Best Florida Savings Account Rates

Best Florida Savings Account Rates

Rate information contained on this page may have changed. Please find latest savings rates.

Local banks in Florida offering the best savings account rates according to the BestCashCow database.

Rate information contained on this page may have changed. 

Financial term discussed in this article: Texas Ratio (understand what it means)

Local banks in Florida are offering some attractive savings account rates according to the BestCashCow database. The average U.S. local savings account rate has dipped to 0.22% APY while the average online bankrate is now 0.81% APY. We found some local Florida banks offering rates better or close to the best online savings rates. If you happen to live close to these banks, they are worth a look.

  • Biscayne Bank leads the pack with a 1.00% APY savings rate with a paltry $1 minimum balance. It wasn't so long ago that 1.00% was a pretty low rate but nowadays it's close to the top. The bank has two branches located in Miami, was founded in 2005, and has $232 million in assets. Assets have grown from $81 million in 2006. The bank has a Texas Ratio of 16.64% versus the national average of 21.06%.
  • First Florida Bank is offering a 0.85% APY savings account with a $300 minimum balance. The bank has two locations in Destin, FL, which is in the upper panhandle between Talahasee and Mobile. The bank's assets have grown from $27.5 million in 2006 to $175 million in 2011. Its Texas Ratio is 21.66% versus he national average of 21.06%. First Florida was founded in 2006.
  • Gulfsouth Private Bank is offering 0.80% APY on its savings accounts with a $1,000 minimum balance. Gulfsouth was founded in 2005 and has five branches located in the upper panhandle once again between Talahasee and Mobile. This areas seems to be the golden location for high savings rates in Florida. The bank has a Texas Ratio of 110%, which is much higher than the national average of 21.06% and should be a warning sign. High Texas Ratios can be a sign of bank stress. Assets have grown from $72 million in 2006 to $209 million in 2009 and have come down to $187 million in 2011.
  • Destin, Florida strikes again! Community Bank, Destin is offering a 0.75% APY savings accoun rate with a $100 minimum balance. The bank has one branch in Miramar Beach, FL which like First Florida Bank is in the upper panhandle between Talahasee and Mobile. The bank was founded in 2007 and has seen its assets grow from $35 million to $82 million in 2011. The bank has a Texas Ratio of 7.39%.

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 1.00% APY with a $1 minimum balance.
  • CNB Bank Direct is offering a 1.00% APY with a $1 minimum balance.
  • Clear Sky Accounts offering a 1.04% 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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Best Savings Account Rates - Don't Settle for Average

Best Savings Account Rates - Don't Settle for Average

Rate information contained on this page may have changed. Please find latest savings rates.

Average savings account rates continue to fall, with average online savings accounts yielding 0.85% APY and average local savings account rates at 0.23% APY. But there's no reason to settle for average savings rates.

Average savings account rates continue to fall, with average online savings accounts yielding 0.85% APY and average local savings account rates at 0.23% APY. But there's no reason to settle for average savings rates. We looked through our database of over 6,000 banks and 6,000 credit unions to find the best rates across the country.

Best Savings Account Rates

Credit Unions in Georgia took the top three spots on the best of the best rate tables this week.

  1. AFLAC Federal Credit Union of Columbus, GA takes the top spot for its 2.410% APY for deposits up to $100,000. The credit union serves employees and employee families of Aflac Incorporated. The credit union has $167 million in assets. Its Texas Ratio is 15.88%, higher than the national credit union average of 10.30%. The credit union is NCUA insured.
  2. Floyd County Postal Employee Credit Union of Roma, GA is offering a 2.30% APY savings account with a $1 minimum deposit. The credit union serves postal employees of Floyd County and their families. The credit union is very small with $4.9 million in assets. Its Texas Ratio is 10.83% in line with the national average. The credit union is NCUA insured.
  3. Genuine Parts Credit Union of Norcross, GA is offering a 2.02% APY savings account with a minimum deposit of $50. This is another small credit union with only $8 million in assets. The bank has a low Texas Ratio of 1.08%.

There are thousands of credit unions across the country offering excellent rates with low fees across the country. Find savings account rates from credit unions in your local area by clicking on the "Savings" tab above.

But if you don't want to join a credit union, there are many local banks offering rates well above the national average.

  1. Reynolds State Bank in Reynolds, IL is offering a passbook savings account that pays 1.51% APY with a $100 minimum balance. The bank has $90 million in assets and was established in 1888. The bank's financials look excellent, with an extremely low Texas Ratio of 2.51%. The bank is FDIC insured.
  2. People's Bank of Seneca in Seneca, MO is offering a 1.50% APY savings account rate. The bank has $90 million in assets and a low Texas Ratio of 7.75%. The bank was founded in 1996 and is FDIC insured.
  3. The Victory Bank of Limerick, PA has a Fortress Savings Account that pays 1.35% APY with a $2,500 minimum balance. The bank has $100 million in assets and a low Texas Ratio of 4.19%. One factor beyind the low Texas Ratio may be the fact that the bank was founded in 2008 and most of its loans were give after the financial crisis.

Lastly, if you prefer to bank online, there are some very attractive online savings rates that are well above the national averages.

  • CNB Bank Direct is offering the top online savings account rate at 1.05% APY. CNB Bank Direct is a division of The Citizens National Bank of Bluffton. The Citizens National Bank of Bluffton is an FDIC insured institution founded in 1920. It has approximately $0.56 billion in assets and a Texas Ratio of 19.9%.
  • Personal Savings from American Express, the banking division of American Express is offering a 1.00% APY savings account. Personal Savings by American Express is a division of American Express Bank, FSB.. American Express Bank, FSB. is an FDIC insured institution founded in 2000. It has approximately $38.98 billion in assets and a Texas Ratio of 5.93%

Find the best savings account rates from local banks in your area or view all online savings account rates by clicking on the "Savings" tab above.

All of the banks and most of the credit unions on BestCashCow have deposited insured by either the FDIC or the NCUA. That means you can get a higher rate with no additional risk to your money. That's easy money. At a time when bank rates are at record lows, you might as well earn the most that you can.

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First Priority Bank Offering 1.5% APY Savings Account Guaranteed Through September

First Priority Bank Offering 1.5% APY Savings Account Guaranteed Through September

Rate information contained on this page may have changed. Please find latest savings rates.

First Priority Bank if offering a 1.50% APY savings account rate that is guaranteed through September 30, 2011.

First Priority Bank if offering a 1.50% APY electronic savings account rate that is guaranteed through September 30, 2011. That's one of the best savings account rates according to the BestCashCow rate tables. The downside? Only residents of NY, NJ, and PA are eligible to recieve the rate according to the CSR I spoke with. In addition, First Priority is dedicated to concierge service.  That usually means they service higher net worth individuals like a private bank. It's unusual to have such a competitive rate that is also guaranteed for a period of time. After September 30, First Priority can adjust the rate downward.

To get this rate, the account must be opened online and you must also opt-in to receive e-statements. According to the CSR, the account can be funded via an ACH. The minimum balance for this rate is $7,500. You'll earn .50% APY for balances from $50 - $7,499.

The bank holds $280 million in assets and operates five branches in Eastern PA, new the New Jersey border. It's Texas Ratio of 24.7% (see what Texas Ratio means) is slightly higher than the national average and it has a Return on Equity of -3.81 % versus the national average of 7.75%. The bank is FDIC insured.

 

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