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.
Updated March 22, 2013
With a little bit of research, you can find that the best California savings account rates are significantly higher than the national average, which is currently 0.14%. 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:
- Alliant Credit Union is paying .70% APY on a savings account with a $100 minimum balance. While many credit unions have very strict membership criteria, anyone can join Alliant by making a $10 donation to Foster Care to Success, a worthy organization. The credit union has a relatively low Texas Ratio of 5.62%, which is good (lower Texas Ratios mean a bank is more financially sound).
- Don't want to a credit union or don't have an Alliant branch near you? Then check out Centennial Bank. With a $100 minimum balance, you can earn 0.65% APY on your savings. Centennial Bank has one branch located outside of Los Angeles in Fountain Valley. The bank focuses mainly on Commercial Real Estate lending and ha a relatively high Texas Ration of 58.17%, which is above the national average (higher Texas ratios are a sign of a bank in some financial distress).
- Beach Business Bank located right on Manhattan Beach is offering a 0.60% APY savings account with a minimum $10,000 deposit. The bank, founded in 2004 lend primarily to Commercial Real Estate and Businesses and has a low Texas Ratio of 9.31%, which is below the national average.
- Switching to money market rates, Community Valley Bank is offering 0.71% APY with a $25,000 minimum deposit. The bank has $110 million in assets and operates 2 branches east of San Diego. The bank has a Texas Ratio of 7803%, which is lower 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:
- CIT Bank is offering a 0.90% APY rate with a $100 minimum balance.
- Personal Savings from American Express offering 0.85% APY with $0 minimum balance.
- Amtrust Direct is offering 1.05% APY with a $5,000 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.
