bank rates

Top Savings Rate At 1 1/2-Year High

Calculator on top of a pile of moneyIs a rate war afoot?

It’s too early to get that worked up, perhaps, but for the second time in a week, we have a new leader among the best nationally available savings account rates.

And this offer is the best we’ve seen since February 2013. In fact, the last offer better than this expired 2 ½ years ago.

So that’s progress, we guess.

Chicago-based The Palladian PrivateBank (www.palladianprivatebank.com) has increased its offer from 0.90% APY to 1.25% APY – and guarantees that rate through the end of January 2015.

After the promotional period, the rate will reset to the standard rate – currently 0.90% APY, also among the best nationally available yields.

The Palladian PrivateBank is taking a page from longtime money market leader EverBank (www.everbank.com), which has consistently offered an MMA rate that far outstrips those of other banks and guarantees it for six months. EverBank pays 1.40% APY on MMAs.

Palladian’s move to boost its rate from 0.90% APY to 1.25% APY follows on the heels of CSBdirect (www.csbdirect.com), which last week re-entered our savings rankings by paying 1.06% APY. If you open your account by Aug. 31, CSBdirect guarantees the rate for six months.

CSBdirect, the online division of Citizens State Bank in Perry, Fla., pays its best rate on balances between $10,000 and $249,999. Lower balances earn lower rates.

Palladian PrivateBank’s deal requires that you open an account with a deposit of at least $10,000, but you don’t need to keep a certain amount in your account to earn 1.25% APY. Your initial deposit can be no larger than $100,000, but you can make subsequent deposits above that amount.

Palladian PrivateBank is a division of the PrivateBank and Trust Co. PrivateBank has 33 offices, primarily located in the Midwest.

Check our extensive database to compare these returns with the best savings and money market account rates in your area.


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