Savings account interest rates differ depending on the balances in the account. Some banks pay interest on an incremental basis on their savings account. Here are the banks offering 7% to 7.5% interest rate on savings accounts.
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Ujjivan Small Finance Bank
The Ujjivan SFB offers 3.50% on savings account deposits up to Rs 1 lakh and 6% on balances over Rs 1 lakh to Rs 5 lakh. For savings account balances over Rs 5 lakh to Rs 25 crore, interest rate offered is 7% and 7.50% on balances over Rs 25 crore. These rates are effective from November 1, 2022.
According to the Ujjivan SFB, “Interest is calculated on day-end balances maintained in the savings account and paid out on a quarterly basis. The higher interest rate will be applied and paid only basis the balances maintained as per slabs. Ex: If a customer maintains Rs.120,00 in the savings account, 3.50% interest will be earned for Rs.100,000 and 6.00% interest will be earned for the remaining Rs.20,000.”
Equitas SFB offers 3.50% on balances up to Rs 1 lakh, 5.25% on balances above Rs 1 lakh to 5 lakhs. For above Rs 5 lakh, the bank is offering 7%. These rates are effective from December 14, 2022.As per the website, “Interest will be calculated on the daily closing balance of the account. Interest will be paid on quarterly basis by direct credit in the savings account. Slabs rates are applicable on the incremental amount based on the closing balance.”
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Jana Small Finance Banks
Interest will be made as follows: 3.50% on accounts under Rs. 1 lakh, 7.00% on incremental balances over Rs. 1 lakh and up to Rs. 10 lakh, and 7.25% on incremental balances over Rs. 10 lakh and up to Rs. 10 crore. For balances over Rs. 10 lakh and up to Rs. 10 Crores, 7.25% will be paid. 6.50% would be paid on incremental balances above Rs. 50 crores. The rates are effective from February 15, 2023.
According to the Jana SFB, “Interest is calculated on day-end balances maintained in the savings account 2. The interest is paid / credited to savings account on quarterly basis.”
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Unity Small Finance Bank
Unity SFB, the bank offers 6% on savings account balances up to Rs 1 lakh and 7% on balances above Rs 1 lakh.
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Shivalik Small Finance Bank
Shivalik SFB offers interest rate of 3.50% on balance upto Rs 10 lakh. For savings account balances above Rs 10 lakhs to Rs 50 lakhs. For balances above Rs 50 lakh to Rs 1 crore, the interest rate is 4.50% and 6% on balances above Rs 1 crore to Rs 2 crore. The rates are effective from January 20, 2023.
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.
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. 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 only financial institution account currently advertising interest payments above 7% is available from Landmark Credit Union, a credit union with more than 30 locations in Wisconsin that also offers its services online. The credit union's Premium Checking account lists potential interest earnings up to 7.50% APY.
Competition among financial firms for a slice of the nation's savings is intensifying, with Nationwide launching an account paying a “market-leading” 8% interest. A string of Bank of England interest rate rises since late 2021 have pushed up savings rates across the board.
But many banks are offering rates well above the national average. Some of the best rates can be found on high-yield savings accounts, which currently offer a 5% annual percentage yield (APY) and up.
There aren't any traditional banks offering a 7% interest savings account in the U.S., but you will find some credit unions that offer checking accounts and certificates with rates near or above 7.00% APY. It's important to note that savings account rates are variable and can change at any time.
Two credit unions pay over 7% APY on accounts right now: Landmark Credit Union and OnPath Rewards High-Yield Checking. However, these are both checking accounts with limitations on eligible balances. Plenty of high-yield savings accounts pay over 5% APY on your total balance without making you jump through hoops.
Digital Federal Credit Union has an account that pays over 6% APY, but you must meet membership requirements to get started. You also won't earn this high interest rate on your entire Digital FCU savings balance. Plenty of savings accounts are available around the U.S. and still offer great rates — over 5% APY.
What banks are offering 7% interest on CDs? Currently, no U.S. banks or credit unions are offering 7% APY on CDs. During August 2023, a few credit unions were offering 7% interest on CDs, but those were limited-time offers that are no longer available.
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