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Massachusetts 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!

MA - January 19, 2017

Savings Account National Average Rate: 0.13% ?

BANKS APY Vs. Nat'l Av. MIN MILES ?
NorthEast Community Bank 1.00% 8.00x $5,000 -
Santander Bank, N.A. 0.80% 6.40x $100,000 -
Citizens Bank, National Association 0.75% 6.00x $10,000 -
Belmont Savings Bank 0.75% 6.00x $10 -
Commerce Bank & Trust Company 0.75% 6.00x $1 -
Commerce Bank & Trust Company 0.70% 5.60x $5,000 -
Blue Hills Bank 0.65% 5.20x $10 -
Wellesley Bank 0.50% 4.00x $100,000 -
Winchester Co-operative Bank 0.50% 4.00x $10 -
Berkshire Bank 0.50% 4.00x $2,500 -
Middlesex Federal Savings, F.A. 0.50% 4.00x $10,000 -
NorthEast Community Bank 0.40% 3.20x $1 -
Winchester Co-operative Bank 0.40% 3.20x $10 -
Washington Savings Bank 0.36% 2.88x $25,000 -
Meetinghouse Bank 0.35% 2.80x $25,000 -
Colonial Co-operative Bank 0.35% 2.80x $25,001 -
Abington Bank 0.35% 2.80x $10,000 -
MutualOne Bank 0.30% 2.40x $10,000 -
Family Federal Savings, F.A. 0.30% 2.40x $50,000 -
Commonwealth Co-operative Bank 0.30% 2.40x $25,000 -
Patriot Community Bank 0.30% 2.40x $2,500 -
Colonial Co-operative Bank 0.30% 2.40x $10,001 -
Sage Bank 0.30% 2.40x $25,000 -
Eagle Bank 0.30% 2.40x $25,000 -
The Lowell Five Cent Savings Bank 0.30% 2.40x $25,000 -
Newburyport Five Cents Savings Bank 0.30% 2.40x $25,000 -
Needham Bank 0.30% 2.40x $25,000 -
Country Bank for Savings 0.25% 2.00x $10,001 -
Pilgrim Bank 0.25% 2.00x $2,500 -
Family Federal Savings, F.A. 0.25% 2.00x $1,000 -
North Brookfield Savings Bank 0.25% 2.00x $2,000 -
Institution for Savings in Newburyport and Its Vicinity 0.25% 2.00x $1 -
Haverhill Bank 0.25% 2.00x $10,000 -
Beverly Bank 0.25% 2.00x $25,000 -
Marblehead Bank 0.25% 2.00x $25,000 -
North Middlesex Savings Bank 0.25% 2.00x $25,000 -
Southbridge Savings Bank 0.25% 2.00x $5,000 -
Colonial Co-operative Bank 0.25% 2.00x $2,500 -
Fidelity Co-operative Bank 0.25% 2.00x $25,000 -
NorthEast Community Bank 0.25% 2.00x $500 -
The Cooperative Bank 0.25% 2.00x $25,000 -
Needham Bank 0.25% 2.00x $1 -
Bank of Easton 0.25% 2.00x $2,500 -
Meetinghouse Bank 0.25% 2.00x $10,000 -
The Edgartown National Bank 0.25% 2.00x $25,000 -
Athol Savings Bank 0.25% 2.00x $2,500 -
Norwood Co-operative Bank 0.25% 2.00x $25,000 -
Sage Bank 0.25% 2.00x $10,000 -
Charles River Bank 0.25% 2.00x $15,000 -
MountainOne Bank 0.25% 2.00x $25,000 -
Abington Bank 0.20% 1.60x $10,000 -
Country Bank for Savings 0.20% 1.60x $1,001 -
Melrose Co-operative Bank 0.20% 1.60x $10 -
Greenfield Co-operative Bank 0.20% 1.60x $2,500 -
Northern Bank & Trust Company 0.20% 1.60x $2,500 -
North Easton Savings Bank 0.20% 1.60x $2,500 -
Beverly Bank 0.20% 1.60x $2,500 -
Randolph Savings Bank 0.20% 1.60x $25,000 -
Norwood Co-operative Bank 0.20% 1.60x $10,000 -
Mutual Bank 0.20% 1.60x $25,000 -
East Boston Savings Bank 0.20% 1.60x $25,000 -
