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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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APY
Rate
Min. Deposit
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MyCBB Logo
  (3 out of 5)
05/28/2015
Barclays

  (4 out of 5)
Savings
1.000%
05/28/2015
1.000%
$0.00
No Minimum Balance. No Monthly Maintenance Fees. FDIC Insured. 
Colorado Federal Savings Bank

  (3 out of 5)
Savings
0.850%
05/28/2015
0.850%
$2,500.00
 
Mutual of Omaha Bank

  (4 out of 5)
MMA
0.850%
05/28/2015
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%
05/28/2015
0.750%
$1.00
Cashback savings where you shop with MyDeals on your check card 
Fultdirect.com

  (4 out of 5)
MMA
0.100%
05/28/2015
0.100%
$10,000.00
 
iGObanking.com

  (3 out of 5)
MMA
1.100%
05/28/2015
1.090%
$25,000.00
24 month CD 1.35% APY*,FDIC insured, open online or by mail. 
My Savings Direct

  (4 out of 5)
Savings
1.050%
05/28/2015
1.040%
$1.00
No Fees! No Minimums! 
CIT Bank

  (4 out of 5)
Savings
1.000%
05/28/2015
1.000%
$25,000.00
Built on the heritage of over 100 years. Member FDIC. 
ableBanking, a division of Northeast Bank

  (4 out of 5)
MMA
1.000%
05/28/2015
1.000%
$250.00
$25 New Customer Gift to give to charity (501c3). FDIC insured. 
iGObanking.com

  (3 out of 5)
Savings
1.000%
05/28/2015
1.000%
$1.00
24 month CD 1.35% APY*,FDIC insured, open online or by mail. 
Discover Bank

  (4 out of 5)
Savings
0.900%
05/28/2015
0.900%
$500.00
Grow your savings faster with a rate 5x the National Savings Avg* 
Radius Bank

  (4 out of 5)
Savings
0.850%
05/28/2015
0.850%
$2,500.00
 
EH National Bank

  (3 out of 5)
MMA
0.800%
05/28/2015
0.800%
$1,000.00
 
First Internet Bank of Indiana

  (4 out of 5)
MMA
0.800%
05/28/2015
0.800%
$100.00
 
Lone Star Bank

  (3 out of 5)
MMA
0.800%
05/28/2015
0.800%
$2,500.00
 
Bank of Internet USA

  (4 out of 5)
MMA
0.750%
05/28/2015
0.750%
$100.00
FDIC Insured Nationwide Banking 
Capital One 360

  (4 out of 5)
Savings
0.750%
05/28/2015
0.750%
$1.00
The 360 Savings(r) account: A great rate and up to a $500 bonus. 
Discover Bank

  (4 out of 5)
MMA
0.750%
05/28/2015
0.750%
$2,500.00
Easy cash access and always great rates. Open an account today! 
Silvergate Bank

  (4 out of 5)
MMA
0.750%
05/28/2015
0.750%
$1,000.00
Monthly Maint. Fee Waived w/estatements. 
VirtualBank

  (4 out of 5)
MMA
0.650%
05/28/2015
0.650%
$100.00
FDIC Insured 
Bank of Internet USA

  (4 out of 5)
Savings
0.610%
05/28/2015
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%
05/28/2015
0.600%
$100.00
 
EH National Bank

  (3 out of 5)
Savings
0.550%
05/28/2015
0.550%
$1,000.00
 
AloStar Bank of Commerce

  (4 out of 5)
Savings
0.500%
05/28/2015
0.500%
$50.00
 
AloStar Bank of Commerce

  (4 out of 5)
MMA
0.500%
05/28/2015
0.500%
$1,000.00
 
Lone Star Bank

  (3 out of 5)
Savings
0.500%
05/28/2015
0.500%
$200.00
 
State Farm Bank

  (4 out of 5)
MMA
0.300%
05/28/2015
0.300%
$1,000.00
 
Goldwater Bank

  (2 out of 5)
MMA
0.260%
05/28/2015
0.260%
$1,000.00
 
Heritage Bank

  (4 out of 5)
Savings
0.250%
05/28/2015
0.250%
$1,000.00
 
5 Star Bank

  (5 out of 5)
Savings
0.200%
05/28/2015
0.200%
$100.00
 
E-LOAN

  (4 out of 5)
MMA
0.200%
05/28/2015
0.200%
$5,000.00
No Fees. Start earning interest now! 
Third Federal Savings and Loan

