Wondering if there are any 12% interest savings accounts out there? Turns out, they do exist. Most either involve cryptocurrency or are certificates of deposit offered by international banks. Crypto savings accounts typically aren’t insured by the FDIC, and international CDs can be risky. Here’s what you need to know.
Where can I find a 12% interest savings account?
Traditional banks in the US don’t offer yields anywhere near 12%, but you can still earn such high APYs with crypto savings accounts and international CDs with rates of 11% or more. This table highlights some of your options:
| Bank name | Account name | APY | Details / Limitations |
|---|---|---|---|
| Ravnaq Bank | 12-month Time Deposit Account | 14% | Funds must be in SUM instead of USD |
| Khan Bank | 365-day, 18-month and 24-month Ordinary Term Savings Account | 12.3% to 12.8% | Funds must be in MTN instead of USD |
| Khan Bank | 12-month, 18-month and 24-month Online Term Deposit Account | 12.4% to 12.9% | Funds must be in MTN instead of USD |
| Yield | N/A | Up to 12% | YLD only locked for 1 year. Must own at least 1,000 YLD. |
| Crypto.com | Crypto.com Earn | Up to 14.5% | in first $3,000 USD worth DOT. Must stake $40,000 in CRO and 2% of the APY is paid in CRO. |
| Hodlnaut | N/A | Up to 7.25% | Stablecoin only. APY drops on balances over $25,000 |
| CoinLoan | N/A | Up to 12.3% | Stablecoin only. 2% of the APY is paid in CLO. |
| Nexo | Nexo | Up to 12% | Stablecoin only. Earn 12% in NEXO or 10% in kind. NEXO must account for at least 10% of your balance. |
| Fulcrum | N/A | Up to 11.41% | USDC only. No minimum deposit or holding period. |
| Celsius Earn Network | Celsius Earn | Up to 17% | No minimum balance requirement. For the highest rates, you must own SNX, earn rewards in CEL, stake your CEL rewards for a year, and have at least 20% CEL in your portfolio. Only verified accredited investors can earn interest on deposits made after April 15, 2022. |
Is a 12% interest savings account legit?
Most 12% interest savings accounts are either uninsured by the FDIC or off-limits to US citizens. If you find an account you’re interested in and eligible for, be aware of these risks before signing up.
- May not be insured. Money held in traditional banks is FDIC insured for up to $250,000. Crypto savings accounts aren’t regulated by the FDIC and are almost always uninsured. And money held in international banks may not be insured if the bank were to fail.
- May compound infrequently. An account that compounds interest daily is typically more valuable than one that compounds annually.
- Legal risks. There are legal implications when it comes to holding money overseas. Consider hiring an experienced accountant to avoid accidental tax evasion.
- Fees. Most savings accounts have few or no fees, but there are exceptions. Read through the account’s fine print so you know what to expect.
- Could be a scam. Some high rates offered by international banks could turn out to be a scam if the institution isn’t federally regulated.
Closest alternatives to a 12% APY savings account
If you come across a 12% interest savings account that sounds too good to be true, it probably is. Avoid the unnecessary risk by opening one of these alternatives instead:
- Investment account. You could create a properly diversified portfolio of ETFs or mutual funds that track the . For example, these have an average return of 7.5%.
- High-yield savings account. The best high-yield savings accounts offer APYs around 1%, but some boost your savings with APYs of 5% or more.
- Digital bank account. Digital bank accounts are known for thinking outside of the box in terms of APYs and features. For example, Save Market Savings deposits your interest in the stock market where it earns an average 9.24% return.
- Money market accounts (MMAs). These accounts are similar to regular savings because they earn interest; some MMAs offer high rates that are well above the national average. Additionally, MMAs can combine the benefits of a checking account by offering debit cards and checkwriting privileges.
Up to 5% APY
Uphold
Go to site
- $0 monthly fee
- Earn 5% APY on balances of $1,000+
- Earn 2% APY on balances lower than $1,000
- Available in 47 states
- Up to $2.5 million FDIC insurance
Earn up to 4.50% APY
SoFi Checking and Savings
Go to site
- Up to 4.50% APY on savings by meeting deposit requirements
- $0 monthly or overdraft fees
- Get up to a $300 bonus with direct deposits of $5,000 or more
- Member FDIC
Earn 5.2% APY
Western Alliance HYSA through Raisin
Go to site
- 5.2% APY exclusive through Raisin
- $0 monthly fees
- US-based customer service
- FDIC insured
Are there any 10% interest savings accounts?
Yes, many crypto savings accounts earn between 8% and 10% interest, and the same international banks that offer 12% APY CDs also offer 10% APY CDs. And like the 12% APY accounts, these accounts do carry some risk.
| Bank name | Account name | APY | Details / Limitations |
|---|---|---|---|
| Khan Bank | 180-day Ordinary Term Savings Account | 1.4% | Funds must be in MTN instead of USD |
| Ravnaq Bank | 9-month Time Deposit Account | 10% | Funds must be in SUM instead of USD |
| Garanti BBVA Bank | e-Term Time Deposit Account | 7% | Funds must be in TL instead of USD |
| Prominvestbank | 3-month Term Deposit | 14% | Funds must be in UAH instead of USD |
| Voyager | N/A | Up to 9% | USDC only. 100 USDC minimum balance. |
| Ledn | N/A | Up to 9% | No minimum balance. 10 USDC fee per withdrawal. |
| Gemini | Gemini Earn | Up to 8.05% | Gemini dollar (GUSD) stablecoin only. |
| AnchorUSD | High-yield interest account | Up to 8% | USDC only. No minimum deposit or holding period. |
Bottom line
Before you open an international CD or crypto savings account with a 12% APY, weigh the benefits and risks. You may find that it’s better and safer to open a regular high-yield savings account in the States.
Frequently asked questions
-
You’ll most likely have to do an international transfer to deposit money into an overseas account. Look for one with low fees and a strong exchange rate to get the best bang for your buck.
-
Nothing in life is without risks, but if you want to earn a 12% return in the US, your best option is the stock market or a peer-to-peer lending site.
For example, PeerStreet is a real estate investing platform that has average returns of 7% to 12%. Another option is RealCrowd. It offers 6% to 12% returns but it’s only open to accredited investors.
If you go the stock market route, your risk and returns will depend on the investments you choose and how well you diversify your portfolio.
Hide
Sign up for the Finder newsletter
We know what the best deals in personal finance on the market are at all times, and now you will too.
By clicking Subscribe I agree to the Privacy and Cookies Policy, Terms of Use and to receive emails from Finder.
Was this content helpful to you?
Thank you for your feedback!
Written by
Cassidy Horton
Writer
Cassidy Horton is a freelance personal finance copywriter and past contributing writer for Finder. Her writing and banking expertise have been featured in Forbes Advisor, Money, The Balance, Money Under 30, Insure.com, and other top digital publishers. She holds a BS in public relations and an MBA from Georgia Southern University. See full bio
