The DCU Primary Savings offers a standout 6.17% APY, but only up to $1,000 — meaning savers could earn nearly $62 annually. 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.
There are two high-yield checking accounts with interest of at least 7%, though: BCU PowerPlus Checking and Landmark Credit Union Premium Checking Account. Both come with major downsides, though. Are 7% interest savings accounts safe?
How much of a difference does this make? If you deposit $50,000 into a traditional savings account with a 0.46%, you'll earn just $230 in total interest after one year. But if you deposit that amount into a high-yield savings account offering, say, 4.60% APY,* your one-year interest soars to over $2,301.25.
While losing your money in a high-yield savings account isn't likely, you'll want to be aware of FDIC limitations and other potential risks we've rounded up to help you maximize the interest you can earn — and avoid hitting limits, triggering fees or missing lower rates that can eat into your savings goals.
Bandhan Bank is a leader among private banks, offering 8.05% interest for 1-year fixed deposits. RBL Bank offers 8.00% on FDs with a tenure of 500 days, ensuring that medium-term investors also get good returns.
For the foreseeable future, you won't find any banks that offer 7% APY on savings accounts. However, you can find some credit unions that pay 7% or more on checking accounts. Before opening an account, take a close look at the terms and conditions to determine whether you can earn the advertised rate.
Yes, you can get 6% on a CD now. As of January 10, 2025, the Financial Partners Credit Union is offering 6.00% APY on their CD rates for 8 months. The minimum deposit is $1,000.00, up to a $5,000 maximum. Check out the latest CD rates from over 400 banks and credit unions.
While there aren't any financial institutions paying 7% on a CD right now, there are other banks and credit unions that pay high CD rates. Compare today's top CD and savings rates.
Which bank is giving 9.5% interest on FD? Airtel Finance is in partnership with multiple small finance banks and NBFCs. They offer fixed deposit interest rates of up to 9.5% per annum, which is among the highest in the market.
However, savings accounts also pay the lowest interest rates of any option, currently an average of 0.2%, enough to earn $100 on a $50,000 deposit in a year. High-yield interest savings accounts pay a bit more. Currently, they could earn up to 5% or more. At that rate, you could earn $2,500 for a year.
Millionaires Like High-Yield Savings, but Not as Much as Other Accounts. Usually offering significantly more interest than a traditional savings account, high-yield savings accounts have blown up in popularity among everyone, including millionaires.
“In simple terms,” says Richiest's Ashley, “the money you earn from a high-yield savings account is usually taxed just like your regular income. “This means that the interest you make on these accounts gets taxed by the federal government and, depending on where you live, your state government too.”