  (4 out of 5)
Savings
0.200%
05/28/2015
0.200%
$25,000.00
 
Fidelity Bk of FL, N.A

  (3 out of 5)
MMA
0.150%
05/28/2015
0.150%
$2,500.00
 
NewDominion Bank

  (1 out of 5)
MMA
0.150%
05/28/2015
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%
05/28/2015
0.100%
$1,000.00
 
State Farm Bank

  (4 out of 5)
Savings
0.100%
05/28/2015
0.100%
$100.00
 
Astoria Bank

  (3 out of 5)
Savings
0.050%
05/28/2015
0.050%
$500.00
 
Astoria Bank

  (3 out of 5)
MMA
0.050%
05/28/2015
0.050%
$2,500.00
 
Citizens Trust Bank

  (3 out of 5)
MMA
0.050%
05/28/2015
0.050%
$100.00
 
Citizens Trust Bank

  (3 out of 5)
Savings
0.050%
05/28/2015
0.050%
$1,000.00
 
USAA

  (5 out of 5)
Savings
0.050%
05/28/2015
0.050%
$25.00
 
USAA

  (5 out of 5)
MMA
0.050%
05/28/2015
0.050%
$10,000.00
 
giantbank.com

  (3 out of 5)
MMA
0.450%
05/26/2015
0.450%
$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.



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

The highest savings account rates and money market account rates for May 17, 2015, are listed below.

Highest Savings Rates

  1. Synchrony Bank Savings Rate 1.04% Yield 1.05%
  2. MY Savings Direct Savings Rate 1.04% Yield 1.05%
  3. Barclays Bank Savings Rate 1.00% Yield 1.00%
  4. CIT Bank Savings Rate 1.00% Yield 1.00%
  5. iGObanking Savings Rate 1.00% Yield 1.00%
  6. Ally Bank Savings Rate 0.99% Yield 0.99%
  7. American Express Bank Savings Rate 0.90% Yield 0.90%
  8. Discover Bank Savings Rate 0.90% Yield 0.90%
  9. Colorado FSB Savings Rate 0.85% Yield 0.85%
  10. Radius Bank Savings Rate 0.85% Yield 0.85%
  11. Capital One 360 Savings Rate 0.75% Yield 0.75%
  12. FNBO Direct Savings Rate 0.75% Yield 0.75%
  13. Bank of Internet USA Savings Rate 0.61% Yield 0.61%
  14. First Internet Bank of Indiana Savings Rate 0.60% Yield 0.60%
  15. EH National Bank Savings Rate 0.55% Yield 0.55%

Savings Rate and Money Market Rate Report May 17 2015Highest Money Market Rates

  1. EverBank Money Market Rate 0.61% Yield 1.01%
  2. ableBanking Money Market Rate 1.00% Yield 1.00%
  3. iGObanking.com Money Market Rate 0.90% Yield 0.90%
  4. Sallie Mae Money Market Rate 0.90% Yield 0.90%
  5. Ally Bank Money Market Rate 0.85% Yield  0.85%
  6. Mutual of Omaha Bank Money Market Rate 0.85% Yield 0.85%
  7. Synchrony Bank Money Market Rate 0.85% Yield 0.85%
  8. MyCCB Money Market Rate 0.83% Yield 0.83%
  9. EH National Bank Rate 0.80% Yield 0.80%
  10. First Internet Bank of Indiana Money Market Rate 0.80% Yield 0.80%
  11. Lone Star Bank Money Market Rate 0.80% Yield 0.80%
  12. Bank of Internet Money Market Rate 0.75% Yield 0.75%
  13. Discover Bank Money Market Rate 0.75% Yield 0.75%
  14. Silvergate Bank Money Market Rate 0.75% Yield 0.75%
  15. Virtual Bank Money Market Rate 0.65% Yield 0.65%