Wrentham Co-operative Bank 0.20% 1.60x $2,500 -
Commonwealth Co-operative Bank 0.20% 1.60x $2,500 -
The Lowell Five Cent Savings Bank 0.20% 1.60x $10,000 -
TrustCo Bank 0.20% 1.60x $200 -
OneUnited Bank 0.20% 1.60x $1,000 -
Bridgewater Savings Bank 0.20% 1.60x $25,000 -
Spencer Savings Bank 0.20% 1.60x $10,000 -
Cambridge Trust Company 0.20% 1.60x $2,500 -
Mechanics Cooperative Bank 0.20% 1.60x $25,000 -
Coastal Heritage Bank 0.20% 1.60x $10,000 -
Patriot Community Bank 0.20% 1.60x $10 -
The Cape Cod Five Cents Savings Bank 0.20% 1.60x $25,000 -
Blue Hills Bank 0.20% 1.60x $25,000 -
Everett Co-operative Bank 0.20% 1.60x $25,000 -
Milford Federal Savings and Loan Association 0.20% 1.60x $25,000 -
The Cooperative Bank 0.20% 1.60x $10,000 -
Family Federal Savings, F.A. 0.20% 1.60x $1,000 -
TD Bank, National Association 0.20% 1.60x $25,000 -
Mansfield Co-operative Bank 0.20% 1.60x $25,000 -
Wellesley Bank 0.20% 1.60x $25,000 -
The Village Bank 0.20% 1.60x $20 -
Winter Hill Bank, FSB 0.20% 1.60x $25,000 -
Sage Bank 0.20% 1.60x $1,000 -
The Edgartown National Bank 0.15% 1.20x $10,000 -
Fidelity Co-operative Bank 0.15% 1.20x $10,000 -
Adams Community Bank 0.15% 1.20x $2,500 -
Mechanics Cooperative Bank 0.15% 1.20x $10,000 -
Hometown Bank, A Cooperative Bank 0.15% 1.20x $25,000 -
First Ipswich Bank 0.15% 1.20x $25,000 -
MutualOne Bank 0.15% 1.20x $10 -
Country Bank for Savings 0.15% 1.20x $3 -
Greenfield Co-operative Bank 0.15% 1.20x $10 -
Foxboro Federal Savings 0.15% 1.20x $1,000 -
Farmington Bank 0.15% 1.20x $25,000 -
Savers Co-operative Bank 0.15% 1.20x $2,500 -
North Brookfield Savings Bank 0.15% 1.20x $10 -
Bay State Savings Bank 0.15% 1.20x $1 -
Clinton Savings Bank 0.15% 1.20x $10,000 -
Northern Bank & Trust Company 0.15% 1.20x $1 -
Winter Hill Bank, FSB 0.15% 1.20x $10,000 -
The Provident Bank 0.15% 1.20x $10 -
TD Bank, National Association 0.15% 1.20x $10,000 -
Berkshire Bank 0.15% 1.20x $25,000 -
East Boston Savings Bank 0.15% 1.20x $2,500 -
Millbury Savings Bank 0.15% 1.20x $2,500 -
Eagle Bank 0.15% 1.20x $2,500 -
Salisbury Bank and Trust Company 0.15% 1.20x $25,000 -
Wakefield Co-operative Bank 0.15% 1.20x $1,000 -
United Bank 0.15% 1.20x $25,000 -
The National Grand Bank of Marblehead 0.15% 1.20x $25,000 -
Winchester Savings Bank 0.15% 1.20x $10 -
Milford Federal Savings and Loan Association 0.15% 1.20x $10,000 -
Abington Bank 0.15% 1.20x $1,000 -
The Bank of Canton 0.15% 1.20x $10 -
Marblehead Bank 0.15% 1.20x $1 -
Norwood Co-operative Bank 0.15% 1.20x $1 -
Newburyport Five Cents Savings Bank 0.15% 1.20x $10 -
Methuen Co-operative Bank 0.15% 1.20x $25,000 -
The Milford National Bank and Trust Company 0.15% 1.20x $2,500 -
Charles River Bank 0.15% 1.20x $15,000 -
Spencer Savings Bank 0.15% 1.20x $10 -
Wellesley Bank 0.15% 1.20x $5,000 -
Canton Co-operative Bank 0.15% 1.20x $20 -
Lee Bank 0.15% 1.20x $25,000 -
