bank rates

Two Banks Now Top Savings Accounts

Acacia Federal Savings Bank has moved to the top of our rankings of the best nationally available savings accounts.

The online bank owned by Acacia Life Insurance Company in Falls Church, Va., joins long-time leader Readysaver.com.

Two Banks Now Offer Best Savings AccountsBoth are paying 1.50% APY with no minimum balance required to qualify for that return or avoid monthly service fees.

Readysaver is operated by Southern Community Bank and Trust, which is offering only 0.15% APY on savings accounts opened at one of its 20 North Carolina branches or through its own Web site.

The next best return on savings accounts is 1.40% APY from:

Sallie Mae Bank, the online bank owned by the big student loan lender, with no minimum deposit required.

Chesapeake Bank, which has 11 locations in eastern Virginia and requires no minimum deposit.

newdominionDIRECT.com, an online bank based in Charlotte, N.C., that requires a $1,500 opening balance and a $1,000 average balance to avoid a $10 monthly service fee.

Franklin Synergy Bank, which had been paying 1.40% APY, lowered its rate to 1.35% over the past couple of weeks.

Most money markets pay less than savings accounts, with this notable exception.

The Mega Money Market Account available from two, jointly-owned online banks AmericaNet Bank and Evantage Bank, is paying 2.00% APY.

Compare these returns with the best savings account rates from scores of other banks in our extensive database.

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  1. Jen Stryker said:
    on June 29th at 11:07 am

    They are being marketed as acount advances and peddled to customers whose paychecks are directly deposited into their checking accounts.Supposedly legitimate banks such as Wells Fargo, Fifth Third and U.S. Bank are getting into the payday loan racket. A new study by the National Consumer Law Center says they’re peddling these extremely expensive loans to customers whose paychecks are automatically deposited into their checking accounts.

  2. RateRunner said:
    on June 29th at 11:10 am

    checking-1Starting July 1, banks will be required to get new customers’ permission before charging them fees to cover debit card and ATM overdrafts. On Aug. 15, the rule will extend to existing customers. Customers who don’t enroll could experience some awkward moments at the grocery. But they’ll also avoid paying a $35 overdraft fee for a $2 cup of coffee. Some banks are pressuring customers to “opt-in” to overdraft protection. Others aren’t. Here’s a look at how many of the larger banks are responding to the new rules.