May 21, 2025 3:51 am CDT
MoneysMyLife
SUBSCRIBE
  • Home
  • Bank Bonuses
    • Featured Bank Offers
      • BMO Bonuses
      • Chase Bonuses
      • Axos Bank Bonuses
      • KeyBank Bonuses
      • Live Oak Bank Bonuses
      • Upgrade Bonuses
    • Best Bank Bonuses
    • Best Bank Bonuses w/o Direct Deposit
    • Best Free Business Checking Accounts
    • Best Savings Rates
    • Best CD Rates
    • All Bank Bonuses
  • Investing Offers
    • Best Crypto Bonuses (Free BTC & More)
    • Best Investment Research Tools
    • Best Brokerage Offers
    • Best Real Estate Offers
    • Best Robo-Advisor Offers
    • Best Stock Brokers
    • All Investing Offers
  • Deals & Sign Up Bonuses
    • Best Referral & Sign Up Bonuses
    • Best Cash Back Shopping
      • Best Cash Back Shopping Bonuses
      • TopCashback $25 Exclusive Sign Up Bonus
      • Rakuten $30/$40 Sign Up Bonus
      • RebatesMe $45 Welcome Offer
    • Best Mattress Discounts & Coupons
    • Best Contests & Sweepstakes
    • Best Amazon Coupons & Deals
    • Best Freebie Deals
    • All Deals
  • Money Guides
    • Guide to Bank Bonuses
    • Guide to Investment Research
      • Guide to Seeking Alpha
      • Guide to Interactive Brokers
      • Guide to Investment Research Tools
    • Guide to Cash Back Shopping Apps
    • Guide to Student Loan Repayment Strategies
    • Guide to Get-Paid-To (GPT)
    • Financial Calculators
    • All Money Guides & Tips
No Result
View All Result
MoneysMyLife
  • Home
  • Bank Bonuses
    • Featured Bank Offers
      • BMO Bonuses
      • Chase Bonuses
      • Axos Bank Bonuses
      • KeyBank Bonuses
      • Live Oak Bank Bonuses
      • Upgrade Bonuses
    • Best Bank Bonuses
    • Best Bank Bonuses w/o Direct Deposit
    • Best Free Business Checking Accounts
    • Best Savings Rates
    • Best CD Rates
    • All Bank Bonuses
  • Investing Offers
    • Best Crypto Bonuses (Free BTC & More)
    • Best Investment Research Tools
    • Best Brokerage Offers
    • Best Real Estate Offers
    • Best Robo-Advisor Offers
    • Best Stock Brokers
    • All Investing Offers
  • Deals & Sign Up Bonuses
    • Best Referral & Sign Up Bonuses
    • Best Cash Back Shopping
      • Best Cash Back Shopping Bonuses
      • TopCashback $25 Exclusive Sign Up Bonus
      • Rakuten $30/$40 Sign Up Bonus
      • RebatesMe $45 Welcome Offer
    • Best Mattress Discounts & Coupons
    • Best Contests & Sweepstakes
    • Best Amazon Coupons & Deals
    • Best Freebie Deals
    • All Deals
  • Money Guides
    • Guide to Bank Bonuses
    • Guide to Investment Research
      • Guide to Seeking Alpha
      • Guide to Interactive Brokers
      • Guide to Investment Research Tools
    • Guide to Cash Back Shopping Apps
    • Guide to Student Loan Repayment Strategies
    • Guide to Get-Paid-To (GPT)
    • Financial Calculators
    • All Money Guides & Tips
SUBSCRIBE
No Result
View All Result
MoneysMyLife
No Result
View All Result
Home Bank Promotions

7% Interest Savings Accounts – Here’s What You Need To Know

Tony Jay by Tony Jay
May 8, 2025 8:17 pm CDT
in Bank Promotions
0
Earn a $300 cash bonus with BlueVine!
CIT Bank platinum savings 300 bonus banner

Uncover the facts about 7% interest savings accounts and learn why an online high-yield savings account might be a smarter choice for growing your savings. Explore how APYs are increasing and what to consider to make your money work harder for you.

Do banks really give savings accounts interest rates of 7%? If you’re lucky enough to find a savings account that gives you 7% interest, you might be surprised to find out that it’s not as good as it sounds.

APYs are going up, but not as much as you might want. So, if you want your money in a savings account to work for you, it’s best to use an online high-yield savings account that pays a higher interest rate.

  • Update 5/8/25: Landmark CU is still offering 7.5% APY on their Premium Checking account.

READ MORE: SEE THE NATION’S BEST SAVINGS AND MONEY MARKET RATES

What Does an Interest Rate of 7% Mean?

When you get 7% interest, the bank gives you 7% of the money you put into your savings account every month. But most banks don’t give you 7% on the whole amount you put in.

