These savings accounts and CDs are offering 5% APY or more right now

Interest rates on certificates of deposits (CDs) and savings accounts are still benefiting from multiple rate hikes by the Federal Reserve. Some banks raise rates above 5.00% APY, giving you a bigger return on your hard-earned money.

High interest rates are profitable for savers, as CDs and high-yield savings accounts are good low-risk options backed by FDIC or NCUA insurance. But with short-term CDs throwing in over 5.00% APY and savings accounts getting closer, the best place for your savings comes down to your goals.

Either way, with rates this high, if you’re not earning interest on your savings, now is the time to start. And with experts predicting that the Federal Reserve will not raise interest rates at its next meeting this month, this may be as good as savings and CD rates. Rates may even begin to slowly decline in the coming months – so there may not be much time left to take advantage of such high rates.

For now, here are some of the best CDs and savings rates this week and banks offering over 5.00% APY this week.

Many short-term CDs have reached 5.00% APY and more

Many CD rates stayed the same this week at the banks we track at CNET — with many short-term CDs staying around 5.00%. However, some banks currently offer rates above 5.00%, such as Bask Bank’s six-month CD at 5.10% APY. MYSB Direct was one of the few to raise rates last week, bringing its six-month and one-year CDs to 5.10% and 5.20% respectively. Barclays Bank, however, lowered its one-year and two-year CD rates to 4.80% and 4.40%, respectively.

Savings accounts stayed the same, but some went above 5.00% APY

Most banks we track kept their high-yield savings rates the same this week. However, My Banking Direct stands out by increasing its savings account to 5.00% APY. The increase helped raise the average high-yield savings rate for the banks we track at CNET from 4.45% to 4.51% APY.

Banks offering 5.00% APY or more on high-yield savings accounts and CDs

Whether you’re looking for a new savings account or a CD to park your money for a future savings goal, here are some of the banks offering the best returns on your savings right now.

Here are some high-yield savings accounts offering APYs at or near 5.00%:

• My Banking Direct: 5.00%
• Newtek Bank: 5.00%
• UFB Direct: 4.81%

Note: To earn this high APY, you may need to make certain required deposits, or you may only earn the highest APY on a portion of your balance. Also, the highest APYs are usually offered at online banks, which means you’ll need to be comfortable managing your account and other banking services online.

Read more: Earn 5% APY (or close to it) with these high-yield savings accounts

Currently, long-term CD rates are not as high as short-term CD rates – which are over 5.00% APY for many banks. More CDs pushed rates above 5.00% this week, including MYSB Direct and Quontic Bank – but only on six-month and one-year CDs. Most banks reserve their highest rates for CD terms of two years or less. Here it is in a nutshell:

How to decide if CDs or high-yield savings are best for you

With short-term CDs above 5.00% and variable savings rates constantly increasing, choosing between the two savings vehicles may not be easy. It all comes down to when you will need the money and your goal for the funds.

“What are you trying to accomplish with the money in question?” said Ravin Walters, a certified financial planner at Transverse Wealth Solutions. “If the answer is for emergencies, a fully liquid and affordable high-yield savings account would be the best option.” In addition to your emergency fund, any excess money you plan to use in a few years can go into a CD, that matures just before the expected date you will need the money.

When it comes to shorter-term CDs, you’ll need to do some math to determine whether a high-yield savings account or CD is best. However, because high-yield savings accounts have a variable APY, you can lock in a short-term CD to provide a guaranteed interest rate if rates fall in the next few months. But remember, if you need to withdraw the funds before the CD’s maturity, you’ll pay an early withdrawal penalty — which can eat into your interest earnings.