Which bank gives 7% interest on savings account USA?
No financial institutions currently offer 7% interest savings accounts. But some smaller banks and regional credit unions are currently paying more than 6.00% APY on savings accounts and up to 9.00% APY on checking accounts, though these accounts have restrictions and requirements.
Type of account: As of March 2024, no banks are offering a 7% interest savings account. However, two credit unions are offering that rate for one of their top-tier checking accounts. Get to know the differences between checking and savings accounts to see if the APY is worth the switch.
| Provider | Rate (AER) |
|---|---|
| Top existing-member regular savings accounts. Here are the accounts with the top rates. | |
| First Direct | 7% fixed for one year |
| Co-operative Bank | 7% variable for one year |
| Skipton BS (must have been a member since before 11 Jan 2024) | 7% fixed for one year |
- CFG Bank – 5.25% APY.
- North American Savings Bank – 5.24% APY*
- Upgrade – 5.21% APY.
- EverBank (formerly TIAA Bank) – 5.15% APY.
- RBMAX – 5.15% APY.
- Bread Savings – 5.15% APY.
- Popular Direct – 5.15% APY.
- Western State Bank – 5.15% APY.
The only financial institution account currently advertising interest payments above 7% is available from Landmark Credit Union, a credit union with more than 30 locations in Wisconsin that also offers its services online. The credit union's Premium Checking account lists potential interest earnings up to 7.50% APY.
| Banks | Highest FD rate (% p.a.) | 1-year FD rate (% p.a.) |
|---|---|---|
| AU Small Finance Bank | 8.00 | 6.75 |
| DCB Bank | 8.00 | 7.15 |
| IDFC First Bank | 8.00 | 6.50 |
| Bandhan Bank | 7.85 | 7.25 |
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.
High-Yield Savings Accounts: While less common, some high-yield savings accounts or certificates of deposit (CDs) may offer interest rates around 8 percent, though these rates are usually subject to change and may vary by institution.
- Boeing Employees' Credit Union: 6.17% APY. ...
- Digital Federal Credit Union: 6.17% APY. ...
- Andrews Federal Credit Union: 5.75% APY. ...
- Milli Bank: 5.50% APY. ...
- BrioDirect: 5.35% APY. ...
- North American Savings Bank: 5.35% APY. ...
- My Banking Direct: 5.35% APY.
- ANZ Plus 'Save' Account.
- MOVE Bank Growth Saver.
- Bank of Queensland Future Saver Account.
- Virgin Money Boost Saver.
- Macquarie Savings Account.
- Great Southern Bank Advantage Saver.
- Rabobank High Interest Savings Account.
- Frequently Asked Questions (FAQs)
Does Bank of America have a high interest savings account?
With rates ranging from 0.01% to 0.04% APY, Bank of America's savings account doesn't compare to the best savings accounts — or even average savings accounts — when it comes to interest earnings.
The USAA Performance First savings account has tiered rates, so you can earn from 0.05% to 1.60% based on your daily balance. Does USAA offer a high-yield savings account? No, USAA doesn't offer a high-yield savings account.
Digital Federal Credit Union has an account that pays over 6% APY, but you must meet membership requirements to get started. You also won't earn this high interest rate on your entire Digital FCU savings balance. Plenty of savings accounts are available around the U.S. and still offer great rates — over 5% APY.
- Stocks.
- Real Estate.
- Private Credit.
- Junk Bonds.
- Index Funds.
- Buying a Business.
- High-End Art or Other Collectables.
At Unity Small Finance Bank, senior citizens can get up to 9.50 per cent on FDs of 1,001 days. The bank revised rates on February 2, 2024.
Unity Small Finance Bank offers FD interest rates ranging from 4.50% to 9% for tenures maturing between 7 days and 10 years to general citizens for amounts below Rs 2 crore. The highest interest rate of 9% is offered on FDs maturing in 1001 Days. The rates are effective from October 9, 2023.
- HDFC Bank. HDFC Bank offers 7.10 percent to senior citizens on deposits of one year to 15 months. ...
- ICICI Bank. ICICI Bank offers interest in the range of 7 to 7.25 per cent depending on the tenure. ...
- State Bank of India. ...
