bank rates

Local Deals The Way To Go On Savings

It keeps getting harder to find a good national deal on savings accounts.

SFGI Direct has the best nationally available rate at 1.21%With so many banks slashing rates on nationally available accounts, it’s worth looking for a local deal. There are some out there that offer considerably better returns than what you can find with our national rate leaders.

Recently, we’ve highlighted local savings accounts that pay 3.00%, 2.02% and 1.51%.

Compare that with SFGI Direct, which after recently cutting its rates — again — narrowly leads Discover Bank for the best nationally available deal.

SFGI Direct, the online division of Summit Community Bank in Moorefield, W.Va., is offering a 1.21% APY, while Discover Bank is offering 1.20%

Since mid-January, SFGI’s rate has tumbled from 1.41% APY, while Discover Bank has cut its rate slightly, from 1.25% APY. Discover bank is based in Greenwood, Del., and owned by the credit card company.

Both banks require a minimum $500 deposit to open an account.

The same downward spiral has been seen at other financial institutions in recent weeks. Just behind the today’s leaders are three banks offering a rate of 1.15% APY.

They are:

American Express Bank, which is owned by the credit card company and based in New York. There’s no minimum amount needed to open an account.

Clear Sky Accounts, which is the online division of Chesapeake Bank of Williamsburg, Va. Like American Express, you don’t need a minimum deposit to open an account.

CNB Bank Direct, a division of Citizens National Bank of Bluffton, Ohio. It also has no minimum deposit requirement.

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Comments (2)
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  1. Kathy at Bankaholic said:
    on May 18th at 07:55 am

    These rates are still available as of May 18, 2011.

  2. Kathy at Bankaholic said:
    on May 23rd at 08:09 am

    SFGI Direct’s rate is still available as of May 23, 2011, but Discover’s rate has dipped to 1.15% APY, though no minimum balance is now required.