bank rates

Savings Account Leader Pulls Away

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When last we visited the best nationally available rates on savings accounts, SFGI Direct held a small lead over its competition.

At 1.41% APY, SFGI Direct Has The Best Nationally Available Savings Rate Now the online division of Summit Community Bank in Moorefield, W.Va, has begun to pull away.

More accurately, the competition has lost ground as other banks dropped their rates while SFGI Direct held steady.

At 1.41% APY on a $500 minimum deposit, the SFGI Direct rate isn’t going to make you rich, but it beats the top nationally available 12-month CD rates.

And you won’t have to tie up your money for a year.

The account has no monthly fees, and once you open it there are no balance minimums to maintain.

The next best nationally available savings account rates are:

1.30% APY with no minimum deposit or monthly fees from American Express Bank, an online bank owned by the credit card company.

1.30% APY with no minimum deposit and no monthly fees from Sallie Mae Bank, the online bank owned by the big student loan lender.

1.30% APY with no minimum deposit or monthly fees from Clear Sky Accounts, the online division of Chesapeake Bank, with 11 locations in eastern Virginia.

1.25% APY with a $1,000 minimum deposit from Capital One Bank, based in McLean, Va., and with branches in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia and Washington, D.C. Its InterestPlus Online Savings account pays an additional 10% bonus on the interest that you earn.

1.25% APY with a $500 minimum deposit from Discover Bank, an online bank owned by the credit card company, based in Greenwood, Del.

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

Most money markets pay less than savings accounts, with one notable exception.

The Mega Money Market Account, which pays 1.75% APY, is available from AmericaNet Bank and Evantage Bank, two jointly owned Oklahoma banks.

This is the top nationally available money market rate in the country.

Compare these rates with the best savings and money market account rates from scores of other banks in our extensive database.

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Comments (3)
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3 Existing Comments
  1. K. Smith said:
    on January 27th at 04:18 pm

    Your link to Clear Sky Accounts and Capital One take you to the Sallie Mae webpage, not the respective pages.

  2. NickelAndDimed said:
    on January 28th at 08:50 am

    Sorry. The links have been fixed.

  3. Kathy O'Gorman said:
    on February 27th at 02:06 pm

    Some of these rates have slipped as of 2/27: SFGI is now 1.31% APY; Sallie Mae, 1.25% APY; Clear Sky, 1.25% APY; and Discover, 1.20% APY.