What Bank Pays 5.25% APY on Savings? (2024)

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When it comes to deciding where to keep your money, there’s one question you should always ask: How much interest will I be earning?

According to the latest data from the FDIC, the average savings account pays just 0.46% annual percentage yield, or APY. You can do better. Much better.

You could be earning as much as APY on your savings — that’s more than 11 times the national average.

So what bank does pay APY?

How to Earn APY On Your Savings

When you open an account with Jenius Bank™, you’ll earn APY¹ on your savings. That’s 11 times the national average². There’s no minimum-balance requirement when you save with Jenius Bank, and your deposits are insured by the FDIC up to $250,000.³

And Jenius Bank doesn’t charge fees on its savings account, so you’ll keep all your well-deserved earnings. Open an account to earn APY on your savings.

Here’s Why Your Money Needs a High-Yield Savings Account

Just as the name implies, a high-yield savings account pays a higher rate than traditional savings accounts.

It’s not uncommon for the best rates on high-yield savings accounts to be offered by online banks like Jenius Bank, as they tend to have lower overhead expenses than their traditional brick-and-mortar counterparts. As long as you’re comfortable banking strictly online, you can put your savings in this type of account, sit back and watch your earnings add up.

Compound Interest Works For You

Simply put, compound interest is your friend. It allows you to collect interest on the money you’ve saved, as well as the interest you’ve earned.

This means you’re able to collect interest on money you earned by technically doing nothing –beyond being wise enough to put your funds in an account that paid compound interest. High-yield savings accounts fall into this category, and the longer you keep your money in the account, the more compound interest you’ll earn.

For example, if you deposited $5,000 in a Jenius Savings account, then didn’t touch it for an entire year, you would have $5,263. This number would rise to $6,458 in five years and $8,340 in 10 years — assuming the same initial deposit and a APY, compounded daily.

A deposit of the same amount looks a little different with a traditional savings account, at an interest rate of 0.46%. After one year, you’ll have $5,023, rising to $5,116,06 in five years and $5,234.82 after 10 years, assuming the same initial deposit and a 0.46% APY, compounded daily.

Earn More On Your Savings

As you can see, choosing a bank with competitive rates matters. At 11 times the national average, the APY currently offered by Jenius Bank presents an incredible earning opportunity.

A Better Way to Bank

Another benefit, if you decide to open a Jenius Savings account, you’ll pay zero fees — no fine print or misleading language involved. This means absolutely no fees for monthly maintenance, withdrawal, inactivity, overdraft, account opening, account closure or excessive transactions.

Paying zero fees means you’ll keep every cent of your earnings, as you should. Combined with a APY, relax in knowing you’ve chosen a spot for your money where it’s able to work its hardest.

Jenius Bank is a division of SMBC MANUBANK. Member FDIC.

¹ Variable Annual Percentage Yield (APY) as of 2/13/2024 and subject to change at any time.

² The national average rate is accurate as of 2/20/2024 from the FDIC National Rates and Rate Caps for Savings deposit products.

³ FDIC Insurance up to the maximum allowed by law. Deposits at Jenius Bank and SMBC MANUBANK are combined for the purpose of calculating FDIC insurance limits.

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