bank rates

Top Savings Rates Barely Budge In 2012

basket full of moneyThere won’t be any fireworks this year to celebrate savings account interest rates.

The best savings rates are ending 2012 slightly down from where they were when we rang in the New Year.

In January, the top nationally available savings rate stood at 1.30%, and five banks paid at least 1.00% APY.

Today, the best nationally available savings rate is 1.25% APY, and just three banks pay at least 1.00% APY.

Salem Five Direct (www.salemfivedirect.com) offers the best deal, with 1.25% APY on balances up to $500,000.

The eOne Savings account is available only to those who don’t have an existing savings account with Salem Five Direct, or a savings or checking account with its parent, Salem Five Cents Saving Bank, in Salem, Mass.

It only takes a $100 minimum deposit to open an eOne Savings account, and you don’t have to keep a minimum amount in the account to earn interest. The account has no fees.

Two banks pay 1.00% APY:

Barclays (www.banking.barclaysus.com) doesn’t have a minimum deposit requirement for its Online Savings account. There’s also no minimum balance requirement to earn interest on this fee-free account. Barclays is part of Barclays Bank PLC of London, and its U.S. headquarters is in Wilmington, Del.

CIT Bank (www.bankoncit.com), on the other hand, pays its top rate on balances of $25,000 or higher. Lower balances earn 0.90% APY. You need a $100 minimum deposit to open a CIT Savings account. The account has 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.

(We write about money market accounts seperately, but we’ll note here there are a number of money market accounts that pay more than 1%, as well.)

You can compare these rates to the best savings and money market account rates in our extensive database of banks.

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