Discover how to earn up to 5% interest on your savings with specialized accounts linked to prepaid cards. Learn about the best providers, account setup, fees, and withdrawal processes in this comprehensive guide. Ideal for short-term savings goals, these accounts require no credit checks and offer high-yield options, making them an attractive choice for maximizing savings returns.

Maximizing Your Savings with 5% Interest Accounts

Securing a 5% interest rate on your savings might seem challenging, but certain banks and financial firms offer these high-yield options. A common method involves opening a savings account linked to a prepaid card, which is often necessary to access this rate. While the initial minimum deposit was $5,000, many providers reduced it to $1,000 since July 2016.

Below are some reputable institutions offering genuine 5% interest savings accounts with prepaid card features:

Brinks

Netspend

Western Union

Ace Elite

Control

Other providers like Momentum, Vision, Purpose, Insight, and Mango also offer 5% interest rates. Each account has specific terms. To open one, you'll receive a prepaid card, required for account setup. No credit check is necessary—only personal information such as your name, address, date of birth, and Social Security number are needed.

You can open multiple 5% interest savings accounts, but it's best to do so gradually, as some accounts may be managed under the same company. Activation may take time, often involving a significant fee—sometimes up to $500—which is paid via direct deposit. Once active, deposits go to the prepaid card before transferring to the high-yield account. Withdrawals require transferring funds to the prepaid card first, then to your main bank account.

These accounts are ideal for short-term savings plans. Be cautious of inactivity fees, which some providers impose, so regular activity is recommended to avoid penalties.

Note:

Our blog provides a variety of informational articles. While we aim for accuracy, details may change, and readers should verify current policies and offers. We are not responsible for errors or discrepancies. Always confirm details for your specific financial situation.