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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Colorado Federal Savings Bank

  (3 out of 5)
Savings
0.850%
11/25/2014
0.850%
$2,500.00
 
Mutual of Omaha Bank

  (4 out of 5)
MMA
0.850%
11/25/2014
0.850%
$5,000.00
Easy to open, easy to fund, easy to manage. Open an account now. 
TIAA Direct

  (4 out of 5)
MMA
0.800%
11/25/2014
0.790%
$25.00
TIAA-CREF Trust Company, FSB. Member FDIC 
TIAA Direct

  (4 out of 5)
Savings
0.800%
11/25/2014
0.790%
$25.00
TIAA-CREF Trust Company, FSB. Member FDIC 
FNBO Direct

  (4 out of 5)
Savings
0.750%
11/25/2014
0.750%
$1.00
Cashback savings where you shop with MyDeals on your check card 
Union Federal Savings Bank

  (5 out of 5)
MMA
0.750%
11/25/2014
0.750%
$2,500.00
 
Fultdirect.com

  (4 out of 5)
MMA
0.100%
11/25/2014
0.100%
$10,000.00
 
My Savings Direct

  (2 out of 5)
Savings
1.050%
11/25/2014
1.040%
$1.00
No Fees! No Minimums! 
EverBank

  (4 out of 5)
MMA
1.010%
11/25/2014
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%
11/25/2014
1.000%
$250.00
$25 New Customer Gift to give to charity (501c3). FDIC insured. 
iGObanking.com

  (3 out of 5)
Savings
1.000%
11/25/2014
1.000%
$1.00
24 month CD 1.40% APY*,FDIC insured, open online or by mail. 
Discover Bank

  (5 out of 5)
Savings
0.900%
11/25/2014
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%
11/25/2014
0.900%
$0.00
Easy Access to Your Funds. FDIC-insured. 
iGObanking.com

  (3 out of 5)
MMA
0.900%
11/25/2014
0.900%
$25,000.00
24 month CD 1.40% APY*,FDIC insured, open online or by mail. 
EH National Bank

  (3 out of 5)
MMA
0.800%
11/25/2014
0.800%
$1,000.00
 
First Internet Bank of Indiana

  (4 out of 5)
MMA
0.800%
11/25/2014
0.800%
$100.00
 
Bank of Internet USA

  (4 out of 5)
MMA
0.750%
11/25/2014
0.750%
$100.00
FDIC Insured Nationwide Banking 
Discover Bank

  (5 out of 5)
MMA
0.750%
11/25/2014
0.750%
$2,500.00
Easy cash access and always great rates. Open an account today! 
VirtualBank

  (4 out of 5)
MMA
0.650%
11/25/2014
0.650%
$100.00
FDIC Insured 
Bank of Internet USA

  (4 out of 5)
Savings
0.610%
11/25/2014
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%
11/25/2014
0.600%
$100.00
 
Lone Star Bank

  (2 out of 5)
MMA
0.600%
11/25/2014
0.600%
$2,500.00
 
EH National Bank

  (3 out of 5)
Savings
0.550%
11/25/2014
0.550%
$1,000.00
 
AloStar Bank of Commerce

  (4 out of 5)
Savings
0.500%
11/25/2014
0.500%
$50.00
 
AloStar Bank of Commerce

  (4 out of 5)
MMA
0.500%
11/25/2014
0.500%
$1,000.00
 
California First National Bank

  (5 out of 5)
MMA
0.500%
11/25/2014
0.500%
$5,000.00
 
Lone Star Bank

  (2 out of 5)
Savings
0.500%
11/25/2014
0.500%
$200.00
 
giantbank.com

  (4 out of 5)
MMA
0.450%
11/25/2014
0.450%
$1,000.00
 
Intervest National Bank

  (4 out of 5)
Savings
0.300%
11/25/2014
0.300%
$100.00
$500 min bal to avoid fees 
Intervest National Bank

