Southern Community Bank and Trust leads our rankings of the best nationally available savings accounts for the second straight month.
The bank, which has 20 branches in North Carolina, continues to pay 2.00% APY, with no minimum balance, through its Readysaver.com Web site.
That’s considerably better than the 0.15% APY Southern Community is offering on savings accounts through its own site or branches.
Franklin Synergy Bank has the second-best rate for the second-straight month.
The community bank in Franklin, Tenn., is paying 1.70% APY, but with a significant $25,000 minimum deposit to open an account. You must maintain a $500 balance to earn that rate.
After that are three banks, all new to our rankings, and all paying 1.50% APY:
Chesapeake Bank, which has 11 branches in eastern Virginia and requires only $1 to open its totally paperless Clear Sky account.
newdominionDIRECT.com, an online bank based in Charlotte, N.C., which 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 and requires a $2,500 minimum deposit as well as a $250 minimum daily balance to avoid a monthly service charge of $2.50 on its High and Mighty Account.
Most money markets currently pay less than savings accounts, with one notable exception: the Mega Money Market Account available from three, jointly-owned Oklahoma banks pays 2.00% APY.
Compare these rates with the best savings rates from scores of other banks in our extensive database.
(5 votes, average: 4.60 out of 5)
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