Best Savings Rates

| Search for the Best Savings Rates from Banks and Credit Unions
Use our savings rates list below to search for and compare the best savings rates from banks and credit unions. Our list of savings account rates are the highest savings rates around from both local banks and credit unions. We also list the best savings rates from national banks. There is no need to search for savings rates elsewhere since we maintain the best list of rates.
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CIT Bank

  (4 out of 5)
Savings
1.000%
01/23/2015
1.000%
$25,000.00
Built on the heritage of over 100 years. Member FDIC. 
Mutual of Omaha Bank

  (4 out of 5)
MMA
0.850%
01/23/2015
0.850%
$5,000.00
Easy to open, easy to fund, easy to manage. Open an account now. 
Capital One 360

  (5 out of 5)
Savings
0.750%
01/23/2015
0.750%
$1.00
360 Savings lets you be you with no fees or minimums in the way. 
FNBO Direct

  (5 out of 5)
Savings
0.750%
01/23/2015
0.750%
$1.00
Cashback savings where you shop with MyDeals on your check card 
Union Federal Savings Bank

  (3 out of 5)
MMA
0.750%
01/23/2015
0.750%
$2,500.00
 
Fultdirect.com

  (4 out of 5)
MMA
0.100%
01/23/2015
0.100%
$10,000.00
 
Colorado Federal Savings Bank

  (3 out of 5)
Savings
0.850%
01/20/2015
0.850%
$2,500.00
 
My Savings Direct

  (2 out of 5)
Savings
1.050%
01/23/2015
1.040%
$1.00
No Fees! No Minimums! 
EverBank

  (4 out of 5)
MMA
1.010%
01/23/2015
0.610%
$1,500.00
Earn a top 5% yield- always! Open an Account today. FDIC insured. 
ableBanking, a division of Northeast Bank

  (4 out of 5)
MMA
1.000%
01/23/2015
1.000%
$250.00
$25 New Customer Gift to give to charity (501c3). FDIC insured. 
iGObanking.com

  (3 out of 5)
Savings
1.000%
01/23/2015
1.000%
$1.00
12 month CD 0.15% APY*,FDIC insured, open online or by mail. 
Discover Bank

  (5 out of 5)
Savings
0.900%
01/23/2015
0.900%
$500.00
Grow your savings faster with a rate 5x the National Savings Avg* 
iGObanking.com

  (3 out of 5)
MMA
0.900%
01/23/2015
0.900%
$25,000.00
12 month CD 0.15% APY*,FDIC insured, open online or by mail. 
Radius Bank

  (4 out of 5)
Savings
0.850%
01/23/2015
0.850%
$2,500.00
 
EH National Bank

  (2 out of 5)
MMA
0.800%
01/23/2015
0.800%
$1,000.00
 
First Internet Bank of Indiana

  (4 out of 5)
MMA
0.800%
01/23/2015
0.800%
$100.00
 
Bank of Internet USA

  (4 out of 5)
MMA
0.750%
01/23/2015
0.750%
$100.00
FDIC Insured Nationwide Banking 
Discover Bank

  (5 out of 5)
MMA
0.750%
01/23/2015
0.750%
$2,500.00
Easy cash access and always great rates. Open an account today! 
VirtualBank

  (4 out of 5)
MMA
0.650%
01/23/2015
0.650%
$100.00
FDIC Insured 
Bank of Internet USA

  (4 out of 5)
Savings
0.610%
01/23/2015
0.610%
$100.00
High Yield Savings Account, Apply Online Now! FDIC Insured 
First Internet Bank of Indiana

  (4 out of 5)
Savings
0.600%
01/23/2015
0.600%
$100.00
 
Lone Star Bank

  (2 out of 5)
MMA
0.600%
01/23/2015
0.600%
$2,500.00
 
EH National Bank

  (2 out of 5)
Savings
0.550%
01/23/2015
0.550%
$1,000.00
 
AloStar Bank of Commerce

  (4 out of 5)
Savings
0.500%
01/23/2015
0.500%
$50.00
 
AloStar Bank of Commerce

  (4 out of 5)
MMA
0.500%
01/23/2015
0.500%
$1,000.00
 
California First National Bank

  (5 out of 5)
MMA
0.500%
01/23/2015
0.500%
$5,000.00
 
Lone Star Bank

  (2 out of 5)
Savings
0.500%
01/23/2015
0.500%
$200.00
 
giantbank.com

  (3 out of 5)
MMA
0.450%
01/23/2015
0.450%
$1,000.00
 
Intervest National Bank

  (4 out of 5)
Savings
0.300%
01/23/2015
0.300%
$100.00
$500 min bal to avoid fees 
Intervest National Bank