- Bank of Baroda.
| Savings account balance | Percentage of respondents |
|---|---|
| $500 to $1,000 | 8% |
| $1,001 to $5,000 | 22% |
| $5,001 to $10,000 | 8% |
| $10,000 to $20,000 | 7% |
Benefits of keeping your $10,000 in a savings account
So there's no risk of loss as long as you protect your personal and banking information. Keeping your money in a savings account can also help you earn interest over time. Interest rates vary depending on economic conditions.
1 The best way to earn 12% interest on your savings is by investing in a high-yield savings account. High-yield savings accounts are offered by some banks and credit unions and generally offer higher interest rates than traditional savings accounts.
How long will it take $7000 to double if you earn 8% interest?
For example, if an investment scheme promises an 8% annual compounded rate of return, it will take approximately nine years (72 / 8 = 9) to double the invested money.
For example, a $10,000 investment that returns 8% every year, is worth $10,800 ($10,000 principal x . 08 interest = $10,800) after the first year. It grows to $11,664 ($10,800 principal x . 08 interest = $11,664) at the end of the second year.
| Type of 1-year CD | Typical APY | Interest on $100,000 after 1 year |
|---|---|---|
| CDs that pay competitive rates | 5.30% | $5,300 |
| CDs that pay the national average | 1.59% | $1,590 |
| CDs from big brick-and-mortar banks | 0.03% | $30 |
| Provider | Account name | Interest rate (AER) |
|---|---|---|
| Cynergy Bank | Online Easy Access Account (Issue 69) | 5.10% |
| Charter Savings Bank | Easy Access – Issue 49 | 5.08% |
| Wealthify powered by ClearBank Sponsored | Instant Access Savings Account * | 4.91% |
| Bank | Term length | APY* |
|---|---|---|
| First Internet Bank | 12 months | 5.31% |
| EverBank | 9 months | 5.15% |
| Synchrony | 9 months | 4.90% |
| Marcus by Goldman Sachs | 14 months | 5.05% |
References
- https://www.latimes.com/compare-deals/banking/savings/7-percent-interest-savings-accounts
- https://www.marketwatch.com/guides/banking/largest-banks-in-the-us/
- https://www.capitalone.com/bank/fdic/
- https://wise.com/ca/bank-codes/transit-number/tangerine
- https://www.commbank.com.au/digital/locate-us/?ei=viewinmaps-067100&service=branch&id=7100
- https://www.jpmorganchase.com/about/our-history
- https://wise.com/help/articles/2666692/canadian-institution-numbers
- https://www.cnn.com/cnn-underscored/money/7-percent-interest-savings-accounts
- https://poe.com/poeknowledge/1512928000361965
- https://www.businessinsider.com/28-banks-with-the-highest-commercial-real-estate-risk-2024-3
- https://www.debt.org/advice/compound-interest-how-it-works/
- https://www.preferredbank.com/personal/products-and-services/expanded-insurance-protection
- https://retailbank.hsbc.com.hk/international/en/expat-guide/for-new-hsbc-customers/
- https://www.imf.org/en/Publications/global-financial-stability-notes/Issues/2024/03/04/The-US-Banking-Sector-since-the-March-2023-Turmoil-Navigating-the-Aftermath-544809
- https://www.reuters.com/legal/wells-fargo-is-sued-over-response-fake-accounts-scandal-2024-02-29/
- https://www.noradarealestate.com/blog/is-bank-of-america-in-trouble/
- https://www.bankrate.com/banking/cds/how-much-100000-could-earn-you-1-year-cd/
- https://www.forbes.com/advisor/banking/list-of-failed-banks/
- https://www.bankrate.com/banking/biggest-banks-in-america/
- https://www.forbes.com/sites/realspin/2012/06/26/the-vatican-bank-the-most-secret-bank-in-the-world/
- https://smartasset.com/checking-account/capital-one-vs-chase-bank
- https://www.quora.com/Which-investment-gives-8-percent-interest
- https://www.usatoday.com/money/blueprint/banking/savings/usaa-savings-account-interest-rates/
