Where to find 7% savings rates right now

No major national bank currently offers 7% on a standard savings account. The highest rates from banks like Chase, Bank of America, and Wells Fargo sit between 0.01% and 0.05%. However, some online banks and credit unions do offer rates at or near 7%, though the exact rate depends on the account type, your balance, and current market conditions.

The banks and credit unions offering the highest rates change month to month as the Federal Reserve adjusts interest rates. A rate that is 7% today may drop to 5.5% in three months, or rise to 7.5%. This guide shows you where these accounts exist, how to find current rates, and what catches are usually attached.

Most 7% rates come with strings: a minimum balance requirement (often $500 to $25,000), a limit on how many withdrawals you can make per month, or a requirement that you make a certain number of debit card transactions. Some are only available to new customers for the first few months. Understanding these limits matters more than the headline rate.

Key Takeaways

  • Online banks and credit unions offer rates near 7%, but national banks do not; rates change monthly based on Federal Reserve decisions.
  • Most high-rate accounts require a minimum balance of $500 to $25,000 and may limit withdrawals or require debit card activity.
  • The 7% rate is often a promotional rate lasting three to twelve months, after which the rate drops to 4% to 5%.
  • Credit unions typically require membership in a specific group (employer, union, location) but sometimes offer the highest rates available.
  • You can compare current rates across dozens of banks and credit unions on rate-tracking websites updated daily.

Online banks offering rates between 5% and 7%

Online-only banks have lower overhead than brick-and-mortar branches, so they pass higher rates to depositors. Banks like Marcus by Goldman Sachs, Ally Bank, and American Express Personal Savings have offered rates between 4.5% and 5.35% in recent months. Rates this high are not permanent—they move with the Federal Reserve's benchmark rate, which has been falling since mid-2023.

These accounts typically have no minimum balance, no monthly fees, and no withdrawal limits. You manage everything online or through a mobile app. The trade-off is that you cannot walk into a branch or speak to someone in person about your account. Most online banks offer customer service by phone or chat during business hours.

To find the current rate at each bank, visit their website directly—do not rely on comparison sites, which update slowly. Write down the rate, the date you checked it, and any restrictions (like "new customers only for 12 months"). Then check again in two weeks to see if the rate has moved.

Credit unions with 7% rates on share savings accounts

Some credit unions offer 7% or higher on share savings accounts (the credit union version of a savings account). Pentagon Federal Credit Union, Connexus Credit Union, and Consumers Credit Union have advertised rates at or above 7% on accounts with specific conditions. The rate usually applies only to balances up to a certain amount—often $500 or $1,000—and drops to 0.5% or lower on anything above that threshold.

Credit unions are member-owned, not shareholder-owned, so they can offer rates that banks cannot sustain. However, you must be a member to open an account. Membership requirements vary: some credit unions are open to anyone in a geographic area, others require you to work for a specific employer or belong to a union, and some have joined shared branching networks that let you open an account through a partner credit union.

To find a credit union near you or one you may be able to join, search the CO-OP Network or Shared Branch locator. Call the credit union directly and ask: "What is your current rate on share savings?" and "What is the maximum balance that earns this rate?" Write down both answers, because the second one determines whether the 7% rate actually helps you.

How promotional rates work and when they expire

Many of the 7% rates you see advertised are promotional rates that last for a set period—usually three to twelve months—then drop to a lower permanent rate. A bank might offer 7% for the first six months, then 4.5% after that. If you deposit $10,000 at 7%, you earn about $350 in the first six months, then $225 per year after the promotion ends.

Read the fine print on the bank's website before opening the account. Look for the phrase "introductory rate" or "promotional rate" and the date it expires. Some banks extend the promotion if you meet conditions (like making five debit card transactions per month), while others do not. A few banks have no expiration date on their high rates, but these are rare and usually come with a balance cap of $500 to $1,000.

If you have $25,000 to deposit, a 7% promotional rate for six months is worth about $875 in interest. After the rate drops to 4%, you earn about $1,000 per year. That is still better than a national bank's 0.05%, but it is not the same as a permanent 7% rate. Plan for the rate to drop, and decide whether the account is still worth using after the promotion ends.

