3 Percent Interest Savings Account
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Looking for a way to earn without much effort? Check out these 3% high-yield savings accounts to get you started.
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- CIT Bank Platinum Savings:
$300 Bonus - Discover® Online Savings:
$200 Cash Bonus - Axos ONE:
Earn up to 4.66% APY - Live Oak Bank:
High Yield Savings Account - 4.35% APY - American First Credit Union:
Money Market Deposit Account - 4.30% APY - Prism Bank:
Money Market Deposit Account - 4.29% APY - Generations Bank:
Money Market Deposit Account - 4.29% APY - Mission Valley Bank:
High Yield Savings Account - 4.27% APY - Harborstone Credit Union:
Money Market Deposit Account - 4.25% APY - DR Bank:
High-Yield Savings Account - 4.25% APY - Western Alliance Bank:
High Yield Savings Account - 4.25% APY
Best 3% Interest Savings Accounts
Currently, banks are offering even higher APYs. Here are some savings accounts with the best rates:
CIT Bank Platinum Savings - $300 Bonus
- Transfer a one-time deposit of $50,000+ for a Bonus of $300
- 4.10% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- No monthly maintenance fee
- Member FDIC
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. See advertiser website for full details.
UFB Portfolio Savings - Earn up to 4.01% APY
- Earn up to 4.01% APY.*
- No monthly maintenance fees.
- No minimum deposit required to open an account.
- Access your funds 24/7 with easy-to-use digital banking tools.
- Enjoy peace of mind with FDIC insurance up to the maximum allowance limit – Certificate #35546.
High Yield Savings Account - 4.27% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
High-Yield Savings Account - 4.25% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
High-Yield Savings Account - 4.22% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
High-Yield Savings Account - 4.17% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
High-Yield Savings Account - 4.15% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
High-Yield Savings Account - 3.66% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
How Much Do You Earn With A 3% Interest Savings Account?
You can slowly grow your money with a 3% interest savings account. Use this calculator to check how much you can earn:
Here's a table of how much you would have with 3% interest and different monthly contributions:
| Monthly contribution | 1 year | 3 years | 5 years |
|---|---|---|---|
| $1,000 Initial Deposit | |||
| $0 | $1,030 | $1,093 | $1,159 |
| $100 | $2,230 | $4,802 | $7,530 |
| $300 | $4,630 | $12,220 | $20,272 |
| $500 | $7,030 | $19,638 | $33,014 |
| $1,000 | $13,030 | $38,184 | $64,869 |
| $5,000 Initial Deposit | |||
| $0 | $5,150 | $5,464 | $5,796 |
| $100 | $6,350 | $9,173 | $12,167 |
| $300 | $8,750 | $16,591 | $24,909 |
| $500 | $11,150 | $24,009 | $37,651 |
| $1,000 | $17,150 | $42,554 | $69,506 |
| $10,000 Initial Deposit | |||
| $0 | $10,300 | $10,927 | $11,593 |
| $100 | $11,500 | $14,636 | $17,964 |
| $300 | $13,900 | $22,055 | $30,706 |
| $500 | $16,300 | $29,473 | $43,448 |
| $1,000 | $22,300 | $48,018 | $75,302 |
| $20,000 Initial Deposit | |||
| $0 | $20,600 | $21,855 | $23,186 |
| $100 | $21,800 | $25,564 | $29,556 |
| $300 | $24,200 | $32,982 | $42,298 |
| $500 | $26,600 | $40,400 | $55,040 |
| $1,000 | $32,600 | $58,945 | $86,895 |
Can You Lose Money In A 3% Savings Account?
If your bank or credit union is FDIC-insured or NCUA-insured, you won't have to worry about losing money in your savings account.
Deposits are protected by the federal government up to $250,000 per depositor, per ownership category. This means you're insured up to $250,000 for individual accounts and up to $500,000 for joint accounts.
Additionally, you can lose money due to fees from failure to meet minimum balance requirements.