Deposit interest rates are constantly changing, for more current list of rates check our database: Deposit Rates

 
Author: Brian McKay
May 17th, 2015

Deposit rates are set to increase sometime in the next several months when the Federal Reserve increases the federal funds rate. The likelihood of an increase gets greater as more time passes. The latest an increase will come is likely in September.

Current average savings rates are at 0.48 percent for account balances of at least $10,000. The best savings rates available are more than double the average. In our database, two different banks are offering the best rate at 1.04 percent with an APY of 1.05 percent. The best money market rate is slightly lower at 1.01 percent APY.

National Average Savings Rates May 4 2015The increase in the fed funds rate will most likely increase by 0.25 percent. That will send the highest savings rates and money market rates towards 1.30 percent. The best 1 year CD rates, currently around 1.25 percent, will rise towards 1.50 percent.

Listed below are the highest savings and money market rates for May 4, 2015:

Highest Savings Rates

  • Synchrony Bank 1.04% APY 1.05%
  • My Savings Direct 1.04% APY 1.05%
  • Barclays Bank 1.00% APY 1.00%
  • CIT Bank 1.00% APY 1.00%
  • iGObanking.com 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%
  • Radius Bank 0.85% APY 0.85%
  • Colorado FSB 0.85% APY 0.85%
  • Capital One 360 0.75% APY 0.75%
  • FNBO Direct 0.75% APY 0.75%
  • Bank of Internet USA 0.61% APY 0.61%

Highest Money Market Rates

  • EverBank 1.01% APY
  • ableBanking, 1.00% APY 1.00%
  • iGObanking.com 0.90% APY 0.90%
  • Sallie Mae 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%
  • MyCBB 0.83% APY 0.83%
  • EH National Bank 0.80% APY 0.80%
  • First Internet Bank of Indiana 0.80% APY 0.80%
  • Lone Star Bank 0.80% APY 0.80%
  • Bank of Internet USA  0.75% APY 0.75%
  • Discover Bank 0.75% APY 0.75%

Interest rates are constantly changing, make sure to search our database for the most current rates.

 
Author: Brian McKay
May 4th, 2015

Synchrony Bank has increased their savings rate and is now tied for the best savings rate on our table. Synchrony Bank savings account rates are now at 1.04 percent with an APY of 1.05 percent. The bank is now tied for the best rate with GE Capital Bank and My Savings Direct.

The old savings rate at Synchrony Bank was 1.00 percent with an APY of 1.00 percent. It will be interesting to see if the bank also increases their money market rate in the coming days. The current MMA rate is 20 basis points less at 0.85 percent.

Savings Account Rates Average April 16 2015Both rates are much higher than the current average rate reported by MonitorBankRates.com and the FDIC. The current average money market/savings (account balances of at least $10,000) rate reported by MBR is at 0.47 percent. The FDIC average savings rate this week is at 0.06 percent and the average money market rate is at 0.08 percent. You can view all average variable deposit rates reported by MBR in the chart to the right:

Listed below are the top savings rates and money market account rates for April 16, 2015:

Money Market Account Rates

  1. EverBank 1.01% APY
  2. ableBanking, a division of Northeast Bank Rate 1.00% APY 1.00%
  3. iGObanking.com Rate 0.90% APY 0.90%
  4. Sallie Mae Rate 0.90% APY 0.90%
  5. Ally Bank Rate 0.85% APY 0.85%
  6. Mutual of Omaha Bank Rate 0.85% APY 0.85%
  7. Synchrony Bank Rate 0.85% APY 0.85%

