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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EverBank

  (4 out of 5)
MMA
1.010%
03/06/2015
0.610%
$1,500.00
Earn a top 5% yield- always! Open an Account today. FDIC insured. 
Barclays

  (4 out of 5)
Savings
1.000%
03/06/2015
1.000%
$0.00
No Minimum Balance. No Monthly Maintenance Fees. FDIC Insured. 
CIT Bank

  (4 out of 5)
Savings
1.000%
03/06/2015
1.000%
$25,000.00
Built on the heritage of over 100 years. Member FDIC. 
Synchrony Bank

  (5 out of 5)
Savings
1.000%
03/06/2015
1.000%
$0.00
Great Rates + Safety = Peace of Mind 
Colorado Federal Savings Bank

  (3 out of 5)
Savings
0.850%
03/06/2015
0.850%
$2,500.00
 
Mutual of Omaha Bank

  (4 out of 5)
MMA
0.850%
03/06/2015
0.850%
$5,000.00
Easy to open, easy to fund, easy to manage. Open an account now. 
Synchrony Bank

  (5 out of 5)
MMA
0.850%
03/06/2015
0.850%
$0.00
Great Rates + Safety = Peace of Mind 
Capital One 360

  (5 out of 5)
Savings
0.750%
03/06/2015
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%
03/06/2015
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%
03/06/2015
0.750%
$2,500.00
 
Fultdirect.com

  (4 out of 5)
MMA
0.100%
03/06/2015
0.100%
$10,000.00
 
My Savings Direct

  (2 out of 5)
Savings
1.050%
03/06/2015
1.040%
$1.00
No Fees! No Minimums! 
iGObanking.com

  (3 out of 5)
Savings
1.000%
03/06/2015
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%
03/06/2015
0.900%
$500.00
Grow your savings faster with a rate 5x the National Savings Avg* 
Sallie Mae

  (5 out of 5)
MMA
0.900%
03/06/2015
0.900%
$0.00
Easy Access to Your Funds. FDIC-insured. 
iGObanking.com

  (3 out of 5)
MMA
0.900%
03/06/2015
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%
03/06/2015
0.850%
$2,500.00
 
EH National Bank

  (2 out of 5)
MMA
0.800%
03/06/2015
0.800%
$1,000.00
 
First Internet Bank of Indiana

  (4 out of 5)
MMA
0.800%
03/06/2015
0.800%
$100.00
 
Bank of Internet USA

  (4 out of 5)
MMA
0.750%
03/06/2015
0.750%
$100.00
FDIC Insured Nationwide Banking 
Discover Bank

  (5 out of 5)
MMA
0.750%
03/06/2015
0.750%
$2,500.00
Easy cash access and always great rates. Open an account today! 
Bank of Internet USA

  (4 out of 5)
Savings
0.610%
03/06/2015
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%
03/06/2015
0.600%
$100.00
 
Lone Star Bank

  (2 out of 5)
MMA
0.600%
03/06/2015
0.600%
$2,500.00
 
EH National Bank

  (2 out of 5)
Savings
0.550%
03/06/2015
0.550%
$1,000.00
 
AloStar Bank of Commerce

  (4 out of 5)
Savings
0.500%
03/06/2015
0.500%
$50.00
 
AloStar Bank of Commerce

  (4 out of 5)
MMA
0.500%
03/06/2015
0.500%
$1,000.00
 
Lone Star Bank

  (2 out of 5)
Savings
0.500%
03/06/2015
0.500%
$200.00
 
giantbank.com

  (3 out of 5)
MMA
0.450%
03/06/2015
0.450%
$1,000.00
 
State Farm Bank

  (4 out of 5)
MMA
0.300%
03/06/2015
0.300%
$1,000.00
 
Goldwater Bank

  (1 out of 5)
MMA
0.260%
03/06/2015
0.260%
$1,000.00
 
Heritage Bank

  (3 out of 5)
Savings
0.250%
03/06/2015
0.250%
$1,000.00
 
5 Star Bank

  (5 out of 5)
Savings
0.200%
03/06/2015
0.200%
$100.00
 
E-LOAN

  (3 out of 5)
MMA
0.200%
03/06/2015
0.200%
$5,000.00
No Fees. Start earning interest now! 
Third Federal Savings and Loan

