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Best Savings Rates
 

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The top online savings rates and money market rates were increased again last week because the Fed increased the fed funds rate. These increases bring the best variable deposit rates to 1.30 percent, up from the prior top rate of 1.25 percent. You won’t find these rates from traditional brick and mortar banks, these rates can only be found from Internet banks.

To give you some perspective on how much higher deposit rates are from online banks, we listed the top online rates along with rates from the largest banks. The savings rates offered by the top brick and mortar banks are paltry at best. Even finding rates the brick and mortar banks are offering is difficult – you really have to dig through their websites to find the actual rates they’re offering.

 

Top Online Savings Rates

  • BankPurely 1.30%
  • DollarSavingsDirect 1.30%
  • UFB Direct 1.30%
  • Live Oak Bank 1.25%
  • Goldman Sachs Bank 1.20%

Savings Rates at Largest Banks

  • Chase Plus Savings 0.03%
  • Wells Fargo Way2Save 0.02%
  • Citibank Savings Plus Account 0.01%
  • Bank Of America Regular Savings Account 0.01%

As you can see, there is no comparison. Don’t bother opening a savings account with any of the big 4 banks. In addition to their extremely low savings rates, there are also many hidden fees and charges. You can quickly get a negative return on your deposit if some of these fees are charged.

You can search for and compare savings rates and money market rates from dozens of banks and credit unions by searching our deposit rate lists for the best savings rates.

Author: Brian McKay
June 29th, 2017

The new highest savings account rate on our rate list this month is from Popular Direct savings account rate , currently at 1.25 percent with a yield of 1.26 percent. Popular Direct’s savings rate is two and a half times the national average savings rate as reported by MonitorBankRates.com. Popular Direct is the online banking division of Banco Popular North America (BPNA).

The best savings rates are found with online banks because you will always get a better rate than a brick and mortar bank. Many brick and mortar banks have online banking divisions which offer higher deposit rates than the parent bank. BPNA’s online savings rate is 1.26 percent but their top brick and mortar savings rate is only 0.35 percent.

Getting access to your money with an online account is also very easy these days. You can link both internal and external accounts to transfer money in and out. Mobile banking also gives you the ability to deposit checks just by taking a photo of the front and back of a check to submit for payment.

The minimum account opening account balance for a Popular Direct savings account is $5,000. There are a number of account fees you will be charged if certain criteria aren’t met on a monthly basis.

If you don’t maintain a minimum account balance of $500 you will be charged $4.00 a month. You will be charged an excessive withdrawal fee of $5 if you exceed the legal limit of 6 withdrawals or transfers during any statement cycle.

You have to keep the savings account open for a minimum of 180 days, failure to do so will cost you a fee of $25.00. There is a dormancy fee of $5 if there is no account activity in 12 months. Interest earned on the account is calculated using the daily balance method, which gives the account a higher overall annual percentage yield.

Author: Brian McKay
October 22nd, 2016

Another Fed meeting has come and gone with no interest rate hike but there is hope for the future for savings rates. Over the past year, we have already seen banks and credit unions increase savings account rates. In fact, this past month we have a new highest savings rate of 1.26 percent on our rate list.

Looking past this month, it’s very likely savings rates and money market account rates will continue to inch higher. Pressure is mounting for the Fed to increase the fed funds rate and it’s looking like that will happen during the Fed’s scheduled December meeting.

When the fed fund rate is increased, it’s likely the best savings rates from online banks will also increase. The current fed funds rate is in a targeted range of 0.25 percent and 0.50 percent. If the range is increased to 0.50 percent to 0.75 percent the top savings account rates could rise to 1.50 percent.

The last time we saw the top variable deposit rates at 1.50 percent was several years ago. You might be able to find a bank offering a promotional rate of 1.50 percent or higher but it’s a limited time promotional rate.  You have to go back to right after the financial crisis around 2009/2010 to find deposit rates that high.

Highest Savings Rates

  1. Popular Direct 1.25% APY 1.26%
  2. Synchrony Bank 1.04% APY 1.05% (tied for 2nd place)
  3. Goldman Sachs Bank USA 1.04% APY 1.05% (tied for 2nd place)
  4. AloStar Bank of Commerce 1.04% APY 1.05% (tied for 2nd place)
  5. Barclays Bank 1.00% APY 1.00% (tied for 3rd place)
  6. Ally Bank 1.00% APY 1.00% (tied for 3rd place)
  7. UFB Direct 1.00% APY 1.00% (tied for 3rd place)
  8. Radius Bank 1.00% APY 1.00% (tied for 3rd place)
  9. iGObanking 1.00% APY 1.00% (tied for 3rd place)
  10. CIT Bank 0.95% APY 0.95% (tied for 4th place)
  11. FNBO Direct 0.95% APY 0.95% (tied for 4th place)
  12. Discover Bank 0.95% APY 0.95% (tied for 4th place)
  13. American Express 0.90% APY 0.90% (tied for 5th place)
  14. Pacific National Bank 0.90% APY 0.90% (tied for 5th place)