Pros and Cons of a 3% Savings Account
Here are the pros and cons of a 3% interest savings account:
Pros:
- Earn money passively
- Easy access to your funds
- Low-risk investment
- Easy to open an account
- Savings are FDIC-insured up to $250,000
Cons:
- APY tends to fluctuate
- Mostly offered by online-only banks
- Usually limited to 6 withdrawals per monthly cycle
- Possible monthly service fee
- Possible opening deposit or balance requirements
Alternatives To 3% Savings Accounts
If you're still on the fence about opening a high-yield savings account, here are some alternatives you can consider:
Certificate of Deposit
A Certificate of Deposit is best if you can commit to locking up your money for a period of time. In exchange, you get a fixed APY for the entire term. So you get guaranteed returns even if market conditions change.
Unlike with a high-yield savings account, you won't be able to access your funds until it matures. Should you need to withdraw early, you'll be subject to a penalty.
- Western Alliance Bank:
High-Yield CD Rates - Up to 4.30% APY - Consumers Credit Union:
12-Month High-Yield CD - 3.90% APY - SkyOne Federal Credit Union:
12-Month No-Penalty CD - 3.90% APY - CIT Bank Term CDs:
Up to 3.50% APY - American First Credit Union:
12-Month High-Yield CD - 4.00% APY - Technology Credit Union:
5-Month No Penalty CD - 4.00% APY - Freedom Bank:
12-Month No-Penalty CD - 3.75% APY - Blue Federal Credit Union:
15-Month High-Yield CD - 3.55% APY - Discover Bank:
1 Year CD - 4.00% APY - Quontic:
6 Month CD - 3.75% APY
Money Market Account
Money market accounts are similar to savings accounts, but they may offer more flexibility. Some come with an ATM or debit card, and let you write checks and pay bills.
However, the downside is that some banks may require you to make a large initial deposit or to maintain a certain balance.
- Ally Bank:
Money Market - 3.60% APY - UFB Portfolio Money Market:
Earn up to 4.01% APY - American First Credit Union:
Money Market Deposit Account - 4.30% APY - Prism Bank:
Money Market Deposit Account - 4.29% APY - Generations Bank:
Money Market Deposit Account - 4.29% APY - Harborstone Credit Union:
Money Market Deposit Account - 4.25% APY - UNCLE Credit Union:
Money Market Deposit Account - 4.24% APY - Hanover Bank:
Money Market Deposit Account - 4.20% APY
High-Yield Checking Account
A high-yield checking account is a good option if you want to earn interest on your checking balance.
You can get a decent APY along with easy access to your funds through a debit card.
- Axos Bank:
Rewards Checking - Up to 3.30% APY - UFB Freedom Checking & Savings:
Unlock Up to 4.21% APY - Consumers Credit Union:
Free Rewards Checking - Earn Up to 5% APY - GSL Savings Bank:
6-Month CD - 3.82% APY
Is A 3% Savings Account Right For Me?
Savings accounts with 3% interest are ideal if you want to store your money in a safe place while earning passively. It can help you boost your funds through competitive rates.
It's good for emergency funds or if you have a short-term financial goal you want to achieve. You'll get easy access to your money, so you can withdraw anytime you need to.
In comparison to a traditional savings account, one with 3% interest is definitely better. It's higher than the national average savings rate of 0.41% APY, so it's a decent way to slowly boost your money.
Bottom Line
Putting your funds in a high-yield savings account is a good way to make your money work harder for you. It can help you increase your pace when you're saving up for short-term financial goals.
Compare savings accounts to get the highest APY possible, so you can reach your goals faster.
- CIT Bank Platinum Savings - $300 Bonus
- Discover® Online Savings - $200 Cash Bonus
- Western Alliance Bank:
High Yield Savings Account - 4.25% APY - UFB Portfolio Savings - Earn up to 4.01% APY
- Mission Valley Bank:
High Yield Savings Account - 4.27% APY - DR Bank:
High-Yield Savings Account - 4.25% APY - Paprika Capital Bank:
High-Yield Savings Account - 4.22% APY - Dayspring Bank:
High-Yield Savings Account - 4.17% APY - First Community Bank:
High-Yield Savings Account - 4.15% APY - RBMAX:
High-Yield Savings Account - 3.66% APY - CFBank National Association:
High-Yield Savings Account - 3.45% APY
Darlene Santos is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Darlene Santos at darlene.santos@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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