7% Interest Rate Savings Accounts in April 2024 (2024)

Vault’s Viewpoint on 7% Interest Savings Accounts

  • If you can find a savings account with a 7% interest rate, you’ll earn about 15X more than the national savings rate.
  • Currently, there are no savings accounts on the market that offer a 7% APY.
  • It’s much more common to find a savings rate of 4% to 5% right now.

Overview of 7% APY Savings Accounts

Usually, you can find higher rates with credit unions or online banks. Credit unions can afford to offer higher savings rates since they are not-for-profit institutions like banks. Online-only banks do aim to earn a profit, but because they don’t have expensive brick-and-mortar branch locations to run, they can often afford to give very enticing APYs on savings deposits and other products.

Unfortunately—as briefly noted earlier—there aren’t any savings accounts currently offering a 7% interest rate. However, some financial institutions are offering a 7% or greater APY on other products.

OnPath Federal Credit Union customers can currently access a 7% APY on average daily checking account balances up to $10,000. Landmark Premium Credit Union is another credit union offering a high rate on checking deposits. You can earn 7.50% APY on deposits of up to $500.

Pros of a 7% Interest Savings Account

If you can secure a 7% interest savings account, you stand to earn a lot of money for very little effort.

  • High-interest earnings can help savings grow
  • No risk like with investing
  • Most savings accounts are protected by FDIC or NCUA insurance

Cons of a 7% Interest Savings Account

Unfortunately, finding and maintaining a 7% APY simply by opening a savings account is easier said than done. Here are some disadvantages commonly associated with 7% interest savings accounts.

  • Difficult to find
  • No guarantee interest rate will remain that high
  • May need to meet certain minimum balance requirements

How Much Can You Earn With a 7% Interest CD?

One way to find higher earnings rates can be with a certificate of deposit (CD). While a CD is not as flexible as a savings account, it also offers a guaranteed amount of interest on your deposit. In many cases, CD rates are higher than savings account rates.

With a CD, you deposit a certain amount of money for a set amount of time (known as the CD term). You typically can’t remove your funds before the term ends without running into a penalty fee—although there are some exceptions to this rule thanks to no-penalty CDs. In exchange for that rigidity, you earn a set amount of interest. With a savings account, APYs can go up or down whenever the bank chooses, meaning what you earn is unpredictable.

At the moment, there are no 7% CDs available, but you can find many offering high APYs. Let’s say you were to find a 7% CD—how much money would you earn? If you open a CD with a $10,000 deposit and a two-year term, you would earn $1,449 in interest. You wouldn’t be able to access your funds for two years, which may be challenging, but it’s easy to see how a high APY can lead to strong earnings that make that lack of fluidity worthwhile.

How to Open a Savings Account With 7% Interest

Opening a new savings account can sound intimidating, but the process is actually quite straightforward and speedy. If you’re planning to open a new savings account, here are the steps you will generally follow.

  1. Shop around. When choosing a new savings account, spend some time getting to know your options. Investigate the different rates, fees and products a handful of banks and credit unions offer.
  2. Be prepared. All banks have a unique application process, but most require you to provide basic personal and identifying information and documentation. To streamline the application, have a government-issued ID, proof of address and your Social Security number at the ready.
  3. Fill out the application. Next, you will complete the application and wait for approval. Most banks will give you an answer fairly quickly and possibly even immediately or that same day.
  4. Make the initial deposit. After you receive approval, you’ll need to make an initial deposit. Some banks have minimum opening deposit requirements, so confirm you can deposit that amount before opening your account. You may also need to maintain a certain ongoing balance or risk running into fees.

Alternatives to a Savings Account With 7% Interest

If you can’t find a savings account offering the 7% interest rate you’re looking for, other financial products can still help you earn a decent amount of interest.

