Which bank is giving highest interest rate on savings account?
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.
- Customers Bank High-Yield Savings Account: 5.26% APY.
- UFB Secure Savings Account: 5.25% APY.
- CIT Platinum Savings: 5.05% APY for balances of $5,000 or more.
- SoFi Checking and Savings: up to 4.60% APY.
- American Express® High Yield Savings: 4.35% APY.
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.
| Provider | Account name | Interest rate (AER) |
|---|---|---|
| Allica Bank Ltd | 12 Month Fixed-Term Personal Savings Account (Issue 58) | 5.23% |
| Charter Savings Bank | 1 Year Fixed Rate Bond | 5.21% |
| Hampshire Trust Bank Sponsored | 1 Year Bond (Issue 63) * | 5.17% |
| This listing is sponsored by Hampshire Trust Bank | ||
| Savings Account | APY |
|---|---|
| CIT Bank Platinum Savings | 5.05% APY on balances of $5,000 or more; 0.25% APY on balances under $5,000 |
| Salem Five Direct eOne Savings | 5.01% APY |
| Laurel Road High Yield Savings® | 5.00% APY |
| Wealthfront Cash Account | 5.00% APY |
Does Bank of America Have a High-Yield Savings Account? No, Bank of America does not offer a high-yield savings account.
Can You Get a 7% CD Account? There was a lot of excitement in August 2023 about a few credit unions offering 7% APYs on certificates. But those rates were offered for a limited time only and are no longer available. However, the nation's best CD rates are still well above 5%, with some pushing toward 6%.
The average money market rate is less than 1 percent. But let's say you put $10,000 in an account that earns a full 1% APY. After a year, your balance would earn 100 bucks. Put that same amount in a money market account with a 4% APY, and it would gain just over $400.
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.
What is the best bank to open a savings account?
| Account type | APY | Minimum opening deposit |
|---|---|---|
| TAB Bank | 5.27% | $0 |
| Newtek Bank | 5.15% | $0 |
| Western Alliance Bank | 5.26% | $1 |
| Milli | 4.75% | $0 |
Cash ISAs (Individual Savings Accounts)
Cash ISAs are tax-efficient savings accounts where the interest earned is entirely tax-free, making them an attractive option for over 60s. Available in various forms, including instant-access ISAs, fixed-rate ISAs, and Help to Buy ISAs, each with different terms and benefits.
At least 20% of your income should go towards savings. Meanwhile, another 50% (maximum) should go toward necessities, while 30% goes toward discretionary items. This is called the 50/30/20 rule of thumb, and it provides a quick and easy way for you to budget your money.
- SoFi Checking and Savings: Best for Savings Rates, 4.60% APY.
- Barclays Online Savings Account: Best for Savings Rates, 4.35% APY.
- Bask Interest Savings Account: Best for Savings Rates, 5.10% APY.
- Capital One 360 Performance Savings™: Best for Savings Rates, 4.35% APY.
- Compare your options. The easiest way to open a high-yield savings account may be to open one where you have an existing bank account. ...
- Round up your documents. ...
- Fill out the application. ...
- Fund your account. ...
- Set up online features.
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.
- Alliant Credit Union: Best credit union.
- Ally Bank: Best bank; best CDs.
- Charles Schwab Bank: Best for ATM access.
- Chase: Best for sign-up bonuses; best for branch access.
- Discover® Bank: Best online banking experience.
Bask Bank, an online-only division of Texas Capital Bank, offers a savings account that earns 5.10% APY on any balance: the Bask Interest Savings Account. Even better, there's no minimum balance requirement or monthly fee on this account.
| Institution | APY | Required Opening Deposit |
|---|---|---|
| North American Savings Bank | 5.24% | $25,000 |
| Upgrade | 5.21% | Any amount |
| EverBank (formerly TIAA Bank) | 5.15% | Any amount |
| RBMAX | 5.15% | $10 |
4.25% APY: If you invest your $50,000 in a CD or high-yield savings account with a 4.25% interest rate, you will earn $2,125 in interest in one year. 4.5% APY: A 4.5% CD or high-yield savings account will yield $2,250 in interest on your $50,000 investment in one year.
What is Bank of America best savings account interest rate?
| Account Tier | APY |
|---|---|
| Standard | 0.01% |
| Gold Tier* | 0.02% |
| Platinum Tier* | 0.03% |
| Platinum Honors Tier* | 0.04% |
| Top Nationwide Rate (APY) | Balance at Maturity | |
|---|---|---|
| 1 year | 6.18% | $ 10,618 |
| 18 months | 5.80% | $ 10,887 |
| 2 year | 5.60% | $ 11,151 |
| 3 year | 5.50% | $ 11,742 |
While it's unlikely, a certificate of deposit (CD) could lose money if you withdraw funds before you've earned enough interest to cover the penalty charged. Typically, CDs are safe time deposits that guarantee an interest rate for the term that you agree to keep money at a financial institution.
Depending on the bank, a $5,000 CD deposit will make around $25 to $275 in interest after one year.
Answer and Explanation: The account balance will be $2,676.46 after 5 years.
