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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%
07/31/2015
0.850%
$2,500.00
 
Mutual of Omaha Bank

  (4 out of 5)
MMA
0.850%
07/31/2015
0.850%
$1,000.00
Easy to open, easy to fund, easy to manage. Open an account now. 
FNBO Direct

  (4 out of 5)
Savings
0.750%
07/31/2015
0.750%
$1.00
Cashback savings where you shop with MyDeals on your check card 
My Savings Direct

  (4 out of 5)
Savings
1.250%
07/31/2015
1.240%
$1.00
No Fees! No Minimums! 
The Palladian PrivateBank

  (4 out of 5)
Savings
1.100%
07/31/2015
0.900%
$10,000.00
Get started. Open an account today. Member FDIC. 
GE Capital Bank

  (5 out of 5)
Savings
1.050%
07/31/2015
1.040%
$0.00
No transaction fees. FDIC Insured. Open in ten minutes or less. 
Barclays

  (4 out of 5)
Savings
1.000%
07/31/2015
1.000%
$0.00
No Minimum Balance. No Monthly Maintenance Fees. FDIC Insured. 
CIT Bank

  (4 out of 5)
Savings
1.000%
07/31/2015
1.000%
$100.00
 
ableBanking, a division of Northeast Bank

  (4 out of 5)
MMA
1.000%
07/31/2015
1.000%
$250.00
$25 New Customer Gift to give to charity (501c3). FDIC insured. 
Discover Bank

  (5 out of 5)
Savings
0.950%
07/31/2015
0.950%
$500.00
Grow your savings faster with a rate 5x the National Savings Avg* 
Radius Bank

  (4 out of 5)
Savings
0.850%
07/31/2015
0.850%
$2,500.00
 
MyCBB

  (2 out of 5)
MMA
0.830%
07/31/2015
0.830%
$1,000.00
Apply Online Now! 
EH National Bank

  (2 out of 5)
MMA
0.800%
07/31/2015
0.800%
$1,000.00
 
First Internet Bank of Indiana

  (4 out of 5)
MMA
0.800%
07/31/2015
0.800%
$100.00
 
Discover Bank

  (5 out of 5)
MMA
0.750%
07/31/2015
0.750%
$2,500.00
Easy cash access and always great rates. Open an account today! 
VirtualBank

  (4 out of 5)
MMA
0.650%
07/31/2015
0.650%
$100.00
FDIC Insured 
First Internet Bank of Indiana

  (4 out of 5)
Savings
0.600%
07/31/2015
0.600%
$100.00
 
Lone Star Bank

  (3 out of 5)
MMA
0.600%
07/31/2015
0.600%
$2,500.00
 
EH National Bank

  (2 out of 5)
Savings
0.550%
07/31/2015
0.550%
$1,000.00
 
AloStar Bank of Commerce

  (5 out of 5)
Savings
0.500%
07/31/2015
0.500%
$50.00
 
AloStar Bank of Commerce

  (5 out of 5)
MMA
0.500%
07/31/2015
0.500%
$1,000.00
 
Lone Star Bank

  (3 out of 5)
Savings
0.500%
07/31/2015
0.500%
$200.00
 
giantbank.com

  (4 out of 5)
MMA
0.450%
07/31/2015
0.450%
$1,000.00
 
Goldwater Bank

  (2 out of 5)
MMA
0.260%
07/31/2015
0.260%
$1,000.00
 
Heritage Bank

  (4 out of 5)
Savings
0.250%
07/31/2015
0.250%
$1,000.00
 
5 Star Bank

  (5 out of 5)
Savings
0.200%
07/31/2015
0.200%
$100.00
 
E-LOAN

  (4 out of 5)
MMA
0.200%
07/31/2015
0.200%
$5,000.00
No Fees. Start earning interest now! 
E-Loan

