You are viewing savings rates across Alabama

Alabama Savings Rates 2017

If you have your savings dollars in a bank with low savings rates, then you are losing real money. With the magic of compounding interest, even an interest rate difference under 1% can really add up over time. See our Savings Booster Calculator to see why you should seek out a higher interest rate. The table below has an unbiased list of the savings and money market account rates of FDIC-insured banks that are near your current location (if they aren’t, then change the zip code above). Take a few minutes to explore these options and see how you can boost your savings by more than 6X the national average rate. You may also want to check credit unions near you or online banks by navigating through the tabs above. There is competition for your money. Take advantage of it!

AL - January 17, 2017

Savings Account National Average Rate: 0.13% ?

BANKS APY Vs. Nat'l Av. MIN MILES ?
First Jackson Bank, Inc. 0.88% 7.04x $25,000 -
Liberty Bank and Trust Company 0.65% 5.20x $1 -
Beal Bank, SSB 0.61% 4.88x $25,000 -
Synovus Bank 0.60% 4.80x $25,000 -
First Bank of Boaz 0.50% 4.00x $10,000 -
The Farmers & Merchants Bank 0.50% 4.00x $100 -
Peoples Independent Bank 0.50% 4.00x $100 -
The Citizens Bank 0.50% 4.00x $25,000 -
State Bank & Trust 0.50% 4.00x $10 -
First Partners Bank 0.50% 4.00x $5,000 -
Trinity Bank 0.40% 3.20x $25,000 -
CCB Community Bank 0.40% 3.20x $10,000 -
Southern Independent Bank 0.40% 3.20x $10,000 -
First Jackson Bank, Inc. 0.40% 3.20x $1 -
FirstState Bank 0.35% 2.80x $1 -
Liberty Bank 0.35% 2.80x $25 -
West Alabama Bank & Trust 0.35% 2.80x $25,000 -
Trinity Bank 0.35% 2.80x $5,000 -
Peoples Exchange Bank of Monroe County 0.35% 2.80x $1,000 -
SunSouth Bank 0.35% 2.80x $10,000 -
First Southern State Bank 0.35% 2.80x $2,500 -
USAmeriBank 0.35% 2.80x $25,000 -
PeoplesTrust Bank 0.34% 2.72x $100 -
AuburnBank 0.31% 2.48x $25,000 -
SunSouth Bank 0.30% 2.40x $100 -
Metro City Bank 0.30% 2.40x $25,000 -
Citizens Bank & Trust, Inc. 0.30% 2.40x $2,500 -
Trinity Bank 0.30% 2.40x $1 -
First Southern State Bank 0.30% 2.40x $1,000 -
Southern Community Bank 0.30% 2.40x $25,000 -
Synovus Bank 0.30% 2.40x $5,000 -
PeoplesTrust Bank 0.29% 2.32x $25,000 -
Synovus Bank 0.25% 2.00x $25,000 -
SouthFirst Bank 0.25% 2.00x $12,500 -
CCB Community Bank 0.25% 2.00x $2,500 -
Merchants Bank 0.25% 2.00x $25,000 -
Bank of Walker County 0.25% 2.00x $100 -
First Bank 0.25% 2.00x $100 -
First Partners Bank 0.25% 2.00x $1 -
Vantage Bank of Alabama 0.25% 2.00x $100 -
West Alabama Bank & Trust 0.25% 2.00x $10,000 -
First Citizens Bank 0.25% 2.00x $1 -
Troy Bank & Trust Company 0.25% 2.00x $100 -
The Citizens Bank 0.25% 2.00x $1 -
Citizens Bank & Trust, Inc. 0.25% 2.00x $100 -
Oakworth Capital Bank 0.25% 2.00x $10,000 -
Citizens' Bank, Inc. 0.25% 2.00x $25,000 -
Southern Independent Bank 0.25% 2.00x $2,500 -
First Community Bank 0.25% 2.00x $25,000 -
ServisFirst Bank 0.25% 2.00x $100 -
