bank rates

Best Savings Accounts Pay Over 2% APY

Tennessee Commerce Bank is back on top of our rankings of nationally-available savings accounts.

The bank, with a single branch in Franklin, is paying 2.30% APY with a $250 minimum deposit and new accounts can be opened online.

That’s what Tennessee Commerce has been offering all summer.You can earn as much as 2.30% APY with the best savings accounts in our August rankings.

It was good enough to head our June rankings but, Bank of Internet USA offered a slightly better rate in July.

Although the eye-catching 2.50% APY it promoted last month has already been cut to 1.85% APY, that may be for the best.

Readers who tried to take advantage of the offer trashed Bank of Internet’s customer service, with one saying: “This is one of the worst banks I’ve ever dealt with.”

Rounding out our rankings of the top-paying savings accounts for August are:

ShoreBank, with eight branches in the Chicago area and banking centers in Detroit and Cleveland. You earn a 2.15% APY on your savings with a minimum deposit of $1 and no monthly fees.

1st Constitution Bank, with 11 New Jersey locations. It has a Super Savings Internet Special that earns a guaranteed 2.05% APY for the first three months and a variable 1.95% APY thereafter. That works out to an average rate of 1.98% for the first year. A minimum balance of $10,000 is required.

Compare those deals with the best savings and money market account rates from hundreds of other banks in our extensive database.

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Comments (2)
1 Star2 Stars3 Stars4 Stars5 Stars (4 votes, average: 4.00 out of 5)
2 Existing Comments
  1. Rate Checker said:
    on August 28th at 11:08 am

    Bank of Internet has given me great service for the past eight years.

  2. Monica Knott said:
    on October 12th at 12:52 pm

    Bank of Internet is a joke. You even are not able to reach them by phone. I tried several times two different numbers.

    All I want is to get my $100. back from my Saving Account. Hopefully, they will answer my e-mail.