If you’d ask us a week ago, we’d have said ShoreBank in Chicago and Heartland Bank Direct in St. Louis had the top-paying savings accounts.
At the time, ShoreBank was paying 2.45% APY and Heartland 2.30% APY.
We aren’t sure any savings account paying less than 3% should be considered a high-yield savings account, but that’s what ShoreBank calls theirs. (Heartland uses “Performance Savings.”)
And we couldn’t argue with the fact that they had the best rates on savings accounts that are available nationwide.
Then, over the past couple of days, ShoreBank reduced its interest rate to 2.05% APY and Heartland Bank to 2.10% APY.
Now Tennessee Commerce Bank in Franklin, Tenn., and Ally Bank, which used to be GMAC Bank before last week’s name change, have the best high-yield savings accounts — 2.30% APY and 2.25% APY.
How long will it be before those banks lower their rates?
We had hoped rates would bottom out this spring.
But the average interest rate for virtually every type of savings we track with our weekly surveys fell another tenth of a point over the past month.
That’s about how much those rates fell the previous month. And the month before that.
If this is the bottom, we can’t see it yet.
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