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Best Savings Rates | Get the Highest Savings Rates by Comparing Rates Below
 

Savings Rates | Find the Best Savings Rates Today

Best Savings Rates

| Get the Highest Savings Rates Below
Compare the highest savings account rates by using our savings account rates and money market rates list below. We maintain a list of the best savings account rates from local banks and national banks to make your search for the highest rates easier. There is no need to look anywhere else for current interest rates from many different banks.
Account Type
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Institution
APY
Rate
Min. Deposit
Comments
Colorado Federal Savings Bank

  (3 out of 5)
Savings
0.850%
03/31/2015
0.850%
$2,500.00
 
Capital One 360

  (5 out of 5)
Savings
0.750%
04/01/2015
0.750%
$1.00
360 Savings lets you be you with no fees or minimums in the way. 
FNBO Direct

  (5 out of 5)
Savings
0.750%
04/01/2015
0.750%
$1.00
Cashback savings where you shop with MyDeals on your check card 
Union Federal Savings Bank

  (3 out of 5)
MMA
0.750%
04/01/2015
0.750%
$2,500.00
 
Fultdirect.com

  (4 out of 5)
MMA
0.100%
04/01/2015
0.100%
$10,000.00
 
Radius Bank

  (4 out of 5)
Savings
0.850%
03/31/2015
0.850%
$2,500.00
 
American Bank

  (4 out of 5)
Savings
0.100%
03/31/2015
0.100%
$100.00
 
American Bank

  (4 out of 5)
MMA
0.100%
03/31/2015
0.100%
$100.00
 
My Savings Direct

  (2 out of 5)
Savings
1.050%
04/01/2015
1.040%
$1.00
No Fees! No Minimums! 
CIT Bank

  (4 out of 5)
Savings
1.000%
04/01/2015
1.000%
$25,000.00
Built on the heritage of over 100 years. Member FDIC. 
ableBanking, a division of Northeast Bank

  (4 out of 5)
MMA
1.000%
04/01/2015
1.000%
$250.00
$25 New Customer Gift to give to charity (501c3). FDIC insured. 
iGObanking.com

  (3 out of 5)
Savings
1.000%
04/01/2015
1.000%
$1.00
12 month CD 0.15% APY*,FDIC insured, open online or by mail. 
Discover Bank

  (5 out of 5)
Savings
0.900%
04/01/2015
0.900%
$500.00
Grow your savings faster with a rate 5x the National Savings Avg* 
Sallie Mae

  (5 out of 5)
MMA
0.900%
04/01/2015
0.900%
$0.00
Easy Access to Your Funds. FDIC-insured. 
iGObanking.com

  (3 out of 5)
MMA
0.900%
04/01/2015
0.900%
$25,000.00
12 month CD 0.15% APY*,FDIC insured, open online or by mail. 
EH National Bank

  (2 out of 5)
MMA
0.800%
04/01/2015
0.800%
$1,000.00
 
First Internet Bank of Indiana

  (4 out of 5)
MMA
0.800%
04/01/2015
0.800%
$100.00
 
Lone Star Bank

  (2 out of 5)
MMA
0.800%
04/01/2015
0.800%
$2,500.00
 
Bank of Internet USA

  (4 out of 5)
MMA
0.750%
04/01/2015
0.750%
$100.00
FDIC Insured Nationwide Banking 
Discover Bank

  (5 out of 5)
MMA
0.750%
04/01/2015
0.750%
$2,500.00
Easy cash access and always great rates. Open an account today! 
VirtualBank

  (4 out of 5)
MMA
0.650%
04/01/2015
0.650%
$100.00
FDIC Insured 
Bank of Internet USA

  (4 out of 5)
Savings
0.610%
04/01/2015
0.610%
$100.00
High Yield Savings Account, Apply Online Now! FDIC Insured 
First Internet Bank of Indiana

