7% Interest Savings Account: Too Good To Be True? (2024)

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On This Page

    Key takeaways
  • Our top picks for savings accounts
  • What is a 7% interest savings account?
  • Which bank gives 7% interest on a savings account?
  • How to choose a 7% interest savings account
  • How to apply for a 7% interest savings account
  • Is a 7% interest savings account right for me?
  • Alternatives to 7% interest savings accounts
  • Our top picks for savings accounts
  • FAQ: 7% interest savings accounts
  • Related topics

On This Page

  • Key takeaways
  • Our top picks for savings accounts
  • What is a 7% interest savings account?
  • Which bank gives 7% interest on a savings account?
  • How to choose a 7% interest savings account
  • How to apply for a 7% interest savings account
  • Is a 7% interest savings account right for me?
  • Alternatives to 7% interest savings accounts
  • Our top picks for savings accounts
  • FAQ: 7% interest savings accounts
  • Related topics
7% Interest Savings Account: Too Good To Be True? (2)

Reviewed By Blake Esken - LA Times Team

Updated on MAR 27, 2024 6 Min Read

Why Trust Us?

KEY TAKEAWAYS

  • As of March 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.
  • Before you open an account, it’s important to consider things such as eligibility, fees, accessibility and minimum deposit and balance requirements.
  • Savings account alternatives include certificates of deposit, money market accounts and index funds.

Which bank offers 7% interest on savings accounts? Whether you’re new to the fascinating world of personal finance or fairly well-versed in today’s banking options, the fact is you’ve likely never heard of a 7% annual percentage yield (APY). That rate is incredible, and there are only a couple of places where you can open an account and score anAPY so good it leaves the national average rate in the dust.

Before you trust your hard-earned cash or impending tax return to just anybody, let’s see which financial institutions are offering the best bang for your buck.

In this guide, we’ll cover crucial topics such as:

  • What is a 7% interest savings account?
  • Which bank gives 7% interest on a savings account?
  • How to choose a 7% interest savings account

Our top picks for savings accounts

What is a 7% interest savings account?

A 7% interest savings account is considered high yield because the interest you’d earn is far above what you’d typically get from a standard savings account. The Federal Deposit Insurance Corporation (FDIC) lists thenational average interest ratefor savings accounts at just 0.47%.

Finding a 7% interest rate is sort of like hitting the personal finance jackpot. While most high-yield savings accounts offer a highAPY that far exceeds the 0.47% national average, they still usually cap out at around 5% interest. It’s not unusual to sign up for an online-only savings account that offers a 4.25% to 4.50% APY and feel like you really scored.

If you do manage to find a financial institution that offers 7% interest rates, those extra couple of percentage points can make a huge difference.

Here’s what your earnings might look like if you made an initial deposit of $5,000 at an APY of 7% compounded monthly versus the same account subject to basic interest.

Basic vs. Compound Interest: 7% Interest Savings Account With $5K Initial Deposit

Amount of time 7% basic interest 7% interest compounded monthly
1 year $5,350 $5,361.45
2 years $5,724.50 $5,749.03
3 years $6,125.22 $6,164.63
4 years $6,553.98 $6,610.27
5 years $7,012.76 $7,088.13

The above chart assumes you’re not making any additional deposits. But if you signed up for 7% compounded interest and added just $100 each month to your account, after five years, you’d have a whopping $14, 247.42.

To understand more about how much you could earn, try using our savings calculator.

Which bank gives 7% interest on a savings account?

There aren’t any banks offering a savings account with 7% interest right now. However, two financial institutions are paying out at least 7% APY on checking accounts.

While it’s an unusual move, stockpiling your “extra” money in a checking account with sky-high interest could be beneficial. Unlike with how a savings account works, there likely won’t be any withdrawal limits and you should be able to access your money more readily than if you opted for a savings account or CD.

Banks with high-yield savings accounts’ interest rates

Bank APY Monthly fee Minimum opening deposit Withdrawal limits
Western Alliance 5.24% $0 $1 - No upper limit for withdrawals
LendingClub 5.00% $0 $100 - From $500 to $250,000, depending on the age of the account and your total balance
- No limit on the number of transfers
Synchrony 4.75% $0 $0 - $1,000 per day
- No limit on the number of times
Ally Bank 4.25% $0 $0 10 withdrawals per month
American Express 4.35% $0 $0 - 9 withdrawls per month
- To transfer money in and out, you need to link the savings account to a separate checking account
Marcus 4.50% $0 $0 No withdrawal limit
Barclays 4.35% $0 $0 - Withdrawal limit of $250,000 per transaction
- No limit on the number of times
Capital One 4.35% $0 $0 No withdrawal limit
Citibank 4.45% $4.50 $0 No withdrawal limit
PNC 4.65% $0 $0 Monthly withdrawal cap of 6 transactions

Landmark Credit Union Premium Checking

Landmark Credit Union offers a Premium Checking account with an interest rate of 7.50%. That sounds exciting, but there are major caveats.

