A mobile banking app is paying up to 5.25% APY — the highest savings rate right now
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- Milli is a mobile-only banking platform with Spending and Savings accounts.
- Milli is offering the highest savings rate right now: 5.25% APY (Annual Percentage Yield) on savings balances.
- Other online institutions have high-yield savings accounts paying over 5% APY, too.
- See today's best high-interest accounts »
High-yield savings accounts are now paying up to 5.25% APY.
Milli, a division of First National Bank of Omaha, is offering 5.25% APY on its Savings Account. There is no minimum balance requirement to earn interest. You just need to download the Milli app.
Milli is a mobile-only platform with a Spending and Savings Account. The Spending Account comes with a debit card and is primarily for managing your expenses. This account doesn't pay interest, though.
Meanwhile, the Savings Account pays a high rate and has a savings tool called Jars. Jars help you save and track up to five specific financial goals, and you'll earn 5.25% for the balance in each Jar.
Milli Spending and Savings Accounts are provided by First National Bank of Omaha, an FDIC-insured institution. Up to $250,000 for an individual account. Milli doesn't have joint bank accounts, yet.
See Insider's best savings accounts>>
Other financial institutions offering over 5% APY
Savings interest rates have gone up over the last few years as a result of decisions made by the Federal Reserve. The Federal Reserve has raised interest rates several times in 2022 and 2023 to combat inflation.
The average savings account pays 0.42% APY, according to the FDIC. However, many online banks pay significantly more than this. While Milli pays the highest savings rate right now, other banks aren't far behind:
- Western Alliance Bank High Yield Savings Account, powered by Raisin: 5.15% APY
- Bank5 Connect Jumbo Savings Account: 5.10% APY
If you're looking for a savings account from a popular online bank, you can still find savings rates that are well above the national average. Here are some institutions that offer competitive rates:
- Synchrony High Yield Savings: 4.50% APY
- SoFi Checking and Savings: Up to 4.40% APY
When choosing a high-yield savings account, you'll want to pay attention to more than the interest rate. Minimum balance requirements, monthly service fees, and accessibility to the account may also impact your decision. Furthermore, make sure that your account is federally insured by the FDIC or NCUA. These federal agencies protect up $250,000 per depositor for bank accounts.