bank rates

New Leader Among Top Savings Accounts

Large percentage signIt’s been more than three years since we mentioned The Palladian PrivateBank in a Bankaholic post.

But this online division of The PrivateBank and Trust Co., which is based in Chicago, has earned its mention.

Palladian offers the best nationally available savings rate.

Yes, the 1.00% APY it pays isn’t great. But a string of rate cuts in May by the top banks had cut the best saving account rate to 0.90% APY.

You can still find slightly better returns from a handful of money market accounts.

To open an account with The Palladian PrivateBank (, you’ll need to make a minimum deposit of $10,000. While you don’t have to keep a certain amount in the account to earn interest, if your balance drops below $10,000, you’ll pay a $10 monthly fee.

PrivateBank has about three dozen branches in nine states, primarily in the Midwest.

Three national banks currently pay 0.90% APY. They are:

GE Capital Bank (, which does not require you to deposit a certain amount to open an Online Savings account. You also don’t have to keep a certain amount in your account to earn interest, and the account carries no fees. The bank is owned by General Electric Capital Corp. and chartered in Utah.

Barclays ( also doesn’t have a minimum deposit requirement to open a savings account or to earn interest. And the account has no monthly fees. The bank is part of Barclays Bank PLC of London, which has U.S. headquarters in Wilmington, Del.

Salem Five Direct ( requires a $100 minimum deposit to open an eOne Savings account. You can’t have a current savings account with Salem Five Direct, or its parent, Salem Five Cent Saving Bank in Salem, Mass. You also can’t have a current checking account with the parent company. You don’t need to maintain a certain balance in the account to earn interest, and you pay no monthly fees.

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

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