There aren’t any traditional banks offering a 7% interest savings account in the U.S., but you will find some credit unions that offer checking accounts and certificates with rates near or above ...

*APYs as of Feb. 7, 2025, based on the banks we track at CNET. Weekly percentage increase/decrease from Jan. 27, 2025, to Feb ...

According to FDIC data, the average interest rate on savings accounts is currently 0.41%. That rate is much higher than it was prior to the pandemic, but it’s far lower than what the best ...

Despite the drop in interest rates, some high-yield savings accounts still offer around a 5% annual percentage yield (APY) — up from the pandemic-era rates of 1% and the highest since the 1990s.

Savings accounts typically enjoy compound interest, which means you earn a ... The Chime® HYSA*, for example, offers a lower APY but Chime doesn't run applicants through ChexSystems.

A traditional savings account from a brick-and-mortar financial institution typically pays a low interest rate. For example, big banks like Chase and Bank of America pay less than 0.05% APY on ...

For example, let's say you deposit $1,000 into a savings account at 0.25%. After 12 months, you'll have earned only $2.50 in interest. But put that money into a high-yield account at 4.85% ...

A 7% interest savings account is a type of high-yield savings ... Let’s use Landmark Credit Union as an example again. To snag the 7.50%, you’ll need direct deposits totaling at least $250 ...