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New York Savings Rates

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!

NY - February 12, 2016

Savings Account National Average Rate: 0.12% ?

BANKS APY Vs. Nat'l Av. MIN MILES ?
Capital One, National Association 1.10% 9.09x $10,001 -
Evans Bank, National Association 1.01% 8.35x $10,000 -
MERCANTIL COMMERCEBANK, NATIONAL ASSOCIATION 0.90% 7.44x $25,000 -
Spring Bank 0.85% 7.06x $1,000 -
Spring Bank 0.85% 7.02x $1 -
MERCANTIL COMMERCEBANK, NATIONAL ASSOCIATION 0.85% 7.02x $10,000 -
First Central Savings Bank 0.80% 6.61x $25,000 -
Massena Savings and Loan 0.76% 6.28x $25,001 -
The Westchester Bank 0.75% 6.20x $1,000 -
Spring Bank 0.75% 6.20x $25,000 -
Apple Bank for Savings 0.75% 6.20x $25,000 -
Greater Hudson Bank 0.60% 4.96x $1 -
The North Country Savings Bank 0.60% 4.96x $25,000 -
First Central Savings Bank 0.60% 4.96x $10,000 -
Amerasia Bank 0.51% 4.21x $25,000 -
Hamlin Bank and Trust Company 0.50% 4.13x $25 -
MERCANTIL COMMERCEBANK, NATIONAL ASSOCIATION 0.50% 4.13x $50 -
Indus American Bank 0.50% 4.13x $5,000 -
Customers Bank 0.50% 4.13x $50 -
The North Country Savings Bank 0.45% 3.72x $10,000 -
Victory State Bank 0.45% 3.72x $25,001 -
NewBank 0.45% 3.72x $25,000 -
Carver Federal Savings Bank 0.40% 3.31x $10,000 -
Bank of Utica 0.40% 3.31x $250 -
Alma Bank 0.40% 3.31x $100 -
TrustCo Bank 0.40% 3.31x $15,000 -
Emigrant Bank 0.40% 3.31x $100 -
NorthEast Community Bank 0.40% 3.31x $1 -
BNB Hana Bank, National Association 0.40% 3.31x $2,500 -
Savoy Bank 0.40% 3.31x $25 -
Capital One, National Association 0.40% 3.31x $1,000,001 -
The Bank of Greene County 0.35% 2.89x $25,000 -
Bank of Utica 0.35% 2.89x $1,000 -
Empire State Bank 0.35% 2.89x $25,000 -
Alma Bank 0.35% 2.89x $25,000 -
NewBank 0.30% 2.48x $300 -
The Delaware National Bank of Delhi 0.30% 2.48x $25,000 -
Ridgewood Savings Bank 0.30% 2.48x $25,000 -
BNB Hana Bank, National Association 0.30% 2.48x $25,000 -
Amerasia Bank 0.30% 2.48x $200 -
Alma Bank 0.30% 2.48x $10,000 -
Eastbank, National Association 0.30% 2.48x $10,000 -
Catskill Hudson Bank 0.30% 2.48x $25,000 -
Apple Bank for Savings 0.30% 2.48x $25,000 -
The Upstate National Bank 0.30% 2.48x $10,000 -
Gouverneur Savings and Loan Association 0.30% 2.48x $10,001 -
The Citizens National Bank of Hammond 0.30% 2.48x $50 -
Amerasia Bank 0.26% 2.15x $1,000 -
Wallkill Valley Federal Savings and Loan Association 0.26% 2.15x $25,000 -
Spring Bank 0.25% 2.07x $1 -
Carver Federal Savings Bank 0.25% 2.07x $300 -
Carthage Federal Savings and Loan Association 0.25% 2.07x $10,000 -
Wilshire Bank 0.25% 2.07x $2,500 -
Massena Savings and Loan 0.25% 2.07x $1 -
The Upstate National Bank 0.25% 2.07x $1 -
Berkshire Bank 0.25% 2.07x $50,000 -
Gouverneur Savings and Loan Association 0.25% 2.07x $10 -
Country Bank 0.25% 2.07x $2,500 -
Ponce De Leon Federal Bank 0.25% 2.07x $25,000 -
Genesee Regional Bank 0.25% 2.07x $25,000 -
Citizens Bank of Cape Vincent 0.25% 2.07x $10 -
Cattaraugus County Bank 0.25% 2.07x $2,500 -
Watertown Savings Bank 0.25% 2.07x $10 -
ConnectOne Bank 0.25% 2.07x $2,500 -
The Delaware National Bank of Delhi 0.25% 2.07x $10,000 -
First Citizens Community Bank 0.25% 2.07x $25,000 -
BNB Hana Bank, National Association 0.25% 2.07x $200 -
Quontic Bank 0.25% 2.07x $100 -
Northfield Bank 0.25% 2.07x $15,000 -
First American International Bank 0.25% 2.07x $10,000 -
Indus American Bank 0.25% 2.07x $1 -
Apple Bank for Savings 0.25% 2.07x $10,000 -
