- Question: Are there any ways to get a 12% interest savings account?
Answer: There is something known as a rewards checking account, these accounts require you to complete certain requirements to receive a higher APY or interest rate. Common requirements are things like:
- Receiving a direct deposit
- Debit card transactions
- Being enrolled in eStatements
There are currently none of these accounts that earn at a rate of 12%. As the saying goes, if something sounds too good to be true, it usually is. You can find a full list of legitimate high interest APY accounts by clicking here.
If you see anywhere advertising such a rate make sure it’s:
- Offered by an American bank. Some international banks might try to offer these high rates, but keep in mind the significant currency risks and high chances of it being a scam.
- Federally insured. Make sure the account either has FDIC or NCUA insurance. This means if the financial institution or credit union becomes insolvent you can get your money back.