bank rates

4 Banks Pay 1% Or More On Savings

The top rate is 1.25% APY, offered by TIAA Direct.Longtime leader TIAA Direct continues to keep a lock on the top spot in our savings account rankings, paying 1.25% APY on its High Yield Savings accounts.

Only three other banks pay at least 1.00% APY, and with second-ranked CIT Bank, you need a minimum $25,000 deposit to earn its best rate of 1.05% APY.

With TIAA Direct (www.tiaadirect.com), you only need a $25 minimum deposit to open an account, and the rate is good on all balances. There are no fees. TIAA Direct is a division of TIAA-CREF, the large financial services provider.

If TIAA Direct isn’t to your liking, these are your highest-paying savings account alternatives:

CIT Bank (www.bankoncit.com) pays a 1.05% APY preferred rate on its CIT Savings account. You need $25,000 in your account to earn that top rate. You can open an account with just a $100 minimum deposit, and you’ll earn a respectable 0.90% APY.

There are no fees on this account.

CIT Bank is the online consumer banking division of CIT Group, based in New York. CIT Group focuses on providing financing and leasing capital to small business and middle-market clients.

KeySource Commercial Bank (www.keysourcebank.com) pays 1.00% APY on its Blue Savings Account. You can open an account in person with a $100 minimum deposit or online with a $5,000 deposit.

There are no fees if you keep at least $300 in your account.

KeySource has one branch, in Durham, N.C.

Barclays (www.banking.barclaysus.com) also pays 1.00% APY for its Online Savings account.

The account has no minimum balance requirement and no fees.

Barclays is part of Barclays Bank PLC of London. U.S. operations are headquartered in Wilmington, Del.

There are two other nationally available money market accounts that pay as well as TIAA Direct.

You can compare these rates to the best savings and money market account rates from our extensive database of banks.

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Comments (2)
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  1. Frank said:
    on July 5th at 05:15 pm

    Barclays has terrible customer service. Unprofessional and rude. The current rate is not that much higher to be worth it, plus it’s a variable rate and the bank doesn’t seem very stable given recent headlines.

  2. Kathy at Bankaholic said:
    on July 16th at 07:18 am

    These rates are all still available.