bank rates

Top Savings Account Rates Take A Hit

SFGI Direct is the savings account rates leader at 1.31% APYFor savers, the contractions continue.

Four of the top six nationally available savings account rates have declined in the last two weeks.

And that includes the rate leader, SFGI Direct, which dropped its rate a tenth of a percentage point.

With its 1.31% APY, the lead by SFGI Direct has narrowed over other top nationally available savings rates. It takes a $500 minimum deposit to open the account with the online division of Summit Community Bank in Moorefield, W.Va,.

Even so, that return is better than you can get from most short-term CD rates. (See our latest CD Rates Leaderboard.)

The next best nationally available savings account rates are:

1.30% APY with no minimum deposit or monthly fees from American Express Bank, an online bank owned by the credit card company. Its rates have remained unchanged.

1.25% APY with no minimum deposit and no monthly fees from Sallie Mae Bank, the online bank owned by the credit card company. Sallie Mae dropped its rates 0.05% since the end of January.

1.25% APY with no minimum deposit or monthly fees from Clear Sky Accounts, the online division of Chesapeake Bank, with 11 locations in eastern Virginia. Clear Sky also dropped its rates 0.05%.

1.25% APY with a $1,000 minimum deposit from Capital One Bank, based in McLean, Va., and with branches in the East and South. Its rates are unchanged, and its InterestPlus Online Savings account pays an additional 10% bonus on the interest that you earn.

1.20% APY with a $500 minimum deposit from Discover Bank, an online bank owned by the credit card company, based in Greenwood, Del. Discover Bank has dropped its rates by 0.05%.

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Comments (3)
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3 Existing Comments
  1. Ian said:
    on February 20th at 12:49 pm

    As surprised as I am that American Express hasn’t dropped their savings rates, I’m glad I’ve had my account with them for quite a while now.

  2. Ian said:
    on February 24th at 12:12 am

    Oh no! ING Direct cut their rates -.10% (from 1.10% to 1.00%) and Ally cut theirs -.04% (from 1.09% to 1.05%). I hope this isn’t a sign of bad things to come. I thought there was talk about rates on the rise.

  3. Kathy O'Gorman said:
    on February 27th at 12:50 pm

    All of these rates are still available as of 2/27.