Which bank gives 7% interest on savings account?
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 of up to $500.
There are not any banks offering 7% interest on a savings account right now. However, two financial institutions are paying at least 7% APY on checking accounts: Landmark Credit Union Premium Checking Account, and OnPath Rewards High-Yield Checking.
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.
As of February 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts. Eligibility for these credit unions is limited according to geographic location and other narrow criteria.
Skipton Building Society is offering a rate of 7% on a maximum deposit of £250 per month on its Member Regular Saver. One condition is attached: you must have been a member of the building society since before 11 Jan 2024. You can skip monthly deposits and early closure of the account is allowed.
DCB Bank savings account interest rates
DCB Bank offers up to 8% interest on savings accounts with balances ranging from Rs 10 lakh to less than Rs 2 crore. The bank pays 7.75% interest on savings account balances ranging from Rs 10 crore to less than Rs 200 crore. The rates are effective from September 27, 2023.
Currently, no U.S. banks or credit unions are offering 7% APY on CDs. During August 2023, a few credit unions were offering 7% interest on CDs, but those were limited-time offers that are no longer available.
High-Yield Savings Accounts: While interest rates fluctuate, some high-yield savings accounts or online banks may offer interest rates close to 8 percent, although these rates can change frequently.
- Milli – 5.50% APY*
- Poppy Bank – 5.50% APY.
- My Banking Direct – 5.35% APY.
- BrioDirect – 5.35% APY.
- Vio Bank – 5.30% APY.
- Ivy Bank – 5.30% APY.
- TAB Bank – 5.27% APY.
- TotalDirectBank – 5.26% APY.
| Bank | APY* | See details |
|---|---|---|
| Ivy Bank | 5.30% | Learn more about Ivy Bank |
| Western Alliance Bank | 5.28% | Learn more about Western Alliance Bank |
| TAB Bank | 5.27% | Learn more about Tab Bank |
| Cloudbank 24/7 | 5.26% | Learn more about Cloud 24/7 |
Where can I get 7.5 on my savings?
The best savings rate today is from a regular saver account with Skipton Building Society paying 7.5 per cent — but there's a catch.
For a 100K mortgage, the payment on a 30-year loan at 7% interest would be $665.30. For a 15-year mortgage loan term, the payment increases to $898.83, which helps you pay off the loan sooner and pay less in interest costs over the entire loan.
You can get 6% on a CD by becoming a member of a credit union offering a certificate with this rate.
Savers can now earn 9pc in savings interest, after the only savings account to beat inflation launched – but there's a catch. Saffron Building Society has launched an account with a market-leading 9pc interest rate, making it the only rate able to outpace the current 8.7pc rate of inflation.
- ANZ Plus Save – 4.90%. See details above.
- Progress Saver – 4.25%. Conditions: deposit at least $10 in one transaction each month and make no withdrawals or transfers, otherwise it reverts to 0.01%. ...
- Online Saver – 1.50%. (3.65% for the first three months.)
- 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.
| Small Finance Bank | Interest p.a. (%) | Duration |
|---|---|---|
| Equitas Small Finance Bank | 8.5 | 444 days |
| Utkarsh Small Bank | 9.10* | 2-3 years |
| Jana Small Finance Bank | 9.0* | 2-3 years |
| Ujivan Small Finance Bank | 8.25 | 560 days |
| FDs paying more than 7% | ||
|---|---|---|
| Bank | Tenure | Senior Citizen FD Rate (per annum) |
| Equitas Small Finance Bank | 888 days | 9.00% |
| Utkarsh Small Finance Bank | 700 days to 2 years | 8.85% |
| Jana Small Finance Bank | 1095 days | 9.00% |
| Bank Name | Interest Rates (% p.a.) | |
|---|---|---|
| Federal Bank | 8.00 | 7.25 |
| HDFC Bank | 7.75 | 7.50 |
| ICICI Bank | 7.65 | 7.50 |
| IDBI Bank | 7.65 | 7.00 |
| Top Nationwide Rate (APY) | Total Earnings | |
|---|---|---|
| 18 months | 5.80% | $ 887 |
| 2 year | 5.60% | $ 1,151 |
| 3 year | 5.50% | $ 1,742 |
| 4 year | 5.20% | $ 2,248 |
What is the highest paying CD rate right now?
| Term | APY | Provider |
|---|---|---|
| No Penalty CD (5 Months) | 5.36% APY | Technology Credit Union, powered by Raisin |
| 3 Month | 5.51% APY | TotalDirectBank |
| 6 Month | 5.75% APY | Andrews Federal Credit Union |
| 1 Year | 5.56% APY | Lafayette Federal Credit Union |
The national average rate for one-year CD rates started out at 1.07 percent in 2023, and it rose to 1.73 percent by the end of the year. At the start of 2023, the national average rate paid by five-year CDs was 1.16 percent, and it climbed to 1.43 percent by year's end.
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.
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.
- Savings Accounts.
- High-Yield Savings Accounts.
- Certificates of Deposit (CDs)
- Money Market Funds.
- Money Market Deposit Accounts.
- Treasury Bills and Notes.
- Bonds.