Read the fine print before you jump at the chance to earn 7% interest. Find out what limits banks have, like how much they’ll lend at 7% interest and how much they’ll lend at lower interest rates on the rest.

bmo-bank-logo

TRENDING DEAL:

▶ GET A $350 CASH BONUS FOR A NEW BMO CHECKING ACCOUNT

Which Bank in the U.S. Earns 7% Interest?

In the US, not many banks offer 7% interest, but one credit union, Landmark CU, does. However, there are a lot of rules and requirements:

Landmark Credit Union: 7.50% up to $500

Landmark Credit Union offers various products, including checking, savings, money market accounts, and Health Savings accounts. Some of their most prominent features include:

  • Online banking
  • Mobile banking
  • eStatements
  • Home equity loans, auto loans, student loans, and personal loans
  • Mobile deposits
  • VISA debit card

>>OFFER LINK

What’s the Catch with a Landmark CU Savings Account that Pays 7% Interest?

As you might have guessed, the 7.5% interest rate they pay has a catch. It’s not on your entire balance. Landmark only pays the 7.5% rate on the first $500 and only if you have a direct deposit of at least $250 and get eStatements with a valid email.

Balances over $500 earn between 0.11% and 7.5% interest, and there is a $100 early determination fee if you close your account before 90 days are up.

READ MORE: CHASE TOTAL CHECKING® ACCOUNT WELCOME BONUS

Is the Landmark CU Savings Account with 7% Interest Worth it?

A 7% APY sounds great and like something you should take right away, but on a $500 balance, that’s only $3 a month in interest.

You might do better to open a bank account at a different bank that pays less interest. Even though the percentage you earn is lower, you will earn more interest. It’s like a trick that makes you think you make a lot more than you really do.

READ MORE: AXOS BANK REWARDS CHECKING ACCOUNT BONUS OFFER

Best High-Yield Savings Account Alternatives

The highest interest rate you can get on a savings account is 7% at Landmark Credit Union. However, there are other high-yield savings accounts that may be better depending on the rules of each bank.

The interest rates on these high-yield savings accounts are higher than what you’ll get at your local bank, but they can change at any time.

AmEx Savings Bonus High Yield Savings Account AmEx High Yield Savings Bonus: 3.70% Annual Percentage Yield (APY) – As Of 4/22/25 (Nationwide) - The American Express® High Yield Savings Account, Member FDIC, account offers a 3.70% Annual Percentage Yield (APY) rate - as of 4/22/25. Discover the AmEx High Yield Savings Bonus available nationwide today. The information related to American Express Savings has been collected by Moneysmylife… GET OFFER
Moneysmylife Featured Image Bank Banking Offers Quontic Bank High Yield Savings Account Earns 3.85% APY (Nationwide) - Get a great rate for the Quontic Bank High Yield Savings Account. Quontic bank is a digital bank and is often ranked in the top 10 in this space. Details below. Compare their rates with the nation's best Savings rates… GET OFFER
Moneysmylife Featured Image Bank Banking Offers CIT Bank Savings Connect Earns 4.00% APY (Available Nationwide) - The CIT Bank Savings Connect account is a very competitive online savings account option. See the current rate details below. CIT Bank is a popular option for online banking, especially if you're seeking interest-bearing online checking and savings accounts. Not… GET OFFER
Moneysmylife Featured Image Bank Banking Offers UFB Portfolio Savings & UFB Portfolio Money Market Accounts Earn Up To 4.01% APY - Earn up to 4.01% APY with UFB Portfolio Savings and UFB Portfolio Money Market accounts. Enjoy competitive rates, no maintenance fees, and seamless online banking. Quick Takeaways: UFB Direct offers up to 4.01% APY on both Portfolio Savings and Portfolio… GET OFFER

Things to Consider When Choosing a High-Interest Savings Account

Before opening a high-interest savings account, consider the factors involved. These factors will help you determine if choosing high-interest-rate savings accounts makes sense.

The Interest Rates

Interest rates are one of the most important factors because you probably won’t earn a high interest rate on the whole balance, especially if you choose a bank with a high interest rate. Most HYSAs pay about the same rate, but a few banks pay around 7% on a small amount, which makes them stand out.

READ MORE: GET THIS WELCOME BONUS FROM FIFTH THIRD BANK WHILE IT LASTS

Minimum or Maximum Deposits

Before choosing a high-interest savings account, think about how much you can put in or how much you can put in total.

First, think about the minimum deposit needed to open the account or the minimum monthly balance. If you can’t do either, you won’t get the high-interest rate.

But you should also pay attention to how much you can spend. The banks won’t stop you from putting in more money, but they won’t give you the high interest rate they advertise on the whole amount.

READ MORE: ACORNS HAS A $20 SIGN UP BONUS AVAILABLE NOW

Frequently Asked Questions (FAQs)

Do I have to declare interest earned on a savings account?

