bank rates

Top Savings Account Rate Down To 1.50%

Southern Community Bank and Trust continues to offer the top rate on savings accounts through its Readysaver.com Web site.Southern Community Bank and Trust continues to offer thetop rate on savings accounts through its Readysaver Web site.

But the return is down to 1.50% APY (although there’s still no minimum deposit required to open an account).

Readysaver.com was paying 2.00% APY when it leapt to the top of our rankings of the best nationally available savings accounts in March, and 1.75% APY when it held onto that ranking in April and May.

If you open a Southern Community savings account at one of its 20 North Carolina branches, you’ll earn only 0.15% APY.

The next best return on savings accounts is 1.40% APY from:

Sallie Mae Bank, the online bank owned by the big student loan lender, with no minimum deposit required.

Chesapeake Bank, which has 11 locations in eastern Virginia and requires a $1 minimum deposit.

newdominionDIRECT.com, an online bank based in Charlotte, N.C., that requires a $1,500 opening balance and a $1,000 average balance to avoid a $10 monthly service fee.

Franklin Synergy Bank, with two locations in Franklin, Tenn., which requires a $25,000 minimum balance to earn the full rate.

Most money markets pay less than savings accounts, with this notable exception.

The Mega Money Market Account available from two, jointly-owned online banks AmericaNet Bank and Evantage Bank, is paying 2.00% APY.

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

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