Best California Savings Account Rates
Article Submitted By: Sol Nasisi
With a little bit of research, you can find that the best California savings account rates are over 1% APY. That's at a time when the average national rate is below .50% APY.
With a little bit of research, you can find that the best California savings account rates are over 1% APY. That's at a time when the average national rate is below .50% APY. The results are worth it, as you not only earn more money, but often find that banks offering higher rates are more stable than their lower rate peers. We checked the BestCashCow savings account rate tables and came up with the following banks:
- First General Bank is paying 1.28% APY on a passbook savings account with a $250,000 minimum balance. That's a pretty steep minimum. First General is a three branch bank located in Rowland Heights, CA. The bank has a relatively low Texas Ratio of 10.91% APY, which is good (lower Texas Ratios mean a bank is more financially sound).
- Don't want to deposit $250,000? Then check out the Commercial Bank of California. With a $500 minimum balance, you can earn 1.10% APY on your savings. The Commercial Bank has two branches and is headquartered in Costa Mesa, CA. The bank has a relatively high Texas Ratio of 63.49%, which is way above the national average (higher Texas ratios are a sign of a bank in some financial distress).
- Pacific Alliance Bank is offering a 1.01% APY savings account with a minimum $25,000 deposit. The bank, founded in 2006, is located in Rosemead, CA and has one branch. The bank has a Texas Ratio of 14.12%, which is below the national average.
- First California Bank is also offering a 1.01% APY savings rate but it requires a $250,000 minimum deposit. The bank has $1.8 billion in assets and operates 20 branches around Southern California. The bank has a Texas Ratio of 30.03%, which is higher than the national average.
If you don't live near these branches, then search for the best savings account rates in your local area. You can also check out the best online savings acccount rates, which offer rates well above the national average. Some good online deals include:
- Personal Savings from American Express offering 1.00% APY with $0 minimum balance.
- Sallie Mae Bank offering 1.10% APY with a $0 minimum balance.
- Clear Sky Accounts offering a 1.04% APY rate with a $1 minimum balance.
To understand how earning half a percentage point can put a lot more money in your wallet over time, please visit our financial knowledge section.