Savings Account Rates

  1. Synchrony Bank Rate 1.04% APY 1.05%
  2. GE Capital Bank Rate 1.04% APY 1.05%
  3. MY Savings Direct 1.04% APY 1.05%
  4. Barclays Bank Rate 1.00% APY 1.00%
  5. CIT Bank Rate 1.00% APY 1.00%
  6. iGObanking.com Rate 1.00% APY 1.00%
  7. Ally Bank Rate 0.99% APY 0.99%
  8. American Express Bank Rate 0.90% APY 0.90%
  9. Discover Bank Rate 0.90% APY 0.90%

Deposit rates change constantly, please check for current rates using our rate tables: Best Savings Rates 

 
Author: Brian McKay
April 16th, 2015

There are now 8 banks on our variable deposit rate list offering rates at or above 1.00 percent. GE Capital Bank and My Savings Direct have the best savings rate at 1.04 percent with an APY of 1.05 percent. The savings rate at GE Capital Bank was recently increased from 1.00 percent.

EverBank has the top money market rate with 1.01 percent APY. I should note, the EverBank MMA has an intro period of 1.40 percent for 6 months, then the rate falls to 0.61 percent. The first annual percentage yield combined is 1.01 percent.

We don’t anticipate variable interest rates to move much higher from current levels until the Federal Reserve increases the fed funds rate.  The current fed funds rate has been in a targeted range of zero percent to one quarter percent since Average Variable Deposit Rates April 8 2015December 2008.

You can view average variable deposit rates to the right:

There is a debate raging about when the Fed will increase the rate. Until Friday’s lackluster jobs report, we forecasted the first rate hike in over 6 years was going to happen in June. Now there is a chance we won’t see an increase until the Fed’s September meeting.

The April and May jobs reports will be the deciding factor on when the rate is increased. Better than expected job growth or wage growth will cause the Fed to increase the rate in June. Weak reports will force the Fed to wait until September.

Exactly when the fed funds rate is increased is still not certain but you can bank on the increase being only 25 basis points. A 0.25 percent increase will force the highest savings rates and money market rates towards 1.30 percent. The best 1 year CD rates which are around 1.30 percent right now will head towards 1.55 percent.

 

Listed below are the best variable deposit rates for April 8, 2015:

Best Savings Account Rates

  • GE Capital Direct Savings Rate 1.04% APY 1.05%
  • My Savings Direct Savings Rate 1.04% APY 1.05%
  • Synchrony Bank Savings Rate 1.00% APY 1.00%
  • CIT Bank Savings Rate 1.00% APY 1.00%
  • Barclays Bank Savings Rate 1.00% APY 1.00%
  • iGOBanking Savings Rate 1.00% APY 1.00%
  • Discover Bank Savings Rate 0.90% APY .090%
  • Colorado Federal Savings Bank Rate 0.85% APY 0.85%
  • Radius Bank Savings Rate 0.85% APY 0.85%
  • Capital One 360 Savings Rate 0.75% APY 0.75%
  • FNBO Direct Savings Rate 0.75% APY 0.75%

Best Money Market Account Rates

  • EverBank MMA Rate 1.01% APY (first year, 0.61% after)
  • ableBanking, a division of Northeast Bank MMA Rate 1.00% APY 1.00%
  • Synchrony Bank MMA Rate 0.85% APY 0.85%
  • Ally Bank MMA Rate 0.85% APY 0.85%
  • Mutual of Omaha Bank MMA Rate 0.85% APY 0.85%
  • First Internet Bank of Indiana MMA Rate 0.80% APY 0.80%
  • Lone Star Bank MMA Rate 0.80% APY 0.80%
  • EH National Bank MMA Rate 0.80% APY 0.80%
  • Union Federal Savings Bank MMA Rate 0.75% APY 0.75%
 
Author: Brian McKay
April 8th, 2015