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By
Kristy Snyder
Kristy Snyder
Banking Expert
Kristy is a freelance contributor to Newsweek’s personal finance team. As an editor, Kristy has worked with sites like Bankrate, JPMorgan Chase and NextAdvisor to craft and hone content on banking, credit cards and loans. She’s also written for publications such as Forbes Advisor and U.S. News and World. In her spare time, Kristy loves traveling, hitting up rail trails and reading.
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Claire Dickey
Claire Dickey
Senior Editor
Claire is a senior editor at Newsweek focused on credit cards, loans and banking. Her top priority is providing unbiased, in-depth personal finance content to ensure readers are well-equipped with knowledge when making financial decisions.
Prior to Newsweek, Claire spent five years at Bankrate as a lead credit cards editor. You can find her jogging through Austin, TX, or playing tourist in her free time.
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High savings interest rates are a good way to earn more with your spare cash. According to the Federal Deposit Insurance Commission (FDIC), the national average savings interest rate is currently 0.46%—higher than historical rates, but still not great. Luckily, many banks are offering higher annual percentage yields (APYs) than this—but are any offering 6% interest savings account rates?
Unfortunately, no. Most banks don’t offer 6% interest rates right now. Still, we’ve curated your options to help you see what is available if you’re looking to maximize your interest earnings.
Our Methodology
Our research is designed to provide you with a comprehensive understanding of personal finance services and products that best suit your needs. To help you in the decision-making process, our expert contributors compare common preferences and potential pain points, such as affordability, accessibility, and credibility.
Vault’s Viewpoint on 6% Interest Savings Account Rates
- A couple of banks offer 6% interest savings account rates, but they have deposit limits or purchase requirements.
- With a 6% APY on your savings, you could earn $60 a year on a $1,000 deposit.
- If you aren’t eligible for a 6% interest savings account, there are other options available that yield nearly as much.
Which Bank Gives 6% Interest on Savings Accounts?
Right now, two nationally available banks offer accounts earning at least 6% interest: Digital Federal Credit Union and Mango Financial. You may be able to find smaller, local banks offering 6% interest, but it’s unlikely. Both of these accounts have balance limits for the 6% interest rate, so you won’t want to use them for larger amounts. However, they’re great for smaller rainy-day funds.
DCU Primary Savings
Vault Verified
Monthly Service Fee
None
Minimum Deposit
$5
Minimum Balance to Earn Interest
$0
Why We Chose It
Digital Federal Credit Union, abbreviated DCU, offers a no-strings-attached Primary Savings account that earns you as much as 6.17% APY on the first $1,000 in your account. There are no monthly fees or minimums to earn, making this the perfect account for your emergency fund.
APY
- 6.17% on up to $1,000
- 0.15% on balances over $1,000
Pros
- No transaction limitations
- Anyone can join the credit union
- Low minimum deposit
Cons
- Low APY for balances over $1,000
- Possible costs to join depending on your location or employer
- No branches outside MA or NH
Mango Savings
Vault Verified
Monthly Service Fee
None
Minimum Deposit
$25
Minimum Balance to Earn Interest
$25
Why We Chose It
If you use a Mango Prepaid Card for your purchases, then you can open a Mango Savings account to earn up to 6% APY. There are some spending requirements, meaning this might not be a good option if you prefer to use other credit cards, but the lack of fees can make this account worth a look.
APY
- Up to 6% on up to $2,500
- 0.10% on balances over $2,500
Pros
- Higher maximum balance limit
- No monthly fees
- Relatively low minimum balance requirement
Cons
- $1,500 monthly spend requirement to qualify for 6% APY
- No interest for balances over $5,000
- Limited to six monthly transfers
How Much You Can Earn With 6% Interest Savings Account Rates?
If you can find a 6% savings account, you stand to earn a sizeable amount on your deposits—as long as you leave them in the account and the rate remains the same.
Most savings accounts offer variable rates that change with the market, meaning you’re not guaranteed a certain APY. While you might open an account with a 6% APY, the bank could raise or lower it at any time.
Also, moving your money in and out of an account can affect your earnings, especially if you’re using an APY in your calculations. APYs assume your money will be parked in the same place for an entire year, so they figure in compounding—when the interest you earn becomes part of your savings account balance and starts earning interest.
If you know you’ll be making a lot of withdrawals, then the interest rate (which does not account for compounding) might offer a clearer picture of your earnings.
