Where can I get 5% interest on my money?

Asked by: Wiley Emmerich  |  Last update: July 29, 2022
Score: 4.5/5 (64 votes)

Here are the best 5% interest savings accounts you can open today:
  • Current: 4% up to $6,000.
  • Aspiration: 3-5% up to $10,000.
  • NetSpend: 5% up to $1,000.
  • Digital Federal Credit Union: 6.17% up to $1,000.
  • Blue Federal Credit Union: 5% up to $1,000.
  • Mango Money: 6% up to $2,500.
  • Landmark Credit Union: 7.50% up to $500.

Is there a 5% savings account?

Blue Federal Credit Union Accelerated Savings. The Accelerated Savings account from Blue Federal Credit Union earns 5% APY on balances up to $1,000, then 0.1% on your remaining balance. As a member, you get access to Blue FCU rewards and other perks.

Where can I put my money to earn the most interest?

The following ideas can help you make a plan to save and maximize your interest earnings.
  • High-Yield Savings Account. ...
  • High-Yield Checking Account. ...
  • CDs and CD Ladders. ...
  • Money Market Account. ...
  • Treasury Bills.

Which bank gives 6 interest on savings account?

IDFC First Bank changed its savings account interest rates on June 1, 2022, and now provides a maximum interest rate of 6% to its savings account holders on account balances of more than ₹10 lac to ₹10 crore.

What credit union has the highest savings interest rate?

Best for a Savings Account Alliant Credit Union

Alliant is an online credit union, and its lack of branches enables it to pay higher interest rates than you'll find at most other institutions, earning it our top spot for best credit union for a savings account.

Calculating Simple Interest 127-4.18

21 related questions found

Where do millionaires keep their money?

For more than 200 years, investing in real estate has been the most popular investment for millionaires to keep their money. During all these years, real estate investments have been the primary way millionaires have had of making and keeping their wealth.

How much interest will I earn on $1000 dollars?

How much interest can you earn on $1,000? If you're able to put away a bigger chunk of money, you'll earn more interest. Save $1,000 for a year at 0.01% APY, and you'll end up with $1,000.10. If you put the same $1,000 in a high-yield savings account, you could earn about $5 after a year.

Where can I put my money instead of a bank?

They're also much higher than what your local bank is paying.
  1. US Treasury Securities. Not only do these securities pay a lot more in interest than local banks, but they're considered the safest investments on the planet. ...
  2. High Dividend Stocks. ...
  3. Bonds. ...
  4. Blended Portfolio. ...
  5. Real Estate Investment Trusts. ...
  6. Peer-to-Peer (P2P) Lending.

How do you find 3% APY?

No minimum deposit is required, but to earn the 3% APY bonus, you must receive at least one direct deposit per month and commit to saving at least 20% of the total deposit amount. If you commit to saving less than 20%, the bonus will be proportionately less.

Why you shouldn't put money in the bank?

The real danger of keeping money in a bank is that it's not a safe place. Banks are not insured against losses and can fail at any time. In fact, there's a high likelihood that your bank will go out of business before you do.

Where do you put your money if you don't trust banks?

Where To Put Your Money When You Don't Trust Banks
  1. A College Savings Account. This may seem like an obvious choice, but college isn't always at the forefront of parents' minds when their children are young and there are so many options for student loans and scholarships. ...
  2. Investments. ...
  3. Precious Metals. ...
  4. Buried.

How much interest will I earn on 500 000 a month?

A $500,000 annuity would pay you $1312.50 interest per month.

How much interest will $5000 earn in a year?

If you're holding $5,000 in savings, for instance, and the national average is 0.10 percent APY, you would return just $5 over the course of a year. If you instead put that same $5,000 in an account earning 2 percent, you'd earn $100.

Can I live off interest on a million dollars?

The historical S&P average annualized returns have been 9.2%. So investing $1,000,000 in the stock market will get you $96,352 in interest in a year. This is enough to live on for most people.

How much is too much in savings?

Another red flag that you have too much cash in your savings account is if you exceed the $250,000 limit set by the Federal Deposit Insurance Corporation (FDIC) — obviously not a concern for the average saver.

What is better than a savings account?

High-Yield Checking Accounts

There are high-yield checking accounts that offer better interest rates than savings accounts. Some of these checking accounts offer up to a 2% annual percentage yield, in contrast to lower savings account rates.

Which bank has best interest rate?

Best FD Rates in India among Top 10 Banks
  • IDFC First Bank offers the highest FD interest rate of 6.25% p.a. which is for a tenure of 5 years and above for the general public. ...
  • The second highest interest rate is 5.75% p.a. which is offered by Axis Bank and HDFC Bank for a tenure of 5 years and above.

What is the highest yielding savings account right now?

The best high-yield savings account rates
  • CIBC Bank USA - 1.27% APY.
  • TAB Bank - 1.26% APY.
  • Capital One - 1.20% APY.
  • Discover Bank - 1.20% APY.
  • Marcus by Goldman Sachs - 1.20% APY.
  • Ally Bank - 1.15% APY.
  • Popular Direct - 1.15% APY.
  • Sallie Mae Bank - 1.10% APY.

What bank or credit union has the best interest rates?

Best Savings Accounts:
  • CFG Bank - 1.87% APY.
  • Quontic Bank - 1.85% APY.
  • UFB Direct - 1.81% APY.
  • BrioDirect - 1.80% APY.
  • USAlliance Federal Credit Union - 1.75% APY.
  • Citizens Access - 1.75% APY.
  • Ivy Bank - 1.70% APY.
  • CIBC Agility - 1.66% APY.

How much cash can you keep at home legally?

There's no legal limit on how much money you can keep at home. Some limits exist with bringing money into the country and in the form of cash gifts, but there's no regulation on how much you can keep at home.

Can the government see how much money is in your bank account?

The Short Answer: Yes. The IRS probably already knows about many of your financial accounts, and the IRS can get information on how much is there. But, in reality, the IRS rarely digs deeper into your bank and financial accounts unless you're being audited or the IRS is collecting back taxes from you.