  (4 out of 5)
MMA
0.300%
01/23/2015
0.300%
$2,500.00
 
State Farm Bank

  (4 out of 5)
MMA
0.300%
01/23/2015
0.300%
$1,000.00
 
Goldwater Bank

  (1 out of 5)
MMA
0.260%
01/23/2015
0.260%
$1,000.00
 
Heritage Bank

  (3 out of 5)
Savings
0.250%
01/23/2015
0.250%
$1,000.00
 
E-LOAN

  (3 out of 5)
MMA
0.200%
01/23/2015
0.200%
$5,000.00
No Fees. Start earning interest now! 
Third Federal Savings and Loan

  (4 out of 5)
Savings
0.200%
01/23/2015
0.200%
$25,000.00
 
Fidelity Bk of FL, N.A

  (4 out of 5)
MMA
0.150%
01/23/2015
0.150%
$2,500.00
 
NewDominion Bank

  (1 out of 5)
MMA
0.150%
01/23/2015
0.150%
$500.00
Achieve Rapid Growth Results w/Our Rates! Open Online-Member FDIC 
5 Star Bank

  (5 out of 5)
MMA
0.100%
01/23/2015
0.100%
$1,000.00
 
State Farm Bank

  (4 out of 5)
Savings
0.100%
01/23/2015
0.100%
$100.00
 
USAA

  (5 out of 5)
Savings
0.100%
01/23/2015
0.100%
$25.00
 
USAA

  (5 out of 5)
MMA
0.100%
01/23/2015
0.100%
$10,000.00
 
Astoria Bank

  (3 out of 5)
Savings
0.050%
01/23/2015
0.050%
$500.00
 
Astoria Bank

  (3 out of 5)
MMA
0.050%
01/23/2015
0.050%
$2,500.00
 
Citizens Trust Bank

  (3 out of 5)
MMA
0.050%
01/23/2015
0.050%
$100.00
 
Citizens Trust Bank

  (3 out of 5)
Savings
0.050%
01/23/2015
0.050%
$1,000.00
 
American Bank

  (4 out of 5)
Savings
0.100%
01/21/2015
0.100%
$100.00
 
American Bank

  (4 out of 5)
MMA
0.100%
01/21/2015
0.100%
$100.00
 

Data Provided by Bankrate.com Rates were collected by Bankrate.com on the dates specified. Rates are subject to change without notice and may vary from branch to branch. Bankrate.com National APY Average and Bankrate.com Site APY Average are only available for MMA products in any denomination exclusively. For Savings products, neither national nor Bankrate APY averages are tabulated. For MMA & Savings products in any denomination, the presented Bankrate.com National APY Average and Bankrate.com Site APY Average are averages of the MMA products only, and are not inclusive of Savings products APY rates.

These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site, where you can find additional information. Bank and thift deposits are insured by the Federal Deposit Insurance Corp. Credit Union deposits are insured by the National Credit Union Administration. Many institutions have different rates on their own Websites than those posted on Bankrate.com. Please identify yourself as a Bankrate consumer to lenders to ensure you get the Bankrate.com rate. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please let us know.

Bankrate.com's Safe & Sound® service provides ratings information on the relative financial strength and stability of U.S. commercial banks, savings institutions and credit unions. Five stars is superior, one star is lowest rated. For more information click here.



Some banks and credit unions have already increased their deposit rates by small amounts in anticipation of the FOMC increasing their key rate. Exactly when the Fed will increase the rate is hotly debated but rest assured the increase will likely come in the first half of 2015.

Bank rates are relatively unchanged so far this year. The highest savings account rate in the database remains at 1.05 percent APY and the highest money market rate remains at 1.01% APY. We will see higher deposit rates in 2015 because the Federal Open Market Committee is expected to increase the federal funds rate. Deposit rates are tied to the fed funds rate so when the FOMC increases the rate, deposit rates move higher.