  (4 out of 5)
Savings
0.200%
07/31/2015
0.200%
$5,000.00
 
Third Federal Savings and Loan

  (4 out of 5)
Savings
0.200%
07/31/2015
0.200%
$25,000.00
 
NewDominion Bank

  (1 out of 5)
MMA
0.150%
07/31/2015
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%
07/31/2015
0.100%
$1,000.00
 
American Bank

  (4 out of 5)
Savings
0.100%
07/31/2015
0.100%
$100.00
 
American Bank

  (4 out of 5)
MMA
0.100%
07/31/2015
0.100%
$100.00
 
Astoria Bank

  (3 out of 5)
Savings
0.050%
07/31/2015
0.050%
$500.00
 
Astoria Bank

  (3 out of 5)
MMA
0.050%
07/31/2015
0.050%
$2,500.00
 
Citizens Trust Bank

  (3 out of 5)
MMA
0.050%
07/31/2015
0.050%
$100.00
 
Citizens Trust Bank

  (3 out of 5)
Savings
0.050%
07/31/2015
0.050%
$1,000.00
 
USAA

  (5 out of 5)
Savings
0.050%
07/31/2015
0.050%
$25.00
 
USAA

  (5 out of 5)
MMA
0.050%
07/31/2015
0.050%
$10,000.00
 
Silvergate Bank

  (3 out of 5)
MMA
0.750%
07/28/2015
0.750%
$1,000.00
Monthly Maint. Fee Waived w/estatements. 
State Farm Bank

  (4 out of 5)
MMA
0.300%
07/28/2015
0.300%
$1,000.00
 
State Farm Bank

  (4 out of 5)
Savings
0.100%
07/28/2015
0.100%
$100.00
 
iGObanking.com

  (3 out of 5)
MMA
1.100%
07/24/2015
1.090%
$25,000.00
24 month CD 1.35% APY*,FDIC insured, open online or by mail. 
iGObanking.com

  (3 out of 5)
Savings
1.000%
07/24/2015
1.000%
$1.00
24 month CD 1.35% APY*,FDIC insured, open online or by mail. 
Capital One 360

  (5 out of 5)
Savings
0.750%
07/24/2015
0.750%
$1.00
The 360 Savings(r) account: A great rate and up to a $500 bonus. 

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 best savings rates and money market rates remained the same this week. The Federal Reserve had a chance to increase interest rates this past week but kept the fed funds rate at the current level. Since the Fed didn’t move on interest rates, banks kept their rates the same.

Keeping the fed funds rate near zero percent was expected but the Fed did set the stage for an interest rate hike. An increase will come in the next several months, possibly as soon as the Fed’s September meeting.

Information received since the Federal Open Market Committee met in June indicates that economic activity has been expanding moderately in recent months. The labor market continued to improve, with solid job gains and declining unemployment. .The Committee continues to see the risks to the outlook for economic activity and the labor market as nearly balanced.

A higher fed funds rate will send both variable and fixed deposit rates higher. This is good news for savers who have dealt with low deposit rates for almost a decade. Unfortunately, when the Fed increases the fed funds rate, mortgage rates will also move higher.

Mortgage rates are not directly tied to the fed funds rate but are tied to bond yields. When the fed funds rate is increased, bond yields will move higher, forcing mortgage rates higher.  If you’re thinking about refinancing your loan or financing the purchase of a home do so sooner than later, otherwise you will pay more per month for the same loan amount.

Average Deposit Rates August 2 2015The highest savings account rate this week is from MySavingsDirect at 1.24 percent with an APY of 1.25 percent. The highest money market account rate is from iGObanking at 1.09 percent with an APY of 1.10 percent. Listed below are the top deposit rates and average deposit rates for August 2, 2015. Average deposit rates this week are listed to the right.