  (4 out of 5)
Savings
0.200%
03/06/2015
0.200%
$25,000.00
 
Fidelity Bk of FL, N.A

  (4 out of 5)
MMA
0.150%
03/06/2015
0.150%
$2,500.00
 
NewDominion Bank

  (1 out of 5)
MMA
0.150%
03/06/2015
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%
03/06/2015
0.100%
$1,000.00
 
State Farm Bank

  (4 out of 5)
Savings
0.100%
03/06/2015
0.100%
$100.00
 
USAA

  (5 out of 5)
Savings
0.100%
03/06/2015
0.100%
$25.00
 
USAA

  (5 out of 5)
MMA
0.100%
03/06/2015
0.100%
$10,000.00
 
Astoria Bank

  (3 out of 5)
Savings
0.050%
03/06/2015
0.050%
$500.00
 
Astoria Bank

  (3 out of 5)
MMA
0.050%
03/06/2015
0.050%
$2,500.00
 
Citizens Trust Bank

  (3 out of 5)
MMA
0.050%
03/06/2015
0.050%
$100.00
 
Citizens Trust Bank

  (3 out of 5)
Savings
0.050%
03/06/2015
0.050%
$1,000.00
 
VirtualBank

  (4 out of 5)
MMA
0.650%
03/03/2015
0.650%
$100.00
FDIC Insured 
American Bank

  (4 out of 5)
Savings
0.100%
03/03/2015
0.100%
$100.00
 
American Bank

  (4 out of 5)
MMA
0.100%
03/03/2015
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.



The personal savings rate, not to be confused with savings account rates, increased again this past January. The report Personal Income and Outlays for January 2015, released by Bureau of Economic Analysts, showed the Personal Savings Rate increased to 5.5 percent in January. The rate is up 0.5 percent since December and up 1.00 percent since November 2014.

U.S. households saved 728.5 billion in January, compared with $659.6 billion in December, almost $70 billion more. The higher personal savings explains why retail sales and economic growth hasn’t been as robust as expected, despite lower gas prices.

Only 7 years removed from the Great Recession, the average person is still cautious about spending and rather save their windfall from lower gas prices. Many households, which were overleveraged during the credit binge in the 2000s are still paying down debt.

Also keep in mind, the average savings account rate is still very low at 0.06 percent. The best savings rates available right now are only around 1.00 percent. There isn’t much of an incentive to save money as far as earning interest.

Looking at the two charts below, you can see since November there is a direct correlation between lower gas prices and the higher savings rate.

Personal Savings Rate

Gas Prices

Regular Gasoline Prices

Gas prices started moving higher again so it will be interesting to see if the personal savings rate declines in February. The recent increase in gas prices probably won’t last long. Even if gas prices stay near current levels, the average household is expected to save anywhere between $750 to $1,100 in 2015.

Savings rates, money market rates and CD rates are all expected to increase in the coming years. Higher interest rates combined with low gas prices will probably drive the Personal Savings Rate even higher. We might even see the rate hit double digits again, which was normal back in the 1950s to the 1970s. The rate topped out at 17 percent in May 1975.

You can view the history of the rate going back to 1959 in the chart below.

 
Author: Brian McKay
March 5th, 2015

Just like many Americans, you’re probably not great at saving money but don’t mind spending a few dollars on lottery tickets. Bankrate.com’s 2014 Financial Security Index showed that 76 percent of Americans didn’t have the recommended 6 months of expenses in an emergency savings account. A more depressing statistic is that 26 percent of Americans had no emergency savings at all and live paycheck to paycheck.

Because of recent changes in Federal Legislation on prize-linked savings (PLS) accounts, you can play the lottery, so to speak, and save money at the same time.

