bank rates

For Sweet Savings Rates, Look Local

Dollar signIt’s become quite clear that if you want to find a savings rate greater than 1%, you’re going to have to look locally.

The best nationally available deals remain stubbornly stuck. In fact, the best deal has remained unchanged since January.

That offer comes from SFGI Direct (, which pays 1.01% APY on all balances after a $500 minimum deposit. There are no monthly fees.

The online bank is a division of Summit Community Bank, based in Moorefield, W.Va. Summit Community Bank has 15 locations in West Virginia and Virginia.

Just behind SFGI Direct are two banks that pay 1.00% APY:

MySavingsDirect (, which does not require you to deposit a particular amount to open an account, and the 1.00% APY is paid on your entire balance. The account does not charge monthly maintenance fees. MySavingsDirect is the online division of Emigrant Bank, located in New York City.

Salem Five Direct ( requires you to deposit at least $100 in order to open an eOne Savings account. But you don’t need to keep a set amount in your account to earn interest. The account has no monthly fees.

You can only open an account if don’t already have a savings account with Salem Five Direct or a checking or savings account with its parent company, Salem Five Cent Saving Bank in Salem, Mass. The brick-and-mortar bank has 29 locations in the Boston area.

Here’s our list of local deals that pay better:

1.51% APY
American Trust & Savings Bank, available in Iowa.

1.50% APY
Trailhead Federal Credit Union, available in Oregon.

1.25% APY
JD Bank, available in Louisiana and Texas.
Lee Bank, available nationally with restrictions.

1.23% APY
First Security Bank & Trust, available nationally with restrictions.

1.15% APY
Bank of Ruston, available in Louisiana.
First National Bank Fox Valley, available in Wisconsin.
Iowa State Bank, available nationally with restrictions.

You can see how these rates compare to the best savings and money market account rates in our extensive database of banks.

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