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Can I get a 12% interest savings account?

You may have some international options, but watch out for scams.

Cassidy Horton
Cassidy Horton

Posted

Fact checked
Wondering if there are any 12% interest savings accounts out there? Turns out, they do exist. But most are only offered at international banks, they are actually certificates of deposits and they can be quite risky. Here’s what you need to know.

Where can I find a 12% interest savings account?

You won’t find any 12% interest savings accounts in the US, but some international banks offer CDs with rates of 11% or more. This table highlights some of your options:

Bank name Account name APY Details / Limitations
Ravnaq Bank 12-month Time Deposit Account 14% Funds must be in SUM instead of USD
Khan Bank 365-day, 18-month and 24-month Ordinary Term Savings Account 11% to 11.6% Funds must be in MTN instead of USD
Khan Bank 12-month, 18-month and 24-month Online Term Deposit Account 11.2% to 11.8% Funds must be in MTN instead of USD

Is a 12% interest savings account legit?

Most 12% interest savings accounts may be off-limits to US citizens. If you find one you’re eligible for, be aware of these risks before signing up:

  • May not be insured. Money held in the US is FDIC insured up to $250,000. Money held in an international bank may not be insured if the bank were to fail.
  • Legal risks. There are legal implications when it comes to holding money overseas. Consider hiring an experienced accountant to avoid accidental tax evasion.
  • Fees. Opening an international bank account could be costly. Read through the account’s fine print so you know what to expect.
  • Could be a scam. Some high rates offered by international banks could turn out to be a scam if the institution isn’t federally regulated.

Closest alternatives to a 12% APY savings account

If you come across a 12% interest savings account that sounds too good to be true, it probably is. Avoid the unnecessary risk by opening one of these alternatives instead:

  • Investment account. You could create a properly diversified portfolio of ETFs or mutual funds that track the S&P 500. For example, these have an average return of 7.5%.
  • High-yield savings account. The best high-yield savings accounts offer APYs around 1%, but some boost your savings with APYs of 5% or more.
  • Digital bank account. Digital bank accounts are known for thinking outside of the box in terms of APYs and features. For example, Save Market Savings deposits your interest in the stock market where it earns an average 3.14% return.

Compare savings accounts

Use this table to calculate potential interest earnings and sort accounts by APY, monthly fee, and minimum deposit requirements.

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
American Express® High Yield Savings
0.60%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Go to site
More Info
Axos Bank High Yield Savings
Axos Bank High Yield Savings
0.61%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Go to site
More Info
Aspiration Spend & Save Account
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $7 per month for Aspiration Plus ($5.75 per month if you pay annually)
$10
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
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More Info
CIT Bank Money Market
CIT Bank Money Market
0.50%
$0
$100
A savings account with a higher-than-average rate and minimal fees.
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More Info
Central Bank of Kansas City Savings
Central Bank of Kansas City Savings
0.40%
$0
$1
The Central Bank of Kansas City Savings account, offered through SaveBetter, has a $1 opening deposit and earns 0.4% APY.
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More Info
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Compare up to 4 providers

Are there any 10% interest savings accounts?

Yes, 10% interest accounts do exist. But many are offered by the same international banks offering CDs with 12% APYs or more. These accounts may not be open to US citizens and carry the same risk as a 12% interest account:

Bank name Account name APY Details / Limitations
Ukrsotsbank Deposit A-Club 9.5% to 10% Funds must be in UAH instead of USD
Khan Bank 180-day Ordinary Term Savings Account 10% Funds must be in MTN instead of USD
Ravnaq Bank 9-month Time Deposit Account 10% Funds must be in SUM instead of USD
Garanti BBVA Bank e-Term Time Deposit Account 10% to 11.25% Funds must be in TL instead of USD
Prominvestbank 3-month Term Deposit 10% Funds must be in UAH instead of USD

Bottom line

Before you open up a 12% interest savings account at an international bank, weigh the benefits and risks. You may find that it’s better and safer to open a regular high-yield savings account in the states.

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