Kearny Bank 0.25% 2.07x $25,000 -
Seneca Federal Savings and Loan Association 0.25% 2.07x $25,000 -
The Westchester Bank 0.25% 2.07x $100 -
Wallkill Valley Federal Savings and Loan Association 0.21% 1.74x $10,000 -
Chemung Canal Trust Company 0.20% 1.65x $25,000 -
Cathay Bank 0.20% 1.65x $10,000 -
Jeff Bank 0.20% 1.65x $25,000 -
Community Bank, National Association 0.20% 1.65x $25,000 -
Catskill Hudson Bank 0.20% 1.65x $1 -
Cayuga Lake National Bank 0.20% 1.65x $10 -
Victory State Bank 0.20% 1.65x $1 -
Empire State Bank 0.20% 1.65x $2,500 -
MERCANTIL COMMERCEBANK, NATIONAL ASSOCIATION 0.20% 1.65x $100 -
Manufacturers and Traders Trust Company 0.20% 1.65x $2,500 -
Ridgewood Savings Bank 0.20% 1.65x $100 -
Eastbank, National Association 0.20% 1.65x $250 -
The Delaware National Bank of Delhi 0.20% 1.65x $5 -
Patriot Federal Bank 0.20% 1.65x $25,000 -
Bank of the Ozarks 0.20% 1.65x $25,000 -
Putnam County Savings Bank 0.20% 1.65x $2,501 -
BCB Community Bank 0.20% 1.65x $10,000 -
TD Bank, National Association 0.20% 1.65x $25,000 -
United Orient Bank 0.20% 1.65x $100 -
Carver Federal Savings Bank 0.20% 1.65x $10,000 -
The Bank of Greene County 0.20% 1.65x $10 -
Global Bank 0.20% 1.65x $1 -
Country Bank 0.20% 1.65x $2,500 -
Rondout Savings Bank 0.20% 1.65x $10 -
Watertown Savings Bank 0.20% 1.65x $100 -
Astoria Bank 0.20% 1.65x $25,000 -
Maple City Savings Bank, FSB 0.20% 1.65x $10 -
Sawyer Savings Bank 0.20% 1.65x $25,000 -
TrustCo Bank 0.20% 1.65x $200 -
NewBank 0.20% 1.65x $2,000 -
Wilshire Bank 0.20% 1.65x $500 -
Indus American Bank 0.20% 1.65x $1 -
The National Bank of Delaware County 0.20% 1.65x $2,500 -
Banco Popular North America 0.20% 1.65x $1 -
Patriot Federal Bank 0.16% 1.32x $10,000 -
Fairport Savings Bank 0.15% 1.24x $25,000 -
Bank of Akron 0.15% 1.24x $25,000 -
Industrial and Commercial Bank of China (USA), National Association 0.15% 1.24x $25,000 -
Carver Federal Savings Bank 0.15% 1.24x $1 -
Victory State Bank 0.15% 1.24x $2,501 -
First Niagara Bank, National Association 0.15% 1.24x $25,000 -
Cathay Bank 0.15% 1.24x $10,000 -
Northwest Bank 0.15% 1.24x $5,000 -
Berkshire Bank 0.15% 1.24x $25 -
Gouverneur Savings and Loan Association 0.15% 1.24x $2,501 -
Savannah Bank National Association 0.15% 1.24x $25 -
SussexBank 0.15% 1.24x $25,000 -
Walden Savings Bank 0.15% 1.24x $2,500 -
Alma Bank 0.15% 1.24x $1,000 -
USNY Bank 0.15% 1.24x $1 -
Abacus Federal Savings Bank 0.15% 1.24x $500 -
Genesee Regional Bank 0.15% 1.24x $10,000 -
Apple Bank for Savings 0.15% 1.24x $25,000 -
TrustCo Bank 0.15% 1.24x $15,000 -
Valley National Bank 0.15% 1.24x $25,000 -
Kearny Bank 0.15% 1.24x $100 -
Seneca Federal Savings and Loan Association 0.15% 1.24x $2,500 -
Empire State Bank 0.15% 1.24x $2,500 -
Webster Bank, National Association 0.15% 1.24x $25,000 -
PathFinder Bank 0.15% 1.24x $25,000 -
Saratoga National Bank and Trust 0.15% 1.24x $25,000 -
Ulster Savings Bank 0.15% 1.24x $2,500 -
Wallkill Valley Federal Savings and Loan Association 0.15% 1.24x $10 -
Rondout Savings Bank 0.15% 1.24x $2,500 -
Hometown Bank of the Hudson Valley 0.15% 1.24x $25,000 -
Geddes Federal Savings and Loan Association 0.15% 1.24x $1,000 -
TD Bank, National Association 0.15% 1.24x $10,000 -
Manufacturers and Traders Trust Company 0.15% 1.24x $10 -
Ponce De Leon Federal Bank 0.15% 1.24x $10,000 -
City National Bank of New Jersey 0.15% 1.24x $25,000 -
Northfield Bank 0.15% 1.24x $10,000 -
