- Three credit unions have an account that pays close to or 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 5% APY.
Many financial institutions are still paying high savings rates. There's three credit unions offering 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 as soon as next month.
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
Digital Federal Credit Union Primary Savings Account
Digital Federal Credit Union, one of our favorite banks in Massachusetts, is one of two financial institutions paying 6% APY on a savings account. The credit union offers 6.17% APY on your first $1,000 in savings.
If you have an account balance above $1,000, the interest rate drops to 0.15% APY. This savings account doesn't have any monthly service fees or minimum balance requirements.
To open the Digital FCU savings account, you must become a member first. Digital FCU membership is limited to people who live in select areas of Massachusetts, live in a New Hampshire participating condominium community, work for a Select Employer Group, or belong to a local participating organization.
If you plan to keep significantly more than $1,000 in savings, you may be better off opening an account that pays a slightly lower rate on your entire balance.
No monthly maintenance fees
0.05% to 6.17%
$5
- Low minimum opening deposit
- No monthly maintenance fees
- Earn a high interest rate on the first $1,000 in your account
- Low interest rate for balances over $1,000
- 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 that is listed as a participating employer; 2) You belong to an organization that is listed as a participating organization; 3) You live, work, worship, or go to school in a select area in a Massachusetts county (Chelmsford, Lowell, Tewksbury, Worcester are eligible counties) or live in a New Hampshire condominium association
- Access to over 5,500 shared branches and 30,000 surcharge-free ATMs through the CO-OP Shared Branch and ATM networks
- Earn 6.17% APY on the first $1,000 in your account
- Interest rate drops on the remaining balance on your account
- Must keep $5 in account to maintain membership status
- Interest compounded and deposited monthly
- Federally insured by the NCUA
Boeing Employees' Credit Union Member Advantage Savings
Like Digital Federal Credit Union, Boeing Employees' Credit Union is offering a savings account with 5.90% APY for some of your savings. With Boeing, you'll earn 5.90% APY on the first $500 in your account and 0.35% APY on the rest.
You won't have to meet any minimum opening deposits or pay monthly service fees for this account, making it a good account for avoiding bank fees.
Boeing Employees' Credit Union also limits who can become a member. To become a member, you'll need to meet one of the following requirements:
- Live in the state of Washington or in select Oregon or Idaho counties
- Live in South Carolina, go to Boeing Employees' Credit Union's North Charleston Neighborhood Financial Center, and donate $1 or more to support the BECU Foundation
- Work for a Select Employer Group, such as Boeing or another credit union, or be a family member of someone who works for a Select Employer Group
- Be associated with one of BECU's affiliated groups
Once you become a member, you'll also need to meet the requirements for a Member Advantage Savings account. You'll need to have both a checking account and savings account with BECU, sign up to receive monthly eStatements, and make at least one transaction each month, which you can do through direct deposit, by using the ATM card your savings account comes with, or by paying bills through your savings account, among other methods. You can only have one Member Advantage Savings account per person.
If you're planning on keeping around $500 in your savings account, or you're interested in a savings account with a debit card, this could be a good choice for you. Otherwise, you might want to go with a high-yield savings account that has a slightly lower, flat rate.
$0 service fee
0.35% or 5.90%
$0
- Comes with ATM card
- High interest rate for first $500
- No minimum opening depositno monthly service fees
- Refunds up to $3 of out-of-network ATM fees per month
- Low interest rate for any money past $500
- Have to meet some requirements to earn high APY
- Interest compounded monthly
- $10 overdraft fee
- Only one Member Advantage Savings account per personCan join BECU by living, working, or studying in Washington state or specific Oregon or Idaho counties, by living in South Carolina, visiting a specific financial center, and donating $1 or more, or by being affiliated with certain employee groups, such as Boeing
- 64 branches (Washington, South Carolina) and four branches with tellers (Everett, Gig Harbor, Spokane, Tukwila), along with over 5,600 shared branches through the CO-OP Shared Branch network
- Over 30,000 ATMs nationwide through the CO-OP ATM networkCustomer service options include a phone line and live chat. Phone customer service hours are 7:00 a.m. PT to 7:00 p.m. PT Monday through Friday and 9 a.m. PT to 1 a.m. PT on Saturday
- Earn 5.90% APY for the first $500 in your account by having both a checking and savings account with BECU, signing up for monthly eStatements, and making at least one electronic transaction per month
- $10 overdraft fee
- Interest compounded and deposited 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 4.50% APY or more as of February 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
It's a high-yield savings account that offers an above-average APY on your balance and gives you flexible access to your money.
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.
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.
