bank rates

Top Savings Rate Falls To 1%

Large percentage signThings are looking grim in the world of savings accounts, with no banks paying more than 1.00% APY.

Rate leader CSBDirect cut its yield slightly this week, forcing a three-way tie for the best nationally available account.

You might want to consider a money market account instead, where the top rate has held up a bit better.

The best short-term money market rate comes from EverBank, which pays 1.25% APY for a guaranteed six months on balances to $50,000. After that, the Yield Pledge Money Market pays the standard MMA rate of 0.76% APY.

The Jacksonville, Fla.-based bank requires a $1,500 minimum deposit to open an account. If your balance falls below $5,000, you’ll pay a monthly fee of $8.95.

As for the top savings rates, they’ve bumped along between 1.00% and 1.25% APY for more than a year now.

Chart showing the top nationally available savings rates for 2012-13.

There’s no reason to expect rates to move much in either direction anytime soon.

Today, the best of the three banks that pay 1.00% APY is Barclays (, which has no minimum deposit requirements to open an account or earn interest. The Online Savings account also has no fees.

Barclays is the U.S. division of the big British bank Barclays Bank PLC of London; its U.S. headquarters is in Wilmington, Del.

With CSBDirect (, you need to make a $100 minimum deposit to open an account. If you keep that much in your account, you’ll earn 1.00% APY. Lower balances earn 0.55% APY, and you’ll pay a $2 monthly fee.

The bank is the online division of Citizens State Bank in Perry, Fla.

Your third choice is CIT Bank, which pays 1.00% APY if you have at least $25,000 in your CIT Savings account. Lower amounts earn 0.90% APY. It takes a $100 minimum deposit to open an account. The account carries no fees.

CIT Bank is a division of New York-based CIT Group, which offers lending, leasing and advisory services to small- and medium-size businesses.

You can see how these rates stack up against the best savings and money market account rates in our extensive database of banks.

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