bank rates

Sallie Claims Undisputed Lead In Savings

Sallie Mae Bank now stands alone at the top of our rankings of the best, nationally available savings accounts.

I know that galls many of you who have had …hmm, how do I say this politely… unpleasant experiences with their Sallie Mae student loans.
The online bank owned by the big student lender is paying 1.40% APY with no minimum deposit.
But the savings account from Sallie’s online bank is still paying 1.40% on its savings account, and requires no minimum deposit.

Former co-leader NewDominion Bank cut its rate this week from 1.40% APY to 0.90% APY and tumbled way down our rankings.

The next best return on savings accounts is 1.35% APY from:

Discover Bank, an online bank owned by the credit card company, with a $500 minimum deposit.

Readysaver.com, an Internet site operated by Southern Community Bank based in Winston-Salem, N.C., requires no minimum deposit.

Capital One Bank, which has 700 branches in New York, New Jersey, Connecticut, Louisiana and Texas, requires a $1,000 minimum deposit. Its InterestPlus Online Savings also pays a 10% quarterly bonus on interest earned for qualifying accounts.

If you have a Costco membership you can earn 1.40% APY on your InterestPlus Online Savings and collect the quarterly bonus, but a $5,000 minimum is required.

Compare these returns with the best savings rates from scores of other banks in our extensive database.

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Comments (2)
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  1. CrankySaver said:
    on October 8th at 12:22 pm

    Don’t miss any of the new posts on everything from the economy to the banking industry’s latest tricks over on our Personal Finance Blog. You can always reach it by clicking on the “Finance” tab at the top of every page.

  2. Kristin said:
    on October 8th at 02:41 pm

    I think it’s good to note that the Capital One savings only has the minimum deposit to get the 1.35% apy. You can deposit less than that to open the account (the apy is awful, only 0.10%), but if you know you are going to eventually have it up to $1K it seems good to go ahead and open it. Also the 10% quarterly bonus makes it better than the other 1.35%ers and I think that gets it close to matching or besting the 1.40% (I think it depends on how much you have in there)