bank rates

SFGI Direct Has Lasting Savings Appeal

fist holding moneyIf there’s one thing to be said about SFGI Direct, it’s certainly a model of consistency.

This online division of Summit Community Bank in Moorefield, W.Va., has owned the best nationally available savings account rate since January. It’s been competitive among the top rates since 2011.

Still, it’s been five months since the top savings rate nudged up from 1.00% to 1.01% APY, and it’s been stuck there ever since. And none of the other top banks has changed rates since February.

Indeed, savings rates are frozen, and if you aren’t willing to wait for a thaw, you’re better off putting your money in a 12-month CD, the best of which on our CD Rates Leaderboard pays 1.10% APY.

SFGI Direct (www.sfgidirect.com) pays 1.01% APY on your entire balance, although it requires a $500 minimum deposit. There is no minimum balance to earn interest, and you pay no monthly service fees.

Summit Community Bank has 15 locations in West Virginia and Virginia.

Two banks pay 1.00% APY.

MySavingsDirect (www.mysavingsdirect.com) has no minimum deposit and pays its state yield on all balances. MySavingsDirect is the online division of Emigrant Bank in New York City.

Salem Five Direct (www.salemfivedirect.com) requires a minimum deposit of $100 to open an eOne Savings account. But there is no minimum balance to earn interest, and there are no monthly fees. The rate applies to balances to $500,000.

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, Mass. The brick-and-mortar bank has 29 locations in the Boston area.

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

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