You must report all interest earned on your savings account. Banks aren’t required to send you a 1099-INT unless you earn $10 or more in interest, but you should keep track of the interest earned and report it on your tax returns.

Should I have more than one savings account?

Depending on your goals, it’s often a good idea to have multiple savings accounts. It also may be necessary to get the best rates with different accounts depending on the minimum and maximum limits.

How do I calculate interest earned on a 7% interest savings account?

To calculate interest earned on savings, multiply the principal amount deposited by the interest rate. For example, if you deposit $1,000 and earn 7%, you’d do the following: $1,000 x .07 = $70

READ MORE: BANK OF AMERICA CHECKING ACCOUNT BONUS OFFER

Bottom Line

Should you choose a bank account with an APY of 7%? Most of the time, it’s not worth it. You’ll usually make more money if you put money in an account that pays 3% or so on any balance, not just the first few hundred or even $1,000.

Before you choose an online high-yield savings account, read the fine print, learn about the fees, and make sure that all of your balances are getting the higher APY.

READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.

By Tony Jay, a seasoned finance blogger and executive editor, who boasts over two decades of experience in the banking sector, with a specialization in online banking and savings strategies. Tony holds a doctoral degree from Tulane University. Edited by John Huynh, who brings more than two decades of experience in finance and investing, including as a senior finance and operations manager at a renowned research institute and degrees in economics and international studies from UC Irvine.

Interactive Brokers Logo Click here to see why Interactive Brokers is the #1 brokerage for serious investors!

Related


Discover more from MoneysMyLife

Subscribe to get the latest posts sent to your email.

Tags: Bank Guideslandmark credit union
Tweet25Share40Share7Pin9SendShareSend
Amazon Prime Big Deal Days 2023 Amazon Prime Big Deal Days 2023 Amazon Prime Big Deal Days 2023
Tony Jay

Tony Jay

Hey there! I'm Tony, a personal finance enthusiast.

If you're looking to maximize your savings, I've got you covered. From exclusive banking promotions and investing bonuses, to exciting credit card offers, I'll keep you in the loop on the hottest deals in town.

Join me here at MoneysMyLife and let's embark on this adventure together. Contact me here.

Leave a Reply Cancel reply

Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.

Your email address will not be published. Required fields are marked *

Newsletter

Get new posts by email:

Featured Articles

Seeking Alpha Discount and Free Trial Promo Codes

Seeking Alpha Discount & Promo Codes – Exclusive Deal May 2025

May 16, 2025 11:40 pm CDT

Best Checking & Savings Account Bonuses: Earn Cash With Top Bank Promotions

May 15, 2025 3:27 pm CDT

*Advertiser Disclosure: The credit card and banking offers that appear on this site are from credit card and banking companies from which MoneysMyLife.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MoneysMyLife.com does not include all credit card and banking companies or all available credit card and banking offers. This content is not provided or commissioned by the bank advertiser. Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. This site may be compensated through the bank advertiser Affiliate Program.

© 2024 MoneysMyLife. All rights reserved.

  • About
  • Advertiser Disclosure
  • Disclaimer
  • Privacy
  • Terms
  • Contact
No Result
View All Result
  • Home
  • Bank Bonuses
    • Featured Bank Offers
      • BMO Bonuses
      • Chase Bonuses
      • Axos Bank Bonuses
      • KeyBank Bonuses
      • Live Oak Bank Bonuses
      • Upgrade Bonuses
    • Best Bank Bonuses
    • Best Bank Bonuses w/o Direct Deposit
    • Best Free Business Checking Accounts
    • Best Savings Rates
    • Best CD Rates
    • All Bank Bonuses
  • Investing Offers
    • Best Crypto Bonuses (Free BTC & More)
    • Best Investment Research Tools
    • Best Brokerage Offers
    • Best Real Estate Offers
    • Best Robo-Advisor Offers
    • Best Stock Brokers
    • All Investing Offers
  • Deals & Sign Up Bonuses
    • Best Referral & Sign Up Bonuses
    • Best Cash Back Shopping
      • Best Cash Back Shopping Bonuses
      • TopCashback $25 Exclusive Sign Up Bonus
      • Rakuten $30/$40 Sign Up Bonus
      • RebatesMe $45 Welcome Offer
    • Best Mattress Discounts & Coupons
    • Best Contests & Sweepstakes
    • Best Amazon Coupons & Deals
    • Best Freebie Deals
    • All Deals
  • Money Guides
    • Guide to Bank Bonuses
    • Guide to Investment Research
      • Guide to Seeking Alpha
      • Guide to Interactive Brokers
      • Guide to Investment Research Tools
    • Guide to Cash Back Shopping Apps
    • Guide to Student Loan Repayment Strategies
    • Guide to Get-Paid-To (GPT)
    • Financial Calculators
    • All Money Guides & Tips

© 2024 moneysmylife. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.