bank rates

Some Savings Rates Bounce From Bottom

hand reaching for pile of moneyIt’s not much, but something is better than nothing.

Two leading banks this month boosted their nationally available savings rates, bringing a bit of competition to a product that has rewarded savers with pitifully tiny yields.

Massachusetts-based Salem Five Direct (www.salemfivedirect.com) increased its rate from 0.90% APY to 1.00% APY.

And New York-based CIT Bank (www.bankoncit.com) raised its top rate from 0.90% APY to 0.95% APY.

These deals slightly trail the top nationally available account offered by SFGI Direct (www.sfgidirect.com), which pays 1.01% APY.

The online division of Summit Community Bank in Moorefield, W.Va., which has 15 locations in West Virginia and Virginia, requires a minimum deposit of $500 to open an account.

There are no monthly fees and no minimum balance to earn interest.

Three banks pay 1.00% APY. They are:

Salem Five Direct, which returned to our rankings after increasing its rates twice in 2014. Opening an eOne Savings account requires a minimum deposit of $100, but there is no minimum balance to earn interest. The account has no monthly fees. This offer is available to new savings account customers only. Checking and savings account customers of parent company Salem Five Cent Saving Bank in Salem, Mass., also are ineligible.

MySavingsDirect (www.mysavingsdirect.com) has no minimum deposit requirement and charges no monthly fees. MySavingsDirect is the online division of Emigrant Bank, based in New York City.

First Trade Union Bank (www.ftub.com) requires a minimum balance of $2,500 to earn its top rate. Lower balances in an FT High-Yield Savings account earn just 0.05% APY. The account has no monthly fees. First Trade Union is based in Boston and also has a location on Long Island.

With its rate increase, CIT Bank has the next-best-paying savings account, at 0.95% APY. To earn that rate, you need to have at least $25,000 in your account. Having a lower balance will earn you 0.90% APY. Minimum deposit is $100, and the account has no monthly fees. CIT Bank is the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies.

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

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