Top Savings Rates

  • My Savings Direct Rate 1.24% Yield 1.25%
  • Palladian Private Bank 1.10% Yield
  • Synchrony Bank Rate 1.04% Yield 1.05%
  • GE Capital Bank Rate 1.04% Yield 1.05%
  • CIT Bank Rate 1.00% Yield 1.00%
  • Barclays Bank Rate 1.00% Yield 1.00%
  • iGObanking.com Rate 1.00% Yield 1.00%
  • Ally Bank Rate 0.99% Yield 0.99%
  • Discover Bank Rate 0.95% Yield 0.95%

Top Money Market Rates

  • iGObanking.com Rate 1.09% Yield 1.10%
  • EverBank 1.01% Yield
  • ableBanking, a division of Northeast Bank Rate 1.00% Yield 1.00%
  • Sallie Mae Bank Rate 0.90% Yield 0.90%
  • Synchrony Bank Rate 0.85% Yield 0.85%
  • Ally Bank Rate 0.85% Yield 0.85%
  • Mutual of Omaha Bank Rate 0.85% Yield 0.85%
  • MyCBB 0.83% APY 0.83%
  • EH National Bank Rate 0.80% Yield 0.80%

For the most current list of all deposit rates use our rate table on our home page: MonitorBankRates.com

 

 

 
Author: Brian McKay
August 2nd, 2015

For the past year, we have seen many banks and credit unions increase savings rates and money market rates before the FOMC has increased the federal funds rate. This week there are now ten financial institutions offering variable deposit rates at 1.00 percent or higher.

For the most part, the banks offering these rates are online banks. Some might have a traditional brick and mortar location or two, but the banks get most deposits online. Over the past 15 years, online banking has gotten more mainstream and the best rates available have mostly been from online banks.

This trend accelerated after the financial crisis and Great Recession when the big banks had no interest in attracting deposits. Money became so cheap to borrow from the Fed there was no reason to pay depositors higher rates. Hopefully this will change in the coming months once the FOMC increases the fed funds rate.

Best Online Savings Rates

National Average Savings Rates July 16 2015The best online savings rate in our rate database this week is from MySavingsDirect at 1.24 percent with an APY of 1.25 percent. This rate is just as good as the best 1 year CD rates available right now. MySavingsDirect savings rate is more than double the current national average savings rate of 0.48 percent. The minimum opening account balance is only $1.

Other online banks offering the top savings rates this week include The Palladian PrivateBank. The bank’s current savings rate is at 1.09 percent with an APY of 1.10 percent. The minimum opening account balance at this bank is much higher at $10,000.

Two banks are tied with the third best online savings rate this week. Synchrony Bank and GE Bank are both offering current savings rates at 1.04 percent with an APY of 1.05 percent. There is no minimum opening deposit for savings account at both banks.

Best Online Money Market Rates

The best online money market account rate in the database this week is at 1.09 percent with an APY of 1.10 percent. iGObanking.com is currently offering that rate and yield for accounts that have a minimum deposit of $25,000. This money market rate is almost 14 times the FDIC national average money market rate of 0.08 percent.

The second highest money market rate in the database this week is from EverBank at 1.01 percent APY. EverBank’s rate is a promotional rate just for the first year the account is open. The rate for the first 6 months is 1.40 percent and the ongoing rate after the first 6 months is 0.61 percent. The minimum opening deposit for this account is $1,500.

AbleBanking, a division of Northeast Bank, has the third best MMA rate in our database this week. The bank’s current MMA rate is at 1.00 percent with an APY of 1.00 percent. The minimum opening deposit for this account is only $250.00.

You can view all variable deposit rates by searching our database: Variable Deposit Rates

 
Author: Brian McKay
July 16th, 2015

The stage has been set for higher deposit rates in September. The Federal Open Market Committee (FOMC) is scheduled to meet on discuss monetary policy, including setting the federal funds rate, on September 16 and 17. Most Fed watchers believe Fed officials will vote for a 25 basis point increase during the September meeting.

