Top Savings Account Rate Slashed, Leaving Two New Leaders That Pay 1.40%

This is really unforgivable.

Tennessee Commerce Bank jumped to the top of our rankings of the best savings accounts in late August by offering 1.50% APY, with a minimum deposit of just $250.

Anyone who entrusted more than $150,000 in one of its Classic Savings accounts could earn an even better 1.75%.

Now the small bank, which has a single branch in Franklin, Tenn., has slashed its return to 0.40% APY for balances below $150,000, and 0.50% APY for balances between $150,000 and $250,000.

We have seen some outrageous rate cuts since the financial crisis and recession struck two years ago, but rarely have we seen savers hosed like this.

That leaves two banks paying 1.40% APY, as the new leaders in nationally available savings accounts.

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