bank rates

Two Banks Tied For Best Savings Rates

Discover Bank and CNB Bank Direct now offer the best nationally available savings rate.It isn’t enough that SFGI Direct, which has offered the best nationally available savings rates for much of the year, has cut its rates multiple times in 2011.

Now it’s cut off access to new customers and cut its rates for existing account holders to 1.11% APY.

Two banks now own the best nationally available savings rates of 1.15% APY:

  • CNB Bank Direct (www.cnbbankdirect.com), the online division of Citizens Bank of Bluffton, Ohio, which has no minimum deposit requirement.
  • Discover Bank (www.discoverbank.com), based in Greenwood, Del., and owned by the credit card company, which requires a $500 minimum deposit to open an account.

Five other banks in our rankings pay 1.10% APY:

  • Airbanking (www.airbanking.com), the online division of Mainstreet Bank in Herndon, Va., which requires a $50 minimum deposit.
  • Capital One Bank (www.capitalone.com), the McLean, Va.-based bank with 1,000 branches owned by the credit card company, which pays its top rate with a minimum balance of $1,000.
  • Clear Sky Accounts (clearskyaccounts.com), the online division of Chesapeake Bank of Williamsburg, Va., which has no minimum deposit.
  • Colorado Federal Savings Bank (www.coloradofederalbank.com), an online bank based in Greenwood Village, Colo., which requires a $2,500 minimum deposit.
  • Sallie Mae Bank (www.salliemae.com), an online bank owned by the student lender with a single branch in Murray, Utah, which has no minimum deposit or minimum balance requirements.

You’ll find slightly higher rates with the top nationally available money market accounts. AmTrust Direct (www.amtrustdirect.com) and My Banking Direct (www.mybankingdirect.com) are both paying 1.25% APY.

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

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Comments (5)
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5 Existing Comments
  1. walt said:
    on July 29th at 08:48 pm

    So, let’s assume you leave $10k in your account for 1 year @ 1%. You get $100 in interest. At 1.1% you another $10, @1.15, you get another $5. Let’s not cut this too fine.

  2. julieann said:
    on July 30th at 09:36 am

    airbanking requires $2500 minimum requirement or monthly fees applies.

  3. julieann said:
    on July 30th at 09:37 am

    airbanking checking, requires the 2500 minimum or the $15.00 monthly fee will apply, that’s what I meant to say. Have a great day.

  4. Mike Cetera said:
    on July 30th at 12:35 pm

    Julieann: Reading airbanking’s online disclosures, you are correct that these fees apply to the checking account. They don’t appear to apply to the savings account, which has a significantly higher APY.

  5. Mike at Bankaholic said:
    on August 2nd at 03:25 pm

    Discover Bank has cut its rates to 1.10% APY. CNBBankDirect now holds the top nationally available savings rate alone.