Do Banks Offer 6% Interest on Savings Accounts?

According to the FDIC, national deposit rates are 0.46%, but plenty of banks pay higher rates. Several banks offer 5% interest savings accounts, but there are a few that offer 6% APY on a limited amount of your money.

It’s important to read the fine print before opening an account to understand the account’s terms for earning interest.

We’ve compiled a short list of banks that offer 6% interest savings accounts and broken down whether or not they’re worth considering.

Best 6% Interest Savings Accounts

You have a couple of options if you’re looking for 6% interest savings accounts, but they have some restrictions in the fine print.

1. Digital Federal Credit Union: 5.50% up to $1,000
2. Boeing Employees Credit Union: 5.90% up to $500

Synchrony Bank High Yield Savings

:

Save with Synchrony Bank. Open a High Yield savings account today with no minimum deposit and earn 4.00% APY. Member FDIC.

Learn More

1. Digital Federal Credit Union: 5.50% APY up to $1,000

Digital Federal Credit Union has over 1 million members, 6,800 co-op branches, and 83,000+ fee-free ATMs. Anyone can become a member if they are affiliated with The Church of Jesus Christ of Latter-day Saints, live in a community, work for an eligible company, or are part of an organization on DCU’s list.

The DCU Primary Savings account pays up to 5.50% APY on up to $1,000. On any remaining balance over $1,000, you’ll only earn 0.15%. For this reason, we recommend utilizing a slightly lower 4.00% APY, but on your entire account balance.

To open an account, you must deposit $5. There’s no minimum monthly balance and no fees.

While this offer may sound great, there are other credit unions offering high APYs on savings accounts with fewer restrictions that are more beneficial for your savings.

Visit DCU.org to learn more

2. Boeing Employees Credit Union

Boeing Employees Credit Union offers a high yield savings account that’s about as close to 6.00% as you can get.

You can earn 5.90% with their Members Advantage Savings account. The catch? Well, there are 2.

First, you must qualify for membership since this is a credit union and their field of membership isn’t nationwide like DFCU.

Second, the high apy is only on the first $500. On any remaining balance over $500, you’ll earn 0.30%.

You can make up to six monthly transfers from your savings account and enroll in direct deposit to guarantee you save each month.

Visit BECU.org to learn more

Are 6% Interest Savings Accounts Worth It?

In most cases, 6% savings accounts aren’t worth it because of their limitations. While 6% might look more appealing on the surface, it’s usually more worthwhile to opt for an high yield savings account that pays out on all balances.

If a high-yield savings account has a lot of restrictions, ask yourself if it’s worth it. If there are a lot of hoops to jump through or there are lower interest rates after you hit a certain amount, you can find a better option.

Sometimes it’s better to stick to the lower-paying banks because you’ll earn more interest. This is because the lower APY is typically higher than the default APY high-yield banks pay.

You’d even earn more interest by depositing your funds in a 4% interest savings account.

Not only do you lose interest by opting for a 6% account, but there are often restrictions. For example, they include minimum opening balance requirements, limited transactions, or a certain amount of purchases to earn the promoted rate.

Learn More:

• Are High-Yield Savings Accounts Worth It?

Other High-Yield Savings Accounts to Consider

While the accounts below offer a slightly lower APY, they have the potential to earn more interest in the long run, with fewer caps than 6% interest savings accounts.

Synchrony Bank High Yield Savings

:

Save with Synchrony Bank. Open a High Yield savings account today with no minimum deposit and earn 4.00% APY. Member FDIC.

Learn More

Frequently Asked Questions

Want to learn more? Check out my list of frequently asked questions.

Which bank provides the highest interest-rate savings account?

Digital Federal Credit Union offers the highest APY on a savings account at 6.17%. But, there is fine print that comes with that high APY, including the fact that you only earn the higher interest rate on the first $1,000 deposited; the remaining funds earn a much lower rate.

Do you pay taxes on a 6% interest savings account?

You are required to pay taxes on any money you earn in a savings account. You might be able to offset the taxes with other losses, but always leave that up to your tax advisor by disclosing all the money you earned, no matter how little.

How often do savings rates change?

Savings rates can change frequently, but typically they change monthly, quarterly, or semi-annually. This usually happens when there’s a change in the economy or when the Fed makes changes to the Fed rate.

Is it possible to lose money from a 6% interest savings account?

You won’t lose money from an HYSA unless you put money in a bank that isn’t FDIC-insured. But if that bank were to go out of business, you’d lose your money. Otherwise, your funds are about as secure as it gets in a high-yield savings account.

Are cryptocurrency savings accounts a safe option?

While you can earn 6-10% on crypto savings accounts, they aren’t the safest option. Although they’re called savings accounts, you loan your crypto to people who need it and earn interest. As you can imagine, this creates a large amount of risk, and there’s no FDIC or any other insurance to protect you.

Transferring crypto also comes with fees, similar to ATM or ACH fees, which decrease your earnings.

Methodology

To provide you with accurate recommendations for 6% savings accounts, the BankBonus team evaluated more than 100 banks and accounts, comparing interest rates and account requirements.

To make the list, a bank had to offer a minimum of 6% APY on at least a portion of the funds in the account. Each account also has to provide FDIC or NCUA insurance.

While we frequently update our reviews and recommendations for accuracy, it’s important to note that rates are subject to change at any time.

Financial institutions and banking providers we monitor include: Acorns, Affirm, Albert, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Ameris Bank, Andrews Federal Credit Union, Apple, Aspiration, Associated Bank, Axos Bank, Bank of America, Bank of Hawaii, Barclays, Bask Bank, Bluevine, BMO, Boeing Employees Credit Union, Bread Savings™, BrioDirect, Capital One, Central Bank of the Midwest, CFG Bank, Charles Schwab Bank, Chase Bank, Chime, CIBC U.S., CIBM Bank, CIT Bank, Citibank, Citizens Bank, Comerica Bank, Connexus Credit Union, Consumers Credit Union, Current, Crescent Bank & Trust, Delta Community Credit Union, Discover® Bank, Dollar Bank, E*TRADE, EverBank, Fidelity, Fifth Third Bank, First Citizens Bank, First Foundation Bank, First Horizon Bank, First Internet Bank, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, Forbright Bank, Found, GO2bank, Golden 1 Credit Union, Green Dot Bank, Greenwood, GTE Financial Credit Union, HSBC Bank, Huntington Bank, KeyBank, Laurel Road Bank, LendingClub Bank, Lili, Live Oak Bank, M&T Bank, M1 Finance, Marcus by Goldman Sachs, Mercury, MidFirst, Moneylion, mph Bank, Navy Federal Credit Union, NBKC, NorthOne, One, OneAZ Credit Union, Pennsylvania State Employees Credit Union, Pentagon Federal Credit Union, PNC, Popular Direct, Quontic Bank, Raisin, Regions Bank, Revolut, Robinhood, SAFE Credit Union, Sallie Mae Bank, Santander Bank, Security Service Federal Credit Union, Service Credit Union, SkyOne Federal Credit Union, SoFi, SouthState Bank, Synchrony Bank, Synovus Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Vio Bank, Vystar Credit Union, Wealthfront, Wells Fargo, Western Alliance Bank, and Wings Financial Credit Union