bank rates

Just 3 Savings Accounts Pay 1%

Savings rates are stuck in a rut.

For more than a month now, the top three nationally available savings accounts have remained unchanged.

And the leader has held onto the mantle since the middle of July.

The best you’ll find is 1.05% APY, and that’s if you keep at least $25,000 in your CIT Bank (www.bankoncit.com) account. The account from this division of New York-based CIT Group charges no monthly fees.

Still, you’re better off in the short term opening a money market account at EverBank, which pays a guaranteed 1.25% APY for six months. (You’ll be paid the bank’s standard rate after that, currently 0.76% APY.)

While you can open an account with the Jacksonville, Fla.-based bank with a $1,500 deposit, if you don’t keep at least $5,000 in the MMA, you’ll pay a monthly fee of $8.95.

Just two other banks pay 1.00% APY on savings accounts.

Barclays (www.banking.barclaysus.com) pays 1.00% APY for its Online Savings account. No minimum amount is required to open an account or earn interest. The account carries no monthly fees. Barclays is part of Barclays Bank PLC of London, and its U.S. operations are headquartered in Wilmington, Del.

Salem Five Direct (www.salemfivedirect.com) pays 1.00% APY for its eOne Savings account. The account requires a $100 minimum deposit to open.

There are no monthly fees or minimum balance requirements to earn interest.

However, the account is only available to those who don’t have an existing savings or checking account with the bank, unless it’s an eOne Checking account. Salem Five Direct is the online division of Salem Five Cents Savings Bank of Salem, Mass.

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

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