Can You Earn More than 12% on a Savings Account?

April 24, 2023
3 min read

When it comes to saving money, high-yield savings accounts are a great option to earn more interest on your money. With some banks advertising rates from 7% to 12%, it's one of the best time to lock in rates with some fabulous returns. But with so many options out there, it can be overwhelming to choose the right one for you. If you start searching the options below, you can find the accounts that are eligible for you.

It's time to break free from the shackles of low-interest savings accounts and embrace a new era of financial growth. Imagine your savings growing by leaps and bounds, all while you maintain control over your funds. Don't let your money stagnate when it could be thriving. Discover the power of 12% interest savings accounts and watch your money flourish.

Despite the prevailing economic conditions, it is possible to achieve a better return on your savings. This is because a lot of savings accounts are currently earning below the inflation rate, which leads to a decrease in the purchasing power of your saved funds over time. However, there are ways to earn a higher rate of interest without assuming too much risk. If you have some money saved up, these strategies may be worth considering.

As always, we recommend that consumers always read the details to understand the requirements to earn these rates. While some institutions offer attractive rates, such as Digital Federal Credit Union at 6.17%, Blue Federal Credit Union at 5.00%, Landmark Credit Union at 7.50%, Mango Money at 6.00%, Consumers Credit Union and T-Mobile Money both at 4.00%, these rates are often only applicable up to a certain limit and require meeting additional requirements outlined in the fine print, such as having a minimum balance or making monthly purchases.

It is important to research the financial institution and verify its legitimacy through trusted sources like the FDIC, NCUA, Better Business Bureau, or Consumer Financial Protection Bureau.

With all that said, we've found that these accounts typically offer higher interest rates on your balances than traditional checking accounts, giving you the opportunity to earn more money on your deposits.

Landmark Credit Union: With a high APY of 7.50% up to $500, Landmark Credit Union is a great option for those looking to grow their savings quickly. This online bank offers online and mobile banking, as well as loans and debit cards. However, new customers must set up a qualifying direct deposit of $250 or more to qualify for this rate.

Webster Bank: Webster Bank's Save Market Savings Account offers an impressive 9.18% APY for customers willing to commit to a 5-year term. Your deposit is never at risk, and you'll receive market-driven yields that pay out at the end of your investment term.

Phoenix Capital Group: For those willing to commit to a longer-term investment, Phoenix Capital Group offers an impressive APY of up to 12%. This investment firm partners with management teams to improve operations, cut costs, and accelerate growth in retail, restaurants, and hospitality industries. However, there is a minimum investment of $100,000.

Overall, high-yield savings accounts are a great way to make the most of your savings and earn more interest over time. Be sure to compare rates and requirements before choosing the best account for your financial needs.