List of High-Interest Banks in the United States

Many high-interest banks in the United States are thriving because high interest enables banks to make more money. It is great for savings as well.The United States has a large market for different types of banks, especially commercial banks and they flourish in large numbers in the US and other parts of the world.

You can simply go online to search for your choice banks because they all offer common banking services. But some go the extra mile to offer value-added services.

In all, when an average American wants to choose a bank, they consider a bank that can provide them with loans at favorable interest rates and yield a high interest on their savings as well.

Low-interest rates on loans are not good for banks at all even though customers may love them because it makes their lending to become less profitable. So, if a bank offers loans and other credit facilities at low rates, it may be very selective in giving out credits.

Read: Best Bank For Small Business In America

Banks that have high-interest rates want to be profitable and make more money. They also take a step further by offering quality services, reaching a wide range of clients unlike those with low interest that may be too selective. That is why this article will interest you.

So before grabbing that credit offer from a low-interest bank or deciding on which bank is best for savings, check out some banks with high-interest rates in the United States.

List of High-Interest Banks in the United States

• Discover Bank

Looking for a personal, home, or student lender? Discover Bank might just be what you are looking for. It is an online bank that is accessible to users all over the United States. Being an online bank did not limitthe bank from joining the list of banks with a high-interest rate because in the fourth quarter of 2020 its interest rate was 0.55%. Discover Bank has no branch anywhere in the United States or in any part of the world because it is strictly an online bank.

Discover Bank is owned by Discover Financial Services. Its services include; Savings account, Account checking services, Loan services; personal loans, home loans, credit cards, and student loans.

• Salem Five Direct Bank

Online banking is a trend that most banks have gone into. Most banks that have online divisions appear to have high-interest rates as well. That is not a fact but the interest rate for Salem Five Direct Bank which is 0.68 % lends credence to that claim.

This interest rate was based on a report from the fourth quarter of 2020. The bank is a division of Salem Five bank which is over 160 years old and located in Massachusetts.
The services offered by this online bank include; account checking, operating of savings account, Certificate of Deposit services among others.

Read: Best Bank For Small Business In America

• Axos Bank

An interest rate of 0.63 is high enough if you are trying to avoid a high interest on loans. However, it is good news for savings. That was the interest rate for Axos Bank in the second quarter of 2020. If the interest rate is high saving with the bank will yield some great interest as well. Initially known as Bank of the Internet, it has metamorphosed into a financial giant offering complete packages for online banking in the United States.

Services offered by the bank include; account checking, personal loans services, auto loans services, Certificate of Deposit Services, investments services, and many more.
Read: List of Best Bank in New York

• Ally Bank

Ally Bank began in Delaware which is a commercial hub and it now has its headquarters in Michigan. The bank equally has a high-interest rate of 0.60%. Like many other banks, it operates an online banking system where it offers various financial services. Its services include; insurance, loan for Mortgage, eCommerce platform for financial assets, and lending services.

Interestingly, Ally Bank does not have a branch. All its services are provided online for its customers.

You can also read: How banking came into existence

• Goldman Sachs

Goldman Sachs is another bank with a high-interest rate of 0.55% from data available from the fourth quarter of 2020. The bank is based in New York City and it operates outside the United States as an investment bank.

Its services include; Asset management, underwriting services, investment management, and securities. It is also making waves in the online banking industry with the launch of its apple card in 2019 even though the bank has been operating since 1869.

Little wonder it was ranked at number 45 in the yearly Fortunes 100 best companies to work for. Its large customer base might be equally happy with its services.
You can also read: How banking came into existence

You can also read: How banking came into existence

• Synchrony Bank

The last on our list of banks with high-interest rates is Synchrony Bank. Like some online banks it is a division of Synchrony Bank and now operates as a full-service online bank. It specializes in operating financial savings account. That is strictly its service to customers. A report on its interest rate for the fourth quarter of 2020 shows that it was 0.63%.

The following services are offered by Synchrony Bank; Card enclosure, Installment credit, revolving of account., Account checking for savings and current accounts, Card association, and payment card services.

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