  (4 out of 5)
MMA
0.300%
11/25/2014
0.300%
$2,500.00
 
State Farm Bank

  (4 out of 5)
MMA
0.300%
11/25/2014
0.300%
$1,000.00
 
Goldwater Bank

  (1 out of 5)
MMA
0.260%
11/25/2014
0.260%
$1,000.00
 
Heritage Bank

  (4 out of 5)
Savings
0.250%
11/25/2014
0.250%
$1,000.00
 
E-LOAN

  (5 out of 5)
MMA
0.200%
11/25/2014
0.200%
$5,000.00
No Fees. Start earning interest now! 
Third Federal Savings and Loan

  (4 out of 5)
Savings
0.200%
11/25/2014
0.200%
$25,000.00
 
Fidelity Bk of FL, N.A

  (3 out of 5)
MMA
0.150%
11/25/2014
0.150%
$2,500.00
 
NewDominion Bank

  (1 out of 5)
MMA
0.150%
11/25/2014
0.150%
$500.00
Achieve Rapid Growth Results w/Our Rates! Open Online-Member FDIC 
State Farm Bank

  (4 out of 5)
Savings
0.120%
11/25/2014
0.120%
$100.00
 
5 Star Bank

  (4 out of 5)
MMA
0.100%
11/25/2014
0.100%
$1,000.00
 
American Bank

  (4 out of 5)
Savings
0.100%
11/25/2014
0.100%
$100.00
 
American Bank

  (4 out of 5)
MMA
0.100%
11/25/2014
0.100%
$100.00
 
USAA

  (5 out of 5)
Savings
0.100%
11/25/2014
0.100%
$25.00
 
USAA

  (5 out of 5)
MMA
0.100%
11/25/2014
0.100%
$10,000.00
 
Astoria Bank

  (3 out of 5)
Savings
0.050%
11/25/2014
0.050%
$500.00
 
Astoria Bank

  (3 out of 5)
MMA
0.050%
11/25/2014
0.050%
$2,500.00
 
Citizens Trust Bank

  (3 out of 5)
MMA
0.050%
11/25/2014
0.050%
$100.00
 
Citizens Trust Bank

  (3 out of 5)
Savings
0.050%
11/25/2014
0.050%
$1,000.00
 

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.



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

Banks and credit unions are getting a head start on increasing deposit rates even though the Federal Reserve hasn’t increased the federal funds rate yet. Over the past several months, many financial institutions have increased savings rates, money market rates and CD rates. As a result, we have three banks with savings rates at or just above 1.00 percent.

The last time at least three banks were offering savings rates at or above 1.00 percent was back in August 2012. That week, the best savings rate was at 1.04 percent with an APY of 1.05 percent. You can read more about rates in August 2012 in this article: Savings Rates Averaging 0.55% in Bankrate’s National Survey.

We can safety say deposit rates have bottomed out and will be heading higher over the next several years. When rates take off and how high they will go depends on the Federal Reserve. Deposit rates are tied to the federal funds rate so when the Fed increases the rate, deposit rates move higher. When the rate is lowered, deposit rates move lower.

The current consensus is that Fed will start increasing the fed funds rate sometime in the summer of 2015. We are finally only months (and not years) away from a rate increase. This all naturally depends on continuing economic growth and a lower unemployment rate. While the United States is about to start an uptrend in interest rates but the same can’t be said for the European Union.

Slow economic growth or an outright contraction in some economies in Europe is keeping a lid on interest rates in the E.U. There is even talk about some kind of quantitative easing to help stimulate growth. Any slowdown in the E.U. will only have a minor impact on economic growth in the U.S. and not derail interest rates moving higher.

The first increase in the fed funds rate will probably be 25 basis points in the summer of 2015. Soon after, the first increase in deposit rates will follow and will also be 25 basis points. At that point, the highest savings rates will likely be around 1.30 percent to 1.50 percent.

Subsequent increases in the fed funds rate and deposit rates will also be in 25 basis point increments. If economic headwinds pick up steam, unemployment drops quicker, or if inflation rears its ugly head, the increase rates will be sharper and we would see 50 basis point increases after each Fed meeting.

The current Fed calendar for 2015 has the Fed meeting eight times in 2015. The first possible increase in the fed funds rate will probably happen in the June 16-17 meeting. The Fed meets four more times after the June meeting so if all goes as planned, the fed funds rate will probably be near 2.00 percent by the end of 2015. This would put the best savings rates and money market account rates around 2.50 percent to 3.00 percent.