Dean Co-operative Bank 0.15% 1.20x $2,500 -
Meetinghouse Bank 0.15% 1.20x $10 -
Blue Hills Bank 0.15% 1.20x $10,000 -
Bank of Easton 0.15% 1.20x $25 -
Everett Co-operative Bank 0.15% 1.20x $2,500 -
Family Federal Savings, F.A. 0.15% 1.20x $10 -
Mansfield Co-operative Bank 0.15% 1.20x $2,500 -
North Shore Bank, a Co-operative Bank 0.15% 1.20x $25,000 -
North Middlesex Savings Bank 0.15% 1.20x $1,000 -
BayCoast Bank 0.15% 1.20x $10,000 -
Webster Bank, National Association 0.15% 1.20x $25,000 -
Marlborough Savings Bank 0.15% 1.20x $10,000 -
HarborOne Bank 0.15% 1.20x $25,000 -
Millbury National Bank 0.15% 1.20x $500 -
MountainOne Bank 0.15% 1.20x $5,000 -
Athol Savings Bank 0.15% 1.20x $2,500 -
Pilgrim Bank 0.15% 1.20x $10 -
Santander Bank, N.A. 0.15% 1.20x $10,000 -
Avidia Bank 0.14% 1.12x $10,000 -
Weymouth Bank 0.13% 1.04x $25,000 -
Canton Co-operative Bank 0.13% 1.04x $25,000 -
Berkshire Bank 0.13% 1.04x $25,000 -
Greenfield Savings Bank 0.12% 0.96x $1,000 -
Fidelity Co-operative Bank 0.11% 0.88x $10,000 -
Bridgewater Savings Bank 0.10% 0.80x $2,500 -
Marlborough Savings Bank 0.10% 0.80x $10 -
Bristol County Savings Bank 0.10% 0.80x $1 -
Winter Hill Bank, FSB 0.10% 0.80x $10 -
Santander Bank, N.A. 0.10% 0.80x $1 -
UniBank for Savings 0.10% 0.80x $2,500 -
Mansfield Co-operative Bank 0.10% 0.80x $20 -
Foxboro Federal Savings 0.10% 0.80x $10 -
Savers Co-operative Bank 0.10% 0.80x $10 -
Martha's Vineyard Savings Bank 0.10% 0.80x $10 -
Westfield Bank 0.10% 0.80x $10 -
Newburyport Five Cents Savings Bank 0.10% 0.80x $2,500 -
Fall River Five Cents Savings Bank 0.10% 0.80x $100 -
BayCoast Bank 0.10% 0.80x $10 -
Cape Cod Co-operative Bank 0.10% 0.80x $10 -
The Pittsfield Co-operative Bank 0.10% 0.80x $25,000 -
Bank of New England 0.10% 0.80x $10 -
South Shore Bank 0.10% 0.80x $25,000 -
East Boston Savings Bank 0.10% 0.80x $25 -
Methuen Co-operative Bank 0.10% 0.80x $10 -
Dean Co-operative Bank 0.10% 0.80x $25 -
Randolph Savings Bank 0.10% 0.80x $10 -
North Middlesex Savings Bank 0.10% 0.80x $10 -
PeoplesBank 0.10% 0.80x $10 -
Middlesex Federal Savings, F.A. 0.10% 0.80x $50 -
Webster Bank, National Association 0.10% 0.80x $10,000 -
Farmington Bank 0.10% 0.80x $1 -
East Cambridge Savings Bank 0.10% 0.80x $10 -
Avidia Bank 0.10% 0.80x $1 -
Wrentham Co-operative Bank 0.10% 0.80x $10 -
Monson Savings Bank 0.10% 0.80x $10 -
TrustCo Bank 0.10% 0.80x $1 -
North Shore Bank, a Co-operative Bank 0.10% 0.80x $1 -
Holbrook Co-operative Bank 0.10% 0.80x $2,500 -
Charles River Bank 0.10% 0.80x $10 -
NBT Bank, National Association 0.10% 0.80x $5,000 -
Melrose Co-operative Bank 0.10% 0.80x $2,500 -
Lee Bank 0.10% 0.80x $10 -
Haverhill Bank 0.10% 0.80x $1,000 -
Pentucket Bank 0.10% 0.80x $10,000 -
The Cooperative Bank 0.10% 0.80x $2,500 -
The Cape Cod Five Cents Savings Bank 0.10% 0.80x $10,000 -
Needham Bank 0.10% 0.80x $10 -
Abington Bank 0.10% 0.80x $10 -