Federal laws used to prevent big banks from offering prize-linked savings accounts and only a few states allowed credit unions to offer these accounts. The recently passed American Savings Promotion Act Bill (H.R.3374), with rare bi-partisan support, makes PLS legal for big banks and credit unions in any state that does not prohibit it.

The law is designed to help people save more money by offering an incentive. In 2012, Americans spent $78 billion on lottery tickets according to the North American State and Provincial Lotteries (NASPL). Ideally, some of this money will find its way into savings accounts because Americans are not saving enough. Though current savings rates are low, low rates shouldn’t be an excuse not to save and possibly win money.

D2D and Michigan credit unions created Save to Win, the first scaled PLS program. A majority of participants in the program rolled their savings account over from 2010 to 2011. The program has over 50,000 unique accounts saving a total of more than $94 million.

Michigan launched a PLS program more than six years ago. The Save to Win program, one of the largest around, offers the chance to win prizes based on how much money you save each month. Every monthly $25 deposit earns an entry into a monthly prize drawing with a maximum of 10 entries a month per person.

There are monthly, quarterly and some states also offer annual prizes as much as $10,000. Even if you don’t win, you save money and earn interest on your savings. The Save to Win program has been a tremendous success.

Check to see if your state passed laws allowing prize-linked savings accounts.

 
Author: Brian McKay
February 20th, 2015

This week two online banks, GE Capital Retail Bank and My Savings Direct, are offering the highest rate on our savings account rate table. Both banks are currently offering savings rates at of 1.04 percent and an APY of 1.05 percent. While the highest rates available remained the same, average rates moved slightly higher.

The average savings/MMA rate (account balances $50k+) increased 2 basis points to 0.65 percent. Average rates moved higher because some banks on our rate table increased their rates. In fact, we are starting to see more and more banks increase deposit rates.

The biggest change in rates will come when the Federal Reserve increases the federal funds rate. An increase in the fed funds rate could come as soon as the Fed’s June meeting, just over 4 months from now. Bank rates are tied to the fed funds rate, so when the rate is increased, banks increase deposit rates.

In anticipation of higher rates coming from the Fed, banks have increased fixed certificate of deposit rates. Banks are hoping to lock in deposits at lower current fixed rates before the Fed forces rates even higher. Variable account rates have also moved higher but not as fast as fixed account rates.

Over the past year the best 1 year CD rate available on our rate list has increased 20 percent. Variable account rates have only increased 5 percent.

The highest 1 year bank rate right now is at 1.20 percent APY. Early in 2014 the highest rate was only 1.00 percent. During the same time the highest variable deposit rate has increased 5 percent, from 1.00 percent APY to 1.05 percent APY.

Listed below are this week’s highest variable rates and fixed 1 year CD rates.

Savings Rates

  • GE Capital Bank 1.04% APY 1.05%
  • My Savings Direct 1.04% APY 1.05%
  • CIT Bank 1.00% APY 1.00%
  • iGObanking.com 1.00% APY 1.00%
  • Synchrony Bank 1.00% APY 1.00%
  • Ally Bank 0.99% APY 0.99%
  • American Express Bank 0.90% APY 0.90%
  • Discover Bank 0.90% APY 0.90%

 Money Market Rates

  • EverBank 1.01% APY
  • ableBanking, a division of Northeast Bank 1.00% APY 1.00%
  • Sallie Mae Bank 0.90% APY 0.90%
  • iGObanking.com 0.90% APY 0.90%
  • Synchrony Bank 0.85% APY 0.85%
  • Mutual of Omaha Bank 0.85% APY 0.85%

1 Year CD Rates

  • Synchrony Bank 1.19% APY 1.20%
  • My e-BAnC by BAC Florida Bank 1.17% APY 1.18%
  • CIT Bank 1.14% APY 1.15%
  • Chartway Federal Credit Union 1.15% APY 1.15%
  • HeritageWest Credit Union 1.15% APY 1.15%
  • California First National Bank 1.14% APY 1.15%
  • Sallie Mae Bank 1.14% APY 1.15%
 
Author: Brian McKay
February 5th, 2015

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