Which online bank has the highest savings rate?
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.
- Poppy Bank – 5.50% APY.
- My Banking Direct – 5.35% APY.
- BrioDirect – 5.35% APY.
- Vio Bank – 5.30% APY.
- Ivy Bank – 5.30% APY.
- TAB Bank – 5.27% APY.
- TotalDirectBank – 5.26% APY.
- Jenius Bank – 5.25% APY.
| Provider | Account name | Interest rate (AER) |
|---|---|---|
| Post Office | Online Saver Issue 72 | 5.06% |
| Paragon Bank | Double Access Account Issue 7 | 5.05% |
| Wealthify powered by ClearBank Sponsored | Instant Access Savings Account * | 4.91% |
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.
7% Interest Savings - first direct.
Our pick for the No. 1 online bank is SoFi Bank, largely thanks to its above-average APY for savings balances and that its checking account comes with interest and cash-back rewards.
| 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 |
- Affirm, 4.35% APY (read full review), funds insured by FDIC. ...
- American Express, 4.35% APY (annual percentage yield) as of 12/14/2023, (read full review), Member FDIC. ...
- Barclays, 4.35% APY (read full review), Member FDIC.
| Top standard easy-access accounts. Here are the highest paying traditional savings accounts. | |
|---|---|
| Paragon Bank | 5.05% (max two withdrawals a year, rate drops to 1.5% from third onwards) |
| Monument Bank | 5.01% |
| Cynergy Bank | 5.01% (rate drops to 3.75% after 12 months) |
| Sr. No | Savings Account | Interest Rate |
|---|---|---|
| 1 | Freo Save | Up to 7% |
| 2 | Ujjivan Small Finance Bank | Up to 7.50% [w.e.f. 15th November, 2023] |
| 3 | RBL | Up to 7.50% [w.e.f. 21st August, 2023] |
| 4 | Digibank by DBS | Up to 7% [w.e.f. 10th October, 2023] |
Can you get 7% on a CD?
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%.
| Banks | Highest FD rate (% p.a.) | Additional interest rate for senior citizens (% p.a.) |
|---|---|---|
| AU Small Finance Bank | 8.00 | 0.50 |
| Fincare Small Finance Bank | 8.00 | 0.50 |
| DCB Bank | 8.00 | 0.50-0.60 |
| IDFC First Bank | 8.00 | 0.50 |
- Pelican State Credit Union - 6.05% APY on balances up to $10,000. ...
- Credit Union of New Jersey - 6.00% APY on balances up to $25,000. ...
- Fitness Bank - 6.00% APY on balances up to $25,000. ...
- Orion Federal Credit Union - 6.00% APY on balances up to $10,000.
| Who Offers It? (Bank or Building Society) | Type or Name of Savings Account | Interest Rate |
|---|---|---|
| First Direct | Regular saver | 7.00% |
| Ford Money | Flexible saver | 4.60% |
| Goldman Sachs | Online savings account | 4.75% |
| Goldman Sachs | Cash ISA | 4.75% |
| Policy Name | Forbes Advisor India Rating | Minimum Balance |
|---|---|---|
| IDFC FIRST Bank Future FIRST Savings Account | 4.5 | INR 25,000 and INR 10,000 each. |
| Selfe Digital Savings Account | 4.5 | Zero |
| Yes Bank Savings Account PRO | 3.5 | INR 10,000 |
| Axis Bank Easy Access Digital Savings Account | 3.0 | INR 25,000 |
Online banking is generally safe and not easy to hack — as long as you take the right steps to protect your information. This means setting up strong passwords and changing them frequently, and using additional tools like two-factor authentication to give yourself an extra layer of protection.
Online banks offer higher interest rates on savings products and lower interest rates on loans. If you need to deposit cash regularly, you'll likely want the convenience of a brick-and-mortar bank's ATM network.
- Private credit.
- Individual stocks.
- Real estate.
- Fine art.
- Debt.
- A business.
- Private startups.
- Cryptocurrencies.
Although Chase currently doesn't offer a high-yield savings account, we'll cover the reasons why you may want to open one of these accounts.
While there's no blanket answer for how many savings accounts you should have, Woroch recommends at least two on top of the investment accounts you're using to save for retirement: one for emergencies and one for goal-based savings for purchases like a home or car.
Who has the highest 12 month CD rate?
The best 1-year CD rate is 5.40% APY, available from Apple Federal Credit Union, Expedition Credit Union, and NexBank. To find you the highest 1-year CD rates nationwide, we review CD rates from hundreds of banks and credit unions every day.
| APY | Minimum deposit requirement | |
|---|---|---|
| Salem Five Direct eOne Savings | 5.01% | $10 |
| Popular Direct High-yield Savings Account | 5.15% | $100 |
| First Foundation Online Savings Account | 4.90% | $1,000 |
| Synchrony Bank High Yield Savings | 4.75% | $0 |
There are several places you can open a high-yield savings account, from local and regional banks to credit unions. But arguably the best place is with an online bank. These banks offer many of the same features as traditional banks but with some added perks that make them especially worth considering.
Is Chase safe? Chase is regulated by the Financial Conduct Authority (FCA) and customer deposits of up to £85,000 (£170,000 for joint accounts) are protected under the Financial Services Compensation Scheme (FSCS). This means, if Chase went out of business, the FSCS would step in to cover up to this threshold.
One of the best places to look for high-interest savings accounts is an online-only bank. Online banks, which save significant costs by not having to maintain branches, rarely charge monthly fees. They also typically offer rates that are much higher than those paid by traditional banks.
