New Bank Grabs Lead In Savings Accounts

Tennessee Commerce Bank has jumped into the top spot in our rankings of the best nationally available savings accounts.

The bank with a single branch in Franklin, Tenn., is paying 1.50% APY on its Classic Savings account with a $250 minimum deposit.

While it’s possible to earn 1.75% APY on the Tennessee Commerce account, doing so requires a minimum balance of $150,000.

Yikes! If you’ve got it, go for it. But that’s too much for us to count that as the best rate in the country.

Tennessee Commerce moves past Readysaver.com, which had led our savings account rankings since March, but dropped its rate from 1.50% APY to 1.35% APY on Wednesday.

The next best returns are:

1.40% APY with no minimum deposit from Sallie Mae Bank, the online bank owned by the big student lender.

1.40% APY with a $1,500 minimum deposit from NewDominon Bank, which has branches in Charlotte and Mooresville, N.C. You must maintain a $1,000 average balance to avoid a $10 monthly service fee.

1.35% APY with a $1,000 minimum deposit from Capital One Bank, which has 700 branches in New York, New Jersey, Connecticut, Louisiana and Texas. It’s InterestPlus Online Savings also pays a 10% bonus on interest earned for qualifying accounts.

1.35% APY with a $500 minimum deposit from Discover Bank, the credit card company’s online bank.

1.35% APY with a $1 minimum deposit from Readysaver.com, an online operation of Southern Community Bank, which has 20 North Carolina offices.

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