Editor's Note: APYs listed in this article are up-to-date as of the time of publication but may fluctuate. CNBC Select will update as changes are made public.
While rare, some savings accounts offer APYs above 6%, although there are usually limits on how much of your money can earn that rate or who can open an account.
We picked the best bank and credit union savings accounts offering an APY of 6% or better, with an eye on account restrictions. See our methodology for more information on how we created this list.
Best 6% interest savings accounts
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DCU Primary Savings: 6.17% APY on up to $1,000
Digital Federal Credit Union (DCU) Primary Savings
Annual Percentage Yield (APY)
5.50% APY on up to $1,000 (after, 5.50% to 0.05% APY for balances over $1,000)
Minimum balance
$5 minimum deposit
Monthly fee
None
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
Excessive transactions fee
None
Overdraft fee
$15
Offer checking account?
Yes
Offer ATM card?
Yes, with a DCU checking account
Terms apply.
Pros
- Strong APY
- Low minimum deposit
- No monthly fees
- Offers checking account and ATM access
Cons
- Cap on earning high APY
- Low APY for balances over $1,000
- Membership required
The DCU Primary Savings offers a standout 5.50% APY, but only up to $1,000 — meaning savers could earn nearly $62 annually. The fallback interest rate is then between 5.50% to 0.05% APY for balances over $1,000, so you'd want to keep the rest of your balance in a savings account offering a more promising APY.
DCU is a credit union that requires you to be a member before you can open an account. Those eligible for membership include:
- Relatives of current DCU members
- Anyone working for or retired from one of DCU's participating employers (or related to someone eligible)
- Anyone belonging to an organization whose members DCU serves (or related to someone eligible)
- Anyone who lives, works, worships or attends school in one of DCU's communities
BECU Member Advantage Savings: 6.17% APY on up to $500
Boeing Employees Credit Union Member Advantage Savings
Annual Percentage Yield (APY)
5.38% APY on up to $500 (0.30% APY for balances over $500)
Minimum balance
None
Monthly fee
None
Maximum transactions
Yes. Available upon account opening.
Excessive transactions fee
None
Overdraft fee
$10
Offer checking account?
Yes
Offer ATM card?
Yes
Terms apply.
Pros
- Strong APY
- No minimum deposit
- No monthly fees
- Offers checking account and ATM access
Cons
- Cap on earning high APY
- Low APY for balances over $500
- Membership required
The BECU Member Advantage Savings account offers a competitive 5.38% APY, but only on balances up to $500, earning you around $30 annually. For amounts over $500, the APY drops to 0.30%.
To open an account, you'll need to meet BECU's membership requirements, which include:
- Living, working, worshipping or attending school in Washington state.
- Residing in select counties in Oregon or Idaho.
- Being employed by BECU, Boeing or a credit union.
- Belonging to one of BECU's partner associations
Other top savings accounts
Most savings accounts offering 6% APYs come with major limitations, including caps on how much money can earn the top rate.
To maximize your return, spread your savings across multiple banks. Here are some of CNBC Select's other top-rated savings accounts:
LendingClub LevelUp Savings Account
Annual Percentage Yield (APY)
4.00% (with monthly deposits of $250 or more), or 3.00%
Minimum balance
None
Monthly fee
None
Maximum transactions
Excessive transactions fee
None
Overdraft fees
N/A
Offer checking account?
Yes
Offer ATM card?
Yes
Terms apply.
Bask Interest Savings Account
Annual Percentage Yield (APY)
4.20% APY1
Minimum balance
None
Monthly fee
None
Maximum transactions
Up to 6 withdrawals or transfers per statement cycle
Excessive transactions fee
None
Overdraft fee
None
Offer checking account?
No
Offer ATM card?
No
Terms apply.
1Annual Percentage Yields (APY) and Interest Rates shown are offered on accounts accepted by Bask Bank and effective per the dates shown above, unless otherwise noted. Annual Percentage Yield is variable and subject to change at any time. No minimum balance requirement and no monthly service charge. Must fund within 15 business days of account opening.
Find the right savings account for you
FAQs
How much is $1,000 at 6.00% annual interest?
If you have a balance of $1,000, a 6.00% APY would net you $60 in interest earnings in a year — bringing your total to $1,060. The higher your balance, however, the higher your earnings. A $10,000 balance earning that same 6% annual interest brings you a total of $600 in a year.
What does 6% APY mean?
A 6% APY (annual percentage yield) simply means that your balance earns 6% interest in one year. The higher the APY, the more you'll earn.
What is a good APY rate?
A good APY rate currently is around 5%, which is what some banks are offering with no caveats — no cap, no minimum requirements and no monthly fees. Though a 6% APY is indeed higher, the additional restrictions limit one's earnings.
Can you get 6% on a CD?
Savers who don't mind locking up their funds for a specified amount of time may be able to earn 6% interest on a CD, depending on the CD term length they choose.
How to choose a 6% interest savings account
When choosing a 6% APY savings account, be mindful of the fine print. These accounts may require you to meet certain conditions to qualify for the high APY, or they might cap the amount of money in the account that earns a high APY. That doesn't mean these accounts are a bad choice — you just need to be aware of all the facts to determine if they're right for your savings strategy.
How to get a higher than 6% interest rate on a savings account
To earn an interest rate higher than 6%, you can deposit your funds in savings vehicles that offer higher returns like CDs or money market accounts. CDs offer higher fixed rates in exchange for locking up your funds for a specified period, while money market accounts offer higher interest rates and easy access to your cash. All of these options can still offer you more interest than you'd earn with a traditional savings account.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every high-yield savings account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best 6% APY savings accounts.
Our methodology
To determine which interest savings accounts made this list, CNBC Select analyzed dozens of U.S. savings accounts offered by online and brick-and-mortar banks, including large credit unions. We narrowed down our picks by only considering those savings accounts that offer an APY of at least 6%.
All of the accounts included on this list are NCUA-insured or FDIC-insured up to $250,000 per depositor. Note that the rates and fee structures for interest savings accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate in accordance with the Fed rate. Your earnings depend on any associated fees and the balance you have in your interest savings account. To open an account, most banks and institutions require a deposit of new money, meaning you can't transfer the money you already had in an account at that bank.
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