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

FAQs

Which bank gives 8% interest? ›

Currently, no banks are offering 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.

With a 5.25% rate, UFB Direct offers the highest APY high-yield savings account. In both our MarketWatch Guides rating and user experience ranking, SoFi Bank came out on top and still pays up to 4.60% APY.

DCB Bank savings account interest rates

This private sector lender is offering an interest rate of 8% for savings account customers maintaining balances ranging from Rs 10 lakh to Rs 2 crore. On deposits ranging Rs 5 lakh to Rs 10 lakh, the bank's interest rate is 5.25%.

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AU Small Finance Bank, Equitas Small Finance Bank and Suryoday Small Finance Bank are offering interest up to 7 percent on savings accounts. The average monthly balance requirement is Rs 2,000 to Rs 5,000, Rs 2,500 to Rs 10,000 and Rs 2,000 respectively.

Can You Get a 7% CD Account? There was a lot of excitement in August 2023 about a few credit unions offering 7% APYs on certificates. But those rates were offered for a limited time only and are no longer available. However, the nation's best CD rates are still well above 5%, with some pushing toward 6%.

If your goal is to lock in a high rate of interest on funds you don't need to access for a period of time, a CD might be your best option. However, a high-yield savings account may be the better choice if you want to earn solid interest on your savings while still keeping the money relatively accessible.

Which bank pays the highest interest on a savings account? ›

7% Interest Savings Accounts: What You Need To Know. Why Trust Us? As of May 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

If you're dealing with a particularly large lump sum, it's often beneficial to distribute the money across various savings and investment vehicles. This not only provides a safety net but also ensures tax efficiency.

5% APY: With a 5% CD or high-yield savings account, your $50,000 will accumulate $2,500 in interest in one year. 5.25% APY: A 5.25% CD or high-yield savings account will bring you $2,625 in interest within a year.

Jana Small Finance Bank provides an 8.5% interest rate for FDs maturing in 365 days. Equitas Small Finance Bank offers an 8.5% interest rate for FDs maturing in 444 days. Utkarsh Small Finance Bank provides an 8.5% interest rate for FDs with maturities between two and three years.

Unity Small Finance Bank offers FD interest rates ranging from 4.50% to 9% for tenures maturing between 7 days and 10 years to general citizens. The highest interest rate of 9% is offered on FDs maturing in 1001 Days. The rates are effective from October 9, 2023.