Best Banks Savings Rates
Some of the most common questions asked of us here at Online Banks Blog are in regards to savings rates and where to find the best savings rates nationally. Especially, of course, from national banks that allow accounts to be opened or maintained via the Internet.
Happy to oblige, we took a look at the best banks rates and what’s available now. This is what we found.
For a straight money market account, which are often the best performing of the best savings rates, we found that annual percentage yields (APY) were pretty competitive.
Tennessee Commerce Bank (TN) has a 2.30% APY with a low $250 minimum balance to open on their current money markets. UFBDirect has 2.00% APY on their MM account with a $500 minimum to open while Flagstar Bank (MI) has a 1.81% APY on their $1 to open MM accounts.
From there, we turn to certificates of deposit (CD) accounts. These are also popular options for best savings rates nationally. Some of the best banks rates available are CD accounts.
For 1 year terms, UmbrellaBank has a 2.15% APY with a $1,000 minimum deposit requirement. OneWest Bank (CA) has a 2.10% APY for a $5,000 minimum deposit requirement and State Bank of India (NY) has a 2.07% APY with a $5,000 minimum deposit. New Dominion Direct (NC) and UFB Direct both have 2.05% APY offers on $3,000 and $8,000 minimum deposits, respectively.
For the popular longer term 5 year best banks savings rates, iGoBanking offers 3.50% APY with a $1,000 minimum deposit and OneWest Bank (CA) offers 3.40% APY with $5,000 in minimum deposits. E-Loan offers the same 3.40% APY but requires a $10,000 minimum deposit requirement and State Bank of India (NY) offers 3.39% APY for a $5,000 minimum deposit.
These are some of the best savings opportunities nationally. All banks listed are FDIC insured.
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