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.
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.