bank rates

Top Savings Rates Fall — Again

UFB Direct pays 1.05% APY.Less than two weeks after UFB Direct slashed the rate on its Airline Rewards Savings Account by two-tenths of a percentage point, it’s taken the knife out again.

This time, the bank has cut its savings rate from 1.10% APY to 1.05% APY.

Sadly, that’s still the best savings account deal available nationwide.

Just three banks now offer savings accounts that pay 1% APY or better to savers in all 50 states. Three other banks offer money market accounts that pay more than 1%.

UFB Direct (, which is a division of BofI Federal Bank, based in San Diego, continues to offer 500 airline miles when your account has been open for 90 days and another 500 miles when it’s been open a year. It takes a $100 minimum deposit to open an account.

The next-best deal comes from SFGI Direct, which pays 1.01% APY. You need a minimum deposit of $500 to open an account. The bank is the online division of Summit Community Bank in Moorefield, W.Va. The bank has 15 branches in Virginia and West Virginia.

The only other bank paying 1.00% APY is Salem Five Direct (, which just reentered our rankings after boosting its rate from 0.85% APY and guaranteeing to pay 1.00% APY until August for its eOne Savings Account. You must open a new account to qualify.

It takes $100 to open an account with Salem Five Direct, which is the online division of Salem Five Bank in Salem, Mass. The bank has almost two dozen branches in the Boston area.

You’ll earn a bit more with the top money market rates.

AmTrust Direct ( and My Banking Direct (, divisions of New York Community Bank, both pay 1.15% APY.

And Incrediblebank, the online division of River Valley Bank of Rothschild, Wis., pays 1.10% APY.

You can see how these accounts compare to the best savings and money market account rates from scores of banks in our database.

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Comments (2)
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2 Existing Comments
  1. nashir said:
    on February 2nd at 10:51 pm

    This is the woundaring news for us.

  2. Kathy at Bankaholic said:
    on February 13th at 09:43 am

    As we noted in a Feb. 7 post, UFB Direct has dropped its savings rate yet again, to 0.95% APY, so it no longer had the best nationally available rate. And now, SFGI Direct has dropped its savings rate to 0.91% APY.