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Nebraska 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!

NE - January 17, 2017

Savings Account National Average Rate: 0.13% ?

BANKS APY Vs. Nat'l Av. MIN MILES ?
Tri Valley Bank 1.00% 8.00x $10,000 -
Cedar Rapids State Bank 1.00% 8.00x $25,000 -
Brunswick State Bank 0.70% 5.60x $20,000 -
Frontier Bank 0.65% 5.20x $25,000 -
Ashton State Bank 0.65% 5.20x $100 -
Elkhorn Valley Bank & Trust 0.60% 4.80x $25,000 -
Great Plains State Bank 0.60% 4.80x $25,001 -
First National Bank of Omaha 0.55% 4.40x $5,000 -
Elkhorn Valley Bank & Trust 0.55% 4.40x $1 -
Tri Valley Bank 0.50% 4.00x $500 -
The Tilden Bank 0.50% 4.00x $25,000 -
United Republic Bank 0.50% 4.00x $1 -
The Hershey State Bank 0.50% 4.00x $2,500 -
Great Plains State Bank 0.50% 4.00x $10,001 -
Lincoln FSB of Nebraska 0.50% 4.00x $15,000 -
Frontier Bank 0.50% 4.00x $10,000 -
Brunswick State Bank 0.45% 3.60x $500 -
First Community Bank 0.45% 3.60x $1 -
Elkhorn Valley Bank & Trust 0.45% 3.60x $2,500 -
State Bank of Scotia 0.40% 3.20x $1 -
Citizens Bank & Trust Company 0.40% 3.20x $25,000 -
Ericson State Bank 0.40% 3.20x $1 -
Pinnacle Bank 0.40% 3.20x $25,000 -
First State Bank 0.40% 3.20x $25,000 -
Lincoln FSB of Nebraska 0.35% 2.80x $1 -
Bank of Clarks 0.35% 2.80x $25,000 -
Frontier Bank 0.35% 2.80x $1 -
The Tilden Bank 0.35% 2.80x $10,000 -
Cedar Security Bank 0.35% 2.80x $25,000 -
Bank of Prague 0.35% 2.80x $5,000 -
Brunswick State Bank 0.35% 2.80x $25 -
Ericson State Bank 0.35% 2.80x $2,500 -
Citizens State Bank 0.35% 2.80x $2,000 -
Platte Valley Bank 0.35% 2.80x $25,000 -
Town & Country Bank 0.35% 2.80x $10,000 -
Cass County Bank, Inc. 0.32% 2.56x $25,000 -
Tri Valley Bank 0.30% 2.40x $50 -
Adams County Bank 0.30% 2.40x $25,000 -
First Central Bank 0.30% 2.40x $25,000 -
Cedar Security Bank 0.30% 2.40x $10,000 -
First State Bank 0.30% 2.40x $5 -
The Tilden Bank 0.30% 2.40x $1 -
Nebraska Bank of Commerce 0.30% 2.40x $100 -
Farmers State Bank 0.30% 2.40x $25,000 -
Frontier Bank 0.30% 2.40x $10,000 -
Community First Bank 0.30% 2.40x $25,000 -
First State Bank 0.30% 2.40x $25,000 -
CHARTER WEST BANK 0.30% 2.40x $1 -
First Central Bank McCook 0.30% 2.40x $25,000 -
Thayer County Bank 0.30% 2.40x $25,000 -
Citizens Bank & Trust Company 0.30% 2.40x $10,000 -
Great Plains State Bank 0.30% 2.40x $10 -
Pinnacle Bank 0.30% 2.40x $10,000 -
Citizens State Bank 0.30% 2.40x $1 -
Cedar Rapids State Bank 0.30% 2.40x $1 -
Cass County Bank, Inc. 0.28% 2.24x $10,000 -
First State Bank 0.25% 2.00x $1 -
Nebraska Bank of Commerce 0.25% 2.00x $5,000 -
Security State Bank 0.25% 2.00x $25,000 -
Adams County Bank 0.25% 2.00x $10,000 -
State Nebraska Bank & Trust 0.25% 2.00x $25,000 -
Bank of Orchard 0.25% 2.00x $5 -
