World Interest Rates: Which Country Has the Highest Interest Rates?

countries with highest interest rates

As most Americans know, the best interest rates in America have been anything short of spectacular, and frankly they’ve been downright depressing. It’s sad when we actually celebrate a 1% return, right?

Despite getting accustomed to these all-time low-interest rates, you’ll be glad to know that there is still some money to be made out there; you just won’t find it anywhere near the U.S.

What is the Average Savings Account Interest Rate?

World Interest Rates: The Highest Interest Rates in the World

While a savings or money market account isn’t considered “safe money” in some of these countries, it is rather intriguing to see what your money could earn in other parts of the world.

Here are some countries that currently offer the highest interest rates in the world on one-year time deposit accounts, or what we refer to as CDs, according to Deposits.org:

  • Ukraine: 19.00% APY
  • Iran: 18.03% APY
  • Mongolia: 15.10% APY
  • Uganda: 12.00% APY
  • Turkey: 10.75% APY
  • Rwanda: 10.50% APY
  • Myanmar: 10.00% APY
  • Syria: 10.00% APY
  • Nigeria: 9.75% APY
  • India: 9.42% APY
  • Armenia: 9.00% APY

How Does Our Banking System Compare?

Surprisingly, the majority of these countries have central banks that are responsible for controlling the currency much like the U.S. does. Furthermore, these countries also have well-established banks and others that are smaller and newer, much like our credit unions and small, local banks.

The only real difference between our systems is some of the terms we use. While the terms “savings account” and “money market account” are found throughout these banking systems, our common understanding of a certificate of deposit (CD) wasn’t found in these countries with the best interest rates.

In places like Myanmar, Vietnam and Ghana, what we understand as a “CD” was similar to their Time Deposit, Term Deposit and Fixed Deposit accounts.

Like our CDs, money must remain in these various accounts for a predetermined amount of time before the depositor is eligible to withdraw the principal deposit and earned returns. Common terms were three, six, nine, 12 and 18 months.

Don’t Get Too Excited

Before you jet off to one of these countries and try to take advantage of their high interest rates, know that the insurance on deposits is, unfortunately, not what we have here in the U.S.

Deposits in the United States are protected by either the FDIC (Federal Deposit Insurance Corporation) or the NCUA (National Credit Union Administration). While it’s easy to take this tremendous government benefit for granted, it’s not something that’s common in other countries.

Risk vs. Reward

As with all investments and bank accounts, especially in developing countries, it’s always important to weigh the amount of risk you take on versus the return that you’re going to get.

While it would be great to earn 11% on a CD, it’s nice to know that your money in the U.S. is fully protected in the event that your financial institution crumbles. However, the next time you think about moving across the world, you might want to consider one of the countries with the highest interest rates in the world!

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    actually, your money in the US is not protected

    as soon as banking institutions “crumble” so will the governments ability to finance the FDIC and the FDIC will be unable to insure deposits

    fun fact: insured deposits are a form of moral-hazard that lead depositers to increase risktaking and speculation – a cause of asset bubbles

  • Gundu banker

    Banks in Europe and us crumbled and lot of poor customers lost their money. India has stringent rules mady by RBIan these banks cannot indulge in futures trading above a particular level.westerners are in a false belief that their investments are safe.History have shown us where is it safe.

    • Sam

      India is a pile of shit dude.. Seriously, how many bank related scams have been in India? History has shown how pathetic and a piece of shit country India is in terms of logistics around banking. Only thing they have down pat is the ability to take your money really fast and effectively. Withdrawing funds is an issue.

      • Rahul

        Your mistaken, if anyone deposits money in banks in India it’s the safest as it is governed by strict rules formulated by the reserve bank of India, you must be a dumb student who doesn’t even know the meaning of history so before commenting on India look at your recession hit country you moron.

        • simplybeingtrakr

          Hi a tad late but i have replied to that worm called Sam . hope i wiped the smirk of his face . To run down India , he must be living in such a small house that if he orders a large pizza he must be eating it outside .

        • LemarcusAldridge

          he’s right India is shit.. smells like shit.. Indian people shit in their hands and eat the shit. disgusting

      • simplybeingtrakr

        Sam knows shit about India . Has he forgotten the Mortgage crisis / the biggest debtor still in the world is US of A .JP MORGAN is settling for a $13BN . Citigroup . GoldMan Sachs . You moron before you rundown India’s Banking .revisit USA ‘s current status . India has some of the finest financial brains which USA ‘s banks effectively poach to wipe the shit you guys created .

        • Aidyonline

          forgotten? does Sam strike you as being learned and intelligent? what are the odds Sam has never left the USA – pretty high i’d guess. yet like many americans he seems to think he knows loads about other countries. probably heard about if on Fox “news”

          you can’t forget what you never knew!

      • Nate Rubin

        I think you need to get your understanding of Banks in other Nations corrected Sam……Banks in INDIA are mighty remarkable and I am dash happy to have placed my India earnings in Fixed Deposits here for a decade now earning between 8%-10% at any given time as compared to crap I get of 1.2% or around Stateside and YES…..Banks are very responsible this side!~…….Don’t fall for the shit Uncle Sam feeds you – He is a little Legend in his own Mind to say the least….. India’s Provident Fund that in US we call 401K isn’t played up in stocks!…….Good luck with your retiring in a lousy Year that sees stock slide…. Guess if stats are right, around 40% of the Americans actually have less than $1,000 Cash in the Bank in true terms while being eye-balls in debt for the same percentage!…….That would get even a poor man’s eyes popping out in INDIA!…..