  (4 out of 5)
Savings
0.600%
04/01/2015
0.600%
$100.00
 
EH National Bank

  (2 out of 5)
Savings
0.550%
04/01/2015
0.550%
$1,000.00
 
AloStar Bank of Commerce

  (4 out of 5)
Savings
0.500%
04/01/2015
0.500%
$50.00
 
AloStar Bank of Commerce

  (4 out of 5)
MMA
0.500%
04/01/2015
0.500%
$1,000.00
 
Lone Star Bank

  (2 out of 5)
Savings
0.500%
04/01/2015
0.500%
$200.00
 
giantbank.com

  (3 out of 5)
MMA
0.450%
04/01/2015
0.450%
$1,000.00
 
State Farm Bank

  (4 out of 5)
MMA
0.300%
04/01/2015
0.300%
$1,000.00
 
Goldwater Bank

  (1 out of 5)
MMA
0.260%
04/01/2015
0.260%
$1,000.00
 
Heritage Bank

  (3 out of 5)
Savings
0.250%
04/01/2015
0.250%
$1,000.00
 
5 Star Bank

  (5 out of 5)
Savings
0.200%
04/01/2015
0.200%
$100.00
 
E-LOAN

  (3 out of 5)
MMA
0.200%
04/01/2015
0.200%
$5,000.00
No Fees. Start earning interest now! 
Fidelity Bk of FL, N.A

  (4 out of 5)
MMA
0.150%
04/01/2015
0.150%
$2,500.00
 
NewDominion Bank

  (1 out of 5)
MMA
0.150%
04/01/2015
0.150%
$500.00
Achieve Rapid Growth Results w/Our Rates! Open Online-Member FDIC 
Third Federal Savings and Loan

  (4 out of 5)
Savings
0.150%
04/01/2015
0.150%
$25,000.00
 
5 Star Bank

  (5 out of 5)
MMA
0.100%
04/01/2015
0.100%
$1,000.00
 
State Farm Bank

  (4 out of 5)
Savings
0.100%
04/01/2015
0.100%
$100.00
 
Astoria Bank

  (3 out of 5)
Savings
0.050%
04/01/2015
0.050%
$500.00
 
Astoria Bank

  (3 out of 5)
MMA
0.050%
04/01/2015
0.050%
$2,500.00
 
Citizens Trust Bank

  (3 out of 5)
MMA
0.050%
04/01/2015
0.050%
$100.00
 
Citizens Trust Bank

  (3 out of 5)
Savings
0.050%
04/01/2015
0.050%
$1,000.00
 
USAA

  (5 out of 5)
Savings
0.050%
04/01/2015
0.050%
$25.00
 
USAA

  (5 out of 5)
MMA
0.050%
04/01/2015
0.050%
$10,000.00
 

Data Provided by Bankrate.com Rates were collected by Bankrate.com on the dates specified. Rates are subject to change without notice and may vary from branch to branch. Bankrate.com National APY Average and Bankrate.com Site APY Average are only available for MMA products in any denomination exclusively. For Savings products, neither national nor Bankrate APY averages are tabulated. For MMA & Savings products in any denomination, the presented Bankrate.com National APY Average and Bankrate.com Site APY Average are averages of the MMA products only, and are not inclusive of Savings products APY rates.

These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site, where you can find additional information. Bank and thift deposits are insured by the Federal Deposit Insurance Corp. Credit Union deposits are insured by the National Credit Union Administration. Many institutions have different rates on their own Websites than those posted on Bankrate.com. Please identify yourself as a Bankrate consumer to lenders to ensure you get the Bankrate.com rate. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please let us know.

Bankrate.com's Safe & Sound® service provides ratings information on the relative financial strength and stability of U.S. commercial banks, savings institutions and credit unions. Five stars is superior, one star is lowest rated. For more information click here.



Variable interest rates remain stable this past week as the Federal Open Market Committee (FOMC) held their March meeting. We are waiting to see when the FOMC will increases the federal funds rate because it will have a direct effect on deposit rates.

The Fed didn’t increase their key benchmark interest rate, the federal funds rate, but they did give glues on when a hike might happen. The biggest clue was in their language on the fed funds rate. They dropped the word “patient” which was used to give guidance on the when a hike was expected.

A rate hike during the next scheduled meeting in April is highly unlikely. A more likely scenario is a hike during the June meeting or September meeting. I still believe a 0.25 percent rate hike will take place in June. The Fed has been criticized for keeping the rate near zero percent for too long. A token increase of 0.25 percent won’t shock the markets and at the same time quiet the critics.

Banks and credit unions are anticipating higher rates and have increased fixed CD rates. The best CD rates moved slightly higher the past several months, but savings rates and money market rates haven’t. For example, the highest savings rates available on the rate table have remained at 1.05% APY. During the same time, the highest CD rates available on the rate tables have moved from 1.05% APY to 1.31% APY.

