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SoFi Checking and Savings
- Up to 3.80% APY on savings by meeting deposit requirements or by paying the SoFi Plus subscription fee every 30 days
- $0 monthly or overdraft fees
- Get up to a $300 bonus with direct deposits of $5,000 or more
- Member FDIC
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.
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 |
---|---|---|---|
Garanti BBVA Bank | e-Term Time Deposit Account | Up to 41% | Funds must be in TL instead of USD |
Nexo | Nexo | Up to 16% | USDT only with fixed terms savings. Earn 16% in NEXO or 14% in kind. NEXO must account for at least 10% of your portfolio. |
Yield | N/A | Up to 15% | YLD only locked for 1 year. Must own at least 20,000 YLD. |
Crypto.com | Crypto.com Earn | Up to 14% | In first $3,000 USD worth DOT and ATOM. Must stake $40,000 in CRO and 2% of the APY is paid in CRO. |
Khan Bank | 12-month certificate of deposit | 12.50% | Funds must be in MNT 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 MNT instead of USD |
Khan Bank | 365-day, 18-month and 24-month regular term deposit account | 12.00% to 12.40% | Funds must be in MNT instead of USD |
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.
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:
SoFi Checking and Savings
American Express® High Yield Savings Account
Barclays Tiered Savings
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 | 270-day Ordinary Term Savings Account | 10.20% | Funds must be in MNT instead of USD |
Ledn | USDC Growth accounts | Up to 9.5% | 100,000+ USDC. 15 USDC fee per withdrawal. |
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.
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