7% Interest Savings Accounts: All You Need To Know (2024)

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When rates are on the rise, finding savings accounts with 5% interest rates is doable—even easy. But is it possible to top that? Are there any banks offering 7% interest savings accounts?

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7% Interest Savings Accounts: All You Need To Know (1)

Annual Percentage Yield

APY as of July 31, 2023. APY is variable and subject to change after account opening. No monthly account fees or minimum deposit required. Must fund within 15 days of account opening.

5.10%

Monthly Maintenance Fee

$0

7% Interest Savings Accounts: All You Need To Know (2)

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On Bask Bank's Website
Member FDIC

APY as of July 31, 2023. APY is variable and subject to change after account opening. No monthly account fees or minimum deposit required. Must fund within 15 days of account opening.

5.10%

$0

$0

Can You Get a 7% Interest Savings Account?

While there are plenty of banks offering competitive rates, finding a 7% interest savings account is no small feat. Given the current savings rate forecast, it’s not uncommon to find high-yield savings accounts with rates close to 5%, with a few even going above that mark. But it’s a rare account that earns a 7.00% annual percentage yield (APY).

There aren’t any traditional banks offering a 7% interest savings account in the U.S., but you will find some credit unions that offer checking accounts and certificates with rates near or above 7.00% APY.

It’s important to note that savings account rates are variable and can change at any time. Newer online banks and credit unions may offer 7% interest savings accounts to attract new customers, only to drop rates later on. You may also have to meet certain balance or activity requirements to earn the 7% interest rate or only earn this rate on a portion of your balance.

Which Bank Gives 7% Interest on Savings Accounts?

While there aren’t any banks offering a 7% interest savings account, the following credit unions offer certificate and checking accounts with rates near or above 7.00% APY. These rates are subject to change at any time and are accurate as of March 26, 2024.

Digital Federal Credit Union Primary Savings

  • APY: 6.17% on balances up to $1,000
  • Monthly maintenance fee: $0
  • Minimum deposit to open: $5

Digital Federal Credit Union’s Primary Savings account is offering 6.17% APY on the first $1,000 you deposit. Any portion of your balance over $1,000 will earn a dividend rate of 0.15%. Rates are variable and can change at any time.

While this isn’t quite 7.00% APY, it’s as close as you can currently get with a savings account. Keep in mind that you only earn the 6.17% APY on the first $1,000 in your account, so if you plan on holding a much higher balance in your savings account, you might actually earn more interest with a high-yield savings account that earns a lower rate on all balances. That said, this account has no monthly maintenance fee and a low minimum opening deposit requirement.

DCU is a credit union, so you’ll have to become a member to open an account. If you don’t live in Massachusetts or work for one of DCU’s participating employers, you can still become a member by joining nonprofit Reach Out for Schools and paying a $10 membership fee.

Landmark Credit Union Premium Checking

  • APY: 7.50% on balances up to $500
  • Monthly maintenance fee: $0
  • Minimum deposit to open: $35

Landmark Credit Union’s Premium Checking account is offering 7.50% APY on balances up to $500 after enrolling in eStatements and receiving at least $250 per month in eligible direct deposits.

Is this the best savings account for earning a 7.00% APY? Not exactly, since it’s a checking account, and you’ll only earn the higher APY on the first $500 in your account. And while this account charges no monthly maintenance fee, it does charge a $20 account closing fee on accounts closed within the first 90 days.

Alpena Alcona Area Credit Union Certificate of Deposit (not currently available)

  • APY: 7.19%
  • Monthly maintenance fee: $0
  • Minimum deposit to open: $500

Alpena Alcona Area Credit Union (AAACU) previously offered a seven-month share CD with a 7.19% APY—though that rate wasn’t around for long. The minimum deposit to open the CD was $500, with interest compounded quarterly. The maximum deposit was $7,000, and only one CD is allowed per member. If you needed to withdraw funds before the seven-month term ends, an early withdrawal penalty would be applied.

