bank rates

Earn 1.25% With Top Savings Account

You have about a month to sign up for Salem Five Direct’s guaranteed rate savings account.

Salem Five Direct offers this guaranteed rate until April 1, 2012.And, at 1.25% APY, it’s the top nationally available savings account, too.

Salem Five guarantees the rate until April 1, 2012 if you open an account online by June 1 — something virtually unheard of at a time when most high-paying banks have trimmed their rates.

The rate is good for deposits of $100 to $1 million.

Salem Five Direct is the online division of Salem Five Savings Bank in Salem, Mass., and the bank has almost two dozen branches in the Boston area.

Our longtime leader, SFGI Direct, now holds second place with its 1.21% APY on savings accounts. The bank has twice cut its rates in the past couple of months.

SFGI Direct is the online division of Summit Community Bank in Moorefield, W.Va. It takes a $500 minimum deposit to open an account.

There’s a four-way tie for the third best nationally available savings rate:

1.15% APY offered by American Express Bank. There’s no minimum amount needed to open an account with American Express Bank, which is owned by the credit card company and based in New York.

1.15% APY is also available with Clear Sky Accounts. It’s the online division of Chesapeake Bank of Williamsburg, Va., and no minimum deposit is required.

1.15% APY through CNB Bank Direct, a division of Citizens National Bank of Bluffton, Ohio. It also has no minimum deposit requirement.

1.15% APY also can be found with Discover Bank. The bank is owned by the credit card company and based in Greenwood, Del. A minimum $500 deposit is needed to open an account.

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Comments (2)
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2 Existing Comments
  1. nick said:
    on May 2nd at 05:31 pm

    There is a catch. There are severe restrictions on transfers – $2,000 per day, $20,000 per month FROM the account and $5,000 per transaction $25,000 per month TO the account. So if you plan to put a significant amount of money there it is not worth it and you might be stuck for a long time even you manage to get your money there…i did not notice this until late, so cancelling my application now.

  2. Kathy at Bankaholic said:
    on May 16th at 08:56 am

    These rates are still available as of May 16, 2011.