- One credit union has an account that pays over 6% APY.
- Not everyone qualifies, and you also won't earn this high interest rate on your entire balance.
- Plenty of savings accounts available nationally still offer great rates of over 4% APY.
Many financial institutions are still paying high savings rates. There's one credit union offering more than 6% APY to help grow your savings, but there are some criteria to be aware of.
If you want to explore additional savings options, the best high-yield savings accounts are available around the U.S. and offer high rates on your entire balance.
Understanding 6% interest savings accounts
A 6% interest savings account is not unheard of, but it's exceedingly rare in the current economic environment, with savings account rates likely to change frequently.
The current average savings account in the U.S. has an interest rate of 0.41% APY. But many banks and credit unions offer rates of 3% APY to 5% APY on savings balances as low as $1. Higher rates may be available on larger balances, depending on the financial institution.
How to qualify for 6% interest savings accounts
Requirements vary by financial institution. While some banks and credit unions require a balance of just $1 or $5 to start earning interest, others may require $10,000 or more to earn the highest available APY.
In other cases, you may need to set up recurring direct deposits to earn the bank's top APY on your savings balance.
Top banks offering close to or over 6% interest savings accounts
Community Financial Credit Union High-Yield Savings Account
Community Financial Credit Union offers the current highest savings account rate at up to 10.00% APY. It offers 10.00% APY on the first $1,000 in your account, but you'll only earn 0.10% APY on balances over $1,000.
This account has no monthly service fee, but you'll need to put at least $5 in your account when you open it.
To join Community Financial Credit Union, you'll need to live, work, attend school, or worship in Michigan. You can also join if you live in the same household as a current member or if you have an immediate family member who qualifies to join. If you own a business, you might be able to join through your company if it regularly does business in Michigan.
You probably won't want to make this account your primary savings account, but its interest rate is good enough that you might want to open an account just to keep a $1,000 balance.
no monthly service fee
up to 10.00%
$5
- Very high interest rate on first $1,000 in the account
- Low minimum opening deposit
- No monthly service fees
- Not everyone can join the credit union
- Lower than average interest rate on remaining balance
- Interest compounds monthly
- You must live, work, attend school, or worship in Michigan; be a business or other legal entity that regularly conducts business in Michigan; be an immediate family member of someone in an eligible community; or live in the same household as a member to become a member of Community Financial Credit Union
- 14 branches in Michigan (Atlanta, Canton, Detroit, Gaylord, Hillman, Lewiston, Livonia, Northville, Plymouth, Westland, Wixon) with two branches coming soon (Detroit, West Bloomfield)
- Customer service available by phone from 8 a.m. ET to 7 p.m. ET on Monday through Friday, and from 8 a.m. ET to 1 p.m. ET on Saturday. Customer service also available at physical branches and via live chat
- Highest APY only applied to first $1,000 in account; after that, your balance will earn 0.10% APY
- Interest compounds and deposits monthly
- Member NCUA
Comparing 6% interest savings accounts to other savings options
Traditional savings accounts
Many savings accounts offered by traditional banks and credit unions pay less than 1% APY. For some customers, access to in-person banking and a huge network of ATMs is worth the lower earnings.
High-yield savings accounts
The best high-yield savings accounts pay 4.40% APY or more as of March 2025. The most competitive rates are typically offered by online banks that charge little or no monthly maintenance fees. Customers with high balances may also have access to higher interest rates at traditional banks and credit unions.
Certificates of deposit
CD rates are comparable to high-yield savings rates right now. There's no fee to open or maintain a CD, although there's usually a minimum deposit and you will need to leave your money in the account for a specified period of time or face an early withdrawal penalty.
Not every financial institution offers CDs, but you'll find them at many traditional banks, online banks, and credit unions.
Benefits of 6% interest savings accounts
The biggest benefit of a 6% interest savings account is the earning potential. If you deposit $20,000 into a savings account paying 6% APY, you'd earn around $1,200 in one year.
Currently, there are only three accounts that pay at least 6% APY, and they only pay high rates on a small portion of your balance. The rest of your balance will earn a comparatively low APY.
Potential drawbacks of 6% interest savings accounts
Financial institutions offering such high interest rates on savings accounts may have difficult-to-meet requirements, such as a minimum balance of $100,000 or regular direct deposits.
6% interest savings account FAQs
What is a 6% interest savings account?
It's a high-yield savings account that offers an above-average APY on your balance and gives you flexible access to your money.
How can I find a 6% interest savings account?
Banks and credit unions, especially those that operate exclusively online, may offer high promotional APYs for new customers or those with a very high balance.
Are 6% interest savings accounts safe?
Savings accounts paying 6% APY are safe if they are offered by banks and credit unions with federal deposit insurance from the FDIC or NCUA.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
*LendingClub LevelUp Savings Account: Earn 4.40% APY when you deposit at least $250 per month, earn 3.40% standard APY if minimum isn't met.
**CIT Bank Platinum Savings: Transfer a one-time deposit of $50,000+ for a Bonus of $300 or a one-time deposit of $25,000 -$49,999.99 for a Bonus of $225
***Synchrony High Yield Savings Account: Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.
****SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
*****Valley Direct High Yield Savings Promo Account: New customers only
