bank rates

State Farm FCU Offers Top Savings Rate

You'll earn 1.01% APY with a $5 minimum deposit.If you work for the insurance giant State Farm, you can open a savings account that is competitive with similar accounts that are available nationwide.

State Farm Federal Credit Union (www.statefarmfcu.com) pays 1.01% APY on its share accounts, and it only takes a minimum $5 deposit to open an account.

While you can earn a slightly higher savings rate with CIT Bank’s (www.bankoncit.com) CIT Savings account, you need to have at least $25,000 in your account to earn its 1.05% APY. Lower balances earn 0.90% APY. The bank’s parent, CIT Group, is headquartered in New York.

Otherwise two banks, KeySource Commercial Bank (www.keysourcebank.com) and Barclays (www.banking.barclaysus.com), pay 1.00% APY, and both deals are available on a national basis.

Barclays has the most customer-friendly national deal. Its Online Savings account has no minimum balance requirement and no fees. Barclays is part of Barclays Bank PLC of London, with U.S. operations based in Wilmington, Del.

You can earn the same rate with a Blue Savings Account from KeySource, but unless you live near its one location in Durham, N.C., you’ll need a $5,000 minimum deposit to open an account online. Opening an account in person only requires a minimum $100 deposit.

If you are a State Farm employee, agent or retiree, or you have an immediate family member who is, you can join State Farm Federal Credit Union, based in Bloomington, Ill.

You can open an account by mail or in person at one of the two dozen locations the credit union has scattered across the country.

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

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