That rate only applies to balances of up to $500, and you’ll need to jump through some hoops to qualify:

  • Become a member of the credit union (only open to residents of certain counties in Wisconsin and Illinois)
  • Have direct deposits to the account totaling at least $250 per month
  • Enroll in eDocuments (the digital version of monthly bank statements)

Key Features of Landmark Credit Union Premium Checking

Feature Detail
APY 7.50% on balances up to $500
Monthly maintenance fee None
Minimum deposit to open $35
Other features 34,000+ in-network ATMs, free bill pay, robust digital banking

Remember, this isn’t a savings account. You’ll be able to make deposits and withdrawals as often as you like, but you may be subject to fees if you don’t meet balance requirements or if your bank account is overdrawn.

OnPath Credit Union High Yield Checking

OnPath Credit Union’s High Yield Checking is also a transactional account, not a savings account. But it comes with an impressive 7.00% APY that surpasses what you’d normally see from checking accounts at brick-and-mortar banks or savings accounts at online-only banks.

Like Landmark’s Premium Checking, OnPath’s High Yield Checking has a cap on balances eligible for the maximumAPY, but the ceiling is a very generous $10,000. Balances over $10,000 earn just 0.50% APY.

Other eligibility requirements that must be met before you nab that 7% APY include:

  • Log into your OnPath online account or mobile banking at least once per monthly statement cycle
  • Make at least 15 debit card purchases each statement cycle (must post and settle during the given cycle)
  • Enroll in e-statements

Membership eligibility for OnPath Credit Union is extremely restrictive. You must live, work, attend school or worship in an eligible part of Greater New Orleans or in the nearby areas of Avondale, Bridge City,Gretna, Harvey, Lafourche Parish, Marrero, Orleans Parish, South Kenner, St. Tammany, Waggaman orWestwego. The financial institution also has a Select Employee Group (SEG) program that extends membership to employees of 600 local businesses and organizations.

Key Features of OnPath Credit Union High Yield Checking

Feature Detail
APY 7.00% on balances up to $10,000
Monthly maintenance fee None
Minimum deposit to open $25
Other features Privileges at 5,600 physical locations and 30,000 fee-free ATMs, up to $10/month refunded for out-of-network ATM fees, free bill pay

How to choose a 7% interest savings account

Before you sign up for a 7% interest account, it’s important to consider what features are offered and how those perks (and any associated drawbacks) stack up against your own list of needs and wants.

You’ll want to review these savings account features:

  • 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.
  • Eligibility:Credit unions often have strict eligibility requirements to open an account, and that’s the case with the two institutions offering 7% APY checking accounts. You’ll need to live, work, attend school or worship in a certain area to even apply.
  • Deposit requirements:Some banks require a certain minimum deposit to open an account. Both high-yield accounts listed in this guide have low minimum deposit requirements (just $25 and $35) and no minimum monthly balances to meet.
  • Fees:The interest you earn can quickly be canceled out by sky-high fees. Look for an account that either has zero monthly maintenance fees or one that eliminates fees if you meet certain requirements (e.g., enabling direct deposit or switching to digital statements).
  • Ease of access:Accessibility is important, especially with a checking account you plan to use frequently. Banks with large fee-free ATM networks make it easier to manage your money while traveling, and having conveniently located brick-and-mortar branches can be helpful, too.
  • Type of interest accrued:A bank account offering compound interest is usually more favorable than one with simple interest. That’s because simple interest generates earnings based solely on the account’s principal, but compound interest is based on the principal amount and interest earned to date combined. Compound interest just adds up faster.

How to apply for a 7% interest savings account

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. That’s because credit unions are membership-based, and they’re allowed to qualify members based on factors such as geographic location and business affiliation. Depending on the institution, you may need to worship at a certain church or belong to a certain labor union.

OnPath Federal Credit Union is a great example of these requirements in action. To join OnPath’s 63,000-strong membership pool, you need to live, work, attend school or worship in certain areas of New Orleans or one of the nearby cities or parishes approved by the bank. You may also be eligible if you or a direct relative (parent, grandparent, child or sibling) meets OnPath FCU’s eligibility requirements.