An AAACU membership was required to take advantage of this offer. You’re eligible to become a member if you:

  • Live, work, own real estate, attend school or worship anywhere in the state of Michigan
  • Are an AAACU employee
  • Are the spouse of a deceased member and have not remarried when joining
  • Belong to the immediate family of an existing member

You’ll need to open a share savings account when joining AAACU to secure your place as a member. The minimum deposit for AAACU CDs is $5, and applications are accepted online or at AAACU branches.

How To Get a Higher Than 7% Interest Rate on a Savings Account

Earning more than 7% interest in a savings account is typically not possible. Even in a high-rate environment, it’s unlikely you’ll find a high-yield savings account, CD or high-yield checking account that offers more than 7.00% APY.

If you want to earn more than 7% on your money, you’ll probably need to invest it. However, investment accounts are riskier than bank accounts. While savings accounts are FDIC-insured and can’t lose money, investment accounts aren’t usually insured against losses. And while you may earn more than 7% investing, you may also lose money. It all depends on how your investments perform.

Alternatives to 7% Interest Savings Accounts

All of the 7% interest accounts mentioned earlier require you to join a credit union, and some only earn interest on a small portion of your balance. If you’re looking to maximize your earnings and avoid other restrictions, consider these alternatives.

High-Yield Savings Accounts

Researching the best high-yield savings accounts at different banks can help you find accounts that earn a competitive APY on your entire balance—often without balance or activity requirements. There are a number of 5% interest savings accounts that may actually help you earn more in the long run. Below are a few of the best savings options to consider now.

Certificates of Deposit (CDs)

Savings account rates can drop at any time. If you want to lock in a high APY while rates are favorable, you could consider a 7% interest CD.

While these can be hard to find too, the best CD rates are often higher than the best savings rates. Several credit unions offer CD rates close to 6.00% APY. CD rates are fixed, so you’re guaranteed to earn the APY you lock in to for the duration of the CD term, but you usually can’t withdraw your money without incurring a penalty.

Money Market Accounts (MMAs)

The best money market rates can also be higher than savings rates. Money market accounts combine features of savings accounts and checking accounts. You can earn a higher interest rate on your money, and these accounts may also come with an ATM card, debit card or paper checks. Like a savings account, however, you may be limited to six withdrawals per month.

Find The Best High-Yield Savings Accounts Of 2024

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Frequently Asked Questions (FAQs)

Which banks offer 7% interest savings accounts?

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.

Can you earn 7% interest on a CD?

It’s sometimes possible to find CD accounts earning a 7.00% APY. However, these are typically promotional rates that don’t last long. There are currently no CDs earning 7.00% APY, but you can find some earning 6.00% APY

Is a 7% interest savings account worth it?

Earning 7% interest on a savings account could help you grow your money faster, especially if interest compounds daily. However, these accounts aren’t always worth it, as they may only earn interest on a portion of the balance and often come with balance or activity requirements.

What happens to a 7% interest savings account when rates fall?

Unlike CDs, savings account rates aren’t fixed. Banks can raise and lower savings rates at any time, and this usually occurs when there are changes to the underlying benchmark rate. If you’re earning a 7.00% APY and rates fall, your savings account rate is likely to go down.

7% Interest Savings Accounts: All You Need To Know (2024)

FAQs

7% Interest Savings Accounts: All You Need To Know? ›

Frequently Asked Questions (FAQs)

How can I get 7% interest on my money? ›

7% Interest Savings Accounts: What You Need To Know
  1. As of May 2024, no banks are offering 7% interest rates on savings accounts.
  2. 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.

Which bank pays 7% interest on savings accounts? ›

This account is only available to first direct 1st Account customers. Find out more about our 1st Account. Our Regular Saver gives you a 7.00% AER/Gross p.a.

Is there a 7% savings account? ›

Banks that offer 7% interest on savings accounts. While no financial institutions currently offer savings accounts with 7% interest, a few accounts that meet similar criteria are available. These include one high-yield checking account with an APY that exceeds 7.00% and several high-yield savings accounts.

