Fortune: top savings rates up to 5.00% APY

Fortune reported on May 21 that the top high-yield savings accounts were paying up to 5.00% APY, extending a run of elevated online savings rates into late May. The publication said that level remains well above the Federal Deposit Insurance Corporation’s national average savings rate of 0.38%. Yahoo Finance, in a separate May 20 roundup, listed the best high-yield savings accounts at up to 4.1% APY. The spread between those published top-line rates reflects differences in account rules, balance tiers and qualifying conditions, rather than a single marketwide benchmark. ### Why do some roundups show 5.00% APY while others show 4.1%? Yahoo Finance said on May 20 that the best high-yield savings interest rates it tracked reached 4.1% APY. Fortune’s May 21 and earlier May roundups put the top end at 5.00% APY. Forbes, in its current savings coverage, also shows that some accounts can advertise rates at or near 5%, but often with limits tied to deposit size, balance caps or other requirements. (fortune.com) Forbes said some of the highest advertised savings yields are attached to minimum deposit thresholds or promotional structures. Its separate list of “Best 5% Interest Savings Accounts” includes examples where the 5.00% rate applies only to a portion of balances or requires qualifying direct deposits, rather than a flat rate on all savings. (fortune.com) ### What should a saver check before chasing the highest number? Fortune’s broader May guide said the best high-yield savings accounts can offer up to 5.00% APY without a monthly fee, but account terms still vary by institution. Forbes’ comparison tables also show differences in minimum deposits, balance requirements and fee structures across banks and credit unions. (forbes.com) A saver comparing accounts would need to check whether the advertised APY is promotional, whether it applies only up to a balance cap, and whether direct deposit or other activity is required. Those conditions help explain why one outlet’s “best available” rate can sit above another outlet’s headline figure on the same day. ### How far above the average are these rates? Fortune said on May 21 that a 5.00% APY “blows away” the FDIC national average of 0.38%. (fortune.com) Its May 12 and May 18 updates used the same benchmark, indicating that the gap between top online offers and the national average remained wide through the month. That gap matters because the national average includes traditional savings accounts that often pay very little interest. (finance.yahoo.com) The highest online rates cited by Fortune, Yahoo Finance and Forbes are not typical branch savings rates; they are the upper end of what comparison sites and publishers found in current market surveys. ### Where does a tax refund fit into this story? (fortune.com) The IRS says taxpayers can check refund status 24 hours after e-filing, or four weeks after mailing a paper return, through its “Where’s My Refund?” tracker. The agency also says combining e-filing with direct deposit is the fastest way to get a refund. The user-supplied context cited a 21-day processing window for many e-filed returns with direct deposit. (fortune.com) The IRS page reviewed on May 19 does not guarantee that timeline on every return, but it does direct filers to the refund tracker and says direct deposit is the fastest option. ### What should readers watch next? Fortune published another daily savings-rate update on May 21, and those roundups can change as banks adjust offers. (irs.gov) The IRS refund tracker remains available for the 2025 tax year, and taxpayers need their Social Security number or ITIN, filing status and exact refund amount to check status. (fortune.com)