Best Savings Account Rates – CIT Bank Top Savings Rate at 1.05% APY
Every week RatesORama reports on the best savings account rates around. Right now CIT Bank has the top savings account rate for a national bank. CIT Bank's savings account rate is at 1.04 percent with an APY of 1.05 percent. The minimum opening deposit is $25,000.
If you don't have 25 grand to stash in a savings account CIT Bank also offers an online savings account with no minimum opening balance that has a current savings rate and APY of 0.90 percent. Both these rates are considerably above the FDIC's current national average savings rate of 0.10 percent.
Barclays Bank is another bank offering online savings rates 10 times the FDIC's average rate. Bankclays bank is offering their online savings account rate at 1.00 percent with an APY of 1.00 percent. Barclays Bank recently increased their CD rates but the savings account rate remained the same.
EverBank has a 6 month introductory money market account rate of 1.05 percent and an current ongoing savings rate of 0.76 percent. This gives the MMA an overall APY of 0.91 percent for the first year. The minimum opening deposit on EverBank's MMA is $1,500.
Two more national banks offering decent savings rates that are well above the national average include Ally Bank and American Express Bank.
Ally Bank's savings account rate is currently at 0.84 percent with an APY of 0.84 percent. Ally Bank's savings account rates on March 24, 2011, were slightly higher at 1.00 percent with an APY of 1.00 percent. There is no minimum balance to open a savings account at Ally Bank.
American Express Bank savings account rates are at 0.75 percent with an APY of 0.75 percent. American Express Bank's savings account rates on May 16, 2011 were higher are 1.14 percent with an APY of 1.15 percent. There is also no minimum balance to open a savings account at American Express Bank.
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