Savings account rates are at the lowest point they’ve been in a year, with the best offer topping out at just 1.01% APY.
CSBDirect (www.csbdirect.com) has a shaky hold on the top spot, paying 1.01% APY on balances of $1,000 or higher. Smaller balances earn 0.55% APY.
It takes a $100 minimum deposit to open an account at this online division of Citizens State Bank in Perry, Fla. You need to keep at least $100 in your account to earn interest and not pay fees. Otherwise the monthly fee is $2.
Three banks pay 1.00% APY. They are:
Salem Five Direct (www.salemfivedirect.com), which pays its top rate on balances up to $500,000 for its eOne Savings account. It takes a $100 minimum deposit to open the fee-free account. This account is not available to current savings account customers. You don’t need to keep a certain amount in your account to earn interest. The bank is the online division of Salem Five Cents Saving Bank in Salem, Mass.
Barclays (www.banking.barclaysus.com), which has no minimum deposit requirement to open an Online Savings account or earn interest. There are no fees. The bank is part of Barclays Bank PLC of London. Its U.S. headquarters are in Wilmington, Del.
CIT Bank (www.bankoncit.com), which requires you to have at least $25,000 in your account to earn that rate. Otherwise your CIT Savings account will earn 0.90% APY. You need a $100 minimum deposit to open an account, which has no fees. CIT Bank is a division of New York-based CIT Group, which offers lending, leasing and advisory services to small- and medium-size businesses.
If you’re looking for a liquid account, money market accounts are more competitive, with several nationally available deals that pay better than 1%. EverBank (www.everbank.com) offers the top rate, a guaranteed 1.25% APY for six months.
Even CSBDirect pays more on its MMA: 1.05% APY with a $2,500 minimum deposit.
Compare these rates with the best savings and money market account rates in our extensive database of banks.