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Wondering if there are any 12% interest savings accounts out there? Turns out, they do exist. Most either involve cryptocurrency or are certificates of deposit offered by international banks. Crypto savings accounts typically aren’t insured by the FDIC, and international CDs can be risky. Here’s what you need to know.
Where can I find a 12% interest savings account?
Traditional banks in the US don’t offer yields anywhere near 12%, but you can still earn such high APYs with crypto savings accounts and international 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
12.3% to 12.8%
Funds must be in MTN instead of USD
Khan Bank
12-month, 18-month and 24-month Online Term Deposit Account
12.4% to 12.9%
Funds must be in MTN instead of USD
Yield
N/A
Up to 12%
YLD only locked for 1 year. Must own at least 1,000 YLD.
Crypto.com
Crypto.com Earn
Up to 14.5%
in first $3,000 USD worth DOT. Must stake $40,000 in CRO and 2% of the APY is paid in CRO.
Hodlnaut
N/A
Up to 7.25%
Stablecoin only. APY drops on balances over $25,000
CoinLoan
N/A
Up to 12.3%
Stablecoin only. 2% of the APY is paid in CLO.
Nexo
Nexo
Up to 12%
Stablecoin only. Earn 12% in NEXO or 10% in kind. NEXO must account for at least 10% of your balance.
Fulcrum
N/A
Up to 11.41%
USDC only. No minimum deposit or holding period.
Celsius Earn Network
Celsius Earn
Up to 17%
No minimum balance requirement. For the highest rates, you must own SNX, earn rewards in CEL, stake your CEL rewards for a year, and have at least 20% CEL in your portfolio. Only verified accredited investors can earn interest on deposits made after April 15, 2022.
Is a 12% interest savings account legit?
Most 12% interest savings accounts are either uninsured by the FDIC or off-limits to US citizens. If you find an account you’re interested in and eligible for, be aware of these risks before signing up.
May not be insured. Money held in traditional banks is FDIC insured for up to $250,000. Crypto savings accounts aren’t regulated by the FDIC and are almost always uninsured. And money held in international banks 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. Most savings accounts have few or no fees, but there are exceptions. 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.
Are there any 10% interest savings accounts?
Yes, many crypto savings accounts earn between 8% and 10% interest, and the same international banks that offer 12% APY CDs also offer 10% APY CDs. And like the 12% APY accounts, these accounts do carry some risk.
Bank name
Account name
APY
Details / Limitations
Khan Bank
180-day Ordinary Term Savings Account
1.4%
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
7%
Funds must be in TL instead of USD
Prominvestbank
3-month Term Deposit
14%
Funds must be in UAH instead of USD
Voyager
N/A
Up to 9%
USDC only. 100 USDC minimum balance.
Ledn
N/A
Up to 9%
No minimum balance. 10 USDC fee per withdrawal.
Gemini
Gemini Earn
Up to 8.05%
Gemini dollar (GUSD) stablecoin only.
AnchorUSD
High-yield interest account
Up to 8%
USDC only. No minimum deposit or holding period.
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 7.6% return.
Use this table to calculate potential interest earnings and sort accounts by APY, monthly fee, and minimum deposit requirements.
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Bottom line
Before you open an international CD or crypto savings account with a 12% APY, 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.
Frequently asked questions
You’ll most likely have to do an international transfer to deposit money into an overseas account. Look for one with low fees and a strong exchange rate to get the best bang for your buck.
Nothing in life is without risks, but if you want to earn a 12% return in the US, your best option is the stock market or a peer-to-peer lending site.
For example, PeerStreet is a real estate investing platform that has average returns of 7% to 12%. Another option is RealCrowd. It offers 6% to 12% returns but it’s only open to accredited investors.
If you go the stock market route, your risk and returns will depend on the investments you choose and how well you diversify your portfolio.
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Cassidy Horton is a freelance personal finance copywriter and past contributing writer for Finder. Her writing and banking expertise have been featured in Forbes Advisor, Money, The Balance, Money Under 30, Insure.com, and other top digital publishers. She holds a BS in public relations and an MBA from Georgia Southern University.
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