bank rates

Savings Rate Misery By The Numbers

businessman holding onto a cliff with a piggy bank in his hand.This is just how bad savings rates have been:

  • The top nationally available deal pays 1.01% APY.
  • It’s been a year since a bank paid more on an account all savers could open.
  • Three banks pay at least 1.00% APY.
  • It’s been a year since at least four banks paid 1.00% APY.

Pretty depressing, we know.

The highest offer comes from SFGI Direct (, which in January boosted its rate to 1.01% APY.

That puts it just a notch ahead of First Trade Union Bank ( and MySavingsDirect (, which both pay 1.00% APY.

Opening an account with SFGI Direct requires a minimum deposit of $500. But you don’t need to keep that much in your account in order to earn interest, and the account has no monthly fees.

It’s the online division of Summit Community bank in Moorefield, W.Va. The bank has 15 locations in West Virginia and Virginia.

MySavingsDirect is the only one of our leaders that has no minimum deposit requirement. It pays 1.00% APY on all balances. The account also has no monthly fees.

MySavingsDirect is the online division of Emigrant Bank, based in New York City. The bank has two locations.

Meanwhile, First Trade Union Bank requires a $2,500 account balance to earn the best rate.

While you only need to make a $10 deposit to open a FT High-Yield Savings account, if you don’t have at least $2,500 in your account, you’ll earn just 0.05% APY. The account has no monthly service fees.

First Trade Union is based in Boston and also has a location on Long Island.

After these three banks, the competition falls off. Six banks pay 0.90% APY.

They are:

  • Barclays (, the online American operation of the worldwide British bank with more than $2 trillion in assets.
  • CIT Bank (, the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies.
  • GE Capital Bank (, one of two online banks, each with its own FDIC insurance, that are subsidiaries of GE Capital Corp., the financial services unit of the manufacturing giant.
  • GE Capital Retail Bank (, the other bank that’s a subsidiary of GE Capital Corp.
  • The Palladian PrivateBank (, the online division of The PrivateBank and Trust Co., a Chicago-based bank with 33 branches in nine states.
  • Salem Five Direct (, the online division of Salem Five Cent Savings Bank, which has nearly two dozen branches around Boston.

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

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Comments (1)
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One Existing Comment
  1. Mike Cetera said:
    on February 5th at 09:55 am

    Salem Five Direct has just increased its yield to 1.00% APY, making it the fourth bank to offer a rate of at least 1%. Minimum deposit is $100. Account is only available to savers who don’t have an existing savings account with the bank.