bank rates

We’re Down To One 1% Savings Account

CIT Bank is offering the best nationally avaiable return on deposits of $25,000 or more.
Savings rates have hit a new low, with only one nationally available account still paying 1%.

CIT Bank (www.bankoncit.com) is offering a return of 1.00% APY if you have at least $25,000 in your savings account.

Lower balances earn 0.90% APY. It takes at least a $100 deposit to open an account, and you need to keep at least that much in your account. The account has no fees.

CIT Bank is a division of New York-based CIT Group, which provides lending, leasing and advisory services to small and midsize businesses.

Over the past couple of weeks, a couple of other banks that were paying 1% reduced their rates.

CSBdirect (www.csbdirect.com) initially posted on its website that it wasn’t allowing new accounts to be opened online. Now the Florida bank allows you to open an account online, but there’s no reason to do so, considering its interest rate is a pathetic 0.15% APY.

Barclays (www.banking.barclaysus.com) dropped its return from 1.00% APY to 0.90% APY on all balances. There’s no minimum deposit needed to open an account or earn interest. The account also carries no fees.

The bank is part of Barclays Bank PLC of London. Its U.S. headquarters are in Wilmington, Del.

The only other bank paying 0.90% APY is Salem Five Direct (www.salemfivedirect.com).

Its eOne Savings account is available for anyone who doesn’t currently have a savings account with Salem Five Direct or a savings or checking account with its parent, Salem Five Bank, in Salem, Mass.

The rate applies to balances up to $500,000. You need a $100 minimum deposit to open an account, but you don’t need to keep that much in the account to earn interest. The account carries no fees.

These banks qualify for our rankings by selling their certificates of deposit to savers in all 50 states, either online or through the mail.

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

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  1. Brian said:
    on June 5th at 12:43 pm

    Our “Premium Online Savings Account” at Discover Bank just lowered from .90%apy to .85% as of June 1, 2013. Eventually I guess we’ll have to send them a check every month to keep the account open!