The current fed funds rate has been in a targeted range of zero percent to one quarter percent. A 0.25 percent increase will send the best savings rates towards 1.50 percent. The best savings rate available right now in our database is at 1.25 percent from My Savings Direct.

The best money market rate available in our database right how is at 1.10 percent from iGObanking. A 0.25 percent increase in the fed funds rate will send the best money market rate also towards 1.50 percent. The best 1 year CD rates currently at 1.25 percent will also move towards 1.50 percent.

There is a chance the FOMC will hold off on a September rate increase. Between now and September two more jobs reports will be released. Any weakness in either report might force the FOMC to wait until October’s meeting for an increase.

Other factors that might force the FOMC to wait include the debt issues in Greece or the relentless selloff in Chinese stock market bubble busting. Either of these factors will only have a temporary effect on U.S. markets and interest rates.

FOMC’s Projected Federal Funds Rate

During the FOMC’s June meeting committee members voted on when the time was appropriate for a rate hike. 15 members believe a rate hike will be warranted in 2015, while 2 members believe 2016 will be appropriate. The 2015 projections are as follows:

2015 Fed Funds Rate Projections

  • 2 participants project the rate will remain at 0.125 percent
  • 5 participants project the rate will be at 0.375 percent
  • 5 participants project the rate will be at 0.625 percent
  • 5 participants project the rate will be at 0.875 percent

The fed funds rate at 0.875 percent will send the highest savings rates and money market rates above 2.00 percent.

Looking towards 2016 the fed funds rate is projected to go even higher. Rate projections are all over the place but all projections are higher from the current level. The good news is, a higher fed funds rate will be higher deposit rates. The bad news is, a higher fed funds rate will also mean higher mortgage rates. The 2016 projections are as follows:

2016 Fed Funds Rate Projections

  • 1 participant projects the rate will be 0.375 percent
  • 1 participant projects the rate will be at 0.875 percent
  • 1 participant projects the rate will be at 1.125 percent
  • 4 participants project the rate will be at 1.375 percent
  • 3 participants project the rate will be at 1.625 percent
  • 1 participant projects the rate will be 1.875 percent
  • 1 participant projects the rate will be 2.125 percent
  • 1 participant projects the rate will be 2.25 percent
  • 1 participant projects the rate will be 2.375 percent
  • 1 participant projects the rate will be 2.625 percent
  • 3 participants project the rate will be at 2.875 percent

The fed funds rate at 2.875 percent will send the highest deposit rates towards 4.00 percent or even possibly above 4.00 percent. The last time variable deposit rates were around 4.00 percent was just before the financial crisis and Great Recession of 2007/2008.

When interest rates move higher is anyone’s guess but rates will be going up. Therefore you should position your financial portfolio for higher rates for the next 3 to 4 years.

 

 
Author: Brian McKay
July 8th, 2015

Savings account rates continue to move higher this month as several banks have increased their savings rates. We also have a new best rate in our variable rate database. My Savings Direct’s savings rates are now at 1.24 percent with an APY of 1.25 percent.

For the first time in several years, the highest savings rate in our database now matches the highest 1 year CD rates available. Prior to My Savings Direct’s increase, the top savings rates were about 10 to 15 basis points below the top 1 year CD rate.

You now can get the same rate with a variable rate account without committing to locking into a rate for a year. Why should this matter? Because deposit rates are moving higher over the next couple of months once the federal funds rate is increased.

The first increase is expected to be in September and will probably be a 0.25 percent increase. This should send the highest deposit rates up by the same amount. We could see savings rates and 1 year CD rates around 1.50 percent in a matter of months.

Other banks that increased their rates the past month include The Palladian Private Bank, which now is offering a rate of 1.10 percent. Synchrony Bank increased their rate to 1.05 percent. Ally Bank’s rate is was increased to 0.99 percent. Banks have been more willing to increase savings rates but the top money market rates haven’t been increased the past month.

