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Highest Savings Account Rates in California

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Savings accounts rates/money market account rates won’t be going higher until later this year or early next year since the economy is stuck in the doldrums and the Fed’s Charmin, Ben Bernanke, doesn’t expect things to pick up until later in 2011. Right now the current national average savings account rate for account balances of at least $2,500 is averaging only 0.21 as reported by MonitorBankRates. You can find savings account rates and money market account rates higher than the national average rates.

Looking for the best rates? Search our savings rate/MMA rate tables to find the best rates in your state or zip code: SavingsAccount.MonitorBankRates.com.

Right now three different banks are listing having the best savings account rate in California. Discover Bank, American Express Bank and Sallie Mae Bank are all offering online savings account rates at 1.14% with a savings yield of 1.15%.

Flagstar Bank has the second highest rate on our California rate list. Flagstar Bank is offering savings account rates at 1.10% with a yield of 1.11%.

The third best interest rate is from Nationwide Bank. The bank’s current money market account rates is 1.04% with a money market account yield of 1.05%.

Here are the highest savings account rates and MMA rates in California.

Savings Account/MMA APY 1.00% and Above

  • Discover Bank 1.14% Yield 1.15% Min $500 
  • American Express Bank FSB 1.14% Yield 1.15% Min $0
  • Sallie Mae 1.14% Yield 1.15% Min $ 1 
  • Flagstar Bank 1.10% Yield 1.11% Min $ 1 
  • Nationwide Bank 1.04% Yield 1.05% Min $10000 
  • EverBank 1.01% Yield 1.01% Min $ 1 
  • Zions Bank 1.01% Yield 1.01% Min $1000 
  • WTDirect 1.10% Yield 1.01% Min $10000 
  • FNBO DIRECT 1.00% Yield 1.00% Min $ 1 
  • ING DIRECT 1.00% Yield 1.00% Min $ 1 
  • First Internet Bank of IN 1.00% Yield 1.00% Min $100 
  • Ally Bank 1.00% Yield 1.00% Min $ 1 
  • AIG Bank 1.00% Yield 1.00% Min $10000 
  • Salem Five Direct 1.00% Yield 1.00% Min $ 1 Must have a checking account

Savings Account/MMA APY Below 1.00%

  • OneUnited Bank 0.90% Yield 0.90% Min $1000 Available to Internet customers only
  • Giantbank.com 0.85% Yield 0.85% Min $1000 
  • Bank of Internet USA 0.80% Yield 0.80% Min $100 
  • EmigrantDirect.com 0.80% Yield 0.80% Min $ 1 
  • HSBC Advance 0.80% Yield 0.80% Min $ 1 
  • Capital One Direct Banking 0.75% Yield 0.75% Min $10,000 
  • Allstate Bank 0.70% Yield 0.70% Min $100 
  • Tennessee Commerce Bank 0.65% Yield 0.65% Min $ 1 
  • Ameriprise Bank FSB 0.60% Yield 0.60% Min $10,000 Must be an Achiever Circle Elite member to receive higher rate.
  • Milford Bank 0.50% Yield 0.50% Min $ 1 
  • E-LOAN.com 0.50% Yield 0.50% Min $10,000 Must make monthly deposits of at least $100 to qualify for rate. If monthly deposits not met, standard savings rates apply.
  • Peoples Bank 0.40% Yield 0.40% Min $10,000 Requires a Plus Checking or e-Plus Checking. Must have a combined balance of $3K.
  • Webster Bank 0.35% Yield 0.35% Min $10,000 Account only offered with Premium Checking.
  • E*TRADE Bank 0.30% Yield 0.30% Min $ 1 
  • Bank of America 0.30% Yield 0.30% Min $10,000 Must have an automatic transfer of $250 or more from your Bank of America account, an automatic transfer of the monthly interest payment from your Bank of America CD or a direct deposit of $250 or more to earn the bonus rate.
  • Citizens Bank 0.30% Yield 0.30% Min $10,000 
  • First County Bank 0.25% Yield 0.25% Min $2500 
  • Liberty Bank 0.25% Yield 0.25% Min $ 1 
  • Chase 0.25% Yield 0.25% Min $10,000 Must have a Chase Premier Platinum or Chase Premier Checking account.
  • PenFed 0.20% Yield 0.20% Min $10,000 
  • Bank of America 0.20% Yield 0.20% Min $10,000 Must have one of the following each calendar month: auto transfer or $250 or more from a BOA checking account, auto transfer of the monthly interest payment from BOA CD or a direct deposit of $250 or more. Must have an Advantage Checking account.
  • Citibank 0.20% Yield 0.20% Min $10,000
  • Wachovia Bank 0.20% Yield 0.20% Min $10,000 Requires a PMA Prime Checking account.
  • Farmington Savings Bank 0.20% Yield 0.20% Min $ 1 
  • BankDirect 0.15% Yield 0.15% Min $10,000 
  • Union Savings Bank 0.15% Yield 0.15% Min $ 1
 
Author: Lisa Graham
June 8th, 2011