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%
09/18/2014
0.850%
$2,500.00
 
Mutual of Omaha Bank

  (4 out of 5)
MMA
0.850%
09/18/2014
0.850%
$5,000.00
Easy to open, easy to fund, easy to manage. Open an account now. 
FNBO Direct

  (4 out of 5)
Savings
0.750%
09/18/2014
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%
09/18/2014
0.750%
$2,500.00
 
Fultdirect.com

  (4 out of 5)
MMA
0.100%
09/18/2014
0.100%
$10,000.00
 
ableBanking, a division of Northeast Bank

  (4 out of 5)
MMA
1.020%
09/18/2014
1.020%
$250.00
$25 New Customer Gift to give to charity (501c3). FDIC insured. 
iGObanking.com

  (3 out of 5)
Savings
1.000%
09/18/2014
1.000%
$1.00
12 month CD 1.05 APY*,FDIC insured, open online or by mail. 
GE Capital Bank

  (4 out of 5)
Savings
0.950%
09/18/2014
0.950%
$0.00
No transaction fees. FDIC Insured. Open in ten minutes or less. 
iGObanking.com

  (3 out of 5)
MMA
0.900%
09/18/2014
0.900%
$25,000.00
12 month CD 1.05 APY*,FDIC insured, open online or by mail. 
Discover Bank

  (5 out of 5)
Savings
0.850%
09/18/2014
0.850%
$500.00
Grow your savings faster with a rate 5x the National Savings Avg* 
First Trade Union Bank

  (4 out of 5)
Savings
0.850%
09/18/2014
0.850%
$2,500.00
 
EH National Bank

  (3 out of 5)
MMA
0.800%
09/18/2014
0.800%
$1,000.00
 
First Internet Bank of Indiana

  (4 out of 5)
MMA
0.800%
09/18/2014
0.800%
$100.00
 
TIAA Direct

  (4 out of 5)
MMA
0.800%
09/18/2014
0.790%
$25.00
TIAA-CREF Trust Company, FSB. Member FDIC 
TIAA Direct

  (4 out of 5)
Savings
0.800%
09/18/2014
0.790%
$25.00
TIAA-CREF Trust Company, FSB. Member FDIC 
Bank of Internet USA

  (4 out of 5)
MMA
0.750%
09/18/2014
0.750%
$100.00
FDIC Insured Nationwide Banking 
Discover Bank

  (5 out of 5)
MMA
0.700%
09/18/2014
0.700%
$2,500.00
Easy cash access and always great rates. Open an account today! 
VirtualBank

  (4 out of 5)
MMA
0.650%
09/18/2014
0.650%
$100.00
FDIC Insured 
Bank of Internet USA

  (4 out of 5)
Savings
0.610%
09/18/2014
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%
09/18/2014
0.600%
$100.00
 
Lone Star Bank

  (2 out of 5)
MMA
0.600%
09/18/2014
0.600%
$2,500.00
 
EH National Bank

  (3 out of 5)
Savings
0.550%
09/18/2014
0.550%
$1,000.00
 
AloStar Bank of Commerce

  (4 out of 5)
Savings
0.500%
09/18/2014
0.500%
$50.00
 
AloStar Bank of Commerce

  (4 out of 5)
MMA
0.500%
09/18/2014
0.500%
$1,000.00
 
Lone Star Bank

  (2 out of 5)
Savings
0.500%
09/18/2014
0.500%
$200.00
 
giantbank.com

  (4 out of 5)
MMA
0.450%
09/18/2014
0.450%
$1,000.00
 
Intervest National Bank

  (4 out of 5)
Savings
0.300%
09/18/2014
0.300%
$100.00
$500 min bal to avoid fees 
Intervest National Bank

  (4 out of 5)
MMA
0.300%
09/18/2014
0.300%
$2,500.00
 
State Farm Bank

  (4 out of 5)
MMA
0.300%
09/18/2014
0.300%
$1,000.00
 
Goldwater Bank

  (1 out of 5)
MMA
0.260%
09/18/2014
0.260%
$1,000.00
 
Heritage Bank

  (4 out of 5)
Savings
0.250%
09/18/2014
0.250%
$1,000.00
 
E-LOAN

  (5 out of 5)
MMA
0.200%
09/18/2014
0.200%
$5,000.00
No Fees. Start earning interest now! 
Third Federal Savings and Loan

  (4 out of 5)
Savings
0.200%
09/18/2014
0.200%
$25,000.00
 
Fidelity Bk of FL, N.A

  (3 out of 5)
MMA
0.150%
09/18/2014
0.150%
$2,500.00
 
NewDominion Bank

  (1 out of 5)
MMA
0.150%
09/18/2014
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%
09/18/2014
0.120%
$100.00
 
