6 banks offering up to 7% interest rate on savings accounts - Savings account (2024)

FAQs

6 banks offering up to 7% interest rate on savings accounts - Savings account? ›

Which bank gives 7% interest on a savings account? There are not any banks offering 7% interest on a savings account right now. However, two financial institutions are paying at least 7% APY on checking accounts: Landmark Credit Union Premium Checking Account, and OnPath Rewards High-Yield Checking.

As of August 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

Currently, there's only one account that pays 6% APY — Digital Federal Credit Union's savings account — and it only pays 6.17% APY on balances up to $1,000.

Right now, there aren't any financial institutions offering 7% interest on a CD.

So Nationwide pays the most interest – 8% for one-year variable.

FAQ: 6% CD rates

No banks are currently paying 6% APY on a CD. However, you can find some credit unions offering 6% CD rates. You can also get 5% CD rates at some banks or use alternative savings approaches, such as a high-yield savings account or money market account, to maximize the return on your investment.

Diversifying Your Portfolio to Reach a 10% Return

A diverse portfolio could consist of 30% in a mix of value and growth stocks, 30% in index funds, 20% in bonds, 10% in real estate and 10% in alternative investments like P2P lending or commodities.

Big banks like Nationwide, First Direct and TSB are all offering savings accounts with an interest rate at 6% or above.

While the quest for a 6% return on your savings today may require some effort, CDs and high-yield savings accounts are two viable options to consider. These accounts offer competitive interest rates, safety through FDIC insurance and ease of management.

What is the best CD rate for $100,000? ›

There are not any banks offering 7% interest on a savings account right now. However, two financial institutions are paying at least 7% APY on checking accounts: Landmark Credit Union Premium Checking Account, and OnPath Rewards High-Yield Checking.

AU Small Finance Bank, Equitas Small Finance Bank and Suryoday Small Finance Bank are offering interest up to 7 percent on savings accounts. The average monthly balance requirement is Rs 2,000 to Rs 5,000, Rs 2,500 to Rs 10,000 and Rs 2,000 respectively.

DCB Bank: This bank provides interest rates of up to eight per cent on savings accounts, making it the top choice among private banks in terms of interest rates. The minimum balance requirement ranges from ₹2,500 to ₹5,000.

Earning 7% interest on a savings account could help you grow your money faster, especially if interest compounds daily. However, these accounts aren't always worth it, as they may only earn interest on a portion of the balance and often come with balance or activity requirements.