Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.
In the rising-interest-rate environment we find ourselves in today, many savers are left wondering how high of a return they can actually earn on their money while keeping it safe.
While a 5% annual percentage yield (APY) seems to be the highest offered with no strings attached — meaning no minimums, no caps, no fees and no membership required — there are some interest savings accounts offering 6% APY if you don't mind the limitations. Banks currently offering 6% interest often have caps so you can only earn that high yield on a portion of your balance, meaning your savings' growth is quite limited. Some of the 6% interest savings accounts on this list are also offered by credit unions, which means they're not widely available to everyone.
CNBC Select researched just what FDIC-insured or NCUA-insured savings accounts are offering an APY of 6.00% and the fine print around earning that high return. If you're chasing the highest APY, these are the accounts to consider. (Seeour methodologybelow for more information on how we created this list.)
Best 6% interest savings accounts
Compare offers to find the best savings account
DCU Primary Savings: qualify to earn 6.17% APY on up to $1,000
Digital Federal Credit Union (DCU) Primary Savings
Digital Federal Credit Union (DCU) is a Member NCUA.
Annual Percentage Yield (APY)
6.17% APY on up to $1,000 (after, 6.17% to 0.16% APY for balances over $1,000)
Minimum balance
$5 minimum deposit
Monthly fee
None
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
Excessive transactions fee
None
Overdraft fee
$15
Offer checking account?
Yes
Offer ATM card?
Yes, with a DCU checking account
Terms apply.
Pros
- Strong APY
- Low minimum deposit
- No monthly fees
- Offers checking account and ATM access
Cons
- Cap on earning high APY
- Low APY for balances over $1,000
- Membership required
The DCU Primary Savings offers a standout 6.17% APY, but only up to $1,000 — meaning savers bank nearly $62 in a year. The fallback interest rate is then between 6.17% to 0.16% APY for balances over $1,000, so you'd want to keep the rest of your balance in a savings account offering a more promising APY.
Because DCU is a credit union, membership is required. Those eligible include people who:
- Are relatives of current DCU members
- Currently work for or are retired from one of DCU's participating employers (or related to someone eligible)
- Currently belong to or join an organizationwhose members DCU serves (or related to someone eligible)
- Currently live, work, worship or attend school in one of DCU'scommunities
Mango: qualify to earn 6.00% APY on up to $2,500
Mango Prepaid Mastercard® savings feature
Metropolitan Commercial Bank is a Member FDIC.
Annual Percentage Yield (APY)
6.00% APY on up to $2,500 if make signature purchases of $1,500 or more and have a minimum balance of $25 at the end of the month (after, 0.10% APY for balances over $2,500; $5,000 cap)
Minimum balance
$25
Monthly fee
None
Maximum transactions
Up to 6 transfers out each month and transfer amounts to savings apply
Excessive transactions fee
None
Overdraft fee
None
Offer checking account?
No
Offer ATM card?
Yes, offers prepaid debit card
Terms apply.
Pros
- Strong APY
- Low minimum balance
- No monthly fees
- Offers prepaid debit card with ATM access
Cons
- Savings feature only available to Mango cardholders
- Cap on earning high APY
- High APY has requirements
- Low APY for balances over $2,500
- No option to add a checking account
Cardholders of the Mango Prepaid Mastercard® (issued byMetropolitan Commercial Bank) have access to a savings feature where they can earn up to 6.00% APY on balances up to $2,500 by meeting two requirements:
- Make a minimum deposit of $25 and have that minimum balance at the end of the month
- Make signature purchases of $1,500 or more on the Mango Prepaid Mastercard each month
For savers that max their balance to $2,500, that's $150 in interest earnings in a year. The APY thereafter is a low 0.10% over $2,500 — which at that point we'd recommend shifting other savings beyond the $2,500 to a high-yielding bank account.
