Can I get a 12% interest savings account?

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:

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 9.24% 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.

Up to 4.65% APY

Uphold

Go to site on Uphold's secure site

• $0 monthly fee
• Earn 4.65% APY on balances of $1,000+
• Earn 2% APY on balances lower than $1,000
• Available in 47 states
• Up to $2.5 million FDIC insurance

Earn up to 4.00% APY

SoFi Checking and Savings

Go to site on SoFi's secure site

• Up to 4.00% APY on savings by meeting deposit requirements
• $0 monthly or overdraft fees
• Get up to a $300 bonus with direct deposits of $5,000 or more
• Member FDIC

Earn more with combined checking and savings

Axos ONE

Go to site on Axos Bank's secure site

• $0 monthly fee
• Earn up to 4.86% APY on savings
• Earn up to 0.51% APY on checking
• Get paid up to 2 days early
• Access expanded FDIC Insurance for up to $250 million

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.

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

• How do I deposit money into a 12% APY savings account if it's overseas?

  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.

• What's the safest way to earn 12% APY on my savings in the US?

  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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Written by

Cassidy Horton

Writer

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