7% Interest Savings Account: Too Good To Be True? (2024)

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On This Page

    Key takeaways
  • Our top picks for high-yield savings accounts of July 2024
  • What is a 7% interest savings account?
  • Which bank gives 7% interest on a savings account?
  • How to choose a 7% interest savings account
  • How to apply for a 7% interest savings account
  • Is a 7% interest savings account right for me?
  • Alternatives to 7% interest savings accounts
  • Our top picks for high-yield savings accounts of July 2024
  • FAQ: 7% interest savings accounts
  • Related topics

On This Page

  • Key takeaways
  • Our top picks for high-yield savings accounts of July 2024
  • What is a 7% interest savings account?
  • Which bank gives 7% interest on a savings account?
  • How to choose a 7% interest savings account
  • How to apply for a 7% interest savings account
  • Is a 7% interest savings account right for me?
  • Alternatives to 7% interest savings accounts
  • Our top picks for high-yield savings accounts of July 2024
  • FAQ: 7% interest savings accounts
  • Related topics

Updated on JUL 09, 2024 7 Min Read

Why Trust Us?

  • As of July 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.
  • Eligibility for these credit unions is limited according to geographic location and other narrow criteria.
  • Before you open an account, it’s important to consider things such as eligibility, fees, accessibility and minimum deposit and balance requirements.
  • Alternatives to a savings account include certificates of deposit with a high APY of up to 6% through Gainbridge, money market accounts and index funds.

Our top picks for high-yield savings accounts of July 2024

What is a 7% interest savings account?

A 7% interest savings account is considered high yield because the interest you’d earn is far above what you’d typically get from a standard savings account. The Federal Deposit Insurance Corporation (FDIC) lists thenational average interest ratefor savings accounts at just 0.46%.

Finding a 7% interest rate is sort of like hitting the personal finance jackpot. While most high-yield savings accounts offer a highAPY that far exceeds the 0.46% national average, they still usually cap out at around 5% interest. It’s not unusual to sign up for an online-only savings account that offers a 4.25% to 4.50% APY and feel like you really scored.

If you do manage to find a financial institution that offers 7% interest rates, those extra couple of percentage points can make a huge difference.

Here’s what your earnings might look like if you made an initial deposit of $5,000 at an APY of 7% compounded monthly versus the same account subject to basic interest.

Basic vs. Compound Interest: 7% Interest Savings Account With $5K Initial Deposit

Amount of time 7% basic interest 7% interest compounded monthly
1 year $5,350 $5,361.45
2 years $5,724.50 $5,749.03
3 years $6,125.22 $6,164.63
4 years $6,553.98 $6,610.27
5 years $7,012.76 $7,088.13

The above chart assumes you’re not making any additional deposits. But if you signed up for 7% compounded interest and added just $100 each month to your account, after five years, you’d have a whopping $14, 247.42.

To understand more about how much you could earn, try using our savings calculator.

Which bank gives 7% interest on a savings account?

There aren’t any banks offering a savings account with 7% interest right now. However, two financial institutions are paying out at least 7% APY on checking accounts.

While it’s an unusual move, stockpiling your “extra” money in a checking account with sky-high interest could be beneficial. Unlike with how a savings account works, there likely won’t be any withdrawal limits and you should be able to access your money more readily than if you opted for a savings account or CD.

Which bank gives 6% interest on a savings account?

While no banks currently offer 6% interest on savings accounts, some options come close. For example, Western Alliance offers a competitive 5.22% APY, and Lending Club provides an impressive5.00 APY.

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. These include Landmark Credit Union Premium checking account with an APY of 7.50%, and OnPath Credit Union High Yield checking account with an APY of 7.00%.

Banks with high-yield savings accounts’ interest rates

Bank APY Monthly fee Minimum opening deposit Withdrawal limits Savings account
UFB Direct 5.25% $0 $0 - $510 per day
- Bank transfers are limited to $30,000 in or out per day and $60,000 in or out per month. However, the total number of transfers you can make is unlimited
Compare
Upgrade 5.21%* $0 $0 - $100,000 per day
- Up to 7 transfers a week
Compare
Varo Bank 5.00% $0 $0 - No withdrawal limit Compare
Western Alliance 5.22% $0 $1 - No upper limit for withdrawals Compare
American Express 4.25% $0 $0 - 9 withdrawals per month
- To transfer money in and out, you need to link the savings account to a separate checking account
Compare
CloudBank 24/7 5.22% $0 $1 - No limit on the number of transfers Compare
Laurel Road 5.00% $0 $0 - 7 withdrawals per month Compare
Valley Direct 4.75% $0 $1 - Three to six transfers for a maximum of $150,000 to $300,000 per calendar month Compare
Synchrony 4.75% $0 $0 - $1,000 per day
- No limit on the number of times
Compare
Bask Bank 5.10% $0 $0 - Up to six online withdrawals per month Compare
Ally Bank 4.25% $0 $0 - 10 withdrawals per month Compare
Marcus 4.50% $0 $0 - No withdrawal limit Compare
Barclays 4.35% $0 $0 - Withdrawal limit of $250,000 per transaction
- No limit on the number of times
Compare
Capital One 4.25% $0 $0 - No withdrawal limit Compare
Citibank 4.45% $4.50 $0 - No withdrawal limit Compare
PNC 4.65% $0 $0 - Monthly withdrawal cap of 6 transactions Compare
CIT Bank 0.25%-5.00% $0 $100 - No limit on the number of transfers Compare
Quontic Bank 4.50% $0 $100 - Limit of 6 withdrawals per statement cycle Compare

