bank rates

Best National Savings Accounts for August 2017

Hand grabbing money out of a jar

After months of stagnation, we’re finally starting to see a rise in savings rates. At the top of the list of the best national savings accounts for August 2017 is Dollar Savings Direct, offering 1.40% APY with no minimum deposit and a $1 minimum balance to earn the APY.

Last month, Dollar Savings Direct was paying a tenth of a percentage point less, making Live Oak Bank the leader.

And before being ousted by Live Oak Bank, Palladian PrivateBank had been at the top of our list for months with its current bonus offer, paying 1.30% APY for the first six months after you open your account.

But after the promotional period ends, the rate returns to the regular rate, which currently is 0.90% APY. That gives you a combined annual return of 1.10%.

Now there are five banks in total offering 1.30% APY or better on a savings account — DollarSavingsDirect, Live Oak Bank, Palladian Private, BankPurely and CIT Bank. Other than Palladian’s offer, none of the deals are promotional — you earn a straight 1.30% APY or better on your balance.

 

11 banks pay at least 1.20% APY on savings accounts:

PurePoint Financial has been on our radar for a while. It consistently has some great deals, and right now it’s offering 1.25% APY on its savings account. But that requires a hefty $10,000 minimum deposit.

You’ll also find great deals from Salem Five Direct, which is currently paying 1.25% APY with a $100 minimum deposit on its savings account.

Finally, Incredible Bank and GS Bank, two other top performers, are offering 1.21% APY and 1.20% APY, respectively. Incredible Bank requires a $2,500 minimum deposit and GS Bank requires a $50 minimum deposit.

 

Savings Account Leaders

Bank APY Min Deposit Min Balance
DollarSavingsDirect 1.40% $None $1
Live Oak Bank 1.35% $0 None
Palladian Private Bank 1.30%* $1,000 None
BankPurely 1.30% $1 None
CIT Bank 1.30% $100 $100
Pure Point Financial 1.25% $10,000 $10,000
Salem Five Direct 1.25% $100 None
Incredible Bank 1.21% $2,500 $2,500
SFGI Direct 1.21% $500 None
GS Bank 1.20% $50 None
Synchrony Bank 1.20% $30 $30
Ally Bank 1.15% None None
Barclays 1.15% None None
Radius Bank 1.15% $10 $2,500
Alostar Bank of Commerce 1.05% None None
iGObanking 1.00% None None
*Palladian Private Bank guarantees this rate for six months. After the six month period the rate returns to 0.90%, giving a combined annual return of 1.10%.

Finding the best savings account deals

The above deals are all nationally available, open to all savers regardless of where they live.

But you must remember that, unless your rate is guaranteed for a certain period of time, banks can raise or lower savings account rates anytime they wish.

You might be able to find a better deal by searching locally at credit unions or regional banks.

Can you find a higher return only available in your area? Search our database of the best money market and savings account rates offered by dozens of banks and thrifts near you.

This list of the best national savings accounts is updated monthly. 

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