If you do qualify, you can likely apply by following these steps:

  • Gather personal documentation that proves your identity and current address, such as a government-issued ID or a passport.
  • If applicable, bring proof that you live or work in the required area or, if you need to be a member of a certain union, provide your membership card for that organization.
  • Bring your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) for tax recording purposes.
  • Fill out the credit union’s application.
  • Once you’ve approved, fund your account.
  • Take actions necessary to secure the premium interest rate, such as setting up direct deposits or opting in to eDocuments.

Is a 7% interest savings account right for me?

Since you can’t currently get a 7% interest rate savings account, the real question is whether a 7% checking account is right for you. Understanding the pros and cons of high-yield savings accounts can help you decide if it is worth it.

Consider these pros and cons when deciding whether or not to get a checking account with a 7% interest rate.

Pros

  • 7% APY is the highest in the country
  • Credit unions generally offer more personal customer service and other favorable terms
  • Minimum balance requirements are nonexistent
  • Low minimum deposit requirements make it easy to open an account
  • No monthly service fees
  • Going with a checking account over a savings account works well for short-term savings
  • Broad ATM networks make it easy to access money fee-free
  • Accounts are FDIC-insured for up to $250,000 per institution, per depositor

Cons

  • Balance ceilings mean that rate only applies to a limited portion of your account balance
  • Account eligibility is restricted to members who must live, work, worship or attend school in a certain area
  • There are other requirements (e.g., frequent debit transactions, e-statement enrollment) you must meet to get premium interest rates

Alternatives to 7% interest savings accounts

If you’re still not sure if a 7% interest rate checking account is right for you, there are other high-yield options worth exploring.

1

Certificates of deposit (CDs)

Certificates of deposit are for a set deposit amount and set term. Once your money is locked up in the CD, you can’t access it without incurring a hefty penalty. That said, some CDs offer competitive rates of 5% APY or higher.

See More See Less

2

Money market accounts (MMAs)

Money market accounts take the best aspects of checking and saving accounts and combine them into one offering. You’re generally eligible for higher-than-standard interest rates. This can work to your benefit if you have a large account balance and want to maintain easy access to your funds without dealing with transaction caps.

See More See Less

3

Index funds

Index funds are considered passive investing because you’re putting your money into a portfolio rather than individual stocks. Risk is low, and ROI can be as high as 10% over the long term.

See More See Less

Our top picks for savings accounts

FAQ: 7% interest savings accounts

Where can I get 7% interest on my money?

You can get 7% interest on your money if you put that nest egg into a checking or savings account that offers that premium rate. As of March 2024, only two financial institutions offer a minimum 7% APY: OnPath Federal Credit Union has a high-yield checking account with 7% APY and Landmark Credit Union’s Premium Checking has a limited APY of 7.50%.

What is the highest interest rate for a savings account?

If you have your heart set on a savings account rather than a high-yield checking account, you can get top-of-the-line rates from online banks like Western Alliance Bank (5.26% APY), Ivy Bank (5.30%), Popular Direct (5.35%) and Milli (5.50%). These are way above the national average savings rate of 0.46% and more than you’d get at most brick-and-mortar banks, which often have interest rates of around 0.01 to 0.03%APY.

Is a 7% savings account interest taxed?

All interest earned on savings accounts in the United States is subject to taxation, including 7% interest earned on a savings account or checking account from an online bank or credit union. You’ll get a 1099-INT form from your bank that lists all interest earned over $10, but the IRS mandates total reporting, meaning you need to report interest of less than $10 too and any earnings not listed on a 1099-INT.

7% Interest Savings Account: Too Good To Be True? (3)

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    7% Interest Savings Account: Too Good To Be True? (2024)

    FAQs

    Which bank gives 7% interest on a savings account? ›

    As of April 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.

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

    Banks that offer 7% interest on savings accounts
    1. Landmark Credit Union Premium Checking (7.50% APY) ...
    2. Digital Credit Union Primary Savings (6.17% APY) ...
    3. Popular Direct High-Yield Savings (5.20% APY) ...
    4. TAB Bank High Yield Savings (5.27% APY) ...
    5. High-yield savings accounts. ...
    6. Certificates of deposit (CDs) ...
    7. Money market accounts (MMAs)
    Mar 8, 2024

    What is a good realistic interest rate on a savings account? ›

    Key takeaways

    The top high-yield savings accounts are currently earning APYs of 5 percent and greater. By comparison, the national average savings account APY is just 0.59 percent. You'll often find the most competitive APYs at online-only banks, which tend to pay higher rates than brick-and-mortar banks.

