What bank has the best interest rate right now?
As of February 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts.
| Bank | APY* | Our take |
|---|---|---|
| UFB Direct | 5.25% | Best for those who value convenience |
| Milli | 4.75% | Best for those who are interested in budgeting features |
| Varo | 5.00% | Best for those with balances of less than $5,000 |
| Western Alliance Bank | 5.28% | Best for those seeking the highest APY |
As of February 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts.
| Provider | Account name | Interest rate (AER) |
|---|---|---|
| United Trust Bank Sponsored | UTB 6 Month Bond * | 4.91% |
| This listing is sponsored by United Trust Bank | ||
| Hampshire Trust Bank | 1 Year Bond (Issue 63) | 5.17% |
| Beehive Money | 6 Month Bond | 5.17% |
| Savings Account | APY |
|---|---|
| CIT Platinum Savings Account | 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 Account | 5.00% APY |
| Wealthfront Cash Account | 5.00% APY |
Savings, money market, CD and rewards checking accounts are among the safest places for your money, as long as your bank or credit union is insured by the Federal Deposit Insurance Corp. or the National Credit Union Administration.
- Savings Maximiser (ING) – 5.50%. On balances up to $100,000. ...
- Future Saver Account (Bank of Queensland) – 5.40%. On balances up to $50,000.
- Saver Account (AMP) – 5.40%. On balances up to $250,000.
- ANZ.
- CBA.
- NAB.
- Westpac.
- Stock images: Getty, unless otherwise stated.
Two credit unions pay over 7% APY on accounts right now: Landmark Credit Union and OnPath Rewards High-Yield Checking. However, these are both checking accounts with limitations on eligible balances. Plenty of high-yield savings accounts pay over 5% APY on your total balance without making you jump through hoops.
- Jenius Bank – 5.25% APY.
- Newtek Bank – 5.25% APY.
- UFB Direct – 5.25% APY.
- Evergreen Bank Group – 5.25% APY.
- CFG Bank – 5.25% APY.
- North American Savings Bank – 5.24% APY*
- Upgrade – 5.21% APY.
- Popular Direct – 5.20% APY.
A few local credit unions have CDs paying 6% APY or more. To open a 6% APY CD, you may need to meet certain eligibility requirements. There are also banks and credit unions with CDs paying over 5% APY, which are available nationwide.
Is the Chase bank safe?
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.
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.
Key Takeaways. Earn a 4.00% APY or higher by moving your savings into a high-yield account. This can make at least $40 over 12 months on a $1,000 investment. When choosing a high-yield account, look for one that provides a competitive APY without fees, steep balance requirements or APY caps.
Overview of Capital One Savings Interest Rates
No minimum deposit is needed to open an account. While some banks have tiered savings rates, based on your balance, Capital One applies the same 4.35% APY to all balances.
| Bank | Forbes Advisor Rating | ATM Network |
|---|---|---|
| Chase Bank | 5.0 | 15,000+ Chase ATMs |
| Bank of America | 4.2 | 16,000+ ATMs in the U.S. |
| Wells Fargo Bank | 4.0 | 11,000 |
| Citi® | 4.0 | 65,000 |
Cash equivalents are financial instruments that are almost as liquid as cash and are popular investments for millionaires. Examples of cash equivalents are money market mutual funds, certificates of deposit, commercial paper and Treasury bills. Some millionaires keep their cash in Treasury bills.
What are the safest types of investments? U.S. Treasury securities, money market mutual funds and high-yield savings accounts are considered by most experts to be the safest types of investments available.
Historically, the stock market has an average annual rate of return between 10–12%. So if your $1 million is invested in good growth stock mutual funds, that means you could potentially live off of $100,000 to $120,000 each year without ever touching your one-million-dollar goose.
There's no one correct answer, but it's usually best to start with at least two accounts—a checking account and a savings account. This gives you an everyday banking account for bills and other expenses and another for saving. Your bank account journey doesn't need to end there.
If you're looking for better rates and lower fees, Wells Fargo will likely be your best bet. Wells Fargo also has a wider variety of bank accounts to choose from. However, whether you choose Chase or Wells Fargo, you can rest easy knowing you'll always have quick and easy access to your accounts.
Which bank gives 8% interest?
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.
How much interest can $100,000 earn in a year? If you put $100,000 in CDs, high-yield savings or a money market account for a year, you could earn anywhere from $3,000 to $5,000 based on current interest rates.
- Stocks.
- Real Estate.
- Private Credit.
- Junk Bonds.
- Index Funds.
- Buying a Business.
- High-End Art or Other Collectables.
CDs can help accelerate your savings, but they're not always worth it. If there's a chance you'll need access to your money during your CD's term, consider a high-yield savings account or money market account. But if you have a pool of money you can afford to lock up, it may be worth capitalizing on high CD rates.
Do You Have to Pay Taxes on Your High-Yield Savings Account? You only have to pay taxes on the interest you earn on a high-yield savings account—not on the principal balance. High-yield savings account interest is taxed at ordinary income tax rates.