Equitable Bank 0.25% 2.00x $25,000 -
First Bank and Trust of Fullerton 0.25% 2.00x $2,500 -
First Central Bank 0.25% 2.00x $10,000 -
F&M Bank 0.25% 2.00x $25,000 -
Pinnacle Bank 0.25% 2.00x $100 -
NebraskaLand National Bank 0.25% 2.00x $1 -
Madison County Bank 0.25% 2.00x $1 -
Exchange Bank 0.25% 2.00x $10,000 -
First Central Bank McCook 0.25% 2.00x $10,000 -
Frontier Bank 0.25% 2.00x $1 -
Bank of Prague 0.25% 2.00x $1 -
The Hershey State Bank 0.25% 2.00x $1 -
Stanton State Bank 0.25% 2.00x $50 -
Farmers State Bank 0.25% 2.00x $2,500 -
Community First Bank 0.25% 2.00x $1 -
First State Bank 0.25% 2.00x $25,001 -
City Bank & Trust Co. 0.25% 2.00x $1 -
Cedar Security Bank 0.25% 2.00x $1,000 -
CHARTER WEST BANK 0.25% 2.00x $25,000 -
Western Nebraska Bank 0.25% 2.00x $1 -
Bank of Clarks 0.25% 2.00x $10,000 -
Columbus Bank and Trust Company 0.25% 2.00x $25,000 -
Plattsmouth State Bank 0.25% 2.00x $5,000 -
The Tri-County Bank 0.25% 2.00x $25,000 -
Foundation One Bank 0.25% 2.00x $15,001 -
The Bank of Steinauer 0.25% 2.00x $20,000 -
First Community Bank 0.25% 2.00x $25,000 -
Platte Valley Bank 0.25% 2.00x $5,000 -
South Central State Bank 0.25% 2.00x $100 -
First National Bank of Omaha 0.24% 1.92x $25,000 -
First National Bank of Omaha 0.21% 1.68x $25,000 -
F&M Bank 0.20% 1.60x $50 -
Pinnacle Bank 0.20% 1.60x $1 -
Five Points Bank 0.20% 1.60x $25,000 -
Bank of Elgin 0.20% 1.60x $1 -
First Central Bank McCook 0.20% 1.60x $50 -
Bank of Clarks 0.20% 1.60x $1 -
First Bank of Bancroft 0.20% 1.60x $200 -
Tecumseh Federal Bank 0.20% 1.60x $1 -
Farmers State Bank 0.20% 1.60x $25 -
Byron State Bank 0.20% 1.60x $2,500 -
Enterprise Bank 0.20% 1.60x $25,000 -
BankFirst 0.20% 1.60x $25,000 -
Countryside Bank 0.20% 1.60x $10,000 -
CHARTER WEST BANK 0.20% 1.60x $2,500 -
Auburn State Bank 0.20% 1.60x $2,500 -
West Gate Bank 0.20% 1.60x $500 -
First Community Bank 0.20% 1.60x $100 -
Exchange Bank 0.20% 1.60x $2,500 -
First State Bank 0.20% 1.60x $800 -
Platte Valley Bank 0.20% 1.60x $1 -
Cass County Bank, Inc. 0.20% 1.60x $2,500 -
Farmers Bank of Cook 0.20% 1.60x $15,000 -
Frontier Bank 0.20% 1.60x $1 -
F&M Bank 0.20% 1.60x $2,500 -
Citizens Bank & Trust Company 0.20% 1.60x $50 -
Plattsmouth State Bank 0.20% 1.60x $10,000 -
Security State Bank 0.20% 1.60x $100 -
First Central Bank 0.20% 1.60x $50 -
First Bank and Trust of Fullerton 0.20% 1.60x $1 -
Western Nebraska Bank 0.20% 1.60x $25 -
Foundation One Bank 0.20% 1.60x $100 -
Thayer County Bank 0.20% 1.60x $2,500 -
Nebraska Bank of Commerce 0.20% 1.60x $1 -
First State Bank 0.20% 1.60x $10,000 -
Premier Bank 0.20% 1.60x $10,000 -
Columbus Bank and Trust Company 0.20% 1.60x $10,000 -
FirsTier Bank 0.20% 1.60x $25,000 -
First Bank of Utica 0.20% 1.60x $1 -
Adams County Bank 0.20% 1.60x $1,000 -
