GOBankingRates | Personal Finance Site To Help You Find More Ways To Save Money And Make Money (2024)

FAQs

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.

High-yield savings accounts usually don't require a minimum deposit to earn interest, and you'll have the flexibility to transfer funds to and from the account. The easy access makes it the perfect place for funds you may need quickly or on short notice, such as your emergency fund.

Acorns was chosen as the best money-saving app for investing spare change thanks to its Round-Ups feature, which automatically rounds your purchases up to the nearest dollar and invests the difference into a diversified portfolio of low-cost index ETFs.

Let's look at how much you could make by depositing $1,000 into accounts with various ranges: After one year with a regular account at 0.43%: $1,004.30. After one year with a high-yield account at 4.50%: $1,045.00. After one year with a high-yield account at 5.00%: $1,050.00.

The classic approach of doubling your money by investing in a diversified portfolio of stocks and bonds is probably the one that applies to most investors. Investing to double your money can be done safely over several years, but for those who are impatient, there's more of a risk of losing most or all of their money.

How much interest can you earn on $10,000? In a savings account earning 0.01%, your balance after a year would be $10,001. Put that $10,000 in a high-yield savings account that earns 5% APY for the same amount of time, and you'll earn about $500.

Money Market Accounts

Good for: People who want to earn interest on savings while having more options for accessing their money.

Which account type gives you immediate access to your money? ›

Regular savings account: earns interest and offers quick access to funds. Money market account: earns interest and may provide check-writing privileges and ATM access. Certificate of deposit, or CD: usually has the highest interest rate among savings accounts, but no access to funds.

In doing so, they miss out on the number one key to success in investing: TIME. The 70/30 Rule is simple: Live on 70% of your income, save 20%, and give 10% to your Church, or favorite charity. This has many benefits in addition to saving 20% of your income.

Its main micro-investing feature allows budding investors to start small by investing the spare change from their everyday purchases. For example, when you purchase a coffee for $3.75, Acorns rounds up to the nearest dollar and invests the spare $0.25 cents into the market.

Tin is a Safari extension that applies the best coupon codes at checkout, and tracks your package so you never miss a delivery (or a deal)! Tin scours the interwebs to find the best promo codes across 50,000+ retailers and automatically applies the best savings ($$$).

SBI offers Recurring deposits at interest rates of 6.50% to 7% p.a. to other depositors, and 7.35% to 7.5% to senior citizens with a minimum monthly deposit of ₹100. The tenure for SBI RD ranges from 1 year to 10 years.

Can You Get a 7% CD Account? There was a lot of excitement in August 2023 about a few credit unions offering 7% APYs on certificates. But those rates were offered for a limited time only and are no longer available. However, the nation's best CD rates are still well above 5%, with some pushing toward 6%.

Nationwide launched its market-leading 8% regular saver on 21 September 2023, which followed on from its previous flex issue offering 4.5% AER back in October 2022. The account permitted you to save between £1 and £200 per month, and unlike a lot of other regular savers, this one required no minimum monthly payment.