- https://www.fool.com/the-ascent/banks/articles/is-10000-too-much-to-keep-in-a-savings-account/
- https://www.cbsnews.com/news/how-much-you-can-make-depositing-10000-into-high-yield-savings-account/
- https://www.payments.ca/payment-resources/directories
- https://www.fdic.gov/resources/resolutions/bank-failures/in-brief/bfb2024.html
- https://time.com/personal-finance/article/chase-vs-bank-of-america/
- https://www.marketwatch.com/picks/these-2-banks-are-paying-6-17-on-their-savings-accounts-and-8-more-savings-accounts-with-the-highest-apys-in-january-2024-a52a6747
- https://www.tdcanadatrust.com/easyweb5/messages/business/tip_message7.jsp
- https://en.wikipedia.org/wiki/HSBC_Bank_Canada
- https://www.fool.com/the-ascent/banks/articles/is-it-too-risky-to-keep-all-of-your-money-at-the-same-bank/
- https://www.usatoday.com/money/blueprint/banking/capital-one-vs-chase/
- https://en.wikipedia.org/wiki/List_of_largest_banks_in_the_United_States
- https://en.wikipedia.org/wiki/Category:Defunct_financial_services_companies_of_the_United_States
- https://www.quora.com/How-do-I-earn-12-interest-on-my-savings
- https://www.paisabazaar.com/fixed-deposit/scheduled-banks-fd-interest-rates/
- https://www.forbes.com/advisor/au/savings/best-high-interest-savings-accounts/
- https://apnews.com/article/business-financial-services-signature-bank-6aa3564a8acda9098929abe4741fcbfd
- https://www.embibe.com/exams/top-10-largest-banks-in-india/
- https://www.forbes.com/advisor/banking/safest-banks-in-the-us/
- https://money.com/best-banks/
- https://www.emarketer.com/insights/largest-banks-us-list/
- https://www.forbes.com/advisor/banking/is-my-money-safe-in-the-bank/
- https://www.nerdwallet.com/best/banking/savings-rates
- https://www.cibc.com/en/personal-banking/ways-to-bank/how-to/transit-account-institution-number.html
- https://www.linkedin.com/pulse/10-worst-banks-america-karen-e-peyton-
- https://www.creditdonkey.com/safest-banks-in-the-us.html
- https://www.usatoday.com/money/blueprint/banking/savings/bank-of-america-savings-account-rates/
- https://www.livemint.com/money/personal-finance/top-5-banks-offer-highest-interest-rate-on-fixed-deposits-to-senior-citizens-sbi-hdfc-bank-icici-kotak-mahindra-bob-11706869917918.html
- https://www.chase.com/personal/secure-banking/fees
- https://finance.yahoo.com/news/4-most-popular-banks-millionaires-150054420.html
- https://go.eway.io/s/article/Transaction-Response-Code-01-Refer-to-Issuer-Do-not-Honour
- https://www.scotiabank.com/ca/en/personal/advice-plus/features/posts.how-to-find-your-bank-account-number.html
- https://www.bankrate.com/banking/what-happens-when-a-bank-fails/
- https://www.bsbnumbers.com/034008.html
- https://www.finder.com/savings-accounts/12-interest-savings-account
- https://www.pewresearch.org/short-reads/2023/04/11/most-u-s-bank-failures-have-come-in-a-few-big-waves/
- https://www.businessinsider.com/personal-finance/5-percent-interest-savings-accounts
- https://www.5paisa.com/blog/best-banks-in-india
- https://doa.alaska.gov/dof/charge_cards/resource/card_decline_reasons.pdf
- https://fortune.com/recommends/banking/the-best-cd-rates/
- https://www.investopedia.com/what-happens-if-my-bank-fails-7378029
- https://www.usatoday.com/money/blueprint/banking/savings/7-percent-interest-savings-accounts/
- https://kayceeports.medium.com/my-go-to-banks-a-personal-take-on-phs-best-for-savings-2024-3ec944bb661c
- https://www.paymentsnz.co.nz/resources/industry-registers/bank-branch-register/
- https://www.investopedia.com/terms/b/bankrun.asp
- https://www.thetimes.co.uk/money-mentor/banking-saving/savings-accounts/best-savings-accounts
- https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/