    Why would you put your money in a savings account in EverFi? ›

    Savings accounts pay interest on the money you deposit. Savings accounts limit the number of withdrawals that can be made each month. Savings accounts don't usually require a minimum balance. Savings accounts are best used to store money for longer-term goals.

    What is the difference between 3% and 7% interest rates? ›

    The difference between a slightly more than 3% mortgage rate and a 7% mortgage rate adds roughly an additional $1,000 mortgage payment to a typical, new median-priced single-family home and prices 18 million U.S. households out of the market for the home.

    How do I get 10% interest on my money? ›

    Where can I get 10 percent return on investment?
    1. Invest in stocks for the short term. ...
    2. Real estate. ...
    3. Investing in fine art. ...
    4. Starting your own business. ...
    5. Investing in wine. ...
    6. Peer-to-peer lending. ...
    7. Invest in REITs. ...
    8. Invest in gold, silver, and other precious metals.

    Is there a 7% savings account? ›

    No, there is not a savings account that pays 7% APY right now.

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

    At a 4.25% annual interest rate, your $100,000 deposit would earn a total of $4,250 in interest over the course of a year if interest compounds annually. Annual total: $104,250.

    Is 100k in savings account good? ›

    When your savings reaches $100,000, that's a milestone worth marking. In a world where 57% of Americans can't cover an unexpected $1,000 expense, having a six-figure savings account is commendable.

    What is the ideal savings rate by age? ›

    Savings by age 40: three times your income. Savings by age 50: six times your income. Savings by age 60: eight times your income. Savings by age 67: ten times your income.

    What is considered a high rate savings account? ›

    These days, a competitive high-yield savings account pays up to 5 percent or more. Fees: Some banks charge monthly fees on their savings accounts. Usually, you can avoid these fees if you meet certain requirements, such as maintaining a minimum balance or making a minimum deposit each month.

    Why should you not leave all your money in a savings account? ›

    Also, a savings account won't give you any sort of tax break on your money. The interest you earn on your money will be taxed at the same rate as ordinary income -- the highest rate you're subject to. A better bet is to save for retirement in an account like an IRA, where your contributions go in tax-free.

    Should I keep savings in cash or bank? ›

    In addition to keeping funds in a bank account, you should also keep between $100 and $300 cash in your wallet and about $1,000 in a safe at home for unexpected expenses. Everything starts with your budget.

    Should I keep money in savings or cash? ›

    The recommended amount of cash to keep in savings for emergencies is three to six months' worth of living expenses. If you have funds you won't need within the next five years, you may want to consider moving it out of savings and investing it.

    What bank offers 8% interest? ›

    Nationwide launched its market-leading 8% regular saver on 21 September 2023, which followed on from its previous flex issue offering 4.5% AER back in October 2022. The account permitted you to save between £1 and £200 per month, and unlike a lot of other regular savers, this one required no minimum monthly payment.

    Which bank pays the highest interest on a savings account? ›

    Summary: Our Top High-Yield Savings Accounts at a Glance
    High-Yield Savings AccountAPY*See More
    Highest APY UFB Direct Secure Savings See Rates5.25%See Rates
    Upgrade Premier Savings See Rates5.21%See Rates
    EverBank Performance Savings See Rates5.15%See Rates
    Bask Bank Interest Savings Account See Rates5.10%See Rates
    5 more rows
    2 days ago

    What bank currently has the highest savings interest rate? ›

    Best High-Yield Online Savings Accounts of April 2024
    • EverBank Performance℠ Savings: 5.15% APY.
    • Bask Interest Savings Account: 5.10% APY.
    • LendingClub High-Yield Savings Account: 5.00% APY.
    • Varo Savings Account: 3.00% to 5.00% APY.
    • Laurel Road High Yield Savings®: 5.00% APY.
    • Quontic Bank High Yield Savings: 4.50% APY.
    19 hours ago

    Which bank gives the maximum interest on a savings account? ›

    List of Savings Accounts with Highest Interest Rates
    Sr. NoSavings AccountInterest Rate
    1Freo SaveUp to 7%
    2Ujjivan Small Finance BankUp to 7.50% [w.e.f. 15th November, 2023]
    3RBLUp to 7.50% [w.e.f. 21st August, 2023]
    4Digibank by DBSUp to 7% [w.e.f. 10th October, 2023]
    15 more rows

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