Maximizing Your Savings with a 12% Interest Rate: Where to Look
When you open an account, you want to ensure that the bank or credit union offers the best savings rates or annual percentage yields (APYs). The interest you earn can vary based on location, term, or promotional aspects. Higher rates are always preferable, but where can you find the best options?
### Is 12% Interest on Your Savings Possible?
While some international CDs or cryptocurrency savings accounts offer high APYs, traditional U.S. banks do not provide 12% interest. The national average rate for savings accounts is about 0.46%, but many high-yield savings accounts offer rates closer to 5%.
### Best Saving Account Rates
One of the best ways to store your money is in a high-yield savings account. These accounts not only provide better returns but are also a low-risk way to grow your wealth. Here are some of the best high-yield savings accounts for 2024:
– **Bask Bank Interest Savings Account**: 5.10% APY
– **Betterment Cash Reserve Account**: 4.75% APY
– **BMO Alto Online Savings Account**: 5.10% APY
– **Bread Financial High-Yield Savings Account**: 5.15% APY
– **FNBO Direct High-Yield Online Savings Account**: 5.15% APY
– **GO2bank High-Yield Savings Account**: 4.50% APY
– **Milli Savings Account**: 4.75% APY
– **Salem Five Direct eOne Savings Account**: 5.00% APY
– **TAB Bank High-Yield Savings Account**: 5.27% APY
– **Wealthfront Cash Account**: 5.00% APY
### Best CD Rates
When opening a CD account, consider factors like term length, CD ladders, minimum deposits, rates, and early withdrawal penalties. Although U.S. bank CDs don’t offer 12% interest, they can provide better APYs than other savings products. Here are some of the best CD accounts for 2024:
– **Ally Bank**: 4.50% APY for a 12-month CD
– **Barclays Bank**: 5.00% APY for a 12-month CD
– **BMO Alto**: 5.05% APY for a 12-month CD
– **Capital One**: 5.00% APY for a 12-month CD
– **Discover® Bank, Member FDIC**: 4.70% APY for a 12-month CD
– **EverBank**: 4.80% APY for a 12-month CD
– **LendingClub Bank**: 4.20% APY for a 12-month CD
– **Marcus By Goldman Sachs**: 5.15% APY for a 12-month CD
– **Synchrony Bank**: 4.80% APY for a 12-month CD
– **Zions Bancorporation**: 3.05% APY for a 12-month CD
### Alternative High-Yield Opportunities for Your Savings Goals
Earning 12% interest might seem unrealistic, but there are some accounts, often outside the U.S., where this is possible. These options might be harder to access or come with higher risks. Here are a few examples:
– **Ravnaq Bank 12-month Time Deposit**: 14% APY
– **Khan Bank 12-month Online Term Deposit**: 12.4% APY
– **Crypto.com Earn**: Up to 14.5% APY
– **CoinLoan**: Up to 12.3% APY
– **Nexo**: Up to 12% APY
### Other Investments Where You Can Earn High Interest
Beyond savings products, investing and diversifying your portfolio can help grow your money. This approach doesn’t guarantee returns but can yield higher returns based on your risk tolerance. Consider these investment options:
– Real estate
– Low-cost index funds
– Stocks and bonds
### Can You Earn 7% Interest on Your Savings?
While 7% interest isn’t available for U.S. savings accounts, two credit unions offer 7% on checking accounts, subject to terms and conditions:
– **Premium Checking account at Landmark Credit Union**: 7.50% APY on a minimum balance of $500
– **OnPath Rewards High-Yield Checking**: 7.00% APY on average daily balances up to $10,000
### Final Take
Making your money work for you is crucial for any savings goal. To find the best interest rates, you may need to research which banks or credit unions currently offer the best options.
### FAQ
**Can you earn 12% on interest?**
While traditional U.S. banks don’t offer 12% interest, some international and cryptocurrency accounts do.
**Where can I get the most interest on my savings?**
High-yield savings accounts and CDs from various financial institutions offer competitive rates, often around 5%.
**Which US bank gives 7% interest on savings accounts?**
No U.S. bank offers 7% on savings accounts, but some credit unions offer 7% on checking accounts with specific conditions.