Landmark pays 7.50% on its Premium Checking Account - however, there are some major caveats to consider.įirst, keep in mind that this is a checking account, not a savings account. Right now, only one financial institution is paying at least 7% APY: Landmark Credit Union. Read Our Review A looong arrow, pointing right Which bank gives 7% interest on a savings account? Before opening a savings account for its high interest rate, be sure you understand the bank's rules. Or you might earn 7% on just a portion of your balance, or only earn interest if you meet certain requirements. It's common for banks to compound interest daily and pay it into your account monthly.Ī 7% APY savings account may pay interest on all of the money in your account. Most banks compound interest, which means they pay interest both on the amount you've deposited and the interest you've earned on top of it.īanks can compound interest daily, monthly, quarterly, or annually - and the more often it compounds interest, the more you'll earn in the long run. When an account pays 7% APY, you'll earn 7% on your balance over a year. What does a 7% interest rate on a savings account mean? Is a 7% APY rate worth it? Learn more about how a 7% interest rate savings account works, and whether you should bother opening an account with such a high rate.

The average interest rate on a savings account is 0.42% APY ( Annual Percentage Yield), but many institutions are paying significantly higher rates - and one is even paying over 7% interest. See today's best high-interest accounts »īanks have been increasing their savings rates for well over a year now.Plenty of high-yield savings accounts pay over 5% APY on your total balance without making you jump through hoops.But the credit union only pays a high rate on balances up to $500, and you have to meet certain criteria to qualify.Landmark Credit Union pays 7.50% APY on its high-yield checking account right now.

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