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Where Can I Get 5% Interest on My Money (January 2023 Guide)

Don't Work Another Day is reader-supported. We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own.
  By Forrest McCall | Last Updated:  April 24, 2022

Imagine this. You have a certain amount of money to invest and you want to make at least 5%.

Maybe you’re saving up for a home or you’re looking to make another large purchase and you need the money.

Storing your money in a traditional savings account isn’t the way to go – instead, finding other methods to grow your money is critical.

In this post, I’ll explore where you can get 5% interest on your money and much much. Let’s get started!

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Best Places to Generate 5% Returns or More

Below are some of the top ways to get 5% interest on your money. While there are some 12% compound interest accounts, in general using investments that are stable and can generate returns of 5% are a good option to grow your money.

Earn 5% Interest with Tellus

Tellus App

Tellus is an amazing high yield account that offers interest rates greater than 5%!

You can get started with just $100 and earn a significant amount of interest on your money.

But that’s not even the best part. With Tellus, you earn interest daily. This means each morning you can check your balance and see the interest begin to stack up. 

There are no fees and it’s completely free to open your account. 

If you’re looking for an account that pays 5% interest and earns you money daily, open your Tellus account below!

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Earn daily returns on your savings with Tellus. You can earn over 5% interest on your balance when you create a new account today! With no fees, Tellus is the perfect place to park your money.
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Invest in Index Funds with Acorns

Invest in the Stock Market with Acorns

Index funds are one of the best ways to turn your money into more money and start building wealth.

While this isn’t the safest method to grow your money in the short term, it is extremely safe in the long run.

The average returns of the stock market are around 7% to 10% annually, which is much greater than the 5% you’re looking for.

When compared to savings accounts or other options, your returns are much greater with index fund investing and it’s easy to get started.

You can earn interest monthly from your investments, making it a great way to grow your money over time.

You can use an investing app like Acorns to get started within minutes.

Open a new Acorns account below to claim your free $10!

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Disclosure: This link is an affiliate link, meaning, at no additional cost to you, I will earn a commission if you click through and make a purchase.

Invest in Real Estate with LEX Markets

LEX Markets Offerings

If you want to earn interest on your money and have the potential to make a lot more than 5%, then investing in real estate is a great option.

Real estate investing is an excellent option for investors to grow their money in appreciating assets.

While there are some risks associated with real estate investing, it is a relatively safe investment.

By using a platform like LEX Markets, you can start investing with as little as $250 and generate returns averaging 12% to 15% annually.

As a bonus, LEX Markets will give new investors up to $500 completely free when you open an account with the link below and make your first deposit!

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Invest in Commercial Real Estate

Another great option to generate returns of 5% or more is through commercial real estate investing with EquityMultiple.

With this platform, you can invest in office buildings, strip malls, and other commercial real estate assets to generate compound interest from your money.

The average return with EquityMultiple is 17.4% – which is much greater than the return you’re looking for.

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Invest in ETFs

Exchange traded funds are another excellent way to earn interest on your money without much effort.

ETFs are great investments because they are diversified, which means you’re not putting all your eggs in one basket. This minimizes risk and gives you the potential to generate excellent returns.

The average return of ETFs is around 7% to 10%, which is a great return for a relatively safe investment.

In addition, ETFs have very low fees leaving more of your returns in your pocket.

Whether you’re looking to double your money or just generate 5% interest, ETFs are a superb investment to consider.

Have $100 to invest? Check out these easy ways to turn $100 into $1,000!

Invest in Dividend Stocks

Dividend stocks can be another easy way to get 5% interest on your money.

With dividend stocks, you’ll invest in companies that pay dividends to shareholders on a routine basis.

There are some dividend stocks that pay dividends over 5%, in addition to the increase of the stock price over time.

For example, IBM has a dividend yield of 5.28% making it a solid option to make 5% interest on your money.

You can invest in dividend stocks with Acorns. Don’t forget to claim your free $10 below!

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5% Interest Savings Accounts

There are a few savings accounts that offer 5% interest on your money. Some of the best include:

Other Investing Options

Below are some other methods you can use to grow your wealth.

Use a High Interest Savings Account

While most high interest savings accounts won’t generate 5% interest, they can be a great place to store your emergency fund so there’s no risk of losing it.

My favorite account is through CIT Bank. They offer 7 times the national average in interest so you can easily grow your money without worry.

Open your free account below to get started!

Rental Properties

Rental properties are the most time consuming investment option on the list, but they can also make you the most money and become a money making machine.

With this real estate investment, you’ll need some cash to get started. In most cases, you’ll need at least a 20% down payment to close the deal which can add up to a large amount of money.

The average rental property generates a return of 10% to 15%. This return is after all expenses, including mortgage payments, maintenance, and vacancies.

To get started investing in rental properties, check out the video below!

Final Thoughts on Where to Get 5% Interest On Your Money

There are plenty of places you can get 5% interest on your money.

Your best and safest option is to open a high yield account with Tellus. This online bank pays 5% interest on your money – making it an easy way to generate the returns you want.

Next, investing in index funds with Acorns and real estate with LEX Markets are your best options. These accounts have the potential to make much more than 5% – so it’s well worth your time.

As a bonus, both of these accounts will give new investors $10 completely free.

Forrest is a personal finance, entrepreneurship, and investing expert dedicated to helping others obtain life long wealth. He has a Bachelor's degree in business and has been featured in many popular publications including Forbes, Business Insider, Bankrate, CNET Money, and many others. To learn more about Forrest, visit the About Us Page for more info.
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