Minimum balance requirements and withdrawal limits

High-rate savings accounts often come with a minimum balance requirement. You may need to keep $500, $2,500, $10,000, or even $25,000 in the account at all times to earn the advertised rate. If your balance drops below the minimum, the rate falls to 0.5% or you pay a monthly fee. Some banks waive the minimum for the first month or two, then enforce it.

A few high-rate accounts also limit how many times you can withdraw money per month. Federal rules used to cap savings account withdrawals at six per month, but that rule was suspended in 2020. However, some banks and credit unions still impose their own limits—often five or six withdrawals monthly—and charge a fee for each withdrawal over the limit. Check the account agreement for this detail before you open the account.

Debit card transaction requirements are another common condition. A bank might say: "Earn 7% only if you make at least five debit card purchases per month." If you do not use a debit card, or if you use it fewer than five times, you earn a lower rate. These requirements are designed to push you toward using the bank's other services, not to benefit you.

How to compare rates across banks and credit unions

Rate-tracking websites like Bankrate, DepositAccounts, and DepositAccounts.com update savings account rates daily. You can filter by rate, minimum balance, account type, and FDIC insurance status. These sites do not sell accounts—they show you what is available and link to the bank's website so you can open an account directly.

When you find an account that interests you, visit the bank's website and confirm the rate yourself. Comparison sites are usually accurate, but rates can change between the time the site updates and the time you read it. Write down the rate, the minimum balance, any promotional period, and the bank's phone number. Then call the bank and ask: "Is this rate still current?" and "Are there any restrictions I should know about?"

Open an account only after you have confirmed the rate in writing. Some banks send a confirmation email with the rate locked in; others do not. If the bank does not send written confirmation, take a screenshot of the rate on their website and the date you opened the account. If the rate drops before your first deposit clears, you have proof of what you were promised.

FDIC insurance and safety of high-rate accounts

All banks offering savings accounts are required to carry FDIC insurance, which protects your deposits up to $250,000 per account type per bank. This means your money is safe even if the bank fails. Online banks are FDIC-insured just like brick-and-mortar banks; the lack of physical branches does not affect insurance coverage.

Credit unions carry similar protection through the National Credit Union Administration (NCUA), which insures deposits up to $250,000 per account type per credit union. If you have accounts at multiple credit unions, each one is insured separately. If you have multiple accounts at the same credit union (like a checking account and a savings account), they are insured together up to $250,000 total.

Before opening an account at an unfamiliar bank or credit union, check that it is FDIC or NCUA insured. You can search the FDIC's Bank Find tool or the NCUA's Credit Union Locator on their websites. If a bank or credit union is not insured, your deposits are not protected if the institution fails.

Frequently Asked Questions

Can I move money between a high-rate savings account and my checking account without losing the rate?

Yes, as long as you do not exceed any withdrawal limits the bank has set. Some banks cap the number of transfers per month; others do not. Check your account agreement or call the bank to confirm. Transfers between your own accounts at the same bank usually do not count against withdrawal limits, but transfers to other banks sometimes do.

What happens to my rate if the Federal Reserve lowers interest rates?

Your rate will drop, usually within one to three months. Banks lower rates on savings accounts when the Fed lowers its benchmark rate, because they earn less on loans and investments. Promotional rates sometimes stay the same until the promotion ends, then drop. Permanent rates drop immediately or within a few weeks.

Is a 7% rate may provide to stay at 7% for a year?

No. Only promotional rates have a may provide end date. Permanent rates can change at any time without notice. Some banks give you a few days' notice before lowering a rate; others do not. Read your account agreement to see what notice period the bank promises, if any.

Do I have to pay taxes on the interest I earn?

Yes. Interest earned on a savings account is taxable income. The bank will send you a 1099-INT form at the end of the year showing how much interest you earned. You report this on your tax return. If you earn more than $10 in interest at a single bank, the bank is required to send you the form.

What if I find a 7% rate but I only have $500 to deposit?

Open the account. Many high-rate accounts have no minimum balance, or a minimum of $1 or $25. Even if the rate applies only to your first $500 or $1,000, you still earn 7% on that amount. After six months with $500 at 7%, you will have earned about $17.50 in interest—not life-changing, but better than 0.05% at a national bank.