5 Star Bank

  (4 out of 5)
MMA
0.100%
09/18/2014
0.100%
$1,000.00
 
American Bank

  (4 out of 5)
Savings
0.100%
09/18/2014
0.100%
$100.00
 
American Bank

  (4 out of 5)
MMA
0.100%
09/18/2014
0.100%
$100.00
 
USAA

  (5 out of 5)
Savings
0.100%
09/18/2014
0.100%
$25.00
 
USAA

  (5 out of 5)
MMA
0.100%
09/18/2014
0.100%
$10,000.00
 
Astoria Bank

  (3 out of 5)
Savings
0.050%
09/18/2014
0.050%
$500.00
 
Astoria Bank

  (3 out of 5)
MMA
0.050%
09/18/2014
0.050%
$2,500.00
 
Citizens Trust Bank

  (3 out of 5)
MMA
0.050%
09/18/2014
0.050%
$100.00
 
Citizens Trust Bank

  (3 out of 5)
Savings
0.050%
09/18/2014
0.050%
$1,000.00
 
California First National Bank

  (5 out of 5)
MMA
0.500%
09/15/2014
0.500%
$5,000.00
 

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.



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

An online bank increased the rate they offer on their savings account and is now the leader on our savings rate table. The Palladian PrivateBank, a division of The PrivateBank and Trust Company, is now offering a savings rate of 1.25 percent with an APY of 1.26 percent. This online bank’s rate is 31 basis points higher than our previous top savings account rate. The minimum opening deposit for an account at the bank is $10,000.

Prior to The Palladian PrivateBank increasing their rate, the top rate was stable for over a year at 0.95 percent. Whether or not other banks follow suit and increase their rates remains to be seen. This rate is also significantly above the current average savings rate of 0.47 percent for account balances of at least $10k.

Over the next year, we will start seeing banks increase rates on their variable rate deposit accounts and certificate of deposit products. The reason rates will finally be increasing is the Federal Open Market Committee will be increasing the federal funds rate. The current rate is near zero percent and has been at that level for almost six years.

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

Highest Savings Rates

  • The Palladian PrivateBank 1.25% APY 1.26%
  • GE Capital Bank 0.95% APY 0.95%
  • Synchrony Bank 0.95% APY 0.95%
  • CIT Bank 0.90% APY 0.90%
  • Barclays Bank 0.90% APY 0.90%
  • Ally Bank 0.87% APY 0.87%
  • Colorado FSB 0.85% APY 0.85%
  • Ultima Bank Minnesota 0.85 APY 0.85%
  • Discover Bank 0.85% APY 0.85%
  • First Trade Union Bank 0.85% APY 0.85%

Highest Money Market Rates

  • EverBank 1.01% APY
  • Sallie Mae Bank 0.90% APY 0.90%
  • iGObanking.com 0.90% APY 0.90%
  • Synchrony Bank  0.85% APY 0.85%
  • Ally Bank 0.85% APY 0.85%
  • Mutual of Omaha Bank 0.85% APY 0.85%
  • Union Federal Savings Bank 0.85% APY 0.85%
 
Author: Brian McKay
August 23rd, 2014

Average savings rates and money market rates continue to fall ever so slightly this month. While average rates have moved lower, savvy savers can find deposit rates much higher than the averages. The best rate deals these days are from online banks which offer rates much higher than the averages and much higher than traditional brick and mortar banks.

The national average savings rate/money market rate this week as reported by MonitorBankRates.com is at 0.45 percent. The FDIC national average rate is much lower at 0.06 percent. The FDIC’s national average money market rate is slightly higher at 0.08 percent. Compare these rates to the best savings rates and money market rates offered on our rate tables this week.

Best Savings Rates

  • GE Capital Bank 0.95%
  • CIT Bank 0.95%
  • Synchrony Bank 0.95%
  • Barclays Bank 0.90%
  • Ally Bank 0.87%
  • Discover Bank 0.85%
  • First Trade Union Bank 0.85%
  • Colorado Federal Savings Bank 0.85%
  • TIAA Direct 0.80%
  • FNBO Direct 0.75%

Best Money Market Rates

  • EverBank 1.01% APY (first year)
  • Salle Mae 0.90%
  • iGObanking.com 0.90%
  • First Internet Bank of Indiana 0.80%
  • EH National Bank 0.80%
  • ableBanking, a division of Northeast Bank 0.80%
  • Bank of Internet USA 0.75%
  • Discover Bank 0.70%
  • VirtualBank 0.65%
 
Author: Brian McKay
August 14th, 2014

There are a slew of economic reports due out later this week which will have an impact on interest rates in the future. In addition to these key reports, the Federal Reserve is having their two day meeting on economic policy. The FOMC is releasing their post-meeting statement at 2:00 pm on Wednesday.