The First National Bank of Brundidge 0.25% 2.00x $100 -
Metro Bank 0.25% 2.00x $100 -
The First National Bank and Trust 0.25% 2.00x $1 -
National Bank of Commerce 0.25% 2.00x $25,000 -
The Citizens Bank 0.25% 2.00x $1 -
The Farmers & Merchants Bank 0.25% 2.00x $2,000 -
Peoples Bank of Greensboro 0.25% 2.00x $1 -
First Southern State Bank 0.25% 2.00x $50 -
HNB First Bank 0.25% 2.00x $1,000 -
Beal Bank, SSB 0.25% 2.00x $500 -
Southern Community Bank 0.25% 2.00x $100 -
First Bank of Linden 0.25% 2.00x $1 -
EvaBank 0.25% 2.00x $1 -
Trinity Bank 0.25% 2.00x $100 -
PeoplesSouth Bank 0.25% 2.00x $25,000 -
AuburnBank 0.21% 1.68x $2,500 -
Peoples Southern Bank 0.21% 1.68x $100 -
Synovus Bank 0.20% 1.60x $1,000 -
Friend Bank 0.20% 1.60x $1 -
SouthFirst Bank 0.20% 1.60x $8,500 -
First Community Bank of Cullman 0.20% 1.60x $100 -
CB&S Bank, Inc. 0.20% 1.60x $2,500 -
Traders & Farmers Bank 0.20% 1.60x $1 -
FNB Of Central Alabama 0.20% 1.60x $25,000 -
West Alabama Bank & Trust 0.20% 1.60x $2,000 -
FirstBank 0.20% 1.60x $10,001 -
Bank of Wedowee 0.20% 1.60x $50 -
Pinnacle Bank 0.20% 1.60x $10,000 -
AuburnBank 0.20% 1.60x $1 -
First Jackson Bank, Inc. 0.20% 1.60x $25 -
Merchants Bank 0.20% 1.60x $10,000 -
Capstone Bank 0.20% 1.60x $25,000 -
Sweet Water State Bank 0.20% 1.60x $10,000 -
The Samson Banking Company, Inc. 0.20% 1.60x $25,000 -
The First National Bank of Brundidge 0.20% 1.60x $10,000 -
River Bank & Trust 0.20% 1.60x $25,000 -
FNB Bank 0.20% 1.60x $2,500 -
Cadence Bank, N.A. 0.20% 1.60x $15,000 -
The First National Bank of Hartford 0.20% 1.60x $1,500 -
Beal Bank, SSB 0.20% 1.60x $1,000 -
Small Town Bank 0.20% 1.60x $50 -
USAmeriBank 0.20% 1.60x $5,000 -
First Exchange Bank of Alabama 0.20% 1.60x $1,000 -
Southern Community Bank 0.20% 1.60x $10,000 -
First National Bank of Pulaski 0.20% 1.60x $25,000 -
PeoplesTrust Bank 0.19% 1.52x $10,000 -
Merchants Bank of Alabama 0.18% 1.44x $100 -
CB&S Bank, Inc. 0.18% 1.44x $10,000 -
Community Spirit Bank 0.18% 1.44x $2,500 -
First National Bank of Pulaski 0.16% 1.28x $2,500 -
SouthFirst Bank 0.15% 1.20x $100 -
SouthPoint Bank 0.15% 1.20x $25,000 -
FNB Of Central Alabama 0.15% 1.20x $2,500 -
Union State Bank 0.15% 1.20x $20,000 -
Central State Bank 0.15% 1.20x $25,000 -
Citizens Bank & Trust 0.15% 1.20x $2,500 -
Cheaha Bank 0.15% 1.20x $50 -
Trustmark National Bank 0.15% 1.20x $25,001 -
First Citizens Bank 0.15% 1.20x $2,500 -
Reliance Bank 0.15% 1.20x $200 -
Bank of Walker County 0.15% 1.20x $25 -
Vantage Bank of Alabama 0.15% 1.20x $1 -
The Samson Banking Company, Inc. 0.15% 1.20x $200 -
EvaBank 0.15% 1.20x $100 -
PeoplesSouth Bank 0.15% 1.20x $2,500 -
Merchants Bank 0.15% 1.20x $50 -
Community Bank, Coast 0.15% 1.20x $100 -
First Federal Bank, A FSB 0.15% 1.20x $1 -
Bank of York 0.15% 1.20x $2,500 -
MidSouth Bank 0.15% 1.20x $100 -
CCB Community Bank 0.15% 1.20x $200 -
ServisFirst Bank 0.15% 1.20x $1 -
HNB First Bank 0.15% 1.20x $100 -
Southern Community Bank 0.15% 1.20x $2,500 -
Covenant Bank 0.15% 1.20x $10,000 -
Bryant Bank 0.15% 1.20x $25,000 -