      • rahul

        Yes its completely shit n india

      • kamal

        Sam I want to buy you I shall.pay you in dollars . what is value of your whole property tell seriously. We Indians buy 72% of total world gold. We can even buy whole America if we aim
        Be cautious …. I am an Indian ….. Prajapati

  • Navi

    You guys are nuts. If you have any kind of a fundamental American education (or can read for that matter) you’ll notice certain investments in the United States are insured; such as basic savings, checking, and CD’s. Anyone that says anything otherwise obviously has no knowledge of the American financial system and should refrain from any type of money-management in this system altogether.

    • yahmon

      And how is everybody going to get their cash if they all ran to the bank tomorrow?
      What they tell you is one thing, they can only cover it by printing, hence more devaluation of currency. Unless you have gold or assets you only have “I owe you paper”

    • http://www.facebook.com/profile.php?id=552864368 Jay Jay Barr

      …and only up to $100k per individual (per bank?) and $250k-ish for certain retirement accounts. There are limits.

  • Zvaonekwa

    An aspect that needs to be taken into account is the stability of the local currencies of the countries that have high interest rates. For example, if the exchange rate falls by 12% during the investment period the net return will actually turn out to be negative. May you please shed some light on the historical performance of those currencies against the US dollar over a reasonable period.

    • Myindependence Freedom

      Currencies fluctuate. IF the exchange rate increase by 12%, what is the benefit. The countries where the FD is high %, the value or cost of goods is much lower. So what if exchange rate drops, you still get to buy stuff at cheap prices compared to the US.

  • Abid

    Pakistani Banks are more secure than US or EU banks, simply because they are regulated by State Bank. Since the inception of Pakistan (i.e. 14th Aug 1947) not a single bank suffered financial crises or defaulted.

    • Tango

      agreed, I invested around $400 k in Pak with HSBC which paid me upto 15% for a term of 2 years and those were the best years for me till today, considering 5% inflation/devaluation of rupee annually I still got 10% flat with every penny secured by the state bank of Pakistan. Even the HSBC headed by their middle east operations work under strict State Bank of Pakistan’s rules/laws completely monitored

  • bahaba10

    if the bank (e.g. HSBC) in third world countries give 12.2% deposit interest, why in not in USA. either banks in USA are cheating us, or banks in USA are not doing business. which is not true, either banks will go out of business. is not shame for USA?

    • david

      The federal reserve is holding the interest rates down. So are the central banks of all the developed nations to insure that the “hard’ currencies do not collapse. The banks are not cheating you, it is the federal reserve and your government…obama

  • Chris Pasquariello

    “Hey, if you want me to take a dump in a box and mark it guaranteed, I will. I got spare time.”

  • Patrick Edem Agama

    You should take some risk sometimes. I don’t really care about the risk of not insuring your deposit. Ghana doesn’t have reputation of banking institution crumbles,

  • Patrick Edem Agama

    Great Post though

  • George Femiak

    I have a fixed deposit of more $12000 in 2 Indian National Banks. They are pretty awesome in terms of Interest Rate and money protection. History also matters when we think of investing our savings. History of Indian Banks are reputed and outstanding. At least I am making $1200 a year , God Bless the world.

  • Stefan

    Investments in India are pretty safe due to government and RBI norms. Especially in public sector banks

  • Lucky Man

    in Egypt it’s 13% now

  • Alex

    Insurance??? Please… The FDIC only has 2% of what would be needed to cover all bank suckers should the SHTF. So in theory, you’re insured for $5,000. In reality, you have no insurance at all. The government and the banks that control it can seize whatever it wants, and what are you going to do about it? Sue them?

    Safety??? Ever heard of fractional banking? In the US, banks are allowed to use 90% of your money for whatever investment, including lending it to someone else at an interest rate that is usually around 100% the interest you get, impose penalties to those people when they cannot pay back and eventually kick them out of their home! But that’s not your problem. You’ve got to ask yourself “how is my money safe in this bank if it’s not even there?”


  • Masum Zaman

    In Bangladesh have upto 13% interest/year and its safe.

  • theviking

    What does it mean “fully protected”? The FDIC has like 30 years to pay it off. They are just about broke. The dollar has been declared as fiat money by 178 third world nations forcing the US into asset backed TRNs which has been availabe OUTSIDE USA for some time and they are forcing it inside. Curtesy of the crooks in Washington.

  • Jsandxxxx

    Can any American open a saving account in any other country ? in this case India, and get the same rates?

    • Tango

      I know for sure that anyone can open a legit account in Pakistan as far as pays off a flat 10% of income tax on profits earned from your deposits and rates of returns vary between 8-11% minus the 10% of income tax which banks deduct themselves and deposit with the state bank on your behalf at the time they deposit your account with your profits, which is normally monthly, quarterly , six monthly or annually depending upon how you negotiate. I would say go for a larger bank size instead of banks showing more profits on their financials

  • Mildred Milly Lawrence-Newson

    Can you open an account online? If so, do you have any sites and suggestions

  • Myindependence Freedom

    Bigger the risk, bigger the returns. Deposit in HSBC India and earn an interest of 8% compared to HSBC US which is 1.5%!!!

  • EM

    I agree that exchange risk is a concern for local currency bank accounts abroad, in fact I believe such shouldn’t be part of anyone’s fixed income portfolio in the first place. That said, many countries offer savings accounts in major currencies such as USD, EUR, GBP etc. Lack of FDIC insurance for some countries raises the credit risk, although there are countries, which do offer depository insurance. A good example is several years ago one could earn >5% yield in EUR deposits in Bulgaria at a EUR 100,000 depository insurance (leading banks in Bulgaria boast investment grade credit rating).

    The following resource summarizes some of the best major currency bank accounts globally: http://www.globalbankpilot.com . It also includes depository insurance information by country.

    Here are some of the countries mentioned in this article:


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