 Right Now

Saving $5,000 isn't an easy feat, so congratulations if you've managed to pull it off. You don't have to stop there, though. Whether you plan to save that money for retirement, emergencies, or a near-term goal, you can put those dollars to work for you to grow your wealth even further.

A high-yield savings account is your best option for your emergency fund and money you plan to spend within the next five years or so. These accounts offer much higher interest rates than you'll find with traditional banks, but they're not all created equal. Here's a look at four of the top savings accounts offering rates of 5.00% APY or more right now.

1. Western Alliance Bank High-Yield Savings Premier

The Western Alliance Bank High-Yield Savings Premier pays a competitive 4.40% APY right now. If you earned this rate for a year, you'd add just over $265.50 to your $5,000 balance. The account comes with FDIC insurance and doesn't charge a monthly maintenance fee. It also enables you to withdraw money as often as you want, without charging any excess withdrawal fees.

But it may not be the right choice if you're looking to quickly access your funds. The only way to move money in or out of the account is via ACH transfer. So when you need to access your funds, you must send them to a savings or checking account at another bank first.

Our Picks for the Best High-Yield Savings Accounts of 2024

Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.80% Rate info 3.80% annual percentage yield as of January 10, 2025. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.80% Rate info 3.80% annual percentage yield as of January 10, 2025. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Capital One 360 Performance Savings Member FDIC. APY 3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC.	3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.	$0	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.
Western Alliance Bank High-Yield Savings Premier Member FDIC. APY 4.40% Rate info The annual percentage yield (APY) is accurate as of Jan. 2, 2025, and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Min. to earn $500 to open, $0.01 for max APY Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website. Member FDIC.	4.40% Rate info The annual percentage yield (APY) is accurate as of Jan. 2, 2025, and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.	$500 to open, $0.01 for max APY	Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website.

2. NexBank High-Yield Savings Account from Raisin

The NexBank High-Yield Savings Account from Raisin has a 5.26% APY, which could grow a $5,000 balance to $5,263 in one year. There's no minimum balance required to open the account, though you need at least $1 to earn the APY. The account is FDIC insured and has no monthly maintenance fee.

Like the Western Alliance Bank High-Yield Savings Premier, NexBank High-Yield Savings customers will have to transfer funds to an external bank when they want to make a withdrawal. The bank operates exclusively online, so it doesn't have a branch network.

3. EverBank Performance℠ Savings

The EverBank Performance℠ Savings account has a 4.75% APY. That would add $252.50 to your $5,000 balance in one year. The account doesn't have a minimum balance or a monthly maintenance fee. EverBank has branches in Florida, and for those who don't live there, it offers same-day ACH transfers for quick access to your funds.

Customers who cannot visit a branch will still have to transfer their funds out of the savings account to access them, though. If you have a checking account with EverBank, you can send your funds there and then access them via your checking account's debit card.

4. CIT Platinum Savings

The CIT Platinum Savings account also has a 4.35% APY for balances of $5,000 or more APY, though you must maintain a balance of $5,000 or more to earn this rate. The account doesn't have any maintenance fees or deposit requirements, and you can make as many monthly withdrawals as you need.

CIT is an online-only institution, and the account doesn't come with an ATM card, so you cannot withdraw cash directly. However, if you open a CIT checking account, you can transfer your funds there and then withdraw them via debit card or check.

Which is the best for you?

You might be tempted to choose the account with the highest APY, but when you're talking about a difference of 0.31% APY or less right now, it's not going to make a huge difference to your bottom line. These are all competitive offers. Compare them and see which best meets your needs right now. Then, consider opening an account.