First Southern Bank 0.15% 1.20x $25 -
FNB Bank 0.15% 1.20x $10,000 -
Sweet Water State Bank 0.15% 1.20x $1 -
Troy Bank & Trust Company 0.15% 1.20x $10,000 -
Friend Bank 0.15% 1.20x $100 -
Capstone Bank 0.15% 1.20x $2,500 -
Progress Bank and Trust 0.15% 1.20x $10,000 -
FirstBank 0.15% 1.20x $25 -
National Bank of Commerce 0.15% 1.20x $5,000 -
Bank of Wedowee 0.15% 1.20x $25,000 -
The First National Bank of Hartford 0.15% 1.20x $1 -
Alamerica Bank 0.15% 1.20x $300 -
First US Bank 0.15% 1.20x $25,000 -
Escambia County Bank 0.15% 1.20x $10,000 -
First Community Bank of Central Alabama 0.15% 1.20x $25,000 -
Citizens' Bank, Inc. 0.15% 1.20x $10,000 -
Cadence Bank, N.A. 0.15% 1.20x $15,000 -
Merchants & Farmers Bank of Greene County, Alabama 0.15% 1.20x $100 -
State Bank & Trust Company 0.15% 1.20x $2,500 -
Synovus Bank 0.15% 1.20x $1 -
Liberty Bank and Trust Company 0.15% 1.20x $2,500 -
Bank of the Ozarks 0.15% 1.20x $25,000 -
PeoplesTrust Bank 0.14% 1.12x $1 -
Southern Independent Bank 0.13% 1.04x $200 -
Southern States Bank 0.13% 1.04x $25,000 -
Cullman Savings Bank 0.13% 1.04x $1 -
Farmers and Merchants Bank 0.12% 0.96x $100 -
Bank Independent 0.11% 0.88x $1 -
Peoples Southern Bank 0.11% 0.88x $1 -
PNC Bank, National Association 0.11% 0.88x $25,000 -
SouthPoint Bank 0.10% 0.80x $1 -
Metro City Bank 0.10% 0.80x $250 -
The First National Bank of Brundidge 0.10% 0.80x $1,000 -
First Community Bank of Central Alabama 0.10% 0.80x $10,000 -
Escambia County Bank 0.10% 0.80x $200 -
The Commercial Bank Of Ozark 0.10% 0.80x $1,500 -
National Bank of Commerce 0.10% 0.80x $1 -
Bryant Bank 0.10% 0.80x $1 -
Trustmark National Bank 0.10% 0.80x $300 -
First National Bank of Pulaski 0.10% 0.80x $100 -
Central State Bank 0.10% 0.80x $100 -
Peoples Exchange Bank of Monroe County 0.10% 0.80x $100 -
First US Bank 0.10% 0.80x $1 -
Bank of Wedowee 0.10% 0.80x $1 -
Covenant Bank 0.10% 0.80x $50 -
Pinnacle Bank 0.10% 0.80x $1 -
Merchants & Marine Bank 0.10% 0.80x $2,500 -
Southcrest Bank, National Association 0.10% 0.80x $1 -
State Bank & Trust Company 0.10% 0.80x $50 -
Traders & Farmers Bank 0.10% 0.80x $1,000 -
Capstone Bank 0.10% 0.80x $100 -
Citizens' Bank, Inc. 0.10% 0.80x $2,000 -
Oakworth Capital Bank 0.10% 0.80x $1,000 -
Merchants & Farmers Bank of Greene County, Alabama 0.10% 0.80x $2,501 -
River Bank & Trust 0.10% 0.80x $1 -
First State Bank of the South, Inc. 0.10% 0.80x $1 -
Peoples Bank of Alabama 0.10% 0.80x $100 -
First Bank of Boaz 0.10% 0.80x $1 -
Robertson Banking Company 0.10% 0.80x $1 -
AmeriFirst Bank 0.10% 0.80x $10,000 -
Troy Bank & Trust Company 0.10% 0.80x $2,000 -
Cadence Bank, N.A. 0.10% 0.80x $100 -
Bank of Brewton 0.10% 0.80x $200 -
Progress Bank and Trust 0.10% 0.80x $1 -
NobleBank & Trust 0.10% 0.80x $15,000 -
Bank of York 0.10% 0.80x $100 -
BancorpSouth Bank 0.10% 0.80x $25,000 -
First Progressive Bank 0.10% 0.80x $500 -
First Partners Bank 0.10% 0.80x $100 -
Southern States Bank 0.10% 0.80x $100 -
The Exchange Bank of Alabama 0.10% 0.80x $1 -
