Certain rates on this table are from BestCashCow.com advertisers.
Compensation may impact the order in which rates appear.
This is to inform our readers that BestCashCow has received compensation for the placement of this bank offer.
If you have your savings dollars in a big bank or a bank with low savings rates, then you are losing money. We've found FDIC insured banks that will pay you more. Take a few minutes to explore the options below and see how you can boost your savings by more than 6X the national average rate. There is competition for your money. Take advantage of it!
Online Savings Account. Account is indicated as not currently available to new customers, but bank accepts new customers who sign up to be notified after 1-2 weeks.
Last change: ↓0.15% on March 12.
Rate History: 5.15% → 5.00% → 4.85% → 4.75% → 4.60%
redstate jeff | Oct 29, 2024
Agree with the prior review even though it is 10 years old. It is shady and it doesn't show up on other sites. However, they did pay me 5.30% and although it is recently lowered to 5.15% it is still the b...
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It wasn't all smooth. I needed to call, long wait times. In the end, I felt like the beta customer which isn't how you want to feel with a bank.
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Rate requires download of bank app and recording of over 12,500 average daily steps (or 10,000 if over age of 65).
Last change: ↓0.05% on August 4.
Rate History: 5.00% → 4.90% → 4.75% → 4.55% → 4.50%
JGothelf | Oct 11, 2022
Glad to have found this one and thanks to bestcashcow for not hiding the best rates like bankrate does
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Vaporware. Was approved to open an account. I logged in on several different browsers with differing rendering codes--each time got nothing but 3 circles running left to right for up to a half hour when I ...
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Parent seems to be owned by a large Chilean bank. Not saying this is good or bad, but it is complication, especially in the current environment.
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Surge Money Market. Bank reports that this rate is available for new accounts only. External transfers are limited to $5,000/day and are not free. Rate History: 4.85% → 4.70% → 4.50% → 4.40% → 4.35%
Jason T | May 30, 2023
They really do pay this amount, but the account lacks any functionality and they are constantly looking for some sort of add-on fee to enable them to claw back the interest. Any bank with a higher rate an...
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High Yield Money Market. External transfers are limited to $30,000 per week. Rate History: 4.80% → 4.65% → 4.52% → 4.37% → 4.32%
TJK | Sep 30, 2023
CFG overs very competitive Interest rates on their High Yield Savings account.
I did everything ONLINE and have not had any issues with their service.
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Cornerstone Money Market Account. Bank reports that this account is available to new customers only. Old account holders in the savings product are earning 1.10%. Rate History: 4.56% → 4.46% → 4.41% → 4.36% → 4.31%
Jim S | Dec 21, 2023
Very easy to setup 6 month 5.35% CD from cornerstone account
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Performance Savings
Last change: ↓0.10% on January 18.
Rate History: 5.15% → 5.05% → 4.75% → 4.40% → 4.30%
smithy1968 | Mar 20, 2025
A non-customer-friendly organization that just switches between two contaminated brands trying to bring back some sort of goodwill that it had before it started selling fake foreign currency CDs in 2006 an...
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I could write a long list of things that are wrong with this bank. Any positives (just the rate) are outweighed by too many negatives to list. Just heed this warning - stay away.
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STAY AWAY !
They closed my accounts with no warning.
After multiple successful direct deposits and mobile checks deposits, they claimed one of the three checks I deposited a few days ago was fake. No...
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Promotional rate for 3 months up to $11,000. Requires $25,000 in new deposits within 10 days of registration. After 3 month promotional period, rate reverts to between 0.03% and 0.12%. Rate History: 4.75% → 5.00% → 4.50% → 4.35% → 4.25%
Azoic | Feb 25, 2022
I joined Citi with a Costco-VISA card. An Accelerate followed, and then a checking account.
Costco-VISA is necessary for using a credit card at Costco, otherwise cash is necessary.
Accelerate Savings w...
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Online Savings Account.
Last change: ↓0.35% on December 18, 2024.
Rate History: 5.00% → 5.30% → 5.00% → 4.60% → 4.25%
lrcbob | Jul 26, 2024
Multiple roadblocks trying to set up a savings account with Ivy Bank and my application was ultimately declined, in spite of my multiple CDs among three banks, stock investments, eleven credit cards, and c...