Core Bank 0.20% 1.60x $10,000 -
First State Bank 0.20% 1.60x $1 -
Commercial State Bank 0.20% 1.60x $25,000 -
Equitable Bank 0.20% 1.60x $50 -
First National Bank of Omaha 0.19% 1.52x $5,000 -
Bank of Dixon County 0.18% 1.44x $15,000 -
Security Bank 0.17% 1.36x $1 -
Butte State Bank 0.17% 1.36x $25,001 -
Generations Bank 0.16% 1.28x $25,000 -
Mutual of Omaha Bank 0.15% 1.20x $1,000 -
Midwest Bank National Association 0.15% 1.20x $10,000 -
City Bank & Trust Co. 0.15% 1.20x $25,000 -
First Savings Bank 0.15% 1.20x $5,000 -
Franklin State Bank 0.15% 1.20x $1 -
Cornhusker Bank 0.15% 1.20x $1 -
State Nebraska Bank & Trust 0.15% 1.20x $1 -
Equitable Bank 0.15% 1.20x $5,000 -
Adams Bank & Trust 0.15% 1.20x $25,000 -
Arbor Bank 0.15% 1.20x $25,000 -
Minden Exchange Bank & Trust Company 0.15% 1.20x $1,000 -
First Central Bank 0.15% 1.20x $500 -
Scribner Bank 0.15% 1.20x $10,000 -
Pinnacle Bank 0.15% 1.20x $1 -
West Plains Bank 0.15% 1.20x $25,000 -
Frontier Bank 0.15% 1.20x $20,000 -
Cass County Bank, Inc. 0.15% 1.20x $100 -
Bank of the Valley 0.15% 1.20x $20,000 -
Farmers and Merchants Bank 0.15% 1.20x $1 -
Exchange Bank 0.15% 1.20x $50 -
FirsTier Bank 0.15% 1.20x $200 -
BankFirst 0.15% 1.20x $10,000 -
United Republic Bank 0.15% 1.20x $25,000 -
Cedar Security Bank 0.15% 1.20x $1 -
F&M Bank 0.15% 1.20x $2,500 -
Foundation One Bank 0.15% 1.20x $1,000 -
NebraskaLand National Bank 0.15% 1.20x $1 -
Butte State Bank 0.15% 1.20x $10,001 -
Enterprise Bank 0.15% 1.20x $10,000 -
Nebraska State Bank and Trust Company 0.15% 1.20x $1 -
Columbus Bank and Trust Company 0.15% 1.20x $2,500 -
First State Bank 0.15% 1.20x $2,000 -
Henderson State Bank 0.15% 1.20x $1 -
Farmers Bank of Cook 0.15% 1.20x $2,500 -
Town & Country Bank 0.15% 1.20x $1 -
Five Points Bank 0.15% 1.20x $10,000 -
First National Bank in Ord 0.15% 1.20x $25,000 -
The Tri-County Bank 0.15% 1.20x $5 -
Bank of Hartington 0.15% 1.20x $1 -
Security Home Bank 0.15% 1.20x $25,000 -
Security First Bank 0.15% 1.20x $20,000 -
Adams County Bank 0.15% 1.20x $1 -
Home Federal Savings and Loan Association of Grand Island 0.15% 1.20x $2,500 -
First Westroads Bank, Inc. 0.15% 1.20x $10,000 -
Bank of Lindsay 0.15% 1.20x $5,000 -
First State Bank 0.15% 1.20x $25 -
First Central Bank McCook 0.15% 1.20x $500 -
First Bank of Bancroft 0.15% 1.20x $2,500 -
Commercial State Bank 0.15% 1.20x $1,000 -
First Bank of Utica 0.15% 1.20x $1,000 -
Homestead Bank 0.15% 1.20x $25,000 -
Citizens State Bank 0.15% 1.20x $25 -
American Exchange Bank 0.15% 1.20x $1 -
South Central State Bank 0.15% 1.20x $10,000 -
First Bank & Trust Company 0.15% 1.20x $2,500 -
Cornerstone Bank 0.15% 1.20x $1 -
Plattsmouth State Bank 0.15% 1.20x $1,000 -
Auburn State Bank 0.15% 1.20x $10,000 -
