What savings accounts offer 6% or more on your money? (2024)

If you're putting money away in savings, it makes sense to try and maximize your returns with a top-earning account. After all, the interest you're paid on your savings balance can compound significantly over time, helping you meet your money goals faster and easier than you otherwise could have.

And, one of the simplest ways to do that is to open a high-yield savings account, which is similar to a regular savings account, but it pays significantly higher APYs on your money. There are lots of great options to choose from right now, too, as the Federal Reserve's recent rate hikes have caused savings account rates to skyrocket in tandem.

But while it's easy to earn an interest rate of 4.5% or more on your savings now, can you earn even more than that? For example, is it possible to earn a savings rate of 6% or more on your money? Yes, it is, and if you want to do so, it helps to know your options.

Ready to get started? Explore your top savings account options here.

What savings accounts offer 6% or more on your money?

There are currently two financial institutions offering rates over 6% on their savings accounts: Digital Federal Credit Union and Mango.

Digital Federal Credit Union Primary Savings: 6.17% APY

The Digital Federal Credit Union Primary Savings account offers an extremely high APY of 6.17% on your money — but there's a big catch. That standout rate is only paid on balances up to $1,000, so you'll only earn it on the first $1,000 in your account.

What that means is that the maximum you can earn with that 6.17% APY each year is about $62 in interest. But you'll still earn interest on the balance amount over $1,000 — it will just be lower than DCU's top rate.

The interest rate you'll earn on the remaining balance ranges between 0.15% and 6.17%. And unless you're earning a rate over 5% on the rest of your money, you may be better off depositing it into a high-yield account that offers a much larger APY. You'll also have to qualify for DCU membership in order to open an account with the credit union.

Mango: 6.00% APY

If you're a Mango Prepaid Mastercard holder, you may also have the option to earn up to a 6.00% APY on your savings. However, that rate is only paid on balances up to $2,500, and there are other restrictions to consider, too.

In order to earn that top rate, you'll need to meet two requirements. One is that you'll need to make signature purchases of $1,500 or more with your Mango Mastercard. And the other is that you must make a minimum deposit of $25 and have at least that $25 balance in the account at the end of the month.

If you earn that 6.00% rate on the maximum balance, though, you'll end up with $150 in interest at the one-year mark. But any balance over $2,500 will only earn a 0.10% APY and there's a $5,000 cap — which is a much lower rate than you'd get with even a regular savings account.

There are quite a few fees associated with the account as well, so it's important to know what exactly you could be getting into if you open this account.

Learn more about the top savings rates you could be earning here.

Other top high-yield savings accounts to consider

While the accounts below don't offer rates as high as 6% on your money, they do offer very high APYs on your savings with fewer restrictions. As such, they may be worth considering if the other accounts are too restrictive.

Milli Savings Account: 5.25% APY

Milli is a fully online bank that currently offers an APY of 5.25% on its high-yield savings account. Not only is that one of the highest interest rates available now, but this account also comes with no extra fees or restrictions — so it's a great way for savers to earn a high rate of interest, no matter how high or low their balances are.

UFB High Yield Savings: 5.25% APY

The fully online bank UFB Direct also offers a high rate of interest on your money via its high-yield savings account, which comes with an APY of 5.25% right now. And, there are no minimum balance requirements to consider, either. Plus, you won't have to pay monthly maintenance fees while earning that top rate.

Popular Direct High-Rise Savings Account: 5.20% APY

Popular Direct currently offers a 5.20% APY on its High-Rise Savings Account. This account has low minimum deposit and balance requirements, so it's easily accessible to most savers. As long as you have $100 in the account, you'll earn that top APY, and you won't have to deal with any extra maintenance fees, either.

CIT Bank Platinum Savings Account: 5.05% APY

CIT Bank offers an APY of 5.05% on its Platinum Savings Account, which is one of the best rates available today. You can open this account with just $100, too — and there aren't any monthly service fees to worry about. But there is one catch: You'll need to have at least $5,000 in the account to earn the best APY with CIT. Otherwise, you'll earn an APY of just 0.25% — which is lower than the average regular savings account rate.

Salem Five Direct eOne Savings: 5.01% APY

Salem Five Direct eOne Savings offers a 5.01% APY on the money deposited to the account, and you can start earning with just a $10 deposit. And, that high rate is paid on balances up to $1 million. You won't be stuck paying any monthly service fees, either, and there are no balance requirements following the initial $10 deposit.

The bottom line

While there are a couple of savings accounts offering APYs of 6% or more on your money, these options come with restrictions — and it may make more sense to look at the other high-yield account options instead. After all, there are many other high-yield savings accounts offering great rates on your money and they typically have much constraints.

But whether you ultimately choose one of the savings accounts offering rates above 6% or one of the accounts offering lower rates but better terms and conditions, just make sure you do your homework first. It's important to fully understand what you're signing up for before you open any high-yield savings account so you can maximize your chances of getting the most from your money.