7% Interest Savings Accounts: Top Offers for October 2024

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There may be no better feeling than adding to your bank account while your money sits and earns interest at higher rates. It may seem obvious to get a savings account with a higher APY amount. Although the Federal Reserve’s recent decision to cut rates will eventually lead to lower rates for savers, many savings accounts still offer relatively attractive rates at the moment. But be sure to familiarize yourself with all the details before opening a new savings account.

Which Bank Gives 7% Interest on Savings Accounts?

A 7% interest rate is extremely high and isn’t the standard for savings accounts. However, it’s offered on a couple of checking accounts:

• The Premium Checking account at Landmark Credit Union has a APY on balances up to $500.
• OnPath Credit Union is offering a Rewards High-Yield Checking account with a on balances up to $10,000.

Though neither is a savings account, you can currently earn these annual percentage yields if you meet the requirements of either account.

Savings rates can fluctuate. Each account comes with different terms like minimum balance or deposit requirements. Make sure you are comfortable with the requirements of any account you open and that it best fits your financial situation.

Where Can I Get 7% Interest on My Money?

As of Oct. 2024, it’s essentially impossible to find a 7% interest savings account, except perhaps in limited markets offering a special promotion. The checking accounts listed above are offered by credit unions. You can sometimes score an APY that’s well above the market average if you:

• Look in smaller markets
• Check out credit unions
• Shop around for promotional rates

How To Qualify for a 7% Interest Savings Account

The qualifications usually depend on the institution offering the account. Some credit unions only allow membership to people who live in specific areas. Some accounts don’t offer high APYs unless you meet certain balance requirements. However, most have similar qualification standards, and the hurdle is fairly low. For example, at Chase Bank, which has fairly representative standards, the following is required to open a savings account:

• Social Security number
• Driver’s license or state ID
• Personal information, like name and address, date of birth and contact information
• Funding information for your new account, such as your prior bank account and routing numbers

7% Interest Savings Account Alternatives

Banks in the U.S. do not currently offer 7% interest on savings accounts. However, there are some worthwhile alternatives when it comes to accounts that offer high APYs.

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High-Yield Savings Accounts

Right now, there are a few financial institutions that offer notably high APYs. Make sure to look for and be aware of the fine print that comes with earning these high interest rates.

While they’re not 7% interest savings accounts, here’s a look at other options with impressively high APY offerings.

Money Market Accounts and CDs

If a high-yield savings account doesn’t seem like the right fit, you have other options. Many banks offer money market accounts and certificates of deposit where you can score an above-average annual percentage yield.

Take a look at these options to find out if any meet your needs.

Understand These Facts Hidden in the Fine Print on Every Savings Account

When shopping around for a high-yield savings account, you need to think about more than the APY. Here’s a look at five account details you’ll want to think about before you make the final decision to open an account. Make sure you know:

• Minimum balance requirements
• Maximum balance for APY
• Fees
• FDIC or NCUA coverage
• Access to funds

1. Minimum Balance Requirements

It’s easy to get excited about a high-yield savings account, but it’s not uncommon for financial institutions to require a hefty initial deposit or opening balance.

2. Maximum Balance for APY

Financial institutions don’t have to pay the highest APY on your entire account balance — and many don’t. After you hit that specific balance, the rate drops considerably. This can have a major impact on your ability to earn interest, so it’s important to know this in advance. You might find securing a lower interest rate that covers your entire balance will actually allow you to earn more in the long term.

3. Fees

Some savings accounts come with monthly maintenance fees or certain incidental charges that can add up fast. It’s important to be aware of these fees before opening an account because they can potentially impact your balance. Reading the account disclosures is a must, as not doing so can be costly.

4. FDIC or NCUA Coverage

You work hard for your money, so it’s important to make sure your bank or credit union is federally insured. The Federal Deposit Insurance Corp. provides coverage for banks, while the National Credit Union Administration insures credit unions. Both offer $250,000 worth of coverage per account owner, per financial institution, in each account ownership category. If the bank or credit union fails, this serves as a guarantee you won’t lose your money.

5. Access to Funds

Unlike CDs, savings accounts and money market accounts typically allow you to withdraw as much money as you want, when you want. However, there are some caveats. You might face a fee or penalty if your balance falls below a certain level, and many banks charge a fee for making more than six withdrawals within a statement period.

Before opening an account, find out what you’ll need to do — and what fees you’ll face — to withdraw money from your account. For example, if you receive an ATM card, find out if there are any locations in your local area or if the financial institution offers complimentary access to an ATM network. The last thing you want is to need your money quickly, but have to jump through hoops to get your hands on it.

Final Take To GO

The national average deposit rate for savings accounts is 0.46%, according to data from the FDIC. That doesn’t mean you have to settle for average. In fact, you can probably earn more interest than you currently are. It just helps if you know where to look.

Caitlyn Moorhead and Sarah Sharkey contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 10, 2024.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

*Capital One interest rates accurate as of Oct. 10, 2024. See website for all current rates.

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