bank rates

Some Savings Account Rate Stability

Salem Five Direct continues to offer the top nationally available savings account rates.While we can’t say savings account rates look great, at least we can say they aren’t getting any worse.

It’s been a month since rates fell on any of the top nationally available savings accounts.

But the stability might not last.

Salem Five Direct guarantees its savings account rate of 1.25% APY — the top nationally available deal — until April 2012 if you open an online account by June 1. It’s unclear what the online division of Salem Five Savings Bank in Salem, Mass., will do to that rate after the special expires.

The deal is good on deposits of $100 to $1 million.

Of course, this relative rates calm came only after numerous top banks slashed rates in the first months of 2011.

SFGI Direct, once the rates leader, cut its yields from a 2011 high of 1.41% APY to 1.21% APY, where it has remained since the end of March.

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

Other top rates in our rankings include:

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 offered by Clear Sky Accounts. It’s the online division of Chesapeake Bank of Williamsburg, Va., and no minimum deposit is required.

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

1.15% APY offered by Discover Bank. The bank is owned by the credit card company. A minimum $500 deposit is needed to open an account.

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