bank rates

Top Savings Account Rate Holds At 1.50%

The best savings accounts are now paying more than the best short-term CDs.

The best savings accounts are now paying more than the best short-term CDs.Just take a look at our most recent CD Rates Leaderboard and you’ll see what we mean.

Of course savings account rates are variable. They can go down.

But your money is never locked up. You can always move it to a more lucrative investment – penalty free.

That’s why we think this is a good time to take advantage of these top rates on nationally available savings accounts:

1.50% APYwith a minimum deposit of only $1 from Readysaver.com, a Web site operated by Southern Community Bank and Trust. (Note: You’ll only earn 0.15% APY if you open a savings account at one of the bank’s 20 North Carolina branches or through its own Web site.)

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.

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

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Comments (3)
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3 Existing Comments
  1. CrankySaver said:
    on August 11th at 12:37 pm

    Hooray for federal Judge William Alsup of California. He’s ruled that Wells Fargo secretly and deliberately manipulated the way it processed checking account transactions in order to ding its customers for more overdraft fees. Alsup ordered the bank to pay customers $230 million in restitution, although the bank says it will appeal. Don’t miss this or any of the other new posts on our Personal Finance blog. You can always reach it by clicking on the “Finance” tab at the top of every page.

  2. DealMaven said:
    on August 11th at 12:43 pm

    We’ve checked all of the rates and there are no changes to make in The CD Rates Leaderboard For August 9. The info is still good.

  3. DealMaven said:
    on August 16th at 03:40 pm

    Tennessee Commerce Bank now pays 1.50% APY with a minimum deposit of $250. This moves it to the top of our savings account rankings.

    It also requires a minimum balance of $250 to avoid a $2.50 monthly service fee.

    Southern Community Bank, which had topped the list since March, cut its 1.50% rate to 1.35% today. This dropped it from first to third place in the rankings.