- https://www.tiaa.org/public/learn/personal-finance-101/how-much-of-my-income-should-i-save-every-month
- https://www.bsbnumbers.com/032001.html
- https://www.forbes.com/uk/advisor/banking/chase-bank-review/
- https://finance.yahoo.com/news/10-return-investment-roi-141300511.html
- https://www.cnbc.com/2022/12/27/how-bofa-came-back-from-the-brink-of-collapse.html
- https://www.bsbnumbers.com/bsb/anz.html
- https://www.usnews.com/banking/articles/how-many-bank-accounts-should-i-have
- https://www.joinleland.com/library/a/top-ten-investment-banks
- https://www.forbes.com/advisor/banking/largest-banks-in-the-us/
- https://smartasset.com/checking-account/the-top-ten-banks-by-assets-held
- https://www.bankbazaar.com/ifsc-code.html
- https://www.livemint.com/money/personal-finance/this-bank-is-giving-up-to-9-5-return-on-bank-fixed-deposits-fds-to-senior-citizens-11707034213109.html
- https://www.bankrate.com/loans/personal-loans/what-happens-to-your-loans-when-a-lender-goes-bankrupt/
- https://en.wikipedia.org/wiki/History_of_banking
- https://www.usbank.com/about-us-bank/fact-sheet.html
- https://www.policyme.com/blog/how-to-find-your-tangerine-routing-number
- https://wise.com/ca/bank-codes/transit-number/vancity
- https://www.businessinsider.com/personal-finance/6-percent-interest-savings-accounts
- https://www.nerdwallet.com/article/banking/is-my-money-safe-in-a-bank
- https://www.businessinsider.com/personal-finance/best-banks
- https://www.noradarealestate.com/blog/which-banks-are-in-danger-of-failing/
- https://www.americanbanker.com/list/dramatic-collapses-made-2023-the-biggest-year-ever-for-bank-failures
- https://fortune.com/2023/11/09/warren-buffett-secret-stock-sales-tax-records-propublica-wells-fargo/
- https://www.wsj.com/finance/banking/new-york-community-bancorp-names-new-risk-and-audit-executives-10d6b9cc
- https://en.wikipedia.org/wiki/List_of_largest_banks
- https://www.bsbnumbers.com/124001.html
- https://smartasset.com/checking-account/chase-vs-wells-fargo
- https://www.investopedia.com/best-high-yield-savings-accounts-4770633
- https://www.deloitte.com/ug/en/Industries/financial-services/perspectives/bank-of-2030-the-future-of-banking.html
- https://m.economictimes.com/wealth/invest/these-6-banks-offer-up-to-9-fd-interest-rates/fds-with-small-finance-banks/slideshow/108011784.cms
- https://www.investopedia.com/terms/r/ruleof72.asp
- https://www.quora.com/What-was-the-old-name-of-Wells-Fargo
- https://www.cnbc.com/select/how-to-choose-high-yield-savings-account/
- https://wise.com/ca/bank-codes/transit-number/national-bank-of-canada
- https://www.bankrate.com/investing/best-short-term-investments/
- https://www.forbes.com/advisor/banking/chase-bank-review/
- https://wise.com/gb/sort-code/110001-halifax
- https://finance.yahoo.com/news/us-banks-trust-hard-earned-154119069.html
- https://www.wfsfaa.gov.hk/sfo/pdf/common/Form/fasp/Bank_Code_List.pdf
- https://www.helpwithmybank.gov/help-topics/bank-accounts/funds-availability/index-funds-availability.html
- https://www.softworldinc.com/2023/08/09/is-traditional-banking-becoming-obsolete/
- https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/
- https://smartasset.com/checking-account/chase-vs-bank-of-america
- https://www.fool.com/the-ascent/research/average-savings-account-balance/
- https://www.nerdwallet.com/article/banking/largest-banks-in-the-us
- https://www.sec.gov/litigation/litreleases/lr-22183
- https://www.forbes.com/advisor/banking/most-popular-banks-by-state/
- https://ceylonexchange.com.au/bank-codes-for-sri-lankan-banks/amana-bank-plc-codes/
- https://www.cityam.com/payments-regulator-names-worst-banks-for-fraud-reimbursement/
- https://www.nerdwallet.com/reviews/banking/chase
- https://www.creditdonkey.com/millionaires-bank-account.html
