bank rates

Downward Slide Continues In Savings

If you’re not the top nationally available savings account leader, things are looking down.

SFGI Direct is the national leader with 1.31% APYFour of the five banks with top national deals recently have dropped their rates. Last month, four of the top six dropped rates. And there’s no indication the situation is going to improve anytime soon.

But SFGI Direct can look up — at least for this moment.

The online division of Summit Community Bank in Moorefield, W.Va., remains the leader with the top nationally available savings account rate of 1.31% APY.

It takes a $500 minimum deposit to open an account with SFGI Direct.

That return is better than you can get from most short-term CD rates. (See our latest CD Rates Leaderboard.)

SFGI last dropped its rates in mid-February by a tenth of a percentage point, which for a time placed it close to the second-place bank.

No more.

The next best nationally available savings account rates are:

1.20% APY with a $500 minimum deposit from Discover Bank. Unlike most of the other banks on the leader board, Discover Bank — the online bank owned by the credit card company is based in Greenwood, Del. — has maintained its rate of 1.20% APY.

1.15% APY with no minimum deposit from American Express Bank, which dropped its rate from 1.30%. The online bank is owned by the credit card company and is based in New York.

1.15% APY with no minimum deposit from Clear Sky Accounts, which dropped its rate from 1.25% APY. Clear Sky is the online division of Chesapeake Bank of Williamsburg, Va.

1.15% APY with no minimum deposit from CNB Bank Direct, a division of Citizens National Bank, based in Bluffton, Ohio.

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Comments (2)
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2 Existing Comments
  1. Kathy at Bankaholic said:
    on March 27th at 08:06 am

    All of these rates are still available as of March 27, 2011.

  2. Kathy at Bankaholic said:
    on May 25th at 07:43 am

    As of May 25, 2011, SFGI’s rate has dropped to 1.21% APY, and Discover Bank’s is now 1.15% APY. The other banks’ rates remain at 1.15% APY.