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.
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.
With £50,000 in Chase Saver with Boosted Rate's easy access account paying 5%, you could earn £2,500.00 over a year, or £208.33 per month.
Regular savings accounts have a number of benefits and may be worth considering if: You want to receive a higher rate of interest. You want to develop and maintain a regular savings habit. You're saving towards a specific short-term goal, such as a holiday or special event.
Money Market Accounts
You can most often find money market accounts with a 5% APY through online financial institutions. Since interest tiers are common, banks may require a minimum balance of up to several thousand dollars to get the best money market account APY.
There are no national or community banks offering 7% interest on a savings account right now. There are two high-yield checking accounts that offer 7% interest or more on an account, but both come with major stipulations.
The average money market rate is less than 1 percent, but you can probably do better. Let's say you put $10,000 in an account that earns a full 1% APY. After a year, your balance would earn about 100 bucks. Put that same amount in a money market account with a 4% APY, and it would gain just over $400.
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.
One major drawback of a CD is that account holders can't easily access their money if an unanticipated need arises. They typically have to pay a penalty for early withdrawals, which can eat up interest and can even result in the loss of principal.
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.