Figures are correct as of July 2024. Although this table is updated regularly, the availability of the savings accounts listed through our partner may vary. In this case, check with the respective financial institution for the most up-to-date information.

*Earn 5.21% APY1 on balances of $1,000 or more.

Landmark Credit Union Premium Checking 7.50% APY

Landmark Credit Union offers a Premium Checking account with an interest rate of 7.50%. That sounds exciting, but there are major caveats.

That rate only applies to balances of up to $500, and you’ll need to jump through some hoops to qualify:

  • Become a member of the credit union (only open to residents of certain counties in Wisconsin and Illinois)
  • Have direct deposits to the account totaling at least $250 per month
  • Enroll in eDocuments (the digital version of monthly bank statements)

Key Features of Landmark Credit Union Premium Checking

Feature Detail
APY 7.50% on balances up to $500
Monthly maintenance fee None
Minimum deposit to open $35
Other features 34,000+ in-network ATMs, free bill pay, robust digital banking

Remember, this isn’t a savings account. You’ll be able to make deposits and withdrawals as often as you like, but you may be subject to fees if you don’t meet balance requirements or if your bank account is overdrawn. Landmark also offers certificate accounts with terms from three months to five years. Landmark Credit Union CD rates range from 0.5% to 4.3% APY depending on the term length.

OnPath Credit Union High Yield Checking 7.00% APY

OnPath Credit Union’s High Yield Checking is also a transactional account, not a savings account. But it comes with an impressive 7.00% APY that surpasses what you’d normally see from checking accounts at brick-and-mortar banks or savings accounts at online-only banks.

Like Landmark’s Premium Checking, OnPath’s High Yield Checking has a cap on balances eligible for the maximumAPY, but the ceiling is a very generous $10,000. Balances over $10,000 earn just 0.50% APY.

Other eligibility requirements that must be met before you nab that 7% APY include:

  • Log into your OnPath online account or mobile banking at least once per monthly statement cycle
  • Make at least 15 debit card purchases each statement cycle (must post and settle during the given cycle)
  • Enroll in e-statements

Membership eligibility for OnPath Credit Union is extremely restrictive. You must live, work, attend school or worship in an eligible part of Greater New Orleans or in the nearby areas of Avondale, Bridge City,Gretna, Harvey, Lafourche Parish, Marrero, Orleans Parish, South Kenner, St. Tammany, Waggaman orWestwego. The financial institution also has a Select Employee Group (SEG) program that extends membership to employees of 600 local businesses and organizations.

Key Features of OnPath Credit Union High Yield Checking

Feature Detail
APY 7.00% on balances up to $10,000
Monthly maintenance fee None
Minimum deposit to open $25
Other features Privileges at 5,600 physical locations and 30,000 fee-free ATMs, up to $10/month refunded for out-of-network ATM fees, free bill pay

How to choose a 7% interest savings account

Before you sign up for a 7% interest account, it’s important to consider what features are offered and how those perks (and any associated drawbacks) stack up against your own list of needs and wants.

You’ll want to review these savings account features:

  • Type of account:As of July 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.
  • Eligibility:Credit unions often have strict eligibility requirements to open an account, and that’s the case with the two institutions offering 7% APY checking accounts. You’ll need to live, work, attend school or worship in a certain area to even apply.
  • Deposit requirements:Some banks require a certain minimum deposit to open an account. Both high-yield accounts listed in this guide have low minimum deposit requirements (just $25 and $35) and no minimum monthly balances to meet.
  • Fees:The interest you earn can quickly be canceled out by sky-high fees. Look for an account that either has zero monthly maintenance fees or one that eliminates fees if you meet certain requirements (e.g., enabling direct deposit or switching to digital statements).
  • Ease of access:Accessibility is important, especially with a checking account you plan to use frequently. Banks with large fee-free ATM networks make it easier to manage your money while traveling, and having conveniently located brick-and-mortar branches can be helpful, too.
  • Type of interest accrued:A bank account offering compound interest is usually more favorable than one with simple interest. That’s because simple interest generates earnings based solely on the account’s principal, but compound interest is based on the principal amount and interest earned to date combined. Compound interest just adds up faster.

How to apply for a 7% interest savings account

As of May 2024, there are no savings accounts offering a 7% interest rate, but you can open a 7% interest checking account at two U.S.-based credit unions.

