bank rates

Switching Savings Accounts? Start Here

Closeup of a $100 billAt the midpoint of the year, you might be re-evaluating your banking strategy.

Is it time to switch savings accounts?

Here are the best choices.

If you haven’t followed what’s happened with the best savings account rates, you haven’t missed much. Since March, three banks have offered a nationally available rate of at least 1% APY.

Their rates haven’t changed, and most other banks we track have maintained the status quo as well.

Leading the pack is SFGI Direct (www.sfgidirect.com), which has paid 1.01% APY since the start of the year.

You’ll need a minimum deposit of $500 to open an account. The account has no monthly service fees.

SFGI Direct is the online division of Summit Community Bank of Moorefield, W.Va. The brick-and-mortar bank has 15 locations in Virginia and West Virginia.

Two other banks pay 1.00% APY:

MySavingsDirect (www.mysavingsdirect.com) doesn’t require a minimum deposit to open an account. There are no service fees. MySavingsDirect is the online division of Emigrant Bank in New York City.

Salem Five Direct (www.salemfivedirect.com) pays its rate on your balance to $500,000. The eOne Savings account requires a $100 minimum deposit to open. There are no monthly fees.

You can apply for the account if don’t already have a savings account with Salem Five Direct or a checking or savings account with its parent company, Salem Five Cent Saving Bank in Salem, Mass. The bank has 29 locations around Boston.

Another option is the money market account from EverBank (www.everbank.com). It offers a six-month guaranteed rate of 1.40% APY.

But you need to be prepared to move your money after six months.

The upside is you’ll earn nearly four-tenths of a percentage point more than anyone else is paying.

EverBank is offering its top rate on balances to $50,000. Balance portions above this earn 0.61% APY. After the bonus period is over at the Jacksonville, Fla.-based bank, the entire account balance reverts to the standard MMA rate, which remains at 0.61% APY.

You can see how these rates stack up against the best savings and money market account rates in our extensive database of banks.

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