bank rates

Hey! Look! 4 — Count ‘Em — 4 Banks Have Raised Money Market Or Savings Rates

Savings and money market accounts are showing more signs of life, with four banks boosting rates in recent days.

It’s nice to note the competition, especially among savings accounts, which haven’t been paying as well as MMAs.

But let’s also be clear: None of these increases top the best nationally available rates, which remain historically low.

Salem Five Direct (www.salemfivedirect.com) just kicked off a promotional rate of 1.00% APY on its savings account, with no minimum deposit requirements. This rate is good for new eOne Savings Account customers only. The fine print doesn’t mention this, but existing customers earn a rate as low as 0.75% APY.

Meanwhile, Ally Bank (www.ally.com) has upped its rate to 0.95% APY on both savings accounts and MMAs.

CIT Bank (www.bankoncit.com) owns the top nationally available deal. It pays 1.05% APY. (Read our most recent roundup here.)

Salem Five Direct, the online division of Salem Five Cents Savings Bank in Salem, Mass., is one of three banks that pay 1.00% APY on savings accounts.

Salem Five Direct’s account has no minimum balance requirement and no monthly fees, and the 1.00% APY is available on balances to $500,000. A $100 minimum deposit is required to open an account.

Ally Bank, the North Carolina-based online bank, pays 0.95% APY for both its online savings and money market accounts. Neither account has a minimum balance requirement or monthly fees.

Two other banks, Sallie Mae Bank (www.salliemae.com) and Evantage Bank (www.evantagebank.com), have recently boosted MMA rates to 1.00% APY.

UFB Direct (www.ufbdirect.com) owns the top nationally available deal. It pays 1.10% APY. Unfortunately, that’s down from its recent high of 1.30% APY.

EverBank (www.everbank.com) offers a promotional rate of 1.25% APY. But that rate lasts for just six months before reverting to its standard rate, which is currently 0.76% APY.

There are no minimum balance requirements for an MMA with Sallie Mae, which is based in Salt Lake City and owned by the student loan giant.

Evantage also has no minimum balance requirements and no monthly fees for its Mega Money Market Account. The bank pays 1.00% APY on balances to $35,000. Anything above that earns 0.50% APY. It’s the online division of Southwest State Bank, based in Sentinel, Okla.

You can see how these rates stack up against the best savings and money market account rates from our extensive database of banks.

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  1. bob johnson said:
    on September 5th at 12:20 pm

    CIT Bank (www.bankoncit.com) owns the top nationally available deal. It pays 1.05% APY.

    UFB Direct (www.ufbdirect.com) owns the top nationally available deal. It pays 1.10% APY.

    Just, an FYI