When you go to open an account, you want to feel like the bank or credit union you are working with is offering the best savings rates or annual percentage yields, or APYs, possible. How much interest you earn on your money can vary by location, term or promotional aspects. Higher rates are always ideal, but where can you find the best offerings?
Quick Take: Is 12% Interest on Your Savings Possible?
Though there are some international CDs with high rates or cryptocurrency savings accounts with high APYs, traditional U.S. banks do not offer 12% interest. In fact, the national average rate for savings accounts is about 0.46%, however, many high-yield savings accounts can offer higher rates closer to 5%.
Best Saving Account Rates
When it comes to deposit accounts one of the best ways to store your money is a high-yield savings account. Not only do these higher yields make sure you are getting a better rate of return but these trusted bank accounts are a low-risk way to grow your wealth. Here are GOBankingRates’ Best High-Yield Savings Accounts of 2024.
Best High-Yield Savings Accounts
Best CD Rates
Opening a CD account comes with many considerations such as whether to go with shorter or longer terms, CD ladders, minimum deposits, rates and early withdrawal penalties. Though you can’t get 12% with U.S. bank CD terms, you can get a better APY than with other savings products. GOBankingRates has ranked the following banks to be among the Best CD Accounts of 2024.
Best CD Accounts
Alternative High-Yield Opportunities For Your Savings Goals
Earning 12% interest may seem like a pipe dream but there are a few potential accounts out there where you could do just that. Alternative investments or savings products, though often outside of the U.S., do exist they may just be harder to attain or higher risk. Below are some examples of where you could potentially earn 12% on your savings.
Alternative High-Yield Savings Options
| Alternative Account | APY |
|---|---|
| Ravnaq Bank 12-month Time Deposit | 14% |
| Khan Bank 12-month Online Term Deposit | 12.4% |
| Crypto.com Earn | Up to 14.5% |
| CoinLoan | Up to 12.3% |
| Nexo | Up to 12% |
Other Investments Where You Can Earn High Interest
Outside of savings products, one of the best ways to grow your money is to invest and diversify your portfolio. This type of money move doesn’t come with guarantees but once you assess your risk tolerance you could look into higher-return investments like the following examples.
Can You Earn 7% Interest on Your Savings?
7% interest isn’t really an option for savings accounts in the U.S. but there are two credit unions that currently offer 7% on checking options. Keep in mind there are terms and conditions to earn this amount but here are some details for these accounts.
Final Take To GO
Making your money work for you is always a primary objective of any savings goal. If you are looking for a new account where you can earn the best interest rates you may have to do a little research to see which bank or credit union is currently offering the best options.
FAQ
Here are some answers to frequently asked questions about 12% interest rates or the highest interest rate offerings.
- Can you earn 12% on interest?
- Though you can potentially earn 12% interest on certain international or overseas CD accounts or if you have crypto savings, it is not really an option with U.S. savings accounts.
- Where can I get the most interest on my savings?
- The current best interest rate you can earn is 7.50% APY from the Premium Checking account at Landmark Credit Union or 0.00% APY from the OnPath Rewards High-Yield Checking. These aren’t technically savings accounts and each credit union offering comes with its own terms and conditions, however, these APYs are great.
- Which US bank gives 7% interest on savings accounts?
- Here are the two credit unions that currently offer 7% interest or higher:
- Premium Checking account at Landmark Credit Union: 7.50% APY on a minimum balance of $500.
- OnPath Rewards High-Yield Checking: 7.00% APY on average daily balances up to $10,000.
- Here are the two credit unions that currently offer 7% interest or higher:
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of April 10, 2024.
*Capital one interest rates accurate as of April 11, 2024. See website for all current rates.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
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