Looking for sky-high savings rates? There are a few bank accounts that really do offer up to 7% annual percentage yield (APY), but to get those tasty rates, you usually need to jump through some hoops. We located some of the highest-yielding bank accounts available, break down which accounts are legit, what you’ll need to qualify for the high rates and how they stack up against more accessible options.
We’ve done the work of comparing hundreds of savings accounts so you can find the right one. Compare savings accounts by monthly fees, requirements and rates. And of course, deposits are insured with all of these accounts.
Important: Some of these accounts are checking or prepaid accounts with limited balances to qualify for the high APY. Traditional savings accounts offering 7% APY are extremely rare.
| Account | APY and requirements | Monthly maintenance fee | Learn more |
|---|---|---|---|
BCU Powerplus Checking | Up to 8% APY On balances up to $15,000 for three months with $3,000 in deposits or direct deposits and 30 qualifying transactions per month. Requires BCU membership. Up to 4% APY After the promotional period with same activity requirements as above. | $0 | |
Greenlight Family Shield | Up to 6% savings bonus On first $5,000 saved. Comes with identity theft protection, financial account monitoring and more. | $24.98 | |
Netspend Savings | Up to 6% APY | $0 | |
DCU Primary Savings Account | Up to 5.50% APY $5 deposit and no balance requirements, requires DCU membership. | $0 | |
Varo High-Yield Savings Account | Up to 5% APY On first $5,000 saved, Varo checking account required ($0/month). | $0 | |
Uphold Interest Account | Up to 4.5% APY | $0 | |
Western Alliance HYSA through Raisin | Up to 4.25% APY | $0 | |
Barclays Tiered Savings | Up to 4.1% APY | $0 | |
Public Cash Account | Up to 4.1% APY | $0 |
According to the FDIC, the average savings account APY is just 0.38% as of June 2025. Even many “high-yield” online savings accounts offer around 4% to 5% as a maximum rate.
So while 7% is possible, it’s often:
| Account type | Typical APY | Balance limits | Ease of access |
|---|---|---|---|
Traditional savings |
0.38% | None | Easy |
Online HYSA | 4.00% to 5.00% | None | Very easy, sometimes deposit or balance requirements |
Interest-bearing checking |
0.07% | Often capped | Strict requirements, such as balances, deposit or spending |
Ask yourself these questions while you’re comparing high-yield accounts:
How much are you saving?
Many accounts with APYs around 7% APY cap how much of your balance can earn that rate. This means that promotion rates or accounts with tiered interest rates are better suited for short-term savings goals. If you have more than a few thousand dollars to store away for safekeeping, you might be better off with an account with a slightly lower interest rate that earns interest on your entire balance.
Can you meet the requirements?
The high rates usually come with strings attached — like using your debit card a certain number of times each month, setting up direct deposit, logging into the app regularly or signing up for e-statements. If that’s stuff you already do, great, but if not, missing those requirements could mean losing the rate altogether.
Are you comfortable with online banking?
Many of the highest-paying accounts are offered by online banks or fintechs, since they don’t have to pay to manage physical locations. If you’re okay managing everything from your phone or computer, you’ll have more high-yield options. But if you want in-person service, or frequently make cash deposits, your savings APY may be lower in exchange for that convenience.
Compare these other top accounts and guides to find the right account for your situation:
Account with 7% APYs exist, but they’re not common or available to everyone. Most have small balance caps, require you to jump through hoops, are online only or the highest rates are temporary. See more savings account options and best guides.
Earn up to 6% with Greenlight, 5% with Varo and just under 5% with Barclays, Western Alliance, Uphold, Wealthfront and more.
These international banks offer accounts with 12% APYs or higher, but watch out for risks.
Chime’s savings account has a solid APY and has no monthly fees, but it requires Chime’s checking account.
SoFi’s high-yield savings account is a hybrid checking and savings account featuring a high APY, cashback rewards and minimal fees.
SoFi, Discover, Wealthfront, Varo, Uphold, Bask Bank, Current, Marcus and Ally offer top vacation savings accounts with high APYs.
If you struggle to save, you could benefit from a savings account or CD that won’t allow you to withdraw funds.
Uninterrupted compound interest accounts pay interest on your initial balance and the interest you continually earn if you don’t withdraw.
How to choose the best savings account for your situation.
Compare some of the best high-yield savings accounts available.