Financial institutions are offering higher timed deposit rates to entice you to lock in deposits at current low rates. By the end of 2015, 1 year CD rates should be near 2.00 percent to 2.50 percent. It’s more profitable for financial institutions to lock in deposits at 1.30% than 2.50%.

Higher rates are on the way, therefore it makes sense to either keep deposits in variable rate accounts or short term CD accounts. The rate difference between both types of accounts is small. Below you can compare the best rates available this week.

Best Savings Rates

  • GE Capital Direct Rate 1.04% APY 1.05%
  • My Savings Direct Rate 1.04% APY 1.05%
  • Synchrony Bank Rate 1.00% APY 1.00%
  • CIT Bank Rate 1.00% APY 1.00%
  • Barclays Bank Rate 1.00% APY 1.00%
  • iGOBanking Rate 1.00% APY 1.00%

Best Money Market Rates

  • EverBank 1.01% APY (first year, 0.61% after)
  • Synchrony Bank Rate 0.85% APY 0.85%
  • Ally Bank Rate 0.85% APY 0.85%
  • Mutual of Omaha Bank 0.85% APY 0.85%

Best 1 Year CD Rates

  • Chartway Federal Credit Union Rate 1.30% APY 1.31% (membership required)
  • Connexus Credit Union Rate 1.30% APY 1.30% (membership required)
  • Bank Direct Rate 1.20% APY 1.21%
  • Synchrony Bank Rate 1.19% APY 1.20%
  • CIT Bank Rate 1.19% APY 1.20%
Author: Brian McKay
March 23rd, 2015

Money market account rates held steady this week, averaging 0.44. percent. Money market rates and savings rates haven’t increased by much yet this year but that will change. We will start seeing banks increase deposit rates when the Federal Reserve increases the federal funds rate.

When the fed funds rate is increased is still open for discussion, not only by economists, but federal reserve officials as well. The latest public statement on increasing the rate comes from San Francisco Fed chief, John Williams.

John Williams recently said “I think that by mid-year it will be the time to have a serious discussion about starting to raise rates.” He is concerned the Fed will fall behind the curve on inflation and will have to compensate by increasing rates dramatically.

Quickly increasing rates is never a good thing, and could destabilize the markets. I believe a more slow orderly increase is needed. A token increase of 25 basis points in the coming months won’t shock the markets and derail the recovery. The upcoming April Fed meeting is probably to early for an increase, the June meeting should be the time the fed funds rate is increased.

You have to remember, the current fed funds is near zero percent. The rate was lowered to near zero percent over 6 years ago because of the financial crisis. Just to get to a neutral point the rate should be around 1.00 percent. A series of 25 basis point increases will get the rate to 1.00 percent by the end of 2015.

If the rate is increased to 1.00 percent look for average deposit rates to also be around 1.00 percent. The best savings rates and money market rates will be above the average, probably just above 2.00 percent. The last time we saw 2.00 percent rates was about 6 years ago when the fed funds rate was lowered to near zero percent.

Listed below are the highest deposit rates this week:

Savings Account Rates

  • My Savings Direct 1.04% APY 1.05%
  • Synchrony Bank 1.00%
  • CIT Bank 1.00%
  • Barclays Bank 1.00%
  • iGObanking.com 1.00%
  • Ally Bank 0.99%
  • Discover Bank 0.90%

Money Market Account Rates

  • EverBank 1.01% APY
  • Sallie Mae 0.90%
  • Ally Bank 0.85%
  • Synchrony Bank 0.85%
  • Colorado Federal Savings Bank 0.85%
  • Mutual of Omaha Bank 0.85%
Author: Brian McKay
March 6th, 2015

For the past 7 years we have written about savings rates, money market rates and CD rates heading lower. Some financial institutions have increased deposit rates this past year but the majority won’t until the Federal Reserve increases interest rates.

The Federal Open Market Committee is laying the groundwork for increasing their key-benchmark interest rate, the federal funds rate. The increase will likely come right after the FOMC’s scheduled June or September 2015 meeting. You can see the entire 2015 meeting calendar: FOMC 2015 Meeting Calendar.

The FOMC Chairwomen, Janet Yellen, testified before Congress last week and said they can still be patient before increasing rates. Yellen also told Congress an increase in rates isn’t likely for the next couple of meetings but a near majority of Fed officials believe otherwise.

