bank rates

Discover Bank Cuts Savings Rates

The best nationally available savings account now belongs to CNBBankDirect.Just as it did several months ago, Discover Bank has followed the lead of other banks and cut its savings account rates.

Only this time, the cut from 1.15% to 1.10% APY pushes the bank owned by the credit card company out of a tie for the best nationally available savings rate.

That honor now belongs to CNBBankDirect alone.

The online division of Citizens National Bank of Bluffton, Ohio, CNBBankDirect (www.cnbbankdirect.com) pays 1.15% APY and requires a $1 minimum deposit. It last changed its rates in March.

Discover Bank (www.discoverbank.com) is now one of six banks paying 1.10% APY. It requires a $500 minimum deposit.

The others paying 1.10% APY are:

Clear Sky Accounts (www.clearskyaccounts.com), which has no minimum deposit requirement. It’s the online division of Chesapeake Bank of Williamsburg, Va.

Capital One Bank (www.capitalone.com), which is based in McLean, Va. You need to have at least $1,000 in your account to earn that rate.

Sallie Mae Bank (www.salliemae.com), which has no minimum deposit requirement. It’s owned by the student loan company.

Colorado Federal Savings Bank (www.coloradofederalbank.com), which requires a $2,500 minimum deposit. It’s an online bank headquartered in Greenwood Village, Colo.

Airbanking (www.airbanking.com), which has a $50 minimum deposit requirement. It’s the online division of Mainstreet Bank in Herndon, Va.

You’ll find slightly higher rates with the top nationally available money market accounts. AmTrust Direct (www.amtrustdirect.com) and My Banking Direct (www.mybankingdirect.com) are both paying 1.25% APY.

Banks qualify for our rankings by imposing no restrictions on who can open an account.

You can see how these offerings compare to the best money market and savings account rates from scores of banks in our database.

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  1. Mike Cetera said:
    on August 9th at 12:11 pm

    CNBBankDirect has dropped its savings rate to 1.05% APY, putting six banks, including Discover Bank, into a tie at 1.10% APY for the best nationally available savings account rate.