bank rates

Salem Five Brings Back Rate Guarantee

It's eOne Savings Account pays 1% through the end of August.Salem Five Direct has a double bonus: It’s raised its savings rate and guaranteed that rate through summer’s end.

The online division of Salem Five Bank in Salem, Mass., bumped its eOne Savings Account rate from 0.85% APY to 1.00% APY.

This rate is good through August on new accounts. Customers with existing savings accounts or branch bank checking accounts are not eligible.

The offer from Salem Five Direct (www.salemfivedirect.com) yields less and is guaranteed for a shorter period compared with its rate guarantee in April 2011.

Still, 1% is good enough today to tie for the third-highest-paying nationally available account.

Although Salem Five has about two dozen branches in the Boston area, the account must be opened online to receive the highest rate.

A minimum deposit of $100 is required to open the account, and the rate is good on balances up to $500,000.

The top two nationally available accounts have not guaranteed their rates.

The current leader, UFB Direct (www.ufbdirect.com), flew into the top spot when it debuted its Airline Rewards Savings Account in August. But just last week it trimmed its rate from 1.30% APY to 1.10% APY. The account also rewards customers with airline miles.

You need a $100 minimum deposit to open an account with UFB Direct, which is a division of BofI Federal Bank based in San Diego.

SFGI Direct (www.sfgidirect.com) offers the second-highest nationally available savings rate at 1.01% APY.

SFGI Direct is the online division of Summit Community Bank in Moorefield, W.Va. A $500 minimum deposit is required to open an account, but you don’t need to keep a minimum amount in your account to earn interest.

Also paying 1.00% APY is Clear Sky Accounts (www.clearskyaccounts.com), the online division of Chesapeake Bank of Williamsburg, Va. The account has no minimum deposit or minimum balance requirements. It pays the top rate on balances up to $249,999.

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

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Comments (3)
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3 Existing Comments
  1. Mike Cetera said:
    on January 31st at 05:18 pm

    Clear Sky Accounts has cut its savings rate to 0.95% APY

  2. Kathy at Bankaholic said:
    on February 5th at 12:01 pm

    UFB Direct has lowered its savings rate again, to 1.05% APY.

  3. Kathy at Bankaholic said:
    on February 23rd at 10:48 am

    UFB Direct’s savings rate has fallen to 0.85% APY.