High-Yield Checking Account

High-yield checking accounts work the same way as a traditional checking account but tend to come with much higher interest rates, getting you closer to earning a 7% APY. Typically, you don’t earn much—if any—interest with traditional checking accounts, so finding a high-yield checking account that works for you can be a real win. You will most commonly find high-yield checking accounts at online-only banks or credit unions.

High-Yield Savings Accounts

Remember: You’re more likely to find the most competitive interest rates with high-yield savings accounts, not traditional ones. If you are comfortable giving up access to in-person banking services, you may be able to find the rates you’re looking for at an online-only bank.

Money Market Accounts

A money market account is a great way to earn interest on savings you want to keep accessible. You can find money market accounts at banks and credit unions, which work like a cross between savings and checking accounts. You’ll get check-writing abilities and debit card access like you would with a checking account, but with the high APY of a savings account.

Frequently Asked Questions

How Can I Earn 7% Interest on My Money?

There are a few different ways you can earn a 7% interest rate on your money. It’s possible to earn that much interest with investing, but there are no guarantees. Finding a high-yield savings account, CD or money market account that offers a 7% interest rate can be a more secure way of earning that rate.

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. Landmark Premium Credit Union is also offering a 7.50% APY on checking deposits up to $500.

Can You Get 7% on a CD?

It can be possible to earn a 7% interest rate on a (CD), but to find that high of an interest rate, you will need to shop around with a few different banks and credit unions. To earn a 7% interest rate, you may need to commit to a large CD amount or a long CD term.

7% Interest Rate Savings Accounts in April 2024 (2024)


How high will savings interest rates go in 2024? ›

Fed chairman Jerome Powell has suggested that rates will eventually decline sometime in 2024. According to the Summary of Economic Projections, the Fed may implement at least three 25-basis point interest rate cuts in 2024—bringing the federal funds rate closer to 4.60%.

Where can I get 7% interest on my money? ›

As of April 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.

Which US bank gives 7% interest on savings accounts? ›

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.

Which bank gives 7% interest rate? ›

Fincare Small Finance Bank savings account interest rates

The bank offers a 7% interest rate on balances above Rs 10 lakh to less than Rs 1 crore and a 7.25% interest rate on above Rs 1 crore to 5 crore on savings account balances.

Will interest rates go down in April 2024? ›

Lautz believes mortgage rates will stay in the current range of mid-6% to 7% for the first half of 2024. “There's no sizable change expected until the later part of 2024,” says Lautz. Indeed, mortgage rates are a full percentage point lower than the most recent peak in October 2023.

Will bank savings interest rates go down in 2024? ›

How low will interest rates drop in 2024? It's difficult to predict how interest rates will change but, in December 2023, the Fed predicted it would lower the federal funds rate to 4.6% by the end of 2024. That's the rate banks charge each other to borrow money, so it directly impacts the rate consumers pay.

Is there a 7% savings account? ›

While no financial institutions currently offer savings accounts with 7% interest, a few accounts that meet similar criteria are available. These include one high-yield checking account with an APY that exceeds 7.00% and several high-yield savings accounts.

Where to put $10,000 for best interest? ›

Many investment experts recommend a 60/40 mix. That is an investment portfolio invested 60% in equities (company shares) and 40% in bonds. For higher returns, an attractive investment for £10,000 could be shares or equity funds (which are made up of shares).

Will savings rates go up or down in 2024? ›

We asked savings experts what they think will happen to savings rates in 2024. The jury is unanimous that savings rates will fall, but certain accounts will fall more than others. Sarah Coles, head of personal finance at Hargreaves Lansdown, believes that interest rates will fall in 2024, but slowly.

What is the interest rate forecast for 2025? ›

The average 30-year fixed mortgage rate as of Thursday was 6.99%. By the final quarter of 2025, Fannie Mae expects that to slide to 6.0%.

What will CD rates be in 2025? ›

"Shorter CD rates won't collapse and will still offer far higher yields than the ones we experienced in 2021 and prior years," Krumpelman says. "Even in 2025, we expect short CDs to pay more than 3%."

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