6% APY savings accounts are here — this is what you need to know

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.

In the high interest rate environment we find ourselves in today, many savers are left wondering how high of a return they can earn on their money while keeping it safe.

While a 5% annual percentage yield (APY) seems to be the highest offered with no strings attached — meaning no minimums, no caps, no fees and no membership required — there are some interest savings accounts offering 6% APY if you don't mind the limitations. Banks currently offering 6% interest often have caps so you can only earn that high yield on a portion of your balance, meaning your savings' growth is quite limited. Some of the 6% interest savings accounts on this list are also offered by credit unions, which means they're not widely available to everyone.

CNBC Select researched what FDIC-insured or NCUA-insured savings accounts offer an APY of 6% and the fine print around earning that high return. These are the accounts to consider if you're chasing the highest APY. (See our methodology below for more information on how we created this list.)

The DCU Primary Savings offers a standout 6.17% APY, but only up to $1,000 — meaning savers bank nearly $62 in a year. The fallback interest rate is then between 6.17% to 0.15% APY for balances over $1,000, so you'd want to keep the rest of your balance in a savings account offering a more promising APY.

Because DCU is a credit union, membership is required. Those eligible include people who:

• Are relatives of current DCU members
• Currently work for or are retired from one of DCU's participating employers (or related to someone eligible)
• Currently belong to or join an organization whose members DCU serves (or related to someone eligible)
• Currently live, work, worship or attend school in one of DCU's communities

Cardholders of the Mango Prepaid Mastercard^® (issued by Metropolitan Commercial Bank) have access to a savings feature where they can earn up to 6.00% APY on balances up to $2,500 by meeting two requirements:

1. Make a minimum deposit of $25 and have that minimum balance at the end of the month
2. Make signature purchases of $1,500 or more on the Mango Prepaid Mastercard each month

For savers that max their balance to $2,500, that's $150 in interest earnings in a year. The APY thereafter is a low 0.10% over $2,500 — which at that point we'd recommend shifting other savings beyond the $2,500 to a high-yielding bank account.

Most savings accounts offering 6% APYs come with major limitations, including caps on the amount of money that can earn the top rate. To maximize your returns (and boost your FDIC insurance coverage), you'll want to spread your savings across multiple banks. Here are some of CNBC Select's other top-rated savings accounts:

A 6% interest rate is enough to get anyone excited but read the fine print of what a bank is offering before signing up. Consider that there's often a cap to how much of your balance can earn that high rate, or if it's a credit union offering the rate, you'll have to become a member.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every high-yield savings account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best 6% APY savings accounts.

To determine which interest savings accounts made this list, CNBC Select analyzed dozens of U.S. savings accounts offered by online and brick-and-mortar banks, including large credit unions. We narrowed down our picks by only considering those savings accounts that offer an APY of at least 6%.

All of the accounts included on this list are NCUA-insured or FDIC-insured up to $250,000 per depositor. Note that the rates and fee structures for interest savings accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate in accordance with the Fed rate. Your earnings depend on any associated fees and the balance you have in your interest savings account. To open an account, most banks and institutions require a deposit of new money, meaning you can't transfer the money you already had in an account at that bank.

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