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In recent years, deposit rates as high as 7% APY made a savings account look like a better investment than the stock market. But those rates have largely become a thing of the past.
Today, the best high-yield savings accounts offer as much as 4% APY. Alternatively, some credit unions offer 7% on checking accounts, but these accounts are rare and the terms and conditions can be complex.
So, why don't 7% savings accounts exist anymore — and how can you earn as much interest as possible on your savings? Read on to learn more.
Currently, no banks are offering 7% APY on savings accounts. If you're looking for the highest returns on federally insured deposit accounts, the best available rates are generally in the 3% to 4% APY range for high-yield savings accounts (HYSAs), certificates of deposit (CDs), and money market accounts (MMAs).
In recent years, deposit rates as high as 7% APY made a savings account look like a better investment than the stock market. But those rates have largely become a thing of the past.
Today, the best high-yield savings accounts offer as much as 4% APY. Alternatively, some credit unions offer 7% on checking accounts, but these accounts are rare and the terms and conditions can be complex.
So, why don't 7% savings accounts exist anymore — and how can you earn as much interest as possible on your savings? Read on to learn more.
Currently, no banks are offering 7% APY on savings accounts. If you're looking for the highest returns on federally insured deposit accounts, the best available rates are generally in the 3% to 4% APY range for high-yield savings accounts (HYSAs), certificates of deposit (CDs), and money market accounts (MMAs).
3 months ago
