Where can I get 5% interest on my savings account?
Multiple banks offer 5% on a savings account, such as Varo Bank and CIT Bank. Investing platforms like Betterment and Wealthfront also have 5% savings accounts for new customers.
Bank | APY | Min. deposit to open |
---|---|---|
BMO Alto | 5.10% | $0 |
CIT Bank | 5.05% (on balances of $5,000 or more) | $100 |
DollarSavingsDirect | 5.00% | $0 |
CommunityWide Federal Credit Union | 5.00% | $1 |
Multiple banks offer 5% on a savings account, such as Varo Bank and CIT Bank. Investing platforms like Betterment and Wealthfront also have 5% savings accounts for new customers.
Consider a money market account
Interest rates for money market accounts can vary, but some financial institutions offer rates around the 5% mark right now. While this might not be the norm, it's worth researching and comparing rates across different banks to identify the best option for your financial goals.
Which bank gives 7% interest on a savings account? 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.
With a Varo Bank account, you can earn a whopping 5% APY on your savings, but you'll need to meet some qualifications first. When you first invest, you'll earn 3% on your balance. To earn the 5% APY, you'll need to meet one of these two requirements: Receive qualifying direct deposits of $1,000 or more in your account.
- 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.
- Stocks.
- Real Estate.
- Private Credit.
- Junk Bonds.
- Index Funds.
- Buying a Business.
- High-End Art or Other Collectables.
Bank | Interest Rate of Savings Bank Account |
---|---|
Axis Bank | 3.00% - 3.50% |
Bank of Baroda | 2.75% - 3.35% |
IDFC First Bank | 3.50% - 4.00% |
Bank of India | 2.75% - 2.90% |
IDFC FIRST Bank provides monthly interest payout on Savings Account, helping you earn regular income.
Where can I get 6% on my savings?
Currently, there's only one account that pays 6% APY — Digital Federal Credit Union's savings account — and it only pays 6.17% APY on balances up to $1,000.
- UFB Secure Savings: Up to 5.25% APY.
- Bread Savings High-Yield Savings Account: 5.15% APY.
- Bask Interest Savings Account: 5.10% APY.
- BMO Alto Online Savings Account: 5.10%
- M1 High-Yield Savings Account: Up to 5.00% APY.
- Milli Savings Account: 4.75% APY.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts. CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
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.
Yes, the monthly interest credit facility is applicable to all types of savings accounts.
Traditional savings account: Best if you want to bank in person. High-yield savings account: Best if you want to bank digitally. Money market account: Best if you want a debit card or paper checks tied to your savings. CD: Best if you're comfortable not touching your money for a long time.
By comparison, interest rates for some high-yield savings accounts exceed 5.00%. Vanessa Potter, assistant vice president and branch manager at Addition Financial Credit Union, pegs the best interest rate for a savings account at 4.00% or more.
0.46% APY | 5.30% APY | |
---|---|---|
After 1 Year | $46.00 | $530.00 |
After 5 Years | $232.13 | $2,946.19 |
After 10 Years | $469.64 | $6,760.37 |
- Certificates of deposit (CDs) and share certificates.
- Money market accounts.
- Treasury securities.
- Series I bonds.
- Municipal bonds.
- Corporate bonds.
- Money market funds.
- Dividend stocks.
There's nothing wrong with keeping $10,000 in a savings account. But it might not earn you the highest yields. CDs and brokerage accounts could be better homes for your cash in some situations.
What is the safest type of savings account?
Certificates of deposit: These accounts lock your balance away for a specified period of time — often between one year and five years — in exchange for a higher interest rate. But if you withdraw any money during the term, you'll typically have to pay a penalty. CDs are also covered by FDIC insurance.
Banks | Interest rate for General Citizens Tenure (7 days to 10 years) | Interest rate for Senior Citizens Tenure (7 days to 10 years) |
---|---|---|
ICICI Bank | 3.00% – 6.90% | 3.50% – 7.50% |
Bank of Baroda | 4.25% – 6.50% | 4.75% – 7.50% |
Canara Bank | 4.00% – 6.70% | 4.00% – 7.20% |
Bank of India | 3.00% – 6.00% | 3.50% – 6.50% |
- HDFC Bank. HDFC Bank offers 7.10 percent to senior citizens on deposits of one year to 15 months. ...
- ICICI Bank. ICICI Bank offers interest in the range of 7 to 7.25 per cent depending on the tenure. ...
- State Bank of India. ...
- Bank of Baroda.
- High-Yield Savings Account. A high-yield savings account is a good choice if you want to make sure your savings are somewhat accessible while earning interest. ...
- High-Yield Checking Account. ...
- CDs and CD Ladders. ...
- Money Market Account. ...
- Treasury Bills. ...
- Series I Savings Bonds.
If they're FDIC-insured, online banks are as safe as traditional brick-and-mortar banks in many ways. You can also take steps as a consumer to ensure your account is as protected as possible when banking online, whether you bank with a brick-and-mortar or an online bank, also called a direct or digital bank.