bank rates

AmEx Hikes Savings Account Rate But Still Trails Best Deals For Savers Nationwide

American Express Bank is the first institution open to all savers to hike its savings account rate in more than a month.

The bank owned by the credit card company increased its rate from 0.85% APY to 0.90% APY.

That increase isn’t much to talk about, but at least we’re moving in the right direction.

American Express (personalsavings.americanexpress.com), which requires no minimum deposit and charges no fees, continues to trail several banks that offer better nationally available accounts.

For those with a high savings balance, CIT Bank (www.bankoncit.com) is the best option, with its rate of 1.05% APY for balances of $25,000 or more. While you can open an account with a $100 deposit, you’ll earn 0.90% APY until you reach the $25,000 threshold.

The bank is a division of CIT Group, based in New York. The company provides lending, leasing and advisory services to small and midsize businesses.

For those looking to keep a lower amount in their savings account, two banks continue to pay 1.00% APY.

Barclays (www.banking.barclaysus.com) has an Online Savings account that pays 1.00% APY. There are no minimum balance requirements to open an account and it carries no fees. Barclays is part of Barclays Bank PLC of London, and its U.S. operations are based in Wilmington, Del.

KeySource Commercial Bank (www.keysourcebank.com) pays 1.00% APY on its Blue Savings Account. If you open an account online, you’ll need to make a $5,000 minimum deposit. But if you live near its location in Durham, N.C., you can open the account in person with just a $100 deposit. You can avoid monthly fees if you keep $300 or more in your account.

There are a number of banks that offer money market accounts that pay better than the top savings account rate. The best nationally available MMA rate is 1.30% APY from UFBDirect, a division of BofI Federal Bank in San Diego.

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

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