bank rates

2 Encouraging Signs For Savings Accounts

Piggy bank sitting in a pile of pennies.We’re adding two banks to our (small) list of nationally available savings accounts that pay 1% APY.

That list now stands at three.

The two banks we’re adding:

  • SFGI Direct (, which boosted its savings rate to 1.01% APY – high enough to squeak past two other banks to become the best nationally available savings rate.
  • MySavingsDirect (, which has never been on our list before, pays 1.00% APY.

SFGI Direct, which has consistently been among our savings leaders, bumped its rate up from 0.91% APY to land in the top spot. It takes a minimum deposit of $500 to open an account, but there’s no account minimum to earn interest, and there are no monthly fees.

SFGI Direct is the online division of Summit Community Bank, based in Moorefield, W.Va. It has 15 locations in West Virginia and Virginia.

MySavingsDirect is an online division of Emigrant Bank, which in 2013 was notable for the CD rates it offered through online division DollarSavingsDirect. Emigrant Bank has two brick-and-mortar locations in New York City.

MySavingsDirect pays 1.00% APY on all balances, with no minimum deposit required to open an account or earn interest. The account has no monthly service fees.

This rate has been valid since Nov. 8, 2013, according to the bank’s website.

The 1% yield puts MySavingsDirect on par with First Trade Union Bank (, which boosted its savings rate to 1.00% APY last month.

The top rate at First Trade Union applies to balances of $2,500 or higher in the FT High-Yield Savings account.

First Trade Union Bank, headquartered in Boston, requires a $10 deposit to open an account. But if you don’t have at least $2,500 in your account, you’ll earn just 0.05% APY. The savings account has no monthly service fees.

With rates creeping up, perhaps the savings picture is brightening. In mid-May 2013, there were three banks paying at least 1.00% APY. But within weeks, all had cut their yields.

For several weeks, the best you could earn nationally was a lowly 0.90% APY. Since late July, the top rate has bounced between 0.90% APY and 1.00% APY, and there has only been one bank at a time paying the 1.00% APY.

Compare SFGI Direct’s and MySavingsDirect’s offers with the top savings accounts in our database.

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