The National Grand Bank of Marblehead 0.10% 0.80x $1 -
Coastal Heritage Bank 0.10% 0.80x $10 -
North Easton Savings Bank 0.10% 0.80x $10 -
Radius Bank 0.10% 0.80x $10,000 -
Wakefield Co-operative Bank 0.10% 0.80x $25,000 -
Reading Co-operative Bank 0.10% 0.80x $10,000 -
Millbury Savings Bank 0.10% 0.80x $10 -
Canton Co-operative Bank 0.10% 0.80x $2,500 -
Wellesley Bank 0.10% 0.80x $10 -
Florence Bank 0.10% 0.80x $10 -
Watertown Savings Bank 0.10% 0.80x $2,500 -
The Milford National Bank and Trust Company 0.10% 0.80x $2,500 -
Bay State Savings Bank 0.10% 0.80x $1 -
Webster Five Cents Savings Bank 0.10% 0.80x $2,500 -
Rockland Trust Company 0.10% 0.80x $25,000 -
Eagle Bank 0.10% 0.80x $250 -
The Bank of Canton 0.10% 0.80x $10,000 -
First Ipswich Bank 0.10% 0.80x $10,000 -
Leader Bank, National Association 0.10% 0.80x $10 -
The Edgartown National Bank 0.10% 0.80x $100 -
United Bank 0.10% 0.80x $10,000 -
Mutual Bank 0.10% 0.80x $1,000 -
Weymouth Bank 0.10% 0.80x $2,500 -
Salisbury Bank and Trust Company 0.10% 0.80x $1 -
Adams Community Bank 0.10% 0.80x $10 -
Meetinghouse Bank 0.10% 0.80x $2,500 -
Milford Federal Savings and Loan Association 0.10% 0.80x $50 -
Hometown Bank, A Cooperative Bank 0.10% 0.80x $1 -
Everett Co-operative Bank 0.10% 0.80x $250 -
Cambridge Savings Bank 0.10% 0.80x $10,000 -
Fidelity Co-operative Bank 0.10% 0.80x $10 -
Salem Co-operative Bank 0.10% 0.80x $1,000 -
HarborOne Bank 0.10% 0.80x $2,500 -
Mechanics Cooperative Bank 0.10% 0.80x $100 -
Millbury National Bank 0.10% 0.80x $10 -
Berkshire Bank 0.08% 0.64x $10 -
Century Bank and Trust Company 0.08% 0.64x $25,000 -
The Savings Bank 0.08% 0.60x $10 -
Easthampton Savings Bank 0.07% 0.56x $25,000 -
HarborOne Bank 0.07% 0.56x $25 -
Bridgewater Savings Bank 0.05% 0.40x $1 -
Dedham Institution for Savings 0.05% 0.40x $10 -
Clinton Savings Bank 0.05% 0.40x $10 -
Enterprise Bank and Trust Company 0.05% 0.40x $10,000 -
Commerce Bank & Trust Company 0.05% 0.40x $10 -
Wakefield Co-operative Bank 0.05% 0.40x $1 -
Northmark Bank 0.05% 0.40x $300 -
Salem Five Cents Savings Bank 0.05% 0.40x $10 -
Mutual Bank 0.05% 0.40x $10 -
Weymouth Bank 0.05% 0.40x $25 -
Boston Private Bank & Trust Company 0.05% 0.40x $1 -
Mechanics Cooperative Bank 0.05% 0.40x $100 -
Berkshire Bank 0.05% 0.40x $10 -
Rockland Trust Company 0.05% 0.40x $10,000 -
Blue Hills Bank 0.05% 0.40x $10 -
The Provident Bank 0.05% 0.40x $2,500 -
Commonwealth Co-operative Bank 0.05% 0.40x $10 -
Greenfield Co-operative Bank 0.05% 0.40x $500 -
The Pittsfield Co-operative Bank 0.05% 0.40x $100 -
Merchants Bank 0.05% 0.40x $1,500 -
Bank of New England 0.05% 0.40x $10 -
South Shore Bank 0.05% 0.40x $10 -
UniBank for Savings 0.05% 0.40x $10 -
United Bank 0.05% 0.40x $10 -
The Milford National Bank and Trust Company 0.05% 0.40x $50 -
Watertown Savings Bank 0.05% 0.40x $50 -
First Republic Bank 0.05% 0.40x $1 -
Washington Savings Bank 0.05% 0.40x $10 -
