Best Savings Accounts - Compare rates at Bankrate.com (2024)

FAQs

Which bank is giving 7% interest in savings accounts? ›

As of August 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

AU Small Finance Bank, Equitas Small Finance Bank and Suryoday Small Finance Bank are offering interest up to 7 percent on savings accounts. The average monthly balance requirement is Rs 2,000 to Rs 5,000, Rs 2,500 to Rs 10,000 and Rs 2,000 respectively.

According to the DCB Bank website, the new rates are effective May 22, 2024. The bank is offering the highest FD interest rate of 8% to general customers and 8.55% for senior citizens after the revision in tenure from 19 months to 20 months. The highest savings account interest rate offered is up to 8%.

Currently, there's only one account that pays 6% APY — Digital Federal Credit Union's savings account — and it only pays 6.17% APY on balances up to $1,000.

Top perks. 4.25% APY: If you're opening a high-yield savings account, it's likely because you're looking to get better returns on your savings. The Capital One 360 Performance Savings is up there in the ranks of the best online savings accounts due to its higher-than-average APY on all balances.

Does Wells Fargo have a high yield savings account? ›

Wells Fargo's savings interest rates range from 0.01% to 2.50% APY, depending on the account type, account balance and relationship rate. The Platinum Savings account offers higher APYs for higher account balance tiers.

Fixed rate savings accounts for over 60s

Fixed rate savings accounts, also called fixed rate bonds, tend to offer decent rates of interest that are guaranteed for a set length of time, typically one to five years. A five-year term would usually pay more interest than a one-year one.

A $100,000 savings account balance is fine if it aligns with your goals. But it could be a red flag if you don't need that much money there. Some people put all their extra money in their savings accounts because they feel as if it's the safest option. They'd rather do that than take on any risk.

Most financial experts suggest you need a cash stash equal to six months of expenses: If you need $5,000 to survive every month, save $30,000.

Two credit unions pay over 7% APY on accounts right now: Landmark Credit Union and OnPath Rewards High-Yield Checking. However, these are both checking accounts with limitations on eligible balances. Plenty of high-yield savings accounts pay over 5% APY on your total balance without making you jump through hoops.

Right now, there aren't any financial institutions offering 7% interest on a CD. However, California Coast Credit Union is offering a 5-month Celebration Certificate with a 9.50% APY.