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Growth Savings
Last change: ↓0.35% on January 8.
Rate History: 5.15% → 5.30% → 5.00% → 4.60% → 4.25%
lrcbob | Jul 26, 2024
Multiple roadblocks trying to set up a savings account with Forbright and my application was ultimately declined, in spite of my multiple CDs among three banks, stock investments, eleven credit cards, and ...
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I was told on the phone by a bank rep that my present money market acct interest rate would continue at 2.25% until June 30, 2020 and would be FDIC covered up to $250,000. Please verify if this is true???...
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LevelUp Savings Account. Requires direct deposit of at least $250/month. Bank's standard online savings rate is 3.40% APY.
Last change: ↓0.20% on July 15.
Rate History: 5.00% → 4.75% → 4.50% → 4.40% → 4.20%
jaydub | Aug 18, 2025
Sophomoric as hell. I opened a LevelUp account for the 4.40% rate (now 4.20%). Rate requires automatic $250 deposit each month which I made, but I now realized that I never got that rate. Customer servic...
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Multiple roadblocks trying to set up a savings account with Jenius Bank and my application was ultimately declined, in spite of my multiple CDs among three banks, stock investments, eleven credit cards, an...
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Online Savings Account.
Last change: ↓0.15% on July 21.
Rate History: 4.75% → 4.70% → 4.35% → 4.20%
American Banker | Apr 7, 2023
Good luck deploying those high yield savings into profitable investments. It’s always a bad strategy … unbridled growth using volatile deposits forcing them to go out on the risk spectrum to make a dec...
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High Yield Savings Account.
Last change: ↓0.11% on July 15.
Rate History: 5.02% → 4.52% → 4.37% → 4.26% → 4.15%
Yat 1965 | Mar 19, 2022
Problem with ties to puppy mills. I closed a cct. https://www.americanbanker.com/news/tab-bank-dragged-into-seedy-world-of-puppy-mill-loans-by-fintech-partner
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not really an onllne bank. compare this interface that gives you no information with that of any other bank (I cannot even confirm the rate). cannot switch in and out of cds or np cds. just not an online b...
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Hi,
We've noticed your website is at risk due to spammy comments and contact form submissions, making it susceptible to issues like spammy backlinks and data breaches. Don't worry—there's a simple sol...
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Direct Savings. Bank reports that this rate is available for new accounts only.
Last change: ↓0.05% on April 4.
Rate History: 4.40% → 4.30% → 4.20% → 4.10% → 4.05%
Neil | Dec 18, 2023
I submitted a CD application 18 months 5.50 APY over a week ago and my application was declined no reason was given, I have the funds in another bank for transfer, credit score over 800. I think the reason...
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Personal Savings Account.
Last change: ↓0.10% on June 24.
Rate History: 4.50% → 4.15% → 4.05%
JBaker65 | May 6, 2023
Fully functional bank account that would be great for my needs, but the quarterly interest payment thing is a real nuisance. I wish they would change it. It isn't market.
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We would not be having all this trouble with people sealing money out of other people's bank accounts if we were to just stop using fancy banking like onlinebanki
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Jumbo Savings.
Last change: ↓0.10% on April 18.
Rate History: 4.60% → 4.50% → 4.25% → 4.15% → 4.05%
BW | Jul 17, 2021
I've been with this bank for 6 months and have not had any problems. Bill pay works good. The 24 month investing CD is another vechile I use. Rates are above average considering the national rate. I'd reco...
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Bank reports that this rate is for new customers only. Bank also charges ACH transfer fees and routinely lowers rates for existing customers below those advertised.
Last change: ↓0.24% on January 18.
Rate History: 5.01% → 4.41% → 4.50% → 4.25% → 4.01%
LarryMass | Dec 8, 2020
Everyone here in Boston raves about Salem Five but it is shithole operation filled with nasty entitled people. As for this online savings product, the fees are ridiculous, the transfer charges are obnoxiou...
