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Ohio is still hanging on to the 1% APY savings account rate, with exactly one bank in the state still offering this rate according to BestCashCow data. The average savings rate for non-online accounts across the country is 0.21% APY while the average online savings rate is 0.80% APY. So where are the best rates... mid and North Ohio. The top four rates are clustered near Akron and Columbus. The banks offering the best rates were also two relatively new banks, a trend we have seen in other states. Lastly, all of the banks with the top rates were growing and healthy, another trend we have noticed. Fast growing, financially stable banks tend to offer better rates than their peers. These banks are hungry for your money.
The best savings account rates in Ohio are:
- Westfield Bank, Fsb has the highest savings account rate in the state, paying 1.00% APY with no minimum balance. The bank has four branches located in the west of Akron. Westfield has a Texas ratio of 17.35% which is below the national average of 20.28%. Its assets have grown steadily from $264 million in 2006 to $604 million today.Westfield was founded in 2001.
- Don't live near Akron? First Bexley Bank has one branch in Columbus, OH is and is paying 0.75% APY on its savings accounts. First Bexley was founded in 2006 and has approximately $170 million in assets, up from $32 million in 2006. The bank has a Texas Ratio of 12.57%, well below the national average. It was founded in 2006.
- Valley Central Savings Bank is paying 0.60% APY with a minimum balance of $20. Valley Central Savings was founded in 1884 and has assets of $85 million, up from $79 million in 2006. The bank has one branch located near Cincinatti in Reading, OH. It has a Texas Ratio of 6.59% versus the national average of 20.28%.
- First Federal Savings And Loan Association rounds out the top 4 with a 0.51 % APY savings account with a minimum balance of $10. FFS&L was founded in 1934 and has approximately $30 million in assets, up from $18 million in 2006. The bank has an extremely low Texas Ratio of 1.86% (lower is better).The bank has one branch located northeast of Columbus.
Don't Live Near These Banks?
Another option is to consider opening a savings account online. Online savings account offer attractive rates, low minimum balances, and the convenience of banking from home. Some featured accounts are:
- Discover Bank is offering 0.90% APY with a $1 minimum balance.
- Sallie Mae Bank is offering a 1.00% APY with a $1 minimum balance.
- Personal Savings by American Express is offering a 0.90% APY rate with a $1 minimum balance.
Getting the best rate makes a difference. 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. It pays to get the best rate.
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