The next Fed meeting is at the end of this month but it is highly unlikely the Fed will increase the rate then. The next two meetings are in March and April. The first likely increase will be right after the April meeting.

The initial and subsequent increases will be small unless inflation becomes a concern. The current low inflation rate and the big drop in oil prices indicate that inflation is an unlikely concern. We look for the first increase in the fed funds rate to be 25 basis points.

The current fed funds rate is near zero percent, so a 0.25 percent increase will send the best savings rates and money market rates towards 1.25 to 1.30 percent. The highest CD rates on 1 year certificates of deposit will move towards 1.40 to 1.50 percent.

These rates are low historically speaking but if you’re looking for a safe place to put your cash, this is the best you can do these days. 1 year U.S. Treasury rates are considerably less. On Friday, the 1 year yield closed at 0.22 percent. In fact, to earn a higher rate from a U.S. bond, you would have to invest in 5 year bonds which are currently yielding 1.45 percent.

Another safe investment is in Treasury Inflation-Protected Securities (TIPS) but those rates are even lower because inflation is low. The shortest term TIPS are 5 year TIPS which are yielding 0.395 percent (maturity date 4/15/2019).

 

 

 

 
Author: Brian McKay
January 14th, 2015

This time of year most of us think about New Year’s resolutions, including promises to manage finances better and to possibly sock away more money. Did you have the same resolution last year for 2014? How did you make out with resolutions in 2014?

There are many reasons to save for the future including saving for retirement, an emergency fund, saving for kids’ college educations, saving for a vacation or a vacation home. Unfortunately, the average American hasn’t saved enough money for retirement despite the fact that there are mechanisms in place to help the average person save.

Retirement plans such as 401k plans, IRA plans, SEP plans and several others all have tax benefits that will help you save more money. Many employers also encourage their employees to save money by matching employee contributions to retirement accounts. You’re getting free money from your employer – why not take advantage of free money being offered to you?

Each month the government publishes Personal Income and Outlays. For the month of November, the personal savings rate was 4.4 percent (not to be confused with savings account rates) as Americans saved $576.5 billion. Did you at least save 4.4 percent of your income in November?

Whether or not you save any money for your future is entirely up to you. Most people pay bills first and hope to have some money left to save but usually don’t. There is definitely something to be said for the old adjective “pay yourself first.” Put aside a percentage of your income – why not start out with 4.4 percent? One good recommendation is to start off with a small deduction and increase it by 1% each month until you’ve reached your optimal savings goal.

 
Author: Brian McKay
December 31st, 2014

Financial institutions continue small incremental increases in savings rates and money market rates this week, continuing the slow uptrend of the past year. Any larger increases in deposit account rates will have to wait until the Federal Open Market Committee increases interest rates in the coming year.

The FOMC is meeting this week and wraps up their two day meeting this afternoon. The FOMC isn’t expected to increase their key benchmark interest rate, the federal funds rate, but they are expected to change their language on keeping the rate low for a considerable time. This is the last step the FOMC will take before actually increasing the federal funds rate.

The fed funds rate has been in a targeted range of zero percent to one quarter percent for 6 years now. A near zero percent fed funds rate has driven banks  and credit unions to lower deposit rates to record lows. We are waiting for a higher fed funds rate to drive deposit rates higher but some financial institutions have already increased their bank rates.

Listed below is the Weekly Deposit Account Rate Report for December 17, 2014

Savings Account Rates

  • GE Capital Bank 1.04% APY 1.05%
  • My Savings Direct 1.04% APY 1.05%
  • CIT Bank 1.00% APY 1.00%
  • Synchrony Bank 1.00% APY 1.00%
  • iGOBanking 1.00% APY 1.00%
  • Barclays 1.00% APY 1.00%
  • Ally Bank 0.95% APY 0.95%
  • American Express 0.85% APY 0.85%
  • Colorado FSB 0.85% APY 0.85%

Money Market Rates

  • EverBank 1.01% APY
  • Synchrony Bank 0.85% APY  0.85%
  • Ally Bank 0.85% APY 0.85%
  • Mutual of Omaha Bank 0.85% APY 0.85%
  • TIAA Direct 0.80% APY 0.80%
  • Union Federal Savings Bank 0.75% APY 0.75%
 
Author: Brian McKay
December 23rd, 2014

Savings rates and money market account rates have been stable this past week, no changes in average rates. The best savings rates and money market rates remained at or just above 1.00 percent for the past couple of months. We are seeing many banks increase deposit rates but their increases remain below the highest deposit rates that are currently available.