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UFB High Yield Savings. Bank reports that this rate is for new customers only. Rate History: 4.83% → 4.57% → 4.31% → 4.01% → 4.01%
Miles Jacobsen | Jul 18, 2023
I got into this one back in early April for the rate. It was the first to hit 5%. I put up with all sorts of annoying thing getting the account funded (including a 5-day wait period during which they had...
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I'll steer clear of Dollar Savings Direct and My Savings Direct until they guarantee users at both online divisions their best rates. Banks have the right to segment their customers yes, but these games w...
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eMoneyMarket Special. Bank reports that rate is extended for new money only. Rate History: 5.25% → 4.75% → 4.50% → 4.25% → 4.00%
Hello VirtualBank? | Dec 22, 2018
I know VirtualBank has monitored these comments in the past and answered here. This is important because they do not respond to questions submitted through the website. I am trying to find out the pena...
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Platinum Savings. Bank reports that this rate is available for new accounts only.
Last change: ↓0.10% on July 7.
Rate History: 4.55% → 4.35% → 4.30% → 4.10% → 4.00%
RTN1949 | Jun 2, 2022
I've been a customer since CIT emerged from the financial crisis as a real competitor in this space (14 years or so). Zero complaints about anything over this time ... until today. Now they are offering a...
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Money Market Premier. Bank reports that this rate is for new customers only. Rate History: 4.85% → 4.75% → 4.50% → 4.25% → 4.00%
Mike Brown | Jul 6, 2023
This is an example of a bad bank. Their online process for purchasing a CD is horrible. You fill it out and it rejects it after all of your private information is disclosed. They there customer service is ...
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Account was frozen (over 400K) after they confused our account with another account / person whose name was not even very similar. We were treated like dirt after 12 years and "Guilty until Innocent". I ha...
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A non-customer-friendly organization that just switches between two contaminated brands trying to bring back some sort of goodwill that it had before it started selling fake foreign currency CDs in 2006 an...
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I've been with this bank for 6 months and have not had any problems. Bill pay works good. The 24 month investing CD is another vechile I use. Rates are above average considering the national rate. I'd reco...
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Indexed money market. Bank reports that this product and rate are available for new customers only. Rate History: 4.78% → 4.34% → 4.12% → 3.90%
PJs at bedtime | Jun 25, 2022
I've been in and out of igo. I usually carry a large balance when they are rate competitive (half the time) and move by money somewhere else when they aren't (the other half). The $3,000 transfer limit is ...
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Barclays is the worst. Transfer speeds even worse than Synchrony now. Service is worse than anything. Save yourself the trouble of getting sucked into rates that are sometimes competitive and choose anythi...
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Poor service. Condescending attitude.
Savings application denied without giving reason (Equifax file had a freeze because of hacking history) and not advising customer of need to unfreeze credit file for a...
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Sallie mae is just a horrible institution. We've done business with them before and swore on the holy bible not to go near there again, but a 18 mos cd at 5.55% brought us back.
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Sallie mae is just a horrible institution. We've done business with them before and swore on the holy bible not to go near there again, but a 18 mos cd at 5.55% brought us back.
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Online Savings
Last change: ↓0.15% on January 4.
Rate History: 4.25% → 4.50% → 4.25% → 4.00% → 3.85%
JuanVelasco | Mar 17, 2023
STAY AWAY !
They closed my accounts with no warning.
After multiple successful direct deposits and mobile checks deposits, they claimed one of the three checks I deposited a few days ago was fake. No...
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External transfers may take up to 3 business days and may be limited to $25,000/day.
Last change: ↓0.20% on June 4.
Rate History: 4.50% → 4.30% → 4.10% → 4.00% → 3.80%
mcriss | Oct 23, 2023
Synchrony Bank recently closed 3 of my accounts with them and this decision was completely unwarranted. I had two Guitar Center cards and one Levin Furniture card. I found out about this through a push not...
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MySavings Account.
Last change: ↓0.35% on May 19.
Rate History: 4.35% → 4.10% → 3.75%
not perfect but | Apr 25, 2023
with all of these online bank, including the well known ones, delaying transfers forever in order to fund these high rates, this one still executes inbound and outbound transfers immediately.
