What is the best interest rate at the moment?
Regular Saver Account. 7% Interest Savings - first direct.
- SoFi Checking and Savings: Best for Savings Rates, 4.60% APY.
- Barclays Online Savings Account: Best for Savings Rates, 4.35% APY.
- Bask Interest Savings Account: Best for Savings Rates, 5.10% APY.
- Synchrony Bank High Yield Savings: Best for Savings Rates, 4.75% APY.
Regular Saver Account. 7% Interest Savings - first direct.
| Provider | Account name | Interest rate (AER) |
|---|---|---|
| United Trust Bank Sponsored | UTB 6 Month Bond * | 4.96% |
| This listing is sponsored by United Trust Bank | ||
| StreamBank PLC | 1 Year Fixed Rate Account (Issue 12) | 5.25% |
| Charter Savings Bank | 1 Year Fixed Rate Bond | 5.21% |
As of writing, no U.S.-based banks are offering a 7.00% APY on a savings account. For high-yield savings accounts — top, competitive rates are more in the 5.00% APY range. However, Landmark Credit Union currently offers a Premium Checking account with a 7.50% APY on balances up to $500.
- TotalDirectBank – 5.35% APY.
- Elements Financial – 5.35% APY.
- First Internet Bank – 5.31% APY.
- Northpointe Bank – 5.30% APY.
- Quontic Bank – 5.30% APY.
- Colorado Federal Savings Bank – 5.30% APY.
- Home Savings Bank – 5.30% APY.
- My eBanc – 5.30% APY.
High-yield CD rates today can be several times the national average of 1.40% APY for five-year terms and the national average of 1.83% APY for one-year terms. Unlike regular savings accounts, most CDs have fixed rates, so you can lock in a higher rate while it lasts.
| Savings Account | APY |
|---|---|
| CIT Bank Platinum Savings | 5.05% APY on balances of $5,000 or more; 0.25% APY on balances under $5,000 |
| Salem Five Direct eOne Savings | 5.01% APY |
| Laurel Road High Yield Savings® | 5.00% APY |
| Wealthfront Cash Account | 5.00% APY |
As of March 2024, there are no savings accounts offering a 7% interest rate, but you can open a 7% interest checking account at two U.S.-based credit unions. To qualify for these accounts, you'll need to meet some very strict requirements.
| Who Offers It? (Bank or Building Society) | Type or Name of Savings Account | Interest Rate |
|---|---|---|
| First Direct | Regular saver | 7.00% |
| Ford Money | Flexible saver | 4.60% |
| Goldman Sachs | Online savings account | 4.75% |
| Goldman Sachs | Cash ISA | 4.75% |
Which bank gives 8% interest?
| Banks | Highest FD rate (% p.a.) | 1-year FD rate (% p.a.) |
|---|---|---|
| ESAF Small Finance Bank | 8.25 | 6.00 |
| RBL Bank | 8.10 | 7.50 |
| AU Small Finance Bank | 8.00 | 6.75 |
| DCB Bank | 8.00 | 7.15 |
- Pelican State Credit Union - 6.05% APY on balances up to $10,000. ...
- Credit Union of New Jersey - 6.00% APY on balances up to $25,000. ...
- Fitness Bank - 6.00% APY on balances up to $25,000. ...
- Orion Federal Credit Union - 6.00% APY on balances up to $10,000.
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.
Right now, there aren't any financial institutions offering 7% interest 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%.
- Credit One Bank – 5.25% APY for a one-year CD, $100,000 minimum deposit for APY.
- Suncoast Credit Union – 5.25% APY for a one-year CD, $100,000 minimum deposit for APY.
- Navy Federal Credit Union – 5.10% APY for a one-year CD, $100,000 minimum deposit for APY.
| Top Nationwide Rate (APY) | Total Earnings | |
|---|---|---|
| 6 months | 5.76% | $ 288 |
| 1 year | 6.18% | $ 618 |
| 18 months | 5.80% | $ 887 |
| 2 year | 5.60% | $ 1,151 |
- Bread Savings — 5.25% APY, $1,500 minimum deposit.
- Limelight Bank — 5.20% APY, $1,000 minimum deposit.
- Bask Bank — 5.20% APY, $1,000 minimum deposit.
- Live Oak Bank — 5.20% APY, $2,500 minimum deposit.
- LendingClub Bank — 5.15% APY, $2,500 minimum deposit.
It's unlikely that CD rates will continue to climb any higher. Now, you can lock in high rates on both short-term and long-term CDs. Waiting to open a CD could mean missing out on some stellar rates. Plus, you can score some serious interest just by opting to deposit a larger lump sum into your CD.
With such high interest rates, the earnings on CDs are impressive. You'll earn $850.50 for a total of $15,850.50 after one year when you open a $15,000 1-year CD with Popular Direct when calculating the returns at current rates.
Should I lock in a 5% CD now?
Remember, it's possible that in two or three years from now, CDs will be paying 2.5% interest at best. So if you can lock in a 5-year CD at 5% now, that means that once things reach that point, you'll continue to earn more interest on your money while savers opening new CDs will be signing up to earn much less.
A 5.00% interest rate can significantly boost your savings. At this rate, your initial $100,000 would accrue $5,000 in interest each year. But monthly compound interest would boost that total even further. At the same 5.00% rate, monthly compound interest would result in a total of $5,116 at the end of the first year.
You want to know your total interest payment for the entire loan. To start, you'd multiply your principal by your annual interest rate, or $10,000 × 0.05 = $500.
Capital One offers a flat 4.35% APY on all the cash in a 360 Performance Savings account. You don't need to maintain a set balance before you can earn the maximum interest rate. While this isn't unusual, some competitors have different tiers, requiring you to maintain minimums to earn various rates.
- Stock Market (Dividend Stocks) ...
- Real Estate Investment Trusts (REITs) ...
- P2P Investing Platforms. ...
- High-Yield Bonds. ...
- Rental Property Investment. ...
- Way Forward.
