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3 Banks Pay Just Under 1% On Savings

Stack of dimesSavings account rates remain in the summer doldrums, with the best nationally available accounts paying a sad 0.90% APY.

But, on the brighter side, we’ve got a new bank to add to our savings leaders.

Now you can choose among three banks that are paying 0.90% APY, and none of the banks require you to keep a minimum amount in your account to earn that rate.

Our newcomer is GE Capital Bank (gecapitalbank.com), owned by General Electric Capital Corp. and chartered in Utah. Its Online Savings account pays 0.90% APY on balances to $1 million.

There’s no minimum deposit required, and you pay no monthly fees.

The other two banks that pay 0.90% APY are:

  • Barclays (www.banking.barclaysus.com), which cut its rate from 1.00% APY in May. Like GE Capital Bank, there’s no minimum deposit required. The account also has no fees. It’s part of Barclays Bank PLC of London, with U.S. headquarters in Wilmington, Del.
  • Salem Five Direct (www.salemfivedirect.com), which requires a $100 minimum deposit. Like the others, there are no monthly fees.

However, you can’t have a current checking or savings account with Salem Five to open an eOne Savings account. The only exception is if you have an eOne Checking account. The bank is the online division of Salem Five Cent Saving Bank in Salem, Mass.

There are a few money market accounts that beat the top savings accounts.

You can look to see how these rates compare to the best savings and money market account rates in our extensive database of banks.

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