We’ve put together these charts to help you better see what’s possible with a 6% APY. Each assumes the rate stays the same, and you leave your money untouched for the specified duration.
| $1,000 Deposit | |
| Time Period | Interest Earned |
| 1 month | $4.87 |
| 6 months | $29.56 |
| 1 year | $60 |
| 5 years | $338.23 |
| $2,500 Deposit | |
| Time Period | Interest Earned |
| 1 month | $12.17 |
| 6 months | $73.91 |
| 1 year | $150 |
| 5 years | $845.56 |
| $7,000 Deposit | |
| Time Period | Interest Earned |
| 1 month | $34.07 |
| 6 months | $206.94 |
| 1 year | $420 |
| 5 years | $2,367.58 |
Where Else Can I Get 6% Interest on My Money?
Despite a lack of 6% interest account options, other ways exist to optimize your earnings. Consider one of these alternatives to a 6% savings account.
High-Yield CDs
CDs are similar to savings accounts in that you deposit your money at a bank for the opportunity to earn interest. However, the main difference between CDs and savings is that your money is locked in place for a set term. In exchange, you get a fixed interest rate that won’t change throughout the term—offering more long-term stability.
Currently, CD rates are high—but there aren’t many as high as 6%. Financial Partners Credit Union does offer a special eight-month CD that earns 6% APY on a $1,000 minimum deposit. However, it’s limited to new members, has a maximum deposit of $5,000 and is only available if you live in certain parts of California.
That said, you can still earn close to 6% on CDs from many different online banks and credit unions. Here are a few of our favorite choices currently available:
- TotalDirectBank three-month CD: 5.51% APY
- TAB Bank six-month CD: 5.27% APY
- EverBank nine-month CD: 5.05% APY
- CFG Bank 12-month CD: 5.31% APY
5% Interest Savings Accounts
We know that 5% interest savings accounts obviously yield less than 6%. However, they’re much more common in the market right now, and most accounts don’t have earning limitations.
For example, TAB Bank offers 5.27% APY with no balance caps or monthly service fees. If you put your entire savings into this account, you can earn passive interest without worrying about spending requirements or keeping your balance under a certain level.
The ability to deposit more at higher APYs is worth it in the long run, even though a 6% account may sound better. Comparing the TAB Savings to the DCU Primary Savings, you’d earn $7.30 less with the TAB account on a $1,000 deposit after a year. However, if you instead deposited $10,000 in a TAB account, you’d have $527 in interest after a year. That same amount would only yield $73.50 at DCU.
Other high-yield savings accounts to consider include:
- UFB Direct Secure Savings: 5.25% APY
- Newtek Bank Personal High Yield Savings: 5.25% APY
- Bread Savings High-Yield Savings Account: 5.15% APY
- Bask Bank Interest Savings Account: 5.10% APY
Dividend Stocks
Investing in the stock market doesn’t guarantee returns like a savings account. Stocks can easily lose value, so this isn’t a good alternative for your emergency fund. However, if you have a savings surplus and want to try investing, dividend stocks might be a healthy way to go.
Dividend stocks pay you a specified percentage of profits at the end of each quarter. What you earn will vary based on company performance, but companies that are doing well typically try to keep dividend rates the same. You’ll keep earning these dividends as long as you own the stock.
The highest dividends aren’t always the most stable investments, as companies in financial trouble sometimes offer high dividends to lure in investors. That said, there are plenty of reliable companies offering dividends in the 6% range, including:
- UGI Corporation (UGI): 6.89% yield
- Main Street Capital (MAIN): 6.34% yield
- Telefonica SA (TEF): 7.60% yield
- Walgreens Boots Alliance, Inc. (WBA): 9.28% yield
Before investing in any stock, thoroughly research the market to increase your chances of success.
Frequently Asked Questions
Is There a 6% Savings Account?
DCU offers a 6.17% APY Primary Savings account. The catch is, you only earn this rate on balances up to $1,000—after that, the APY drops to 0.15%. Mango also offers a 6% APY account, but you need to meet hefty spending requirements on the Mango Prepaid Card to qualify.
Can I Get 6% on a CD?
There currently isn’t a nationally available bank offering a 6% CD. However, if you live in certain parts of California, you may be able to open a special eight-month 6% CD with Financial Partners Credit Union.
How Long Will It Take to Double $1,000 at 6% Interest?
It would take around 143 months—just under 12 years—to earn $1,000 in interest on an initial $1,000 deposit. However, you can cut that time down considerably if you make monthly contributions. Even just $10 a month cuts the doubling time down to 106 months—or almost nine years.
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
Kristy Snyder
Banking Expert
Kristy is a freelance contributor to Newsweek’s personal finance team. As an editor, Kristy has worked with sites like Bankrate, JPMorgan Chase and NextAdvisor to craft and hone content on banking, credit cards and loans. She’s also written for publications such as Forbes Advisor and U.S. News and World. In her spare time, Kristy loves traveling, hitting up rail trails and reading.
Read more articles by Kristy Snyder
