We are back to where we were earlier this year, with the best savings accounts paying less than 2%.
Southern Community Bank and Trust continues to offer the top rate through its Readysaver.com Web site.
But it recently cut the return to 1.75% APY, with no minimum deposit to open an account.
That’s what the best savings accounts were paying in February, before Southern Community jumped to the top of our rankings by paying 2.00% APY.
(If you go to one of the bank’s 20 North Carolina branches, or its own Web site, you’ll find it’s only offering 0.15% APY on savings accounts.)
Franklin Synergy Bank has also lowered its rates to 1.60% APY — down from 1.65% last week and 1.70% APY two weeks ago.
That’s still good enough to hold onto second place, although you’ll need a hefty $25,000 minimum deposit to buy a certificate of deposit there.
The next best nationally available deals all pay 1.50% APY. They’re from:
Chesapeake Bank, which has 11 locations in eastern Virginia and requires a $1 minimum deposit.
newdominionDIRECT.com, an online bank based in Charlotte, N.C., that requires a $1,500 minimum deposit and a $1,000 average balance to avoid a $10 monthly service fee.
First Trade Union Bank, which has four branches in the Boston area, requires a $2,500 minimum deposit and a minimum daily balance of $250 to avoid a monthly $2.50 service charge.
Most money markets pay less than savings accounts, with one notable exception.
The Mega Money Market Account available from three, jointly-owned Oklahoma banks still pays 2.00% APY.
Compare these rates with the best savings rates from scores of other banks in our extensive database.