Listed below are today’s best variable deposit rates for June 26, 2015

Best Savings Rates

  • My Savings Direct 1.24% APY 1.25%
  • Palladian Private Bank 1.10% APY
  • Synchrony Bank 1.04% APY 1.05%
  • GE Capital Bank 1.04% APY 1.05%
  • CIT Bank 1.00% APY 1.00%
  • Barclays Bank 1.00% APY 1.00%
  • iGObanking.com 1.00% APY 1.00%
  • Ally Bank 0.99% APY 0.99%
  • Discover Bank 0.95% APY 0.95%

Money Market Rates

  • iGObanking.com 1.09% APY 1.10%
  • EverBank 1.01% APY
  • ableBanking, a division of Northeast Bank 1.00% APY
  • Sallie Mae Bank 0.90%
  • Synchrony Bank 0.85% APY
  • Ally Bank 0.85% APY
  • MyCBB 0.83% APY 0.83%

 

 
Author: Brian McKay
June 26th, 2015

Federal Reserve Chairwoman, Janet Yellen, said in a speech to the Chamber of Commerce in Providence, R.I, that she still expects the Fed to start raising its benchmark interest rate later this year. A hike in the federal funds rate will send savings rates and money market rates higher.

We expected the Fed to increase the rate during their scheduled June meeting. It now looks like a rate hike during the June meeting is off the table. An increase will probably come during the July or September meeting. The Fed is eager to normalize monetary policy by increasing the fed funds rate from the current target of zero percent to one quarter percent.

Janet Yellen said the following in Providence:

If the economy continues to improve as I expect, I think it will be appropriate at some point this year to take the initial step to raise the federal funds rate target and begin the process of normalizing monetary policy.

Average Variable Deposit Rates Report May 27 2015The first increase in the rate will be 0.25 percent and the subsequent increases will also be 0.25 basis points. Currently the best savings rates are at 1.05 percent. Average deposit rates, listed to the right, are much lower. A 0.25 percent rate hike in the fed funds rate will send the highest savings rates and money market rates towards 1.35 percent.

This past week we saw one online bank increase their money market rate more than 22 percent. iGObanking increased their money market account rate from 0.90 percent APY to 1.10 percent APY. iGObanking now has the best variable deposit rate in our database.

Listed below are the top deposit rates for May 27, 2015:

Top Money Market Rates

  1. iGObanking Rate 1.09% APY 1.10%
  2. EverBank Rate 0.61% Yield 1.01%
  3. ableBanking Rate 1.00% Yield 1.00%
  4. Sallie Mae Rate 0.90% Yield 0.90%
  5. Ally Bank Rate 0.85% Yield  0.85%
  6. Synchrony Bank Rate 0.85% Yield 0.85%
  7. Mutual of Omaha Bank Rate 0.85% Yield 0.85%
  8. MyCCB Rate 0.83% Yield 0.83%
  9. EH National Bank Rate 0.80% Yield 0.80%
  10. First Internet Bank of Indiana Rate 0.80% Yield 0.80%
  11. Lone Star Bank Rate 0.80% Yield 0.80%

Top Savings Account Rates

  1. Synchrony Bank Rate 1.04% Yield 1.05%
  2. MY Savings Direct Rate 1.04% Yield 1.05%
  3. Barclays Bank Rate 1.00% Yield 1.00%
  4. CIT Bank Rate 1.00% Yield 1.00%
  5. iGObanking Rate 1.00% Yield 1.00%
  6. Ally Bank Rate 0.99% Yield 0.99%
  7. Discover Bank Rate 0.90% Yield 0.90%
  8. Colorado FSB Rate 0.85% Yield 0.85%
  9. Radius Bank Savings Rate 0.85% Yield 0.85%
  10. Capital One 360 Rate 0.75% Yield 0.75%

Deposit account rates change all the time, check our rate database for the most current list of rates: Best Deposit Rates

 
Author: Brian McKay
May 28th, 2015