Seven of the FOMC’s 17 members believe and increase in the rate might be warranted in the June meeting. An indication on whether or not that is likely will depend if the language of “being patient” on rates is removed in the April meeting.

Exactly when the fed funds rate is increased is still an unanswered question. We believe the June meeting will be the liftoff date. The gap between the June and September meeting is too long to wait before increasing the rate.

Granted, the FOMC could increase rates between meetings but that is unlikelyAn increase in the rate between meetings would surprise markets in a negative way. It would also seem like the FOMC is already behind the curve on increasing the rate, the wrong message to send.

Therefore you should position your finances for higher rates. Any certificates of deposit maturing should be rolled over into short term CDs of 3 to 6 months. If you’re thinking about buying a home lock in a mortgage rate sooner than later. Likewise if you’re refinancing do it before its to late.

Author: Brian McKay
March 2nd, 2015

Get ready for higher bank rates sometime this year, which is welcome news after a half dozen years of low rates.  We are only months away from the Federal Open Market Committee increasing the federal funds rate. This is good news because when the fed funds rate is increased, banks will follow suit by increasing deposit rates.

Interest rates will be moving higher in 2015 but don’t expect too much. Best  case scenario, by the end of this year the highest savings rates and money market rates will still only not break through 2.00 percent. Currently the best savings rates are at 1.05 percent and the best money market rates are around 1.01 percent.

The last time variable interest rates on deposit accounts were above 2.00 percent was just after the financial crisis and recession. In fact, during this time we have witnessed the lowest average savings rates and money market rates ever recorded.

The current national average savings rate reported by the FDIC is at a paltry 0.06 percent. The national average money market rate is slightly higher at 0.08 percent. With rates that low, your savings are not even keeping up with the pace of inflation. The Consumer Price Index (CPI), which is a measure of inflation, is up 0.8 percent since December 2013.

National average rates are well below the rate of inflation but there are financial institutions offering rates slightly above the inflation rate. Listed below are the highest savings and money market rates this week.

Highest Deposit Rates February 5, 2015

Savings Rates

  1. GE Capital Bank 1.04% APY 1.05%
  2. My Savings Direct 1.04% APY 1.05%
  3. CIT Bank 1.00% APY 1.00%
  4. iGObanking.com 1.00% APY 1.00%
  5. Synchrony Bank 1.00% APY 1.00%

Money Market Rates

  1. EverBank 1.01% APY
  2. ableBanking, a division of Northeast Bank 1.00% APY 1.00%
  3. Sallie Mae Bank 0.90% APY 0.90%
  4. iGObanking.com 0.90% APY 0.90%
  5. Synchrony Bank 0.85% APY 0.85%
Author: Brian McKay
February 5th, 2015

Variable interest rates ended 2014 higher at the beginning of the year. 2014 is the first year since the Great Recession that savings rates and money market rates moved higher as the year progressed. 2015 looks to be an even better year for deposit rates because the Federal Open Market Committee (FOMC) is expected to increase the federal funds rate sometime next year.

Savings rates, money market rates, and certificate of deposit rates are tied to the federal funds rate. When the fed funds rate moves higher, banks and credit unions increase deposit rates. 2015 will be the first year of a multi-year cycle of higher interest rates, the first up-cycle in about 10 years. You can view past interest rate cycles for the federal funds rate on the Federal Reserve Bank of New York’s website: Historical Federal Funds Rate Targets.

The FOMC lowered the fed funds rate to near zero percent in December 2008, which set the stage for banks and credit unions to lower deposit rates. Financial institutions have kept deposit rates low since 2008 but started increasing deposit rates in 2014 in anticipation of a higher fed funds rate in 2015.

While the increases have been small, there were more increases than decreases in 2014. The best savings rate this week is at 1.05 percent APY and the best money market rate is at 1.01 percent APY. This week we also have 8 financial institutions offering deposit rates at or above 1.00 percent. These rates are slightly below the best 1 year CD rates, which are currently around 1.15 percent APY.

A rate difference of only 10 basis points isn’t enough to lock into a 1 year CD account. At this point in the interest rate cycle, you’re best served by sticking with variable interest rate accounts instead of 1 year certificate of deposit. This way you position your accounts to earn a higher yield sooner than later once rates move higher.

Author: Brian McKay
December 31st, 2014