bank rates

Top Savings Account Rate Jumps To 1.41%

SFGI Direct is once again offering the best return on a nationally available savings account.

The online division of Summit Community Bank in Moorefield, W.Va., is paying 1.41% APY with an initial deposit of $500 to $25,000.

That matches the top nationally available 12-month CD rates, without having to tie all of your money up for a year.

SFGI Direct led our rankings of the best savings accounts once back in October 2009 (a.k.a. the good old days) when it was offering 2.25% APY.

It dropped out when Summit Community limited new accounts to local savers. We have no idea how long SFGI Direct will accept out-of-state applications this time, but once you’re in, you’re in.

The next best nationally available savings account rates are:

1.35% APY with a $1 minimum deposit from, which is part of Southern Community Bank and Trust. (If you go to one of the bank’s 20 North Carolina branches, or its own Web site, you’ll find it’s offering as little as 0.15% APY on savings accounts.)

1.35% APY with a $2,500 minimum deposit from Hudson City Savings Bank, which has more than 130 branches in New York, New Jersey and Connecticut.

1.30% APY with no minimum deposit from Sallie Mae Bank, the online bank owned by the big student loan lender.

1.30% APY with no minimum deposit from American Express Bank, an online bank owned by the big credit card company.

1.30% APY with no minimum deposit from Clear Sky Accounts, an online division of Chesapeake Bank, which has 11 locations in eastern Virginia.

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

The Mega Money Market Account, which pays 1.75% APY, is available from AmericaNet Bank and Evantage Bank, two jointly owned Oklahoma banks.

This is, by far, the top nationally available money market rate in the country.

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

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