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Online transfers limited to $1,500 per day and $10,000 per month.
Last change: ↓1.00% on December 19, 2024.
Rate History: 4.75% → 4.00% → 4.80% → 4.75% → 3.75%
AEM | Sep 18, 2023
I agree with another user, this bank is very poorly put together, and may very well be an operation in large part used to extract and sell people's personal information. I called customer service and had ...
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AVOID at all costs. We read the addendum to the final page of the LENGTHY account agreement mailed to us after completing the online portion. Guess what? It gives this sweet seeming Discover Bank access to...
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Like others, I've been with Capital One and its predecessor ING Direct since 2007. I've also been getting cheap bank rates on my savings account and didn't realize that there was something better, although...
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I guess customer service is in the US (not sure). I'd rather that someone in the Philippines answered though. These people are so poorly trained and ill informed that I do not trust them with my personal...
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360 Performance Savings Account. Rate available for new account holders only.
Last change: ↓0.10% on July 2.
Rate History: 3.90% → 3.80% → 3.70% → 3.60% → 3.50%
NS123 | Mar 15, 2023
Thank you for the reviews above. I was wondering why I was only getting 0.3% when interest rates have gone up. Why CapitalOne360 is putting loyal and long time customers at a disadvantage is beyond me. ...
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Been a customer for a couple of years now with interesting checking, been a happy customer. They give you a $10 reimbursement on atm fees per statement cycle. They pay you to leave your money there curre...
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We would not be having all this trouble with people sealing money out of other people's bank accounts if we were to just stop using fancy banking like onlinebanki
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bad bank hold your deposit over months without credit in your account, no interest, they don’t want pay you interest , they want your money with 0% interest.
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I been with trustco for years and it is well run. They really are a home town bank. As a small business person i appreciate the business card stand they have in the branches for there customers. I was w...
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Poor service. Condescending attitude.
Savings application denied without giving reason (Equifax file had a freeze because of hacking history) and not advising customer of need to unfreeze credit file for a...
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The employees of this bank are helpful but the bank's systems and procedures for obtaining your account information STINK. If you want a bank that provides you quarterly (or even annual) statements by mai...
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Have done business with "Hope's" San Diego branch for a few years. Always courteous and helpful. Looking forward to doing business with them in the future.
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US Bank reported me to dult Protective Services because my husband is 85 and I am63. He got sick and went into a nursing hime for 3 months. My husband always handled the financial affairs. I had to take ov...
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Finworth looks legit, but their online disclosures and incomplete and you cannot reach them by phone and they don't respond to inquiries. I am moving along and you should too.
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Update: STAY AWAY FROM THIS BANK! They have no clue how to run an online bank. This bank is not ready for prime time. Nothing but problems. Customer service is dismal at best.
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Hi,
We've noticed your website is at risk due to spammy comments and contact form submissions, making it susceptible to issues like spammy backlinks and data breaches. Don't worry—there's a simple sol...
Read More
Like others, I've been with Capital One and its predecessor ING Direct since 2007. I've also been getting cheap bank rates on my savings account and didn't realize that there was something better, although...
Read More
ACH transfers are not allowed. Called and was told that I had to set up wire transfers (and pay fees) or I could come in to the bank and get a bank check.
Read More
Synchrony Bank recently closed 3 of my accounts with them and this decision was completely unwarranted. I had two Guitar Center cards and one Levin Furniture card. I found out about this through a push not...
Read More
I've been a customer since CIT emerged from the financial crisis as a real competitor in this space (14 years or so). Zero complaints about anything over this time ... until today. Now they are offering a...
Read More
Reduced savings rate from 1.88% to .75% a day after I deposited a substantial amount of money and no notice given or reduction in rate told to me
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I been with trustco for years and it is well run. They really are a home town bank. As a small business person i appreciate the business card stand they have in the branches for there customers. I was w...
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While USAA was at one point a great option for all your banking needs, the service has deteriorated so much that I'm currently in the process of changing banks after more than 2 decades. The final straw w...