First Federal Bank, A FSB 0.10% 0.80x $1,001 -
Synovus Bank 0.10% 0.80x $10,000 -
First Community Bank 0.10% 0.80x $5,000 -
PeoplesSouth Bank 0.10% 0.80x $200 -
CB&S Bank, Inc. 0.10% 0.80x $1 -
The Samson Banking Company, Inc. 0.10% 0.80x $1 -
FNB Bank 0.10% 0.80x $2,500 -
Citizens Trust Bank 0.10% 0.80x $5,000 -
Compass Bank 0.10% 0.80x $20,000 -
Iberiabank 0.10% 0.80x $10,000 -
Bank of the Ozarks 0.10% 0.80x $10,000 -
Small Town Bank 0.10% 0.80x $1,500 -
First Exchange Bank of Alabama 0.10% 0.80x $50 -
CharterBank 0.09% 0.72x $15,000 -
PNC Bank, National Association 0.09% 0.72x $10,000 -
Renasant Bank 0.08% 0.64x $10,000 -
Southern States Bank 0.08% 0.64x $5,000 -
Merchants & Marine Bank 0.07% 0.56x $100 -
Commonwealth National Bank 0.06% 0.48x $100 -
Bank Independent 0.05% 0.40x $1 -
West Alabama Bank & Trust 0.05% 0.40x $250 -
Southern States Bank 0.05% 0.40x $1,500 -
BancorpSouth Bank 0.05% 0.40x $1 -
Century Bank 0.05% 0.40x $1 -
NobleBank & Trust 0.05% 0.40x $1 -
CharterBank 0.05% 0.40x $1,000 -
Citizens Bank & Trust 0.05% 0.40x $100 -
Synovus Bank 0.05% 0.40x $1,000 -
Iberiabank 0.05% 0.40x $2,500 -
First Community Bank 0.05% 0.40x $100 -
Bank of Brewton 0.05% 0.40x $1,000 -
Compass Bank 0.05% 0.40x $1 -
First Financial Bank 0.05% 0.40x $1 -
Bryant Bank 0.05% 0.40x $100 -
Citizens' Bank, Inc. 0.05% 0.40x $50 -
FNB Of Central Alabama 0.05% 0.40x $100 -
Community Bank, Coast 0.05% 0.40x $1 -
The Citizens Bank 0.05% 0.40x $100 -
Union State Bank 0.05% 0.40x $1 -
AmeriFirst Bank 0.05% 0.40x $50 -
Citizens Trust Bank 0.05% 0.40x $1 -
First Community Bank of Cullman 0.05% 0.40x $1,000 -
Community Spirit Bank 0.05% 0.40x $100 -
First Community Bank of Central Alabama 0.05% 0.40x $1 -
Woodforest National Bank 0.05% 0.40x $1 -
Cadence Bank, N.A. 0.05% 0.40x $1,000 -
Bank of the Ozarks 0.05% 0.40x $100 -
The First, A National Banking Association 0.05% 0.40x $10,000 -
USAmeriBank 0.05% 0.40x $1 -
Trustmark National Bank 0.05% 0.40x $1,000 -
The Commercial Bank Of Ozark 0.05% 0.40x $100 -
Armed Forces Bank, National Association 0.05% 0.40x $100 -
Commonwealth National Bank 0.04% 0.32x $500 -
Branch Banking and Trust Company 0.04% 0.32x $10,000 -
CharterBank 0.04% 0.32x $1 -
Renasant Bank 0.03% 0.24x $1 -
Wells Fargo Bank, National Association 0.03% 0.24x $1 -
BancorpSouth Bank 0.03% 0.24x $1 -
PNC Bank, National Association 0.03% 0.24x $1 -
Armed Forces Bank, National Association 0.03% 0.24x $1 -
Whitney Bank 0.03% 0.24x $2,500 -
Metro Bank 0.03% 0.20x $10,000 -
The First, A National Banking Association 0.03% 0.20x $1 -
Farmers and Merchants Bank 0.02% 0.16x $2,500 -
Synovus Bank 0.02% 0.16x $1 -
Branch Banking and Trust Company 0.02% 0.16x $1,000 -
Metro Bank 0.02% 0.12x $2,500 -
Wells Fargo Bank, National Association 0.01% 0.08x $2,500 -
Regions Bank 0.01% 0.08x $1 -
Branch Banking and Trust Company 0.01% 0.08x $1 -
Whitney Bank 0.01% 0.08x $100 -
Reliance Bank 0.01% 0.08x $1 -
SunTrust Bank 0.01% 0.08x $1 -
PNC Bank, National Association 0.01% 0.08x $2,500 -