The FOMC isn’t expected to drop any bombshells in their statement of policy but any slight change in wording regarding rates increasing will send bond yields higher. The next big day for news is this coming Friday. The key report to watch is the nonfarm payrolls for the month of July. Analysts are expecting 250,000 jobs created and the unemployment rate to remain at 6.1 percent.

The unemployment rate is likely to fall from 6.1 percent down to 6.0 percent or possibly below 6.00 percent. The closer the rate gets to “full employment,” which the Fed has pegged between 5.2 percent and 5.5 percent, the more likely rates will increase. When we have reached full employment, wage pressures start to increase which in turn sends inflation higher.

The Fed has to stay head of the inflation curve so the slightest hint of higher inflation will cause the Fed to increase the federal funds rate. The current fed funds rate is near zero percent. The rate is so low right now the Fed will have be very aggressive when increasing the rate to get to a neutral point.

When the rate is increased, banks will follow suit by increasing deposit rates. Right now, the best savings account rates are at 0.95 percent and the best money market rates are at 1.01 percent. If rates do move higher in 2014, we could see the highest savings rates and money market rates at 1.25 percent to 1.50 percent.

By the end of 2015, deposit rates will be much higher than current levels. On the high end, variable interest rates will move above 2.50 percent and could be as high as 4.00 percent. Current savings rates and money market rates are as follows:

Top Savings Rates

  1. CIT Bank 0.95%
  2. Synchrony Bank 0.95%
  3. GE Capital Bank 0.90%
  4. Barclays Bank 0.90%
  5. The Palladian PrivateBank 0.90%
  6. Ally Bank 0.87%
  7. Colorado Federal Savings Bank 0.85%
  8. Discover Bank 0.85%
  9. American Express Bank 0.80%
  10. FNBO Direct 0.75%

Top Money Market Rates

  1. EverBank 1.01% APY
  2. Sallie Mae 0.90%
  3. iGObanking.com 0.90%
  4. Ally Bank 0.85%
  5. Mutual of Omaha Bank 0.85%
  6. Synchrony Bank 0.85%
  7. Union Federal Savings Bank 0.85%
  8. EH National Bank 0.80%
  9. First Internet Bank of Indiana 0.80%
  10. TIAA Direct 0.80%

 

 
Author: Brian McKay
July 28th, 2014

Current savings rates and money market rates are stable this week. The highest deposit rates remain near 1.00 percent while average rates remain low. For over a year now, we have been writing about the Federal Reserve increasing the federal funds rate, their key benchmark interest rate. We won’t see banks and credit unions increasing deposit rates until the Fed increases the fed funds rate. Well, we may see higher rates sooner than expected.

The Fed Chairperson, Janet Yellen, testified before the Senate Banking Committee this week and left the door open for increasing rates sooner than expected. Yellen basically said if the labor market continues to improve better than expected, the Fed will increase the fed funds rate sooner than expected.

“If the labor market continues to improve more quickly than anticipated by the [Fed],” she told the Senate Banking Committee, “then increases in the federal-funds rate target likely would occur sooner and be more rapid than currently envisioned.” The general consensus was for the Fed to increase the fed funds rate sometime in the summer or fall of 2015.

Though Yellen’s commented that rates would rise sooner than planned, she also reiterated that “a high degree of monetary policy accommodation remains appropriate.” Employment growth has been stronger than expected but economic growth has been lackluster and inflation still isn’t a concern.

The Labor Department report earlier this month showed the unemployment rate dropped to 6.1% in June as payrolls increased by a strong 288,000. The Fed was expected to increase the rate when the unemployment rate fell below 6.5 percent but changed its target late last year. Now there isn’t a specific unemployment number that would trigger an increase in rates.

We look for the Fed to increase the fed funds rate sometime during the first two quarters of 2015. When the fed funds rate is increased, banks will quickly follow suit with higher deposit rates. The first increase in the fed funds rate will be small, probably 0.25 percent or maybe even 0.50 percent.

An increase of 0.50 percent or less would send savings account rates and money market account rates up marginally. The highest rates would probably to the 1.25 percent to 1.50 percent range. The highest 1 year CD rates would rise to a range of 1.35 percent to 1.60 percent, depending on the fed funds’ rate increase.

 
Author: Brian McKay
July 16th, 2014