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after over 100k in transactions through this bank in the course of a year not only did i suffer from fraud but this bank closed my accounts and i have been lliable for all the losses and to top it off with...
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I had been with USAA for 20 years. Had my checking, savings, auto and renters insurance and 2 credit cards with them. I work in the service industry and make a good portion of my income in cash tips. For 4...
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Bank reports that rate is for new customers only. External transfers take 3 to 6 business days and are limited to $75,000/day and $200,000/month. Rate History: 4.55% → 4.50% → 4.45% → 4.45% → 0.70%
Teresa McGee | Dec 3, 2024
I could write a long list of things that are wrong with this bank. Any positives (just the rate) are outweighed by too many negatives to list. Just heed this warning - stay away.
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Is it legal to bring someone into the branch and shake them down and threaten them when they want to redeem their CD upon maturity (as opposed to allowing it to automatically renew)? If not, these guys an...
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Just a great group of people to interact with at the Mineola branch. Been working with them for years. Everybody at all of the branches has always been a pleasure.
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Is it legal to bring someone into the branch and shake them down and threaten them when they want to redeem their CD upon maturity (as opposed to allowing it to automatically renew)? If not, these guys an...
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We would not be having all this trouble with people sealing money out of other people's bank accounts if we were to just stop using fancy banking like onlinebanki
Read More
I think that it is absolutely despicable that I have been a customer of the Bank for more than 8 years and I bring in rolled coins with my account number on each wrapper and I am charged 5% fee. Cost me $3...
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The Bank Rondout Savings Bank is SCAM and bad company
This is horrible bank , the loans insisted that I must come in the office before they will review my application for loan. But Everything is done onli...
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Vaporware. Was approved to open an account. I logged in on several different browsers with differing rendering codes--each time got nothing but 3 circles running left to right for up to a half hour when I ...
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I filled out the application 10 days ago answering all questions and sent a file with a copy of my drivers license to Western Bank. I received an email saying that a banker would call me within one busines...
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I've been in and out of igo. I usually carry a large balance when they are rate competitive (half the time) and move by money somewhere else when they aren't (the other half). The $3,000 transfer limit is ...
Read More
Problem with ties to puppy mills. I closed a cct. https://www.americanbanker.com/news/tab-bank-dragged-into-seedy-world-of-puppy-mill-loans-by-fintech-partner
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On line banking gives a confirmation number when paying bills. But it doesn’t confirm that the bill will be paid only that they have the information. Ridiculous.
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US Bank reported me to dult Protective Services because my husband is 85 and I am63. He got sick and went into a nursing hime for 3 months. My husband always handled the financial affairs. I had to take ov...
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Reduced savings rate from 1.88% to .75% a day after I deposited a substantial amount of money and no notice given or reduction in rate told to me
Read More
This is a terrible bank. The employees are rude and do not care. The auto lender ratio is very high, which could affect their bottom number. Don’t use this bank, there are other stable banks in the area ...
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I think that it is absolutely despicable that I have been a customer of the Bank for more than 8 years and I bring in rolled coins with my account number on each wrapper and I am charged 5% fee. Cost me $3...
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This is a terrible bank. The employees are rude and do not care. The auto lender ratio is very high, which could affect their bottom number. Don’t use this bank, there are other stable banks in the area ...
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Delores Thompson, FD Investments - Rochester, NY | Aug 1, 2016
Currently looking for a list of non- performing loans on properties in the Western, New York area. Not sure where to obtain this information from Five Star, but if you would forward this request to the cor...
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Terrible bank. Very rude to their customers and treat you as if you are unimportant. I started a new job and my direct deposit did not go into effect yet. I deposited my paycheck 3 weeks in a row and on th...
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I have been with Wayne Bank for almost 3 years after moving all of my accounts from Hells Fargo.
Since then, I have had so many problems with depositing checks with my iPhone. (phone upgraded twice sinc...
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The Bank Rondout Savings Bank is SCAM and bad company
This is horrible bank , the loans insisted that I must come in the office before they will review my application for loan. But Everything is done onli...
Read More
This is a terrible bank. The employees are rude and do not care. The auto lender ratio is very high, which could affect their bottom number. Don’t use this bank, there are other stable banks in the area ...
