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Can I get a 12% interest savings account?

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

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Cassidy Horton

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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 nameAccount nameAPYDetails / Limitations
Ravnaq Bank12-month Time Deposit AccountFunds must be in SUM instead of USD
Khan Bank365-day, 18-month and 24-month Ordinary Term Savings Account12.3% to 12.8%Funds must be in MTN instead of USD
Khan Bank12-month, 18-month and 24-month Online Term Deposit Account12.4% to 12.9%Funds must be in MTN instead of USD
YieldN/AUp to 12%YLD only locked for 1 year. Must own at least 1,000 YLD.
Crypto.comCrypto.com EarnUp to in first $3,000 USD worth DOT. Must stake $40,000 in CRO and 2% of the APY is paid in CRO.
HodlnautN/AUp to Stablecoin only. APY drops on balances over $25,000
CoinLoanN/AUp to 12.3%Stablecoin only. 2% of the APY is paid in CLO.
NexoNexoUp to 12%Stablecoin only. Earn 12% in NEXO or 10% in kind. NEXO must account for at least 10% of your balance.
FulcrumN/AUp to 11.41%USDC only. No minimum deposit or holding period.
Celsius Earn NetworkCelsius EarnUp to 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.
  • May compound infrequently. An account that compounds interest daily is typically more valuable than one that compounds annually.
  • 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.

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 return.
  • Money market accounts (MMAs). These accounts are similar to regular savings because they earn interest; some MMAs offer high rates that are well above the national average. Additionally, MMAs can combine the benefits of a checking account by offering debit cards and checkwriting privileges.

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 nameAccount nameAPYDetails / Limitations
Khan Bank180-day Ordinary Term Savings AccountFunds must be in MTN instead of USD
Ravnaq Bank9-month Time Deposit AccountFunds must be in SUM instead of USD
Garanti BBVA Banke-Term Time Deposit AccountFunds must be in TL instead of USD
Prominvestbank3-month Term DepositFunds must be in UAH instead of USD
VoyagerN/AUp to 9%USDC only. 100 USDC minimum balance.
LednN/AUp to 9%No minimum balance. 10 USDC fee per withdrawal.
GeminiGemini EarnUp to Gemini dollar (GUSD) stablecoin only.
AnchorUSDHigh-yield interest accountUp to 8%USDC only. No minimum deposit or holding period.

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.

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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. See full bio

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