6% APY savings accounts are here — this is what you need to know (2024)

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.)

• Digital Federal Credit Union (DCU) Primary Savings
• Mango Savings™
• Clearpath Federal Credit Union 12-month CD/IRA

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

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:

1. Make a minimum deposit of $25 and have that minimum balance at the end of the month
2. 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.

With the Clearpath Federal Credit Union 12-month CD/IRA, savers earn 6.00% APY but are required to make an opening deposit of at least $5,000. If you have $5,000 ready to stash away, though, 6.00% APY equates to $300 in a year — a sizable return for a savings account. Just make sure that you can commit to locking up your funds for 12 months as this is a certificate of deposit, or CD, which means you cannot withdraw before the CD term is up without paying a penalty.

The website currently notes this as a "limited-time offer," but those interested can join the credit union pretty easily: make a one-time donation ($5 minimum) to Clear Giving Charitable Association. Other eligible people include those who:

• Are relatives of current Clearpath Federal Credit Union members
• Are California employees/voting members of Clearpath Federal Credit Union companies/groups
• Currently work for or are retired from Ralphs Grocery Company and Food for Less, Southern California

• How much is $1,000 at 6.00% annual interest?
• What does 6% APY mean?
• What is a good APY rate?
• Can you get 6% on a CD?

Read more

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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