Stockmens Bank 0.15% 1.20x $25,001 -
First National Bank of Omaha 0.14% 1.12x $5,000 -
Pinnacle Bank 0.14% 1.12x $10,000 -
Iowa - Nebraska State Bank 0.14% 1.12x $25,000 -
Farmers and Merchants Bank 0.13% 1.04x $25,000 -
Pinnacle Bank 0.13% 1.04x $25,000 -
Arbor Bank 0.12% 0.96x $10,000 -
Great Southern Bank 0.12% 0.96x $25,000 -
York State Bank 0.12% 0.96x $25,000 -
Bank of Dixon County 0.12% 0.96x $1 -
McCook National Bank 0.12% 0.96x $25,000 -
Generations Bank 0.12% 0.96x $4 -
Bank of Lewellen 0.12% 0.96x $10,000 -
First Bank and Trust Company 0.11% 0.88x $1 -
Gothenburg State Bank 0.10% 0.80x $1,000 -
Security State Bank 0.10% 0.80x $10,000 -
Great Southern Bank 0.10% 0.80x $100 -
Bruning State Bank 0.10% 0.80x $1 -
First State Bank Nebraska 0.10% 0.80x $5,000 -
Columbus Bank and Trust Company 0.10% 0.80x $100 -
The First National Bank of Johnson 0.10% 0.80x $1 -
City Bank & Trust Co. 0.10% 0.80x $2,500 -
The Potter State Bank of Potter 0.10% 0.80x $1 -
Scribner Bank 0.10% 0.80x $1 -
Countryside Bank 0.10% 0.80x $1 -
Arbor Bank 0.10% 0.80x $1 -
Enterprise Bank 0.10% 0.80x $50 -
Home Federal Savings and Loan Association of Grand Island 0.10% 0.80x $1 -
Heartland Bank 0.10% 0.80x $1,000 -
Stockmens Bank 0.10% 0.80x $25 -
Commercial Bank 0.10% 0.80x $1 -
Access Bank 0.10% 0.80x $1 -
First National Bank Northeast 0.10% 0.80x $1 -
West Plains Bank 0.10% 0.80x $2,500 -
Bank of the Valley 0.10% 0.80x $1 -
Wyoming State Bank 0.10% 0.80x $15,000 -
Heritage Bank 0.10% 0.80x $50 -
The First National Bank of Fairbury 0.10% 0.80x $1,000 -
Five Points Bank of Hastings 0.10% 0.80x $2,500 -
Farmers and Merchants Bank 0.10% 0.80x $1 -
Pinnacle Bank 0.10% 0.80x $1 -
The Cattle National Bank and Trust Company 0.10% 0.80x $1 -
Union Bank and Trust Company 0.10% 0.80x $10,000 -
First Savings Bank 0.10% 0.80x $1 -
Genoa Community Bank 0.10% 0.80x $100 -
Bank of Lindsay 0.10% 0.80x $100 -
Pathway Bank 0.10% 0.80x $1 -
Homestead Bank 0.10% 0.80x $10,000 -
Farmers Bank of Cook 0.10% 0.80x $1 -
Frontier Bank 0.10% 0.80x $2,500 -
Citizens State Bank 0.10% 0.80x $5,000 -
Cornhusker Bank 0.10% 0.80x $1 -
Iowa - Nebraska State Bank 0.10% 0.80x $10,000 -
Core Bank 0.10% 0.80x $100 -
Farmers State Bank 0.10% 0.80x $100 -
First Westroads Bank, Inc. 0.10% 0.80x $1 -
Butte State Bank 0.10% 0.80x $1 -
Midwest Bank National Association 0.10% 0.80x $1 -
York State Bank 0.10% 0.80x $5,000 -
Mutual of Omaha Bank 0.10% 0.80x $1,000 -
American Exchange Bank 0.10% 0.80x $1,500 -
Platte Valley Bank 0.10% 0.80x $1,000 -
Farmers and Merchants Bank of Ashland 0.10% 0.80x $10,000 -
Wahoo State Bank 0.10% 0.80x $10,000 -
Bank of Lewellen 0.10% 0.80x $1 -
Five Points Bank 0.10% 0.80x $50 -
Farmers State Bank, Spencer 0.10% 0.80x $100 -