Read More
I was going to open an account, but turned around and walked out when they told me it will take 90 Days to get my Debit Card? Really? 90 Days?? NO THANKS. I went to their Competitor!!!
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I first dealt with Mrs. Bosch at OCTC in 1975. You will not find a bank who will treat you with the respect and truthfulness a customer deserves.
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looking to refinance into a fixed equity 15 yr loan, I have now a 1st Mortg & equity line total of about 218000. looking to get about 360 & pay off the old ones & have extra, I have a 4 unit house were we ...
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BEWARE of their Home Equity Loan practices. Towards the end of the process, after you've complied with all their requests and are on the hook for lots of fees if you cancel, they demand that all of your cr...
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Delores Thompson, FD Investments - Rochester, NY | Aug 1, 2016
Currently looking for a list of non- performing loans on properties in the Western, New York area. Not sure where to obtain this information from Five Star, but if you would forward this request to the cor...
Read More
Just a great group of people to interact with at the Mineola branch. Been working with them for years. Everybody at all of the branches has always been a pleasure.
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I've been with this bank for years; it used to be great, with good customer service that made up the for inconvenience of small-town banking with few locations. However, they recently switched to a new on...
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I was going to open an account, but turned around and walked out when they told me it will take 90 Days to get my Debit Card? Really? 90 Days?? NO THANKS. I went to their Competitor!!!
Read More
I have been with Wayne Bank for almost 3 years after moving all of my accounts from Hells Fargo.
Since then, I have had so many problems with depositing checks with my iPhone. (phone upgraded twice sinc...
Read More
I first dealt with Mrs. Bosch at OCTC in 1975. You will not find a bank who will treat you with the respect and truthfulness a customer deserves.
Read More
Oh Natty natty natty, haha the fact you need to take out (probably a second) loan for $160,000 on a $625,000 sends up all kinds of red flags. The bank was right to run away from YOU dear hahaha.
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Delores Thompson, FD Investments - Rochester, NY | Aug 1, 2016
Currently looking for a list of non- performing loans on properties in the Western, New York area. Not sure where to obtain this information from Five Star, but if you would forward this request to the cor...
Read More
BOFA is a den of people thieves camouflaged as bank operatives. There’s a soon to be uncovered carrel of money laundry there. They took all my money and don’t want to release it to me for no particular...
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I was going to open an account, but turned around and walked out when they told me it will take 90 Days to get my Debit Card? Really? 90 Days?? NO THANKS. I went to their Competitor!!!
Read More
I first dealt with Mrs. Bosch at OCTC in 1975. You will not find a bank who will treat you with the respect and truthfulness a customer deserves.
Read More
Had checking and savings for years when living in Philly. Went into PNC 2.35 APY high yield savings. They have thus far maintained rate. Easy web site and great customer phone service. Still maintain check...
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Had checking and savings for years when living in Philly. Went into PNC 2.35 APY high yield savings. They have thus far maintained rate. Easy web site and great customer phone service. Still maintain check...
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On line banking gives a confirmation number when paying bills. But it doesn’t confirm that the bill will be paid only that they have the information. Ridiculous.
Read More
I used to go to M&T when it was still Provident Bank. M&T has been very responsive to my needs and I have been pleased with the banking experience.
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All rates listed are Annual Percentage Yield (APY).
The APY rate in a savings account or money market account is a variable rate that is subject to
change at any point. The Min listed is the minimum deposit account balance required to obtain the rate listed.
BestCashCow strives to maintain the most accurate rates.
If you believe a rate is not accurate, please let us know.
NEW-YORK SAVINGS ACCOUNT ENVIRONMENT
Historically, banks in New York have been known to offer relatively competitive savings rates compared to other states due to the competitive nature of the financial sector in New York City. The presence of numerous large national and international banks headquartered in New York can lead to increased competition and potentially higher savings rates. However, this may not always be the case, as savings rates can be influenced by various economic factors, market conditions, and individual bank policies.
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 & CD 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 receive. 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 CALCULATOR
Find out how much extra money you can earn
by moving your bank money into an account that pays more.