Which bank gives 7% interest rate? ›

State Bank of India (SBI): SBI offers its highest interest rate of 7 percent when fixed deposit tenure is between 2 to 3 years. Deposits with tenure between 3-5 years, the state lender offers 6.75 percent.

What is 7% interest on $300000? ›

Monthly payments on a $300,000 mortgage

At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $1,996 a month, while a 15-year might cost $2,696 a month.

How much interest will $100 000 earn in a year? ›

Annual compound interest earnings:

At 4.25%, your $100,000 would earn $4,250 per year. At 4.50%, your $100,000 would earn $4,500 per year. At 4.75%, your $100,000 would earn $4,750 per year. At 5.00%, your $100,000 would earn $5,000 per year.

Which bank gives 8% interest? ›

Top 20 Scheduled Banks offering Best FD Rates
BanksHighest FD rate (% p.a.)3-year FD rate (% p.a.)
RBL Bank8.007.50
AU Small Finance Bank8.007.50
Fincare Small Finance Bank8.007.50
DCB Bank8.007.60
16 more rows

What is 7% aer on 3600? ›

Seven per cent of £3,600 is £252, but the First Direct deal does not pay that amount. Instead it only pays a maximum of £136.50 a year.

What is the best bank account for over 60s? ›

We've summarised these different savings accounts available to you in the table below:
Who Offers It? (Bank or Building Society)Type or Name of Savings AccountInterest Rate
First DirectRegular saver7.00%
Ford MoneyFlexible saver4.60%
Goldman SachsOnline savings account4.75%
Goldman SachsCash ISA4.75%
15 more rows

Can you get 7% on a CD? ›

Can You Get a 7% CD Account? There was a lot of excitement in August 2023 about a few credit unions offering 7% APYs on certificates. But those rates were offered for a limited time only and are no longer available. However, the nation's best CD rates are still well above 5%, with some pushing toward 6%.

How much does the average 50 year old have in a savings account? ›

The above chart shows that U.S. residents 35 and under have an average of $30,170 in retirement savings; those 35 to 44 have an average $131,950; those 45 to 54 have an average $254,720; those 55 to 64 have an average $408,420; those 65 to 74 have an average $426,070; and those over 70 have an average $357,920.

Where can I get 7% on a CD? ›

Right now, there aren't any financial institutions offering 7% interest on a CD. Alpena Alcona Area Credit Union, a local financial institution in Michigan, previously offered a 7.19% APY on a 7-month CD special, but that offer has ended. There are a few financial institutions with CDs paying 6% APY or more, though.

What bank is paying the highest interest right now? ›

Best savings rates of 5% or more
  • BrioDirect, 5.35% APY.
  • Ivy Bank, 5.30% APY.
  • TAB Bank, 5.27% APY.
  • Jenius Bank, 5.25% APY.
  • UFB Direct, 5.25% APY.
  • Upgrade, 5.21% APY.
  • Bread Savings, 5.15% APY.
  • EverBank, 5.15% APY.

Which bank is best for savings? ›

Compare Savings Accounts up to 5.55%
BankSavings AccountMax Interest Rate
INGING Savings Maximiser (<$100k)5.50% p.a.
Macquarie BankMacquarie Bank Savings Account (Amounts < $250k)5.35% p.a. Intro rate for 4 mths then 4.75% p.a.
ANZ PlusANZ Plus ANZ Save4.90% p.a.
MOVE BankMOVE Bank Growth Saver ($1 - $25k)5.50% p.a.
27 more rows

Which bank is offering 7.5 interest rate? ›

Fixed deposit interest rates on five-year deposits
BankInterest on 5-year FDsInterest on 5-year FDs: Senior Citizens
Bank of Baroda6.5%7.5%
SBI6.5%7.5%
HDFC Bank7%7.5%
Kotak Mahindra Bank6.25%6.25%
2 more rows
6 days ago

Where can I get 8% on my savings? ›

Competition between banks and building societies to attract current account holders is growing more fierce, as the best savings rate in a decade has been announced. Nationwide Building Society is launching a linked savings account paying 8 per cent interest plus a £200 switching bonus.

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