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Can I get a 12% interest savings account?

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

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 nameAccount nameAPYDetails / Limitations
Ravnaq Bank12-month Time Deposit Account14%Funds must be in SUM instead of USD
Khan Bank365-day, 18-month and 24-month Ordinary Term Savings Account11% to 11.6%Funds must be in MTN instead of USD
Khan Bank12-month, 18-month and 24-month Online Term Deposit Account11.2% 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.

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
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 $15 per month for Aspiration Plus ($12.50 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.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings

0.61% on $0 to $24,999
0.25% on $25,000 to $99,999
0.15% on $100,000+
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Chime Savings
Finder Rating: 4.6 / 5: ★★★★★
Chime Savings
0.50%
$0
$0
Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 0.5% APY.
Discover Online Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Discover Online Savings Account
0.40%
$0
$0
Take advantage of a high-interest online savings account with no fees, no minimums and more.
UFB Direct High Yield Savings
Finder Rating: 3.6 / 5: ★★★★★
UFB Direct High Yield Savings
0.20%
$0
$100
Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account.
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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 nameAccount nameAPYDetails / Limitations
UkrsotsbankDeposit A-Club9.5% to 10%Funds must be in UAH instead of USD
Khan Bank180-day Ordinary Term Savings Account10%Funds must be in MTN instead of USD
Ravnaq Bank9-month Time Deposit Account10%Funds must be in SUM instead of USD
Garanti BBVA Banke-Term Time Deposit Account10% to 11.25%Funds must be in TL instead of USD
Prominvestbank3-month Term Deposit10%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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