bank rates

New Addition To Savings Account Leaders

Man pulling money out of a suit coat.For the first time in months, we’ve been able to add a new bank to our list of nationally available savings rate leaders.

CSBdirect (www.csbdirect.com) joined the savings leaderboard with its offer of 1.01% APY on account balances of at least $1,000.

While it falls short of the 1.25% APY offered by Salem Five Direct (www.salemfivedirect.com), it’s nice to find another bank that pays at least 1.00% APY.

Even with CSBdirect’s addition, that still makes only four banks offering a nationally available rate of 1% or better.

Salem Five Direct, the online division of Salem Five Cents Saving Bank, in Salem, Mass., continues to lead the list with its eOne Savings account, which pays 1.25% APY on balances to $500,000.

The account is only available if you don’t already have a savings account with Salem Five Direct, or a savings or checking account with Salem Five Cents Saving Bank.

You can open an account with a $100 minimum deposit. There’s no minimum balance requirement to earn interest on this fee-free account.

At CSBdirect, you can earn 1.01% APY on any balance of $1,000 or more. Balances below that earn 0.55% APY.

You need to make a $100 minimum deposit to open the account and keep that much in the account to earn interest and not pay fees. Otherwise your monthly fee is $2.

CSBdirect is the online division of Citizens State Bank in Perry, Fla. The bank has four Florida branches.

Two other banks pay 1.00% APY:

Barclays (www.banking.barclaysus.com) has no minimum deposit requirement or fees. The bank is part of Barclays Bank PLC of London and has its U.S. headquarters in Wilmington, Del.

CIT Bank (www.bankoncit.com) pays its top rate on balances of $25,000 or more. Lower balances earn 0.90% APY. It takes a $100 minimum deposit to open an account. The account has no fees. CIT Bank is a division of New York-based CIT Group, which offers lending, leasing and advisory services to small and medium-size businesses.

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

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