bank rates

Bank Offering Top Savings Account Rate Will No Longer Open New Accounts

If you were waiting to open a savings account at The Palladian PrivateBank (www.palladianprivatebank.com), you’ve waited too long.

The Chicago-based bank, which had been offering a far higher nationally available yield than any other bank, this week stopped offering new savings accounts.

Existing account holders will continue to earn 1.25% APY, guaranteed through the end of January.

That means CSBdirect (www.csbdirect.com) now offers the top deal at 1.06% APY on balances of $10,000 or more. CSBdirect is the online division of Citizens State Bank in Perry, Florida, which has three locations in North Florida.

But the news on savings accounts isn’t completely grim.

This week, IGObanking raised its savings rate from a paltry 0.25% APY to 1.00% APY.

So, there are still five banks that pay 1.00% APY or more, including:

SFGI Direct (www.sfgidirect.com), which 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.

iGObanking (www.igobanking.com), which pays 1.00% APY on your entire balance.There’s no minimum amount required to open an account and no monthly fees. iGObanking is the online division of Flushing Bank in Lake Success, New York. It has 17 New York locations.

MySavingsDirect (www.mysavingsdirect.com), which pays 1.00% APY on your entire balance. There is no minimum balance required to open an account and no monthly service fees. MySavingsDirect the online division of Emigrant Bank in New York City.

Salem Five Direct (www.salemfivedirect.com), which pays 1.00% APY on balances up to $500,000. Minimum opening deposit is $100, 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.

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