Highest Money Market Rates

  1. EverBank APY 1.11% (promotional yield)
  2. Dime 1.09% APY 1.10% (tied for 2nd place)
  3. iGObanking.com 1.09% APY 1.10% (tied for 2nd place)
  4. Capital One 1.00% APY 1.00% (tied for 3rd place)
  5. California First National Bank 1.00% APY 1.00% (tied for 3rd place)
  6. Pacific National Bank 1.00% APY 1.00% (tied for 3rd place)
  7. ableBanking, a division of Northeast Bank 1.00% APY 1.00% (tied for 3rd place)
  8. Sallie Mae 0.90% APY 0.90%
  9. Synchrony Bank 0.85% APY 0.85% (tied for 5th place)
  10. Ally Bank 0.85% APY 0.85% (tied for 5th place)

 

 

Author: Brian McKay
October 10th, 2016

Another Federal Open Market Committee (FOMC) meeting has come and gone without a fed funds rate hike. This isn’t good news for savers who have been dealing with low savings rates for almost a decade. The FOMC wrapped up their two day meeting last week and announced they would stand pat on the fed funds rate.

There was a glimmer of good news in the FOMC’s released Economic Projections. The projection for the fed funds rate at 0.60 percent in 2016 will mean one more rate hike this year. Whether or not that actually happens remains to be seen but if there is a rate hike, it would be 0.25 basis points.

A 0.25 percent fed funds rate hike will probably prod some banks and credit unions into increasing deposit rates. I don’t expect the highest savings rate on our rate list to also increase 0.25 percent. We will probably see the top rates increase around 10 basis points. 

Right now, the best savings rate on our rate list is at 1.25 percent, so we could see the top rate move towards 1.35 percent. The highest money market account rate right now is at 1.10 percent, so the highest rate would likely increase to around 1.20 percent.  

Looking past this year, the FOMC’s projections have the fed funds rate at 1.1 percent at the end of 2017 and at 1.9 percent at the end of 2018. If these projections are correct, deposit rates will move higher in the next two years but don’t expect any miracles.

A fed funds rate just above 1.00 percent would send the highest savings rates towards 2.00 percent. A fed funds rate near 2.00 percent will send the highest savings rates towards 3.00 percent. These projected rates are still low, historically speaking, but better than current rates.

Author: Brian McKay
September 27th, 2016

The best online savings account rates are still just above 1.00 percent this week. A few banks made changes to their savings rates but there were no new highs to report. Savings rates are expected to remain near current levels until the Federal Open Market Committee raises the federal funds rate.

Another FOMC meeting came and went without a fed funds rate increase late last month. The next scheduled FOMC meeting is slated for late September. As of today, the CME Group Fed Watch tool puts the probability of a rate increase at a measly 12 percent.

Outside of the September meeting, there is another meeting scheduled for October and one in December. The Fed Watch Tool puts the chance of an increase in October at 13.4 percent and at 34.3 percent in December. The way things have been going in 2016, I’m not holding my breath for another rate increase this year.

Listed below are the top 10 bank and credit union savings rates for August 10, 2016.

Top Ten Bank and Credit Union Savings Rates August 10, 2016

  • Synchrony Bank 1.04% APY 1.05%
  • AloStar Bank of Commerce 1.04% APY 1.05%
  • Goldman Sachs Bank USA 1.04% APY 1.05%
  • Barclays Bank 1.00% APY 1.00%
  • Ally Bank 1.00% APY 1.00%
  • UFB Direct 1.00% APY 1.00%
  • Quorum Federal Credit Union 1.00% APY 1.00%
  • Radius Bank 1.00% APY 1.00%
  • iGObanking.com 1.00% APY 1.00%
Author: Brian McKay
August 10th, 2016

Online savings account rates and money market account rates have been stable the past month as bond yields plummetted. This week, the best variable deposit rates are just above 1.00 percent. The top savings rate is at 1.08 percent and the top money market rate is 1.11 percent.

The Brexit vote to leave the European Union is the catalyst for tumbling bond yields across the globe. 10 year Japanese and German bond yields are actually negative. The 10 year Japanese Treasury is yielding a negative 0.285 percent and the 10 year German Bund is yielding a negative 0.127 percent.

Yields in the U.S. are slightly higher but have declined sharply in the past month. 1o year U.S. bond yields are currently at 1.47 percent. 10 year U.S. Bond yields hit an all-time record low of 1.36 percent just last week.

