bank rates

Top Savings Rate: Same As It Ever Was

Piggy bank sitting in a pile of pennies.We’ve talked quite a bit about how the best long-term CD rates have improved over the last six months.

But, like short-term certificate of deposit yields, savings account rates have stalled. And you probably shouldn’t expect much improvement as long as the Federal Reserve continues to put downward pressure on interest rates.

The top nationally available deal pays as much today as it did one year ago. The last time an account open to all savers paid better was in February 2013.

SFGI Direct (www.sfgidirect.com) pays 1.01% APY with a $500 minimum deposit. This online division of Summit Community Bank in Moorefield, W.Va., has led our rankings since early January but has offered a competitive rate since November 2011.

There is no minimum balance to earn interest, and you’ll pay no monthly fees.

Summit Community Bank has 15 locations in Virginia and West Virginia.

Two banks pay 1.00% APY. They are:

Salem Five Direct (www.salemfivedirect.com), which requires a minimum deposit of $100 to open an eOne Savings account. There is no minimum balance to earn interest, and you’ll pay no monthly fees.

You’re eligible to open the account if don’t already have a savings account with Salem Five Direct or a checking or savings account with its parent company, Salem Five Cents Savings Bank in Salem, Mass. Salem Five Cents Savings Bank has 29 locations in the Boston area.

MySavingsDirect (www.mysavingsdirect.com), which has no minimum deposit requirement and charges no monthly fees. MySavingsDirect is the online division of Emigrant Bank, which has two New York-area branches, one in Manhattan and the other in suburban Ossining, N.Y..

There is one rate cut to report.

Last week, First Trade Union Bank (www.ftub.com), which had been paying 1.00% on savings accounts since late December, trimmed its rate to 0.95% APY.

Compare these yields to the best savings and money market account rates in our extensive database of banks.

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