There won’t be any big overall increase in deposit interest rates until the Federal Open Market Committee (FOMC) increases the federal funds rate. The FOMC released their October meeting minutes, showing that they are in no hurry to increase the rate anytime soon.

The nation’s unemployment rate used to be the FOMC’s focus for when an increase in the rate was needed but that has been replaced with the rate of inflation. The current sluggish pace of inflation won’t force the Fed to increase their key benchmark interest rate until sometime in the summer or fall in 2015.

High inflation isn’t a concern at all for the FOMC, in fact, deflation is still more of a concern. The FOMC’s post-meeting statement said they still plan to hold the fed funds rate near zero for a “considerable time.” The rate has been near zero percent since December 2008 when it was decreased to that record low.

The zero percent fed funds rate dragged savings rates, money market rates, CD rates and mortgage rates down to record lows as well. As I stated, some banks have increased their deposit rates but we will have to wait until the 3rd or 4th quarter of 2015 to see rates much higher than current levels.

Listed below are the highest savings rates and money market rates this week:

Highest Savings Rates

  • My Savings Direct Rate 1.04% APY 1.05%
  • Synchrony Bank Optimizer Plus Rate 1.00% APY 1.00%
  • CIT Bank Rate 1.00% APY 1.00%
  • iGObanking.com 1.00% APY 1.00%
  • GE Capital Bank Rate 0.95% APY 0.95%
  • Ally Bank Rate 0.90% APY 0.90%
  • Barclays Bank Rate 0.90% APY 0.90%
  • Discover Bank Rate 0.85% APY 0.85%
  • Colorado Federal Savings Bank Rate 0.85% APY 0.85%
  • American Express Bank Rate 0.80% APY 0.80%
  • TIAA Direct Rate 0.79% APY 0.80%

 

Highest Money Market Rates

  • EverBank 1.01% APY
  • ableBanking, a division of Northeast Bank Rate 1.00% APY 1.00%
  • Sallie Mae Bank Rate 0.90% APY 0.90%
  • Synchrony Bank Optimizer Plus Rate  0.85% APY 0.85%
  • Ally Bank Rate 0.85% APY 0.85%
  • Mutual of Omaha Bank Rate 0.85% APY 0.85%
  • TIAA Direct Rate 0.79% APY 0.80%
  • Union Federal Savings Bank Rate 0.75% APY 0.75%
 
Author: Brian McKay
November 24th, 2014

For several years now, the average online bank deposit interest rate has been higher than the average traditional brick and mortar bank interest rate. In fact, this month the top 10 deposit rates listed in our database are all offered by online banks. Banks that do not have branches have lower overhead, which is how they can offer higher savings rates and money market rates.

The largest U.S. bank holding companies (by assets) by far offer the lowest rates over regional banks, local banks, and of course, online banks. For example, below is a list of savings rates by the top 4 largest banks.

  • JP Morgan Chase Savings Rate  0.01% APY
  • Bank of America Savings Rate 0.01% APY
  • Citigroup Savings Rate 0.01% APY
  • Wells Fargo Savings Rate 0.03% APY

Savings rates are low these days but the rates offered by the big banks are pathetic. The next set of rates are online savings rates from online banks.

  • My Savings Direct 1.05% APY
  • CIT Bank 1.00% APY
  • iGObanking 1.00% APY
  • GE Capital Bank 0.95% APY
  • Synchrony Bank 0.95% APY

The rates from online banks are about 100 times higher than the big brick and mortar banks. Its a good thing people are a lot more comfortable banking online these days. That wasn’t always the case since online banking and online banks are (comparatively speaking) relatively new, having come about in the past 15 years or so.

If you’re still not comfortable with online banking, most banks give you the ability to print an account application and submit it and any deposits via regular mail. You can still get a better return on your savings accounts without having to deal with banking online.

 
Author: Brian McKay
November 7th, 2014