Deposit rates were supposed to increase in 2016 after almost a decade of low rates but is yet to happen this year. A higher federal funds rate is what is needed to have higher deposit rates. The Federal Open Market Committee increased the fed funds rate by 0.25 percent in December 2015 but hasn’t done any more increases.

The Brexit vote has created uncertainty for the markets and as a result, it’s unlikely the Fed will increase the rate in 2016. The CME Group’s Fed Watch Tool is predicting only about a 30 percent likelihood of another fed funds rate hike by December 2016. Check our rate listings to find the best deposit rates currently available: Best Deposit Rates.

 

Author: Brian McKay
July 13th, 2016

As with all U.K. Banks, Barclays Bank has been thrown a curve with the Brexit vote to leave the European Union. To reassure everyone, Barclays Group’s Chief Executive Officer, Jes Staley, released a statement, “As the UK votes to leave the EU, we will not break our stride. Our commitment to our strategy and to our customers and clients remains unchanged.” You can read the entire statement from Jes Staley.

Barclays Bank Online Savings Account currently has a rate and yield of 1.00 percent. Barclays Bank Online savings rate is 12 times the national average rate as reported by Bankrate’s most recent Passbook & Statement Savings Study. You can view a complete list of online savings rates.

Opening a Barclays Bank online savings account is easy. As with any online bank, it takes less than 10 minutes to open an account. Setting up an external account to transfer funds will take the most amount of time. 

For security reasons, test deposits are part of the external account verification process. 2 to 3 business days after you add a link to your Barclays savings account the bank will make two test deposits of less than $1.00 into your external account. The bank uses its own money for these test deposits. 

After the test deposits are made into an external account, you log into your Barclays account and report the amounts of those test deposits. After you have confirmed the test deposit amounts, you’ll be able to begin transferring money between your Barclays account and your external account. Barclays Bank’s routing/ABA number is 031101321.

Barclays Bank Online Savings Account Features

  • No minimum balance to open an account
  • No monthly maintenance fees
  • FDIC Insured up to $250,000 per depositor
  • Interest is compounded daily
  • You can setup direct deposit
  • As per federal banking law, there is a maximum of 6 withdrawals from your account per statement cycle

You can open an account online at Barclays Bank Online Savings Account. You can also speak to a Customer Care team at 888-710-8756. They are available seven days a week from 8am to 8pm ET.

Author: Brian McKay
June 29th, 2016

Synchrony Financial Bank, formerly GE Capital Retail Finance which was spun off by G.E. Capital, is offering one of the best savings rates available. The current savings rate at Synchrony Bank is 1.04 percent with an APY of 1.05 percent. The national average savings account rate is much lower at 0.54 percent.

Synchrony Financial (NYSE:SYF) has been around in one form or another since 1932. Synchrony is currently the largest provider of private credit cards in the United States with over 62 million accounts.

Though issuing 62 million accounts, it is likely you have never seen a Synchrony Financial credit card because unlike American Express, Visa and MasterCard, Synchrony is an issuer of private credit cards. In lieu of Synchrony’s name on these cards, they usually bear the names of national retailers, manufacturers, buying groups, industry associations, and groups.

Synchrony Bank is an internet-based bank without the higher cost structure of traditional brick-and-mortar banks. Because Synchrony and other internet banks have a lower cost structure, they are able to offer higher deposit rates. Besides offering a really good rate, Synchrony’s savings accounts have the following benefits:

  • Withdrawals can be made online, over the phone, or with an ATM card
  • You have access to your accounts either online with their banking portal or by speaking with one of their Banking Representatives
  • If you keep a $30 minimum balance in your savings account there are no monthly fees
  • FDIC insures up to $250,000 per depositor for each ownership category

Like any other traditional savings account that is subjected to federal regulation, you can only make a maximum of 6 withdrawals per billing cycle. Synchrony will charge you $20 for each withdrawal over the 6 you’re allowed. Make sure you don’t exceed this limit because your 1.05% yield will quickly turn into a negative yield.

On a lighter note, Synchrony has teamed up with Marvel Entertainment on a series of “Save Like A Hero Videos” that include some videos including a Mall Cop, Cookout, and other videos.

Synchrony and Marvel also have a contest going on right now. You can enter their “Save Like A Hero Contest” and be featured on Marvel Entertainment’s Facebook page and win $100 movie gift card. All you have to do is submit a photo of yourself in a homemade Team Captain America or Team Iron Man costume and say what makes you a savings hero. If you’re interested, the full contest rules can be found at Save Like A Hero Contest Official Rules

Author: Brian McKay
May 7th, 2016

The Federal Open Market Committee (FOMC) meets next week to decide on the future direction of monetary policy. The FOMC is expected to keep the fed funds rate at 0.50 percent. In fact, the probability of a rate hike is next to nil. The CME Group’s Fed Watch Tool  puts the possibility of a rate hike at a mere 1 percent.