First National Bank in Ord 0.10% 0.80x $10,000 -
Sidney Federal Savings and Loan Association 0.10% 0.80x $10 -
Points West Community Bank 0.10% 0.80x $100 -
Minden Exchange Bank & Trust Company 0.10% 0.80x $1 -
First State Bank 0.10% 0.80x $100 -
State Bank of Table Rock 0.10% 0.80x $25,000 -
Bank of Doniphan 0.10% 0.80x $1 -
Stanton State Bank 0.10% 0.80x $2,500 -
Premier Bank 0.10% 0.80x $1 -
Bank of Nebraska 0.10% 0.80x $100 -
Security Home Bank 0.10% 0.80x $2,500 -
The AMERICAN BANK OF SIDNEY, NEBRASKA 0.10% 0.80x $2,500 -
Bank of Dixon County 0.10% 0.80x $1,000 -
BankFirst 0.10% 0.80x $1 -
The Bank of Steinauer 0.10% 0.80x $25 -
Commercial State Bank 0.10% 0.80x $1 -
Security First Bank 0.10% 0.80x $1 -
First National Bank of Chadron 0.10% 0.80x $1,000 -
South Central State Bank 0.10% 0.80x $2,500 -
Nebraska State Bank and Trust Company 0.10% 0.80x $1 -
Lincoln FSB of Nebraska 0.10% 0.80x $10 -
FirstBank of Nebraska 0.10% 0.80x $10,000 -
Plattsmouth State Bank 0.10% 0.80x $1 -
McCook National Bank 0.10% 0.80x $100 -
Custer Federal State Bank 0.10% 0.80x $1,000 -
Bank of Bennington 0.10% 0.80x $10,000 -
Nebraska State Bank 0.09% 0.72x $25,000 -
First Bank and Trust Company 0.09% 0.72x $25,000 -
First National Bank of Omaha 0.09% 0.72x $5,000 -
York State Bank 0.08% 0.64x $1 -
American National Bank 0.08% 0.64x $25,000 -
First Nebraska Bank 0.08% 0.64x $100 -
Security National Bank of Omaha 0.08% 0.64x $10,000 -
State Bank of Table Rock 0.08% 0.64x $10,000 -
First National Bank of Omaha 0.08% 0.64x $250 -
Wyoming State Bank 0.08% 0.64x $2,000 -
Commercial Bank 0.07% 0.56x $2,500 -
Farmers and Merchants Bank 0.07% 0.56x $2,500 -
First Bank and Trust Company 0.07% 0.56x $10,000 -
The First National Bank of Fairbury 0.07% 0.56x $50 -
Great Southern Bank 0.07% 0.56x $10,000 -
Pinnacle Bank 0.07% 0.56x $100 -
The Jones National Bank and Trust Company of Seward 0.07% 0.56x $1 -
Central National Bank 0.07% 0.56x $10,000 -
FirstBank of Nebraska 0.07% 0.56x $25 -
McCook National Bank 0.07% 0.56x $1,000 -
Bank of Lewellen 0.07% 0.56x $500 -
Bank of the West 0.07% 0.56x $25,000 -
York State Bank 0.06% 0.48x $1 -
American National Bank 0.06% 0.48x $2,500 -
First National Bank of Omaha 0.06% 0.48x $1 -
Generations Bank 0.06% 0.48x $2,500 -
Bank of the West 0.06% 0.48x $10,000 -
U.S. Bank National Association 0.06% 0.48x $10,000 -
Farmers State Bank 0.05% 0.40x $2,500 -
Security National Bank of Omaha 0.05% 0.40x $100 -
State Bank of Table Rock 0.05% 0.40x $25 -
UMB Bank, National Association 0.05% 0.40x $1 -
Sandhills State Bank 0.05% 0.40x $1 -
First State Bank Nebraska 0.05% 0.40x $1 -
Equitable Bank 0.05% 0.40x $1 -
Bank of Bennington 0.05% 0.40x $1 -
First National Bank of Chadron 0.05% 0.40x $1,000 -