To qualify for these accounts, you’ll need to meet some very strict requirements. That’s because credit unions are membership-based, and they’re allowed to qualify members based on factors such as geographic location and business affiliation. Depending on the institution, you may need to worship at a certain church or belong to a certain labor union.

OnPath Federal Credit Union is a great example of these requirements in action. To join OnPath’s 63,000-strong membership pool, you need to live, work, attend school or worship in certain areas of New Orleans or one of the nearby cities or parishes approved by the bank. You may also be eligible if you or a direct relative (parent, grandparent, child or sibling) meets OnPath FCU’s eligibility requirements.

If you do qualify, you can likely apply by following these steps:

  • Gather personal documentation that proves your identity and current address, such as a government-issued ID or a passport.
  • If applicable, bring proof that you live or work in the required area or, if you need to be a member of a certain union, provide your membership card for that organization.
  • Bring your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) for tax recording purposes.
  • Fill out the credit union’s application.
  • Once you’ve approved, fund your account.
  • Take actions necessary to secure the premium interest rate, such as setting up direct deposits or opting in to eDocuments.

Is a 7% interest savings account right for me?

Since you can’t currently get a 7% interest rate savings account, the real question is whether a 7% checking account is right for you. Understanding the pros and cons of high-yield savings accounts can help you decide if it is worth it.

Consider these pros and cons when deciding whether or not to get a checking account with a 7% interest rate.

Pros

  • 7% APY is the highest in the country
  • Credit unions generally offer more personal customer service and other favorable terms
  • Minimum balance requirements are nonexistent
  • Low minimum deposit requirements make it easy to open an account
  • No monthly service fees
  • Going with a checking account over a savings account works well for short-term savings
  • Broad ATM networks make it easy to access money fee-free
  • Accounts are FDIC-insured for up to $250,000 per institution, per depositor

Cons

  • Balance ceilings mean that rate only applies to a limited portion of your account balance
  • Account eligibility is restricted to members who must live, work, worship or attend school in a certain area
  • There are other requirements (e.g., frequent debit transactions, e-statement enrollment) you must meet to get premium interest rates

Alternatives to 7% interest savings accounts

If you’re still not sure if a 7% interest rate checking account is right for you, there are other high-yield options worth exploring.

1

Certificates of deposit (CDs)

Certificates of deposit are for a set deposit amount and set term. Once your money is locked up in the CD, you can’t access it without incurring a hefty penalty. That said, some CDs offer competitive rates of 5% APY or higher.

See More See Less

2

Money market accounts (MMAs)

Money market accounts take the best aspects of checking and saving accounts and combine them into one offering. You’re generally eligible for higher-than-standard interest rates. This can work to your benefit if you have a large account balance and want to maintain easy access to your funds without dealing with transaction caps.

See More See Less

3

Index funds

Index funds are considered passive investing because you’re putting your money into a portfolio rather than individual stocks. Risk is low, and ROI can be as high as 10% over the long term.

See More See Less

Our top picks for high-yield savings accounts of July 2024

FAQ: 7% interest savings accounts

Where can I get 7% interest on my money?

You can get 7% interest on your money if you put that nest egg into a checking or savings account that offers that premium rate. As of July 2024, only two financial institutions offer a minimum 7% APY: OnPath Federal Credit Union has a high-yield checking account with 7% APY and Landmark Credit Union’s Premium Checking has a limited APY of 7.50%.

What is the highest interest rate for a savings account?

If you have your heart set on a savings account rather than a high-yield checking account, you can get top-of-the-line rates from online banks like Western Alliance Bank (5.24% APY), Synchrony (4.75% APY), Ivy Bank (5.30%), Popular Direct (5.35%) and Milli (5.50%). These are way above the national average savings rate of 0.46% and more than you’d get at most brick-and-mortar banks, which often have interest rates of around 0.01 to 0.03%APY.

Is a 7% savings account interest taxed?

All interest earned on savings accounts in the United States is subject to taxation, including 7% interest earned on a savings account or checking account from an online bank or credit union. You’ll get a 1099-INT form from your bank that lists all interest earned over $10, but the IRS mandates total reporting, meaning you need to report interest of less than $10 too and any earnings not listed on a 1099-INT.

About the Author

7% Interest Savings Account: Too Good To Be True? (3)

Alana Luna (Musselman) Writer & Content Strategist

Alana Luna (Musselman) is a versatile storyteller with over a decade of writing experience. She is passionate about helping people build their business through unique and engaging content.

Some examples of her current freelance projects include building content strategies for small businesses, completing industry research to build case studies, crafting buyer guides and more.

She has a passion and keen ability to simplify complex ideas through storytelling to make it easier for readers to understand hard-to-digest information. To accomplish this, Alana’s writing holds strong three principles – content that educates, engages and entertains.

About the Reviewer

7% Interest Savings Account: Too Good To Be True? (4)

Blake Esken Los Angeles Times

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