BestCashCow strives to maintain the most accurate rates. If you find a rate that is not accurate, please let us know by commenting below so that we can update it. Thank you for your help.

PRODUCT INFORMATION


Local Savings Accounts 2017

Savings accounts offer depositors flexibility along with the stability of FDIC insurance (assuming your deposit amounts are within FDIC limits – see below). Savings accounts are a good place to keep money for unforeseen expenses, as well as money that you may be preparing to use and want to keep safe. Individuals often use savings accounts for a home down payment, a vacation, a wedding, a car, an emergency fund, or other near-term expenditures. However, if you have cash that you do not believe you will need for at least a year, you may want to consider investing in a certificate of deposit.

While online savings account have grown in popularity and usage dramatically over the past fifteen years, some consumers prefer opening an account in a branch and having a personal relationship with the people who safeguard their money. Physical branches also provide an easy way to get cash instantly, to deposit checks, to access to notaries, and sometimes to get free coffee and donuts.

You will find a map with all banks that are close to you here.

FDIC Insurance

BestCashCow strongly recommends that when depositing money, you stay within the insured limits of the Federal Deposit Insurance Corporation (“FDIC”). You should not deposit over $250,000 at a single bank across all products (savings or share certificates, certificates of deposit or time deposits, etc.) unless these deposits are made across different product types (individual, joint, etc). Learn more about FDIC insurance and different product types here. If you are still uncertain whether you are within FDIC limits, you should visit the FDIC's website to determine your coverage limits based on your circumstances.

Advantages of Local Savings or Money Market Accounts:

  • Higher interest rate than a checking account, usually.
  • Personal service and interaction. Unlike an online account you are building a relationship with your banker by opening it in a branch.
  • Online access. Often, depending on the size of the bank, banks enable transactions and deposits to be performed online or through a mobile application.
  • Liquidity. Depositors can withdraw their money at any time.

Disadvantages:

  • A variable interest rate. Rates can change at any time. In a falling rate environment, this is a negative. In a rising rate environment, this is a positive.
  • A lower rate than an online bank. Branches are expensive and non-online banks often can't afford to pay as much interest as an online bank.

FREQUENTLY ASKED QUESTIONS ABOUT LOCAL SAVINGS RATES


Why do savings rates vary so much?

Even though rates are at levels that are historically very low, there is competition for your money. Like any active marketplace, there are buyers and sellers of goods and services at different prices. Banks have different cost structures and they also have different needs for capital. This leads to different rates.

BestCashCow’s surveys show that online banks offer higher savings and CD rates because they have lower expenses from not having to maintain brick-and-mortar locations. Therefore, we strongly recommend that all depositors consider the rates at online banks as savings and money market accounts online can easy be set up to enable quick transfers to your favorite local bank.

What is the difference between a savings account and a money market account?

The differences between a savings account and a money market account are largely arcane. Some money market accounts offer more ways access deposits by issuing checks and debit cards, but prudent consumers will compare the two interchangeably, focusing primarily on rates and service among FDIC-insured banks (or NCUA-insured, for credit unions). Most savvy consumers who plan their expenses and financial needs ahead find the additional functionality offered by money markets to be of little value and will choose whichever account (savings or money market) has the higher rate.

What does annual percentage yield (APY) mean?