Other savings accounts to consider
Most savings accounts offering 6% APYs come with major limitations, including caps on the amount of money that can earn the top rate. To maximize your returns (and boost your FDIC insurance coverage), you'll want to spread your savings across multiple banks. Here are some of CNBC Select's other top-rated savings accounts:
UFB Secure Savings
UFB Secure Savings is offered by Axos Bank ® , a Member FDIC.
Annual Percentage Yield (APY)
Up to 5.25%APY on any savings balance; add a UFB Freedom Checking and meet checking account qualifications to get an additional up to0.20%APY on savings
Minimum balance
$0, no minimum deposit or balance needed for savings
Fees
No monthly maintenance or service fees
Overdraft fee
Overdraft fees may be charged, according to the terms; overdraft protection available
ATM access
Free ATM card with unlimited withdrawals
Maximum transactions
6 per month; terms apply
Terms apply.
Read our UFB Secure Savings review.
Bask Interest Savings Account
Bask Bank and BankDirect are divisions of Texas Capital Bank, Member FDIC.
Annual Percentage Yield (APY)
5.10% APY1
Minimum balance
None
Monthly fee
None
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
Excessive transactions fee
None
Overdraft fee
None
Offer checking account?
No
Offer ATM card?
No
Terms apply.
1Annual Percentage Yields (APY) and Interest Rates shown are offered on accounts accepted by Bask Bank and effective per the dates shown above, unless otherwise noted. Annual Percentage Yield is variable and subject to change at any time. No minimum balance requirement and no monthly service charge. Must fund within 15 business days of account opening.
LendingClub High-Yield Savings
LendingClub Bank, N.A., Member FDIC
Annual Percentage Yield (APY)
5.00%
Minimum balance
No minimum balance requirement after $100.00 to open the account
Monthly fee
None
Maximum transactions
None
Excessive transactions fee
None
Overdraft fees
N/A
Offer checking account?
Yes
Offer ATM card?
Yes
Terms apply.
FAQs
How much is $1,000 at 6.00% annual interest?
If you have a balance of $1,000, a 6.00% APY would net you $60 in interest earnings in a year — bringing your total to $1,060. The higher your balance, however, the higher your earnings. A $10,000 balance earning that same 6.00% annual interest brings you to a total of $600 in a year.
What does 6% APY mean?
A 6% APY (annual percentage yield) simply means that your balance earns 6% interest in one year. The higher the APY, the more you'll earn.
What is a good APY rate?
A good APY rate currently is around 5%, which is what some banks are offering with no caveats —no cap, no minimum requirements and no monthly fees. Though a 6% APY is indeed higher, the additional restrictions limit one's earnings.
Can you get 6% on a CD?
Savers who don't mind locking up their funds for a specified amount of time may be able to earn 6% interest on a CD, depending on the CD term length they choose.
Bottom line
A 6% interest rate is enough to get anyone excited, but read the fine print of what a bank is offering before signing up. Consider that there's often a cap to how much of your balance can earn that high rate, or if it's a credit union offering the rate, you'll have to become a member.
Read more
Here are 6 interest savings accounts offering 5% APY (or close to it)
These top high-yield savings accounts could earn you over 14X more money than the national average
Here are the best free, FDIC-insured savings accounts for stashing your cash
The best short-term investments for stability, low risk, liquidity and diversification
Our methodology
To determine which interest savings accounts made this list, CNBC Selectanalyzed dozens of U.S. savings accounts offered by online and brick-and-mortar banks, including large credit unions. We narrowed down our picks by only considering those savings accounts that offer an APY of at least 6%.
All of the accounts included on this list are NCUA-insured or FDIC-insured up to $250,000 per depositor. Note that the rates and fee structures for interest savings accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate in accordance with the Fed rate. Your earnings depend on any associated fees and the balance you have in your interest savings account. To open an account, most banks and institutions require a deposit of new money, meaning you can't transfer the money you already had in an account at that bank.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
