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- Digital Federal Credit Union offers an account with an annual yield of over 6%, but you must meet membership requirements.
- Additionally, you won’t receive this high interest rate on your entire Digital FCU savings balance.
- Many savings accounts available nationwide still offer great interest rates of over 5% APR.
High savings rates are the new normal at many financial institutions. There is one credit union that offers 6% annual interest to help your savings grow, but there are some criteria to consider.
If you want to explore additional savings options, the best high-yield savings accounts in the US are available, offering high interest on your entire balance.
Understanding savings accounts with 6% interest
A savings account earning 6% interest is not unusual, but it is extremely rare in the current economic environment, and savings account interest rates are likely to change as early as next month.
The current average savings account in the United States has an interest rate of 0.45% per annum. However, many banks and credit unions offer interest rates ranging from 3% per annum to 5% per annum for savings balances as small as $1. Depending on the financial institution, higher interest rates may be available for larger balances.
How to qualify for savings accounts with 6% interest
Requirements vary by financial institution. While some banks and credit unions require a balance of just $1 or $5 to earn interest, others may require $10,000 or more to earn the highest available annual interest rate.
In other cases, you may need to set up recurring direct deposits to receive the bank’s highest APR on your savings.
Top banks offer savings accounts with 6% interest
Digital Federal Credit Union, one of our favorite banks in Massachusetts, is the only financial institution that pays 6% APY on a savings account. The credit union offers 6.17% APY on your first $1,000 in savings.
If your balance is over $1,000, the interest rate drops to 0.15% per annum. This savings account has no monthly service fees and no minimum balance required.
To open the Digital FCU savings account, you must first become a member. Digital FCU membership is limited to individuals who live in select areas of Massachusetts, reside in a participating New Hampshire community, work for a select employer group, or belong to a local participating organization.
If you want to save significantly more than $1,000, it may be cheaper to open an account with a slightly lower interest rate on your entire balance.
DCU Primary Savings Account
Fees
No monthly maintenance fees
Annual Percentage Rate (APY)
0.15% to 6.17%
Minimum deposit
$5
- Low minimum deposit
- No monthly maintenance fees
- Get a high interest rate on the first $1,000 in your account
- Low interest rate on balances over $1,000
Product details
- 23 branches in Massachusetts and New Hampshire
- To become a member of Digital FCU, you or a family member must meet one of the following requirements: 1) You work or are retired from a company listed as a participating employer; 2) You belong to an organization listed as a participating organization; 3) You live, work, worship, or attend school in a select area in a county in Massachusetts (Chelmsford, Lowell, Tewksbury, Worcester are eligible counties) or live in a condominium community in New Hampshire
- Access to over 5,500 community branches and 30,000 fee-free ATMs through the CO-OP community branch and ATM networks
- Earn 6.17% APY on the first $1,000 in your account
- Interest reduction on the remaining balance of your account
- To maintain membership status, $5 must remain in the account
- The interest is paid monthly and compounded
- Nationwide insured by the NCUA
Comparing savings accounts with 6% interest with other savings options
Traditional savings accounts
Many savings accounts offered by traditional banks and credit unions pay less than 1% annual interest. For some customers, access to in-person banking and a vast network of ATMs is worth the lower returns.
High-interest savings accounts
The best high-interest savings accounts pay 4.25% per annum or more as of August 2024. The cheapest rates are typically offered by online banks that charge little or no monthly account maintenance fees. Customers with high balances may also have access to higher rates at traditional banks and credit unions.
Certificates of deposit
Interest rates on CDs are currently comparable to those on high-yield savings accounts. There are no fees to open or maintain a CD, but there is usually a minimum deposit and you must keep your money in the account for a certain period of time or you will be subject to an early withdrawal penalty.
Not every financial institution offers CDs, but you can find them at many traditional banks, online banks and credit unions.
Advantages of savings accounts with 6% interest
The biggest benefit of a 6% interest savings account is the earning potential. If you deposit $20,000 into a savings account with 6% annual interest, you will earn around $1,200 in a year.
Currently, there is only one account that pays 6% APY – the Digital Federal Credit Union Savings Account – and it only pays 6.17% APY on balances up to $1,000. The rest of your balance earns a comparatively low 0.15% APY.
Possible disadvantages of savings accounts with 6% interest
Financial institutions that offer such high interest rates on savings accounts may have requirements that are difficult to meet, such as a minimum balance of $100,000 or regular direct deposits.
FAQs about the savings account with 6% interest
It is a high-interest savings account that offers an above-average annual percentage rate of interest on your balance and gives you flexible access to your money.
Banks and credit unions, especially those that operate exclusively online, may offer high APRs to new customers or customers with very high balances.
Savings accounts with 6% APR are safe when offered by banks and credit unions with government deposit insurance through the FDIC or NCUA.