First National Bank Northeast 0.05% 0.40x $5,000 -
Pinnacle Bank 0.05% 0.40x $1 -
Security State Bank 0.05% 0.40x $1,000 -
Heritage Bank 0.05% 0.40x $1,000 -
West Gate Bank 0.05% 0.40x $50 -
Central National Bank 0.05% 0.40x $1 -
First National Bank in Ord 0.05% 0.40x $1 -
Points West Community Bank 0.05% 0.40x $2,501 -
Union Bank and Trust Company 0.05% 0.40x $1 -
First National Bank of Omaha 0.05% 0.40x $1 -
Pinnacle Bank - Wyoming 0.05% 0.40x $25,000 -
Adams Bank & Trust 0.05% 0.40x $100 -
Farmers and Merchants Bank 0.05% 0.40x $2,500 -
Pathway Bank 0.05% 0.40x $2,500 -
Washington County Bank 0.05% 0.40x $25 -
West Plains Bank 0.05% 0.40x $30 -
First State Bank & Trust Company 0.05% 0.40x $100 -
FirstBank of Nebraska 0.05% 0.40x $2,500 -
Farmers and Merchants Bank of Ashland 0.05% 0.40x $100 -
United Republic Bank 0.05% 0.40x $1 -
Security Home Bank 0.05% 0.40x $1 -
Northwest Bank 0.05% 0.40x $1,000 -
The Tri-County Bank 0.05% 0.40x $1 -
The Cattle National Bank and Trust Company 0.05% 0.40x $2,500 -
Gothenburg State Bank 0.05% 0.40x $100 -
Wahoo State Bank 0.05% 0.40x $5 -
Platte Valley Bank 0.05% 0.40x $1 -
Nebraska State Bank 0.05% 0.40x $1 -
The AMERICAN BANK OF SIDNEY, NEBRASKA 0.05% 0.40x $10 -
First Nebraska Bank 0.05% 0.40x $1,000 -
First Bank and Trust Company 0.05% 0.40x $1,000 -
Generations Bank 0.05% 0.40x $20 -
U.S. Bank National Association 0.05% 0.40x $10,000 -
City Bank & Trust Co. 0.05% 0.40x $1 -
Stockmens Bank 0.05% 0.40x $1 -
First Savings Bank 0.05% 0.40x $1,000 -
Wyoming State Bank 0.05% 0.40x $1,000 -
Two Rivers Bank 0.05% 0.40x $1 -
First Bank & Trust Company 0.05% 0.40x $50 -
Security First Bank 0.05% 0.40x $1 -
Great Western Bank 0.05% 0.40x $10,000 -
American National Bank 0.05% 0.40x $100 -
Iowa - Nebraska State Bank 0.05% 0.40x $1 -
Sidney Federal Savings and Loan Association 0.05% 0.40x $2,500 -
U.S. Bank National Association 0.04% 0.32x $1,000 -
First National Bank of Omaha 0.04% 0.32x $5,000 -
First National Bank of Omaha 0.03% 0.24x $1 -
Farmers and Merchants Bank 0.03% 0.24x $50 -
Pinnacle Bank - Wyoming 0.03% 0.24x $1 -
First National Bank Northeast 0.02% 0.16x $1,000 -
Bank of the West 0.02% 0.16x $1 -
Wahoo State Bank 0.02% 0.16x $1 -
Pinnacle Bank - Wyoming 0.02% 0.16x $2,500 -
Great Southern Bank 0.02% 0.16x $2,500 -
UMB Bank, National Association 0.02% 0.16x $1 -
Astra Bank 0.01% 0.08x $1 -
Northwest Bank 0.01% 0.08x $10 -
Great Western Bank 0.01% 0.08x $1 -
Homestead Bank 0.01% 0.08x $1 -
Bank of the West 0.01% 0.08x $1 -
Wells Fargo Bank, National Association 0.01% 0.08x $1 -
U.S. Bank National Association 0.01% 0.08x $1 -


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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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