Savings rates are displayed in terms of APY to indicate the effective annual-interest return, including the compounding of interest, of the course of a single year. $100,000 deposited in a savings or CD account with a 1.20% APY will earn $1,200 in the course of the year, but monthly interest in the first few months may be less than $100 a month (this also depends on the number of days in the month). Hence, the APY rate is ordinarily a couple of basis points above the real interest rates. Unlike with a Certificate of Deposit, your actual APY in a savings may vary if the rate changes.

How do I choose the right savings account and should I consider CDs?

Begin your search with the table here on BestCashCow.com that you have found. In addition to checking online savings rates, you should also check local bank rates and local credit union rates. If you are unlikely to require access to your cash for some time, you may also consider certificates of deposit (CDs). While CDs have penalties for early withdrawal that may even eat into your principal, the rates on 2, 3, 4 and 5 year CDs are ordinarily significantly higher than savings rates. Several other sections and articles on BestCashCow can also help you to identify your proper cash allocation between savings and CDs. Access these below. You should also familiarize yourself with our Savings Booster Calculator in order to understand the importance of compounding interest at higher rates on your savings over time.

8 POINT CHECKLIST FOR A GREAT BANKING RELATIONSHIP WITH YOUR LOCAL BANK

  • Find a bank with a location convenient to you. Location counts.
  • Choose a bank with good rates. Rates are important to get continued growth of your capital.
  • Choose a bank with an extensive network of fee-free ATM machines or which reimburses out-of-network ATM fees, if you still need to regularly access cash.
  • Avoid fees. Choose a bank which doesn’t have service fees provided you maintain a certain balance, which doesn’t charge for ACH inbound and outbound transfers, and which has low fees for things like international wire transfers and bounced checks.
  • Choose a healthy bank. If you click on a bank above, you’ll be taken to the bank’s financial detail. A healthy bank has happy employees and provides loyal service to its customers. No matter how healthy your bank is, stay within FDIC insurance limits.
  • Find something of value to offset what may be slightly lower rates than online accounts offer. Develop personal relationship with your bankers. Personal relationships can help you to get appropriate financial advice, and to navigate financial challenges and needs in the future. (Be careful with the financial advice you and be sure it is appropriate. Inappropriate financial advice is worth a lot less than no financial advice.) They can also put you in touch with others in your community who could be valuable personally and professionally to know. If you don't use your local savings account as an opportunity to build these relationships, you may find that you are better of banking online.
  • Choose a bank that is going to let you access your cash when you need. The great benefit of savings accounts over any other financial product (including CDs) is that you have absolute liquidity. If your bank in creating impediments to accessing your cash (paperwork, fees, etc.), then you need another bank.
  • Be aware that you can have more than one account. Having a great local savings account at a large or small bank near you can be great, but it doesn't need to stop you from opening one or more online savings accounts, or even developing a relationship with another local bank or credit union.

SAVINGS & CD BOOSTER CALCULATOR

Find out how much extra money you can earn by moving your bank money into an account that pays more.

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  • george koshefsky

    April 21, 2015

    Where is the list of the worst online banks to bank with or the States to avoid

  • ctyank January 19, 2015

    January 19, 2015

    Liberty Bank...Hamden, CT...new branch opening...special savings rate, 1.50% up to $100,000.00 through 2016...do not beleive it is available to om-line customer(s)...checking account linked, free...

  • Sol @ Travis

    September 29, 2013

    @ Travis

    In many cases we do provide this information. For example, the Belmont Savings Bank rate you list above comes with a clear disclaimer if you click the Learn more button. We're always trying to improve though and will certainly continue to gather additional information. Thanks for your comment.

  • Travis MacDonald

    September 29, 2013

    I find the numbers decieving. Some of your banks listed with the highest APR have many restrictions and requirements. I feel that these should be listed on your site in the "details" section to avoid any "bait-and-switch" claims. For instance, Belmont Savings Bank in Belmont, MA is listed as having a 1.00% APR, but the savings account requires a companion checking account with a daily average balance of 250,000. Another example is Salen Five cents Bank under the online banks. The account listed is not available on their website. When I inquired about it, they told me that particular savings product was reserved as an add-on for accounts with daily balances in excess of $10,000. It seems alot of research went into the details pages in terms of company financials and whatnot. Seems like a little more research could be done on the savings and checking products themselves.

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