In September’s meeting, the Fed polled their participants on where they believe the fed funds rate would be. Estimates range between the current rate of near zero percent all the way up to 2.875 percent. The estimate that gets the most projections is 1.875 percent, which is where four participants believe the rate will be by the end of 2015.

Rates are moving higher in 2015, 2016, and beyond. The most important step you can take to maximize your return is to either stay invested in variable rate accounts or short term certificates of deposit. Don’t lock into a long term CD at current low rates. If you prefer a CD over a savings account, stick to CD terms of 1 year or less.

 
Author: Brian McKay
October 23rd, 2014

A surprisingly strong September job report is another sign that interest rates will be higher sooner than later. This is welcome news since deposit interest rates have been so low for so long. Forecasts are for bank rates to move higher as early as the Spring or Summer of 2014 when the Federal Reserve increases the federal funds rate.

Some banks and credit unions are not waiting for the Fed and have already started increasing deposit rates. Over the past month, we have seen more than a dozen financial institutions increase CD rates, savings rates and money market account rates. Granted, the increases overall are not that large but at least rates are headed higher.

The government reported that non-farm payrolls increased by 248,000 jobs in September, higher than the 210,000 jobs analysts had expected. The unemployment rate which analysts forecast to remain unchanged at 6.1 percent, actually fell to 5.9 percent. This is the lowest level for the unemployment rate since 2008.

This strong jobs report gives the Fed hawks more ammunition for increasing the fed funds rate in the first quarter of 2015. The Fed’s dovish members are pushing for an increase in the second quarter of 2015. Exactly when rates move higher will depend on how strong the economic data is in the coming months.

Either way, rates are moving higher in 2015 so don’t lock into a long term certificate of deposit. Regardless, stay invested in short term CDs or variable interest rate accounts like savings accounts and money market accounts.

Average Savings Rates October 5, 2014Listed on the right are average rates this week. Listed below are the highest savings account rates and money market account rates for the first week in October:

Highest Savings Account Rates

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

Highest Money Market Account Rates

  • EverBank 1.01% APY
  • ableBanking, a division of Northeast Bank 1.02% APY 1.02%
  • Sallie Mae 0.90% APY 0.90%
  • iGObanking.com 0.90% APY 0.90%
  • Ally Bank 0.85% APY 0.85%
  • Synchrony Bank 0.85% APY 0.85%
  • Mutual of Omaha Bank 0.85% APY 0.85%
  • EH National Bank 0.80% APY 0.80%
  • First Internet Bank of Indiana 0.80% APY 0.80%
  • TIAA Direct 0.80% APY 0.80%
 
Author: Brian McKay
October 5th, 2014

An interesting report was released showing Millennials favor savings accounts over investing in stocks, despite currently low savings rates. Apparently Millennials, born between 1977 and 1999, are risk-averse to stocks because they came of age during the financial crisis and watched stocks fall more than 50 percent in 2008, the largest decline since the Great Depression.

Millennials are already worried about retirement, which is a good thing. A report from TDAmeritrade showed almost 45 percent of Millennials are worried that Social Security won’t be there when they retire. This is up from 39 percent who said this last year.

The same report showed 47 percent believe a savings account is the best way to save for retirement. Unfortunately, stashing money into savings accounts your entire life in all likelihood won’t be enough for retirement. A combination of saving and investing is the best course of action, not only for retirement but for other goals in life.

Eliminating equities from your retirement portfolio, especially at a young age, is a big mistake. Over time investing in equities has outperformed all other types of investments. Millennials are also young enough to withstand big declines in equities. In other words, they have enough time to recover from any major setbacks in the markets.

Another point in favor of investing in equities as opposed to deposit accounts is that savings rates, CD rates and money market rates are usually slightly above the prevailing inflation rate. In fact, for the past several years, returns on deposit accounts were actually lower than the inflation rate.

You can check on current savings rates on our rate tables here: Best Savings Rates.

 

 

 

 
Author: Brian McKay
September 13th, 2014