bank rates

5 Banks Now Pay At Least 1% On Savings

Hand grabbing money out of a jarFor the first time in more than 2½ years, five banks are offering a savings account rate of at least 1% APY available to all U.S. savers.

Last month, we wondered if savings accounts were finally taking a tentative step away from the bottom. This latest news suggests a small rebound is occurring for some banks.

In recent weeks, both The Palladian PrivateBank (www.palladianprivatebank.com) and CSBdirect (www.csbdirect.com) rejoined our savings leaders after extended absences.

The Palladian PrivateBank came back in a big way, paying 1.25% APY on savings accounts and locking in the rate until Jan. 31.

Palladian requires a $10,000 minimum deposit but will pay its top interest rate on lower balances. However, if your balance falls below $10,000, you’ll pay a $10 monthly service fee.

In February 2015, the rate drops from 1.25% APY to the standard savings rate, which now is 0.90% APY.

The Palladian PrivateBank is located in Chicago and is a division of PrivateBank and Trust Co., which has 33 offices, primarily in the Midwest.

Here are the other banks paying at least 1%:

  • CSBdirect pays 1.06% APY on its Internet Savings account. If you open your account by Aug. 31, the rate is guaranteed for six months. You’ll earn that rate on balances between $10,000 and $249,999. Lower balances earn a smaller yield, but as long as you keep at least $100 in your account, you won’t pay a $2 monthly service fee. CSBdirect is the online division of Citizens State Bank in Perry, Florida, which has three locations in North Florida.
  • SFGI Direct (www.sfgidirect.com) pays 1.01% APY on your entire balance. Minimum deposit is $500, but there is no minimum balance to earn interest. The account charges no monthly service fees. SFGI Direct is the online division of Summit Community Bank of Moorefield, West Virginia.
  • MySavingsDirect (www.mysavingsdirect.com) pays 1.00% APY on your entire balance. There is no minimum balance required to open an account, and the account has no monthly service fees. MySavingsDirect the online division of Emigrant Bank in New York City.
  • Salem Five Direct (www.salemfivedirect.com) pays 1.00% APY on its eOne Savings account. The rate applies to balances up to $500,000. You need to deposit at least $100 to open an account, but your entire balance earns interest. There are no monthly service fees.The account is available if don’t already have a savings account with Salem Five Direct or a checking or savings account with its parent company, Salem Five Cent Saving Bank in Salem, Massachusetts. The bank has 29 locations around Boston.

Check our extensive database to compare these returns with the best savings and money market account rates in your area.


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