Which bank gives 7% interest on savings?
See how we rate banking products to write unbiased product reviews. A 7% interest savings account is hard to come by. The only institution we found offering such a high rate is Landmark Credit Union.
| Banks | Highest FD rate (% p.a.) | 1-year FD rate (% p.a.) |
|---|---|---|
| RBL Bank | 8.10 | 7.50 |
| DCB Bank | 8.05 | 7.10 |
| AU Small Finance Bank | 8.00 | 7.25 |
| YES Bank | 8.00 | 7.25 |
Which bank gives 8% interest on a savings account? Currently, no banks offer an interest rate of 8% on savings accounts. However, some banks provide a 7% APY on checking accounts.
| Provider | Rate (AER) | Penalty-free withdrawals allowed? |
|---|---|---|
| Principality BS | 8% fixed for six months | No, but early closure permitted |
| Progressive BS | 7% variable for one year | Yes |
| Coventry BS | 6.25% variable for a year | Yes |
| Halifax | 5.5% fixed for one year | No, but early closure permitted |
- Landmark Credit Union Premium Checking (7.50% APY) ...
- Digital Credit Union Primary Savings (6.17% APY) ...
- My Banking Direct High Yield Savings (5.25% APY) ...
- BioDirect High-Yield Savings (5.30% APY) ...
- High-yield savings accounts. ...
- Certificates of deposit (CDs) ...
- Money market accounts (MMAs)
Unity Finance Bank's highest FD rate
The small finance bank is offering its highest rate on fixed deposits with a tenure of 1001 days, providing regular investors with 9% interest and senior citizens with 9.5% interest.
| Top Banks | 1 year - less than 2 years | 5 years - upto 10 years |
|---|---|---|
| ICICI Bank | 7.65% | 7.50% |
| Bank of Baroda | 7.35% | 7.50% |
| Canara Bank | 7.35% | 7.20% |
| Bank of India | 7.00% | 6.50% |
The hunt for CDs offering 7% APY
Right now, there aren't any financial institutions offering 7% interest on a CD. However, California Coast Credit Union is offering a 5-month Celebration Certificate with a 9.50% APY.
- Invest in the Private Credit Market. Looking for superior returns? ...
- Gold IRAs. Over the last 20 years, gold has returned 9.6% per year. ...
- Paying Down High-Interest Loans. ...
- Stock Market Investing via Index Funds. ...
- Stock Picking. ...
- Junk Bonds. ...
- Buy an Existing Business. ...
- Peer-to-Peer Lending.
You can find 6% CD rates at a few financial institutions, but chances are those rates are only available on CDs with maturities of 12 months or less. Financial institutions offer high rates to compete for business, but they don't want to pay customers ultra-high rates over many years.
Where to put $10,000 for best interest?
A stocks and shares Isa is likely to be most suitable. That is unless you will turn 55 within 30 years, in which case a pension might be a better tax wrapper for you. If you're unsure about the time horizon, you could invest in both a pension and a stocks and shares Isa.
CDs, high-yield savings accounts, and money market funds are the best places to keep your cash when it comes to interest rates. Treasury bills currently offer attractive yields at the lowest risk. Learn how they compare in terms of yield, liquidity, and guarantees.
According to data from the FDIC, the average savings account earns 0.46% APY. Currently, however, the best high-yield savings accounts offer APYs of around 5.00%. If you deposit $10,000 into one of these high-yield savings accounts, you'll earn $500 in interest in a year.
You can find the coveted 7% interest on a deposit account at Landmark Credit Union. The Landmark Credit Union Premium Checking account offers 7.50% APY on balances up to $500 — which is a rather small balance to top out at — and membership requirements are tight. If you don't qualify for one account, don't lose heart.
There are no national or community banks offering 7% interest on a savings account right now. Landmark Credit Union, which serves residents in select counties in Wisconsin and Illinois, pays 7.50% APY on its Landmark Credit Union Premium Checking Account — however, there are some major caveats to consider.
The safest place to put money is in an interest-earning bank account at an FDIC-insured bank or an NCUA-insured credit union. There's no risk of losing your money. You'll find the best interest rates at online banks.
- Newtek Bank – 5.25% APY.
- Evergreen Bank Group – 5.25% APY.
- VirtualBank – 5.25% APY.
- My Banking Direct – 5.25% APY.
- CFG Bank – 5.23% APY.
- UFB Direct – 5.15% APY.
- RBMAX – 5.15% APY.
- Bread Savings – 5.15% APY.
| Provider | Account name | Interest rate (AER) |
|---|---|---|
| This listing is sponsored by Raisin | ||
| Investec | 90-Day Notice Saver | 5.25% |
| Hinckley & Rugby Building Society | 180 Day Notice | 5.25% |
| Oxbury Bank | 90 Day Notice Base Rate Tracker (Issue 3) | 5.13% |
| Account | Annual Percentage Yield | Learn More CTA text |
|---|---|---|
| TAB Bank High Yield Savings | 5.02% APY | Learn More |
| EverBank Performance℠ Savings | 5.05% APY | Learn More |
| BrioDirect High Yield Savings Account | 5.30% APY | Learn More |
| Ivy Bank High-Yield Savings Account | 5.30% APY | Learn More |
Ujjivan Small Finance Bank fixed deposit rates
The bank offers the highest interest rate of 8.75% for senior citizens on tenure of 12 months.
Which bank is best for savings accounts?
Institutions such as HDFC Bank, ICICI Bank, and State Bank of India (SBI) are known for their attractive interest rates and substantial branch networks. Kotak Mahindra Bank is known for its digital financial services, whereas Axis Bank provides flexible savings alternatives.
| FD Scheme | All Bank FD Interest Rates 2024 |
|---|---|
| HDFC Bank Tax Saving FD | 6.10% - 6.60% |
| IndusInd Bank Tax Saver Scheme | 6.75% - 7.50% |
| SBI Bank Tax Saving FD | 6.10% - 6.60% |
| RBL Bank Tax Saving FD | 6.55% - 7.05% |
| Institution | Most Competitive CD Term | Highest CD APY Available |
|---|---|---|
| NBKC Bank | 7 months* | 5.00% |
| Dow Credit Union | 3 months* | 5.20% |
| Prism Bank, powered by Raisin | 1 month* | 5.15% |
| First Internet Bank of Indiana | 12 months* | 5.05% |
| Term Length | Average APY | Interest earned on $10,000 at maturity |
|---|---|---|
| 6 months | 2.53% | $127.17 |
| 1 year | 2.57% | $260.05 |
| 18 months | 2.18% | $332.10 |
| 2 years | 2.09% | $426.48 |
Credit union CDs may be called share certificates, and they may pay higher dividends (interest) on average compared to commercial bank CDs.
