Depending on the account balance, savings account interest rates will vary. Here are banks offering savings account interest rates between 7%-8% depending on the account balance.
A savings account is a deposit account in a bank or other financial institution that provides the account holder with a high level of liquidity, security of money, and a fixed rate of interest.
DCB Bank offers up to 8% interest on savings accounts with balances ranging from 10 crore to less than 2 crore. The bank pays 7.25% interest on savings account balances ranging from 50 lakh to less than 2 crores, and 7% on balances ranging from 5 crore to less than 10 crores.
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IDFC FIRST Bank savings account interest rate
IDFC FIRST Bank offers interest rate up to 7% on balances more than Rs 10lac to less than Rs 5 crore. The new rates are effective from July 1, 2023.
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Suryoday Small Finance Bank savings account interest rate
Suryoday Small Finance Bank pays the highest interest rate of 7.00% on savings account balances ranging from Rs 5 lakh to Rs 2 crore, and 6.75% on balances ranging from Rs 1 lakh to Rs 5 lakh.
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ESAF Small Finance Bank
EASAF Small Finance Bank offers interest up to 7.5 percent on savings accounts on balances from 10 crore to less than 2 crores. The bank offers 7.25% interest on savings account balance from 50 lakh to less than 2 Crore in the account and 7% on balances from 5 crore to less than 10 crores in the account.
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Other Small Finance Banks
AU Small Finance Bank offers interest up to 7 percent on savings accounts, Equitas Small Finance Bank offers 7% interest in saving account for balances above Rs 5 lakh and up to Rs 50 crores.
Which Bank Gives 7% Interest Rate? 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.
7% Interest Savings Accounts: What You Need To Know
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.
You can apply for a Regular Saver via our App or Online Banking, and we'll get you set up within a few hours to 3 days. This account is only available to first direct 1st Account customers. Find out more about our 1st Account. Our Regular Saver gives you a 7.00% AER/Gross p.a.
The State Bank of India (SBI), founded in 1806 as the Bank of Calcuta is one of the best savings account India. It is India's oldest and largest government-owned bank.
Competition between banks and building societies to attract current account holders is growing more fierce, as the best savings rate in a decade has been announced. Nationwide Building Society is launching a linked savings account paying 8 per cent interest plus a £200 switching bonus.
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.
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%.
Earning 7% interest on a savings account could help you grow your money faster, especially if interest compounds daily. However, these accounts aren't always worth it, as they may only earn interest on a portion of the balance and often come with balance or activity requirements.
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.
Introduction: My name is Edwin Metz, I am a fair, energetic, helpful, brave, outstanding, nice, helpful person who loves writing and wants to share my knowledge and understanding with you.
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