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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- Discover Online Savings:
$200 Cash Bonus - Customers Bank:
High-Yield Savings Account - 5.30% APY - American First Credit Union:
Money Market Deposit Account - 5.29% APY - StagePoint Federal Credit Union:
Money Market Deposit Account - 5.29% APY - Ponce Bank:
Money Market Deposit Account - 5.28% APY - Western Alliance Bank:
High Yield Savings Account - 5.26% APY - Cloudbank 24/7:
High Yield Savings Account - 5.26% APY - Harborstone Credit Union:
Money Market Deposit Account - 5.25% APY - SkyOne Federal Credit Union:
Money Market Deposit Account - 5.24% APY - Patriot Bank:
Money Market Account - 5.22% APY - Grand Bank:
Money Market Deposit Account - 5.20% APY
Best 3% Interest Savings Accounts
Currently, banks are offering even higher APYs. Here are some savings accounts with the best rates:
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY923 when applying. 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. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. 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 the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
High Yield Savings Account - 5.26% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Third Coast Bank SSB
High-Yield Savings Account - 5.16% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- NCUA insured
High Yield Savings Account - 5.15% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Bank34
High Yield Savings Account - 4.80% 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.
- CIT Bank Term CDs:
Up to 5.00% APY - Discover Bank:
1 Year CD - 5.20% APY - Quontic:
1 Year CD - 5.30% APY - Ally Bank 18-Month CD:
5.15% APY - Western Alliance Bank:
6-Month High-Yield CD - 5.70% APY - SkyOne Federal Credit Union:
5-Month High-Yield CD - 5.40% APY - mph.bank:
10-Month High-Yield CD - 5.30% APY - American First Credit Union:
12-Month High-Yield CD - 5.30% APY - Ponce Bank:
4-Month No Penalty CD - 5.30% APY - Blue Federal Credit Union:
15-Month High-Yield CD - 5.25% 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.
- UFB Secure Money Market:
Earn up to 5.25% APY - Ally Bank:
Money Market - 4.40% APY - StagePoint Federal Credit Union:
Money Market Deposit Account - 5.29% APY - American First Credit Union:
Money Market Deposit Account - 5.29% APY - Ponce Bank:
Money Market Deposit Account - 5.28% APY - SkyOne Federal Credit Union:
Money Market Deposit Account - 5.24% APY - Patriot Bank:
Money Market Account - 5.22% APY - Blue Federal Credit Union:
Money Market Deposit Account - 5.15% 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 - Consumers Credit Union:
Free Rewards Checking - Earn Up to 5% APY - Nationwide:
Advantage Checking - Up to 0.90% 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 0.46% 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.
- Discover Online Savings - $200 Cash Bonus
- Western Alliance Bank:
High Yield Savings Account - 5.26% APY - CIT Bank Platinum Savings - 5.05% APY
- Quontic:
High Yield Savings - 4.50% APY - Cloudbank 24/7:
High Yield Savings Account - 5.26% APY - GreenState Credit Union:
High-Yield Savings Account - 5.16% APY - Adda Bank:
High Yield Savings Account - 5.15% APY - First Mid Bank & Trust:
High Yield Savings Account - 4.80% APY - Liberty Savings Bank:
High Yield Savings Account - 4.60% APY - Continental Bank:
High Yield Savings Account - 4.41% APY - Upgrade:
Premier Savings - Up to 5.07% 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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