Banks that offer up to 8% interest on savings accounts (2024)

FAQs

Banks that offer up to 8% interest on savings accounts? ›

Currently, no banks offer an interest rate of 8% on savings accounts. However, some banks provide a 7% APY on checking accounts.

Which Banks Give 7% Interest on Savings Accounts? No banks currently offer 7% interest on savings accounts, but some do offer a 7% APY on other products. For example, OnPath Federal Credit Union currently offers a 7% APY on average daily checking account balances up to and under $10,000.

Regular Saver Account. 7% Interest Savings - first direct.

Some of the banks providing these rates include NorthEast Small Finance Bank, which offers a 9%, followed by Unity Small Finance Bank and RBL Bank, both providing rates of up to 9% and 8.10%, respectively. YES Bank and Deutsche Bank also feature on the list, with competitive rates of 8%.

As of September 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking account: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

The hunt for CDs offering 7% APY

Right now, there aren't any financial institutions offering 7% interest on a CD. However, California Coast Credit Union is offering a 5-month Celebration Certificate with a 9.50% APY.

How can I get 8% interest? ›

Some of them include: DCB Bank: This bank provides interest rates of up to eight per cent on savings accounts, making it the top choice among private banks in terms of interest rates. The minimum balance requirement ranges from ₹2,500 to ₹5,000.

Institutions such as HDFC Bank, ICICI Bank, and State Bank of India (SBI) are known for their attractive interest rates and substantial branch networks. Kotak Mahindra Bank is known for its digital financial services, whereas Axis Bank provides flexible savings alternatives.

Nationwide launched its market-leading 8% regular saver on 21 September 2023, which followed on from its previous flex issue offering 4.5% AER back in October 2022. The account permitted you to save between £1 and £200 per month, and unlike a lot of other regular savers, this one required no minimum monthly payment.

There are no national or community banks offering 7% interest on a savings account right now. Landmark Credit Union, which serves residents in select counties in Wisconsin and Illinois, pays 7.50% APY on its Landmark Credit Union Premium Checking Account — however, there are some major caveats to consider.

A sum of $50,000 in cash can earn about $195 a year in an average bank savings account or as much as $2,300 if you put it into a high-quality corporate bond fund. Other options include money market accounts, money market funds, certificate of deposits and government and corporate bonds.

Nationwide launched its market-leading 8% regular saver on 21 September 2023, which followed on from its previous flex issue offering 4.5% AER back in October 2022.

The rule says that to find the number of years required to double your money at a given interest rate, you just divide the interest rate into 72. For example, if you want to know how long it will take to double your money at eight percent interest, divide 8 into 72 and get 9 years.

The latest Nationwide Flex Regular Saver account, paying 8%, has been on sale since 21 September. To open it, you need to have one of the following Nationwide current accounts: FlexPlus, FlexDirect, FlexAccount, FlexStudent, FlexGraduate, FlexBasic or FlexOne.

A good personal loan interest rate depends on your credit score: 740 and above: Below 8% (look for loans for excellent credit) 670 to 739: Around 14% (look for loans for good credit) 580 to 669: Around 18% (look for loans for fair credit)