Which Bank Gives 6% Interest on Savings Accounts? (2024)

Inside Creative House / Getty Images/iStockphoto

As the prime interest rate has continued to creep up, Americans with cash in a high-yield savings account have opportunities to earn even more. You may have heard that you can find savings accounts with interest rates as high as 5%, 6% or even 7%. These higher-interest accounts aren’t easy to find but, for the first time in decades, they are available at banks, credit unions and online-only neobanks.

Which Bank Gives 6% Interest on Savings Accounts?

If you’re looking to earn 6% interest on your money in a straightforward savings account with no risk and no early withdrawal penalties, you have a few options.

Digital Federal Credit Union

Digital Federal Credit Union, or DCU, advertises an APY as high as on its Primary Savings account. The downside is this high APY is only good for balances up to $1,000. Anything over $1,000 earns interest of APY. You’ll need a minimum of $5 to open the account.

There are no monthly fees at DCU and no minimum to earn interest on your account. But not everyone automatically qualifies for a DCU account. To become a member of the credit union, you must fit one of several criteria.

You can work for one of the many participating companies or organizations across New England. DCU has an extensive alphabetical list published on its website.
You can live, work, worship, go to school or own a business in certain cities and regions of Massachusetts.
You can be a member of one of several not-for-profit organizations that support causes ranging from historic preservation to environmental sustainability. You can join one of these organizations, listed on the DCU website, when you open your account.

A Better Way to Bank

Mango

Mango is an online cash management account with a prepaid debit card and an option to earn on up to $2,500 of your balance in Mango Savings. Any amount over $2,500 earns just . The Mango website explains that the high APY is designed to help encourage people to save money and improve their finances.

Where Can You Get 6% Interest for a CD Account?

A certificate of deposit will traditionally offer higher interest rates than a savings account. But there is a trade-off, because you may not be able to access your money before the CD’s term ends without penalties or early withdrawal fees.

If you are comfortable keeping your money locked away for 3 months, 6 months, a year or even longer, you can earn 5% or more on a CD.

A Better Way to Bank

The highest interest rate for a CD can currently be found at Marcus By Goldman Sachs, Member FDIC. The bank is offering a special promotion of Annual Percentage Yield on their 10-month CD. This CD rate is accurate as of June 13, 2023. You’ll need to fund your account with at least $500 within the first 10 days of opening the CD. Best of all, Marcus by Goldman Sachs promises that if the rate on your CD goes up within 10 days, they will boost your rate to the higher APY.

Here’s a look at some of the best CD rates that are currently being offered:

Barclays Bank: 12-month CD — APY
Capital One: 12-month CD — APY
American Express National Bank, Member FDIC: 12-month CD — Annual Percentage Yield

Where Can You Get 5% Interest on Savings Accounts?

While there are not a ton of financial institutions offering 6% interest on savings accounts, there are a lot more that offer interest rates of 5%. If you’re looking to earn at least 5% interest on your savings account, check out these financial institutions.

Western Alliance Bank

Minimum opening deposit: $1
Monthly fee: None
High Yield Savings APY: on all balances

CloudBank 24/7

Minimum opening deposit: $1
Monthly fee: None
High Yield Savings APY:

GreenState Credit Union

Minimum opening deposit: $1
Monthly fee: None
High Yield Savings APY: on all balances

Salem Five Direct

Minimum opening deposit: $10
Monthly fee: None
EOne Savings APY: on balances up to $1 million

Newtek Bank

Minimum opening deposit: None
Monthly fee: None
Personal High Yield Savings APY: on all balances

A Better Way to Bank

My Banking Direct

Minimum opening deposit: $500
Monthly fee: None
High Yield Savings APY: on all balances over $1

Which Bank Gives 7% Interest on Savings Accounts?
As of June 13, there are no banks that offer 7% interest on savings accounts. DCU’s APY is one of the highest interest rates that is currently being offered. However, if the Fed raises the prime interest rate again in the future, online savings accounts or CDs could see returns of 7% or greater.

Final Take

Today’s economic climate of high-interest rates benefits savers by helping their money grow faster. Finding a financial institution that offers 6% interest on savings accounts can provide you with cash flow flexibility and the best opportunity to grow your money today.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of June 13, 2023.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by American Express. American Express credit card products are not available through GOBankingRates.com.

A Better Way to Bank

DIVE DEEPER

Discover the Best Banks of 2024: Unveiling Our Top Picks!

Which Bank Gives 6% Interest on Savings Accounts? (3)

We've compiled a list of the top banks for this year!

Check Out Now

TAKE POLL

TAKE ACTION

Here Are the Pros and Cons of Using Multiple Banks

Which Bank Gives 6% Interest on Savings Accounts? (6)

Many banks are one-stop-shop financial institutions...

Learn More