Since the Fed isn’t expected to increase the fed funds rate, variable deposit rates should stay near current levels. That leaves us looking forward to the Fed’s June meeting for a rate hike and banks subsequently increasing savings rates.

Currently, the top rate on the savings rate list is from UFB Direct at 1.19 percent with a yield of 1.20 percent. The top money market rate on the list is from EverBank at 1.11 percent. The EverBank MMA rate has a six month promotional rate of 1.60 percent with an ongoing rate of 0.61 percent, the combined first year APY is 1.11 percent.

Listed below are the best variable deposit rates for April 20, 2016:

Best Online Savings Rates 4/20/16

  • UFB Direct Rate 1.19% Yield 1.20%
  • Synchrony Bank Rate 1.04% Yield 1.05%
  • Goldman Sachs Bank USA Rate 1.04% Yield 1.05%
  • AloStar Bank of Commerce Rate 1.04% Yield 1.05%
  • Barclays Bank Rate 1.00% Yield 1.00%
  • Ally Bank Rate 1.00% Yield 1.00%
  • iGObanking.com Rate 1.00% Yield 1.00%
  • My Savings Direct Rate 1.00% Yield 1.00%
  • FNBO Direct Rate 0.95% Yield 0.95%
  • Discover Bank Rate 0.95% Yield 0.95%
  • Pacific National Bank Rate 0.90% Yield 0.90%
  • CIT Bank Rate 0.90% Yield 0.90%
  • American Express Rate 0.90% Yield 0.90%

Best Online Money Market Rates 4/20/16

  • EverBank MMA Rate 0.61% Yield 1.11%
  • Silvergate BankRate 1.10% Yield 1.11%
  • Dime Savings Bank Rate 1.09% Yield 1.10%
  • Northeast Bank Rate 1.09% Yield 1.10%
  • iGObanking.com Rate 1.09% Yield 1.10%
  • Pacific National Bank Rate 1.00% Yield 1.00%
  • ableBanking Rate 1.00% Yield 1.00%
  • Sallie Mae Rate 0.90% Yield 0.90%
  • Ally Bank Rate 0.85% Yield 0.85%
  • Mutual of Omaha Bank Rate 0.85% Yield 0.85%
  • Synchrony Bank MMA 0.85% Yield 0.85%

Rates are constantly changing. For the most current updated rates use the rate lists at Savings.RatesORama.com.

Author: Brian McKay
April 20th, 2016

Online deposit rates continue to creep up in 2016 as the Federal Reserve stands pat on interest rates. The new best online savings account rate on our rate list is from UFB Direct at 1.19 percent with a yield of 1.20 percent for account balances of $25,000 or more.

Complete lists of online savings rates and online money market account rates for 3/22/16 are listed below. For a list of today’s rates use our rate list at Online Variable Deposit Rates.

Top Online Savings Rates 3/22/16

  • UFB Direct Savings Rate 1.19% Yield 1.20% (new top rate)
  • Synchrony Bank Savings Rate 1.04% Yield 1.05%
  • GE Capital Bank Savings Rate 1.04% Yield 1.05%
  • Barclays Bank Savings Rate 1.00% Yield 1.00%
  • Ally Bank Savings Rate 1.00% Yield 1.00%
  • iGObanking.com Savings Rate 1.00% Yield 1.00%
  • My Savings Direct Savings Rate 1.00% Yield 1.00%
  • FNBO Direct Savings Rate 0.95% Yield 0.95%
  • Discover Bank Savings Rate 0.95% Yield 0.95%
  • CIT Bank Savings Rate 0.90% Yield 0.90%
  • American Express Savings Rate 0.90% Yield 0.90%

Top Online Money Market Rates 3/22/16

  • EverBank MMA Rate 0.61% Yield 1.11%
  • Silvergate Bank MMA Rate 1.10% Yield 1.11%
  • Dime Savings Bank of Williamsburgh MMA Rate 1.09% Yield 1.10%
  • Northeast Bank MMA Rate 1.09% Yield 1.10%
  • iGObanking.com MMA Rate 1.09% Yield 1.10%
  • ableBanking MMA Rate 1.00% Yield 1.00%
  • Sallie Mae MMA Rate 0.90% Yield 0.90%
  • Ally Bank MMA Rate 0.85% Yield 0.85%
  • Mutual of Omaha Bank MMA Rate 0.85% Yield 0.85%
  • Synchrony Bank MMA Rate 0.85% Yield 0.85%
Author: Brian McKay
March 22nd, 2016