Sage Bank 0.05% 0.40x $10 -
Haverhill Bank 0.05% 0.40x $10 -
The Cape Cod Five Cents Savings Bank 0.05% 0.40x $10 -
Eastern Bank 0.05% 0.40x $10,000 -
Fall River Five Cents Savings Bank 0.05% 0.40x $100 -
Radius Bank 0.05% 0.40x $10 -
StonehamBank, A Co-operative Bank 0.05% 0.40x $10 -
Century Bank and Trust Company 0.05% 0.40x $10,000 -
Southbridge Savings Bank 0.05% 0.40x $1 -
Rollstone Bank & Trust 0.05% 0.40x $10 -
Webster Bank, National Association 0.05% 0.40x $1 -
The Cooperative Bank 0.05% 0.40x $10 -
Beverly Bank 0.05% 0.40x $10 -
Cambridge Savings Bank 0.05% 0.40x $10 -
Hometown Bank, A Cooperative Bank 0.05% 0.40x $10 -
Colonial Co-operative Bank 0.05% 0.40x $10 -
Middlesex Savings Bank 0.05% 0.40x $10 -
Webster Five Cents Savings Bank 0.05% 0.40x $10 -
Greenfield Savings Bank 0.05% 0.40x $10 -
Wellesley Bank 0.05% 0.40x $10 -
The Bank of Canton 0.05% 0.40x $2,500 -
Athol Savings Bank 0.05% 0.40x $10 -
The Braintree Co-operative Bank 0.05% 0.40x $2,500 -
Martha's Vineyard Savings Bank 0.05% 0.40x $2,500 -
Holbrook Co-operative Bank 0.05% 0.40x $20 -
Easthampton Savings Bank 0.05% 0.40x $10 -
TD Bank, National Association 0.05% 0.40x $1 -
East Cambridge Savings Bank 0.05% 0.40x $10 -
OneUnited Bank 0.05% 0.40x $500 -
Hingham Institution for Savings 0.05% 0.40x $10 -
The Savings Bank 0.05% 0.40x $10,000 -
Reading Co-operative Bank 0.05% 0.40x $2,500 -
First Ipswich Bank 0.05% 0.40x $100 -
KeyBank National Association 0.05% 0.40x $10,000 -
MountainOne Bank 0.05% 0.40x $1 -
The Lowell Five Cent Savings Bank 0.05% 0.40x $1 -
North Shore Bank, a Co-operative Bank 0.05% 0.40x $10 -
NBT Bank, National Association 0.05% 0.40x $25 -
KeyBank National Association 0.04% 0.32x $2,500 -
The Braintree Co-operative Bank 0.04% 0.32x $10 -
Bank of America, National Association 0.03% 0.24x $1 -
NBT Bank, National Association 0.03% 0.24x $1,000 -
Santander Bank, N.A. 0.03% 0.24x $1 -
Easthampton Savings Bank 0.03% 0.24x $1 -
Pentucket Bank 0.03% 0.24x $10 -
The Savings Bank 0.03% 0.20x $2,500 -
Enterprise Bank and Trust Company 0.02% 0.16x $250 -
Eastern Bank 0.02% 0.16x $10 -
Salem Five Cents Savings Bank 0.02% 0.16x $1 -
Century Bank and Trust Company 0.02% 0.16x $10 -
Webster Bank, National Association 0.02% 0.16x $1 -
People's United Bank, National Association 0.02% 0.16x $1 -
Cambridge Trust Company 0.02% 0.16x $1 -
KeyBank National Association 0.02% 0.16x $2,500 -
Rockland Trust Company 0.02% 0.16x $1 -
Bank of America, National Association 0.01% 0.08x $1 -
Belmont Savings Bank 0.01% 0.08x $10 -
Brookline Bank 0.01% 0.08x $100 -
Hingham Institution for Savings 0.01% 0.08x $10 -
Citizens Bank, National Association 0.01% 0.08x $2,500 -
Rockland Trust Company 0.01% 0.08x $1 -
Reading Co-operative Bank 0.01% 0.08x $10 -
First Ipswich Bank 0.01% 0.08x $250 -


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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