Amalgamated Bank 0.15% 1.24x $25,000 -
Gibraltar Private Bank & Trust Co. 0.15% 1.24x $1 -
Generations Bank 0.15% 1.24x $25,000 -
ConnectOne Bank 0.15% 1.24x $300 -
CTBC Bank Corp. (USA) 0.15% 1.24x $10,000 -
Customers Bank 0.15% 1.24x $50 -
Catskill Hudson Bank 0.15% 1.24x $100 -
Banco Popular North America 0.15% 1.24x $25,000 -
Salisbury Bank and Trust Company 0.15% 1.24x $25,000 -
Modern Bank, National Association 0.15% 1.24x $15,000 -
Bank of the Ozarks 0.15% 1.24x $10,000 -
Glens Falls National Bank and Trust Company 0.15% 1.24x $25,000 -
Patriot Federal Bank 0.12% 0.99x $1 -
Hometown Bank of the Hudson Valley 0.12% 0.99x $250 -
Webster Bank, National Association 0.10% 0.83x $10,000 -
The Berkshire Bank 0.10% 0.83x $300 -
The Adirondack Trust Company 0.10% 0.83x $1 -
Bank of Akron 0.10% 0.83x $10,000 -
Champlain National Bank 0.10% 0.83x $1 -
TrustCo Bank 0.10% 0.83x $1 -
Ballston Spa National Bank 0.10% 0.83x $1 -
Jeff Bank 0.10% 0.83x $1 -
Community Bank, National Association 0.10% 0.83x $25 -
First Niagara Bank, National Association 0.10% 0.83x $200 -
Carthage Federal Savings and Loan Association 0.10% 0.83x $10 -
Chemung Canal Trust Company 0.10% 0.83x $25,000 -
Amalgamated Bank 0.10% 0.83x $1 -
The Lyons National Bank 0.10% 0.83x $100 -
Fairport Savings Bank 0.10% 0.83x $10,000 -
Hometown Bank of the Hudson Valley 0.10% 0.83x $2,500 -
Bank Leumi USA 0.10% 0.83x $25,000 -
Northwest Bank 0.10% 0.83x $1 -
Manufacturers and Traders Trust Company 0.10% 0.83x $10 -
Salisbury Bank and Trust Company 0.10% 0.83x $1 -
Walden Savings Bank 0.10% 0.83x $50 -
The First National Bank of Groton 0.10% 0.83x $1 -
Cattaraugus County Bank 0.10% 0.83x $2,500 -
Cathay Bank 0.10% 0.83x $1 -
Apple Bank for Savings 0.10% 0.83x $1 -
Genesee Regional Bank 0.10% 0.83x $25 -
BBCN Bank 0.10% 0.83x $1 -
Pioneer Savings Bank 0.10% 0.83x $2,500 -
Astoria Bank 0.10% 0.83x $10,000 -
East West Bank 0.10% 0.83x $10,000 -
Alden State Bank 0.10% 0.83x $10,000 -
Berkshire Bank 0.10% 0.83x $10 -
Saratoga National Bank and Trust 0.10% 0.83x $10,000 -
Glens Falls National Bank and Trust Company 0.10% 0.83x $10,000 -
Putnam County Savings Bank 0.10% 0.83x $25 -
Capital One, National Association 0.10% 0.83x $1 -
Geddes Federal Savings and Loan Association 0.10% 0.83x $25 -
Bank of Millbrook 0.10% 0.83x $5,000 -
First Citizens Community Bank 0.10% 0.83x $10,000 -
PathFinder Bank 0.10% 0.83x $10,000 -
The First National Bank of Dryden 0.10% 0.83x $10,000 -
Industrial and Commercial Bank of China (USA), National Association 0.10% 0.83x $2,500 -
First National Bank of Scotia 0.10% 0.83x $25,000 -
Ridgewood Savings Bank 0.10% 0.83x $10,000 -
Ponce De Leon Federal Bank 0.10% 0.83x $500 -
Rhinebeck Bank 0.10% 0.83x $10,000 -
Ulster Savings Bank 0.10% 0.83x $1 -
The Bank of Greene County 0.10% 0.83x $1 -
Tioga State Bank 0.10% 0.83x $25,000 -
USNY Bank 0.10% 0.83x $1 -
Savannah Bank National Association 0.10% 0.83x $2,500 -
Wallkill Valley Federal Savings and Loan Association 0.10% 0.83x $2,500 -
Valley National Bank 0.10% 0.83x $5,000 -
Sawyer Savings Bank 0.10% 0.83x $1,000 -
Patriot Federal Bank 0.10% 0.83x $1 -
Northfield Bank 0.10% 0.83x $300 -
The Suffolk County National Bank of Riverhead 0.10% 0.83x $100 -
New York Community Bank 0.10% 0.83x $1 -
Adirondack Bank 0.10% 0.83x $25,000 -
Kearny Bank 0.10% 0.83x $2,500 -
Bank of the Ozarks 0.10% 0.83x $100 -
City National Bank of New Jersey 0.10% 0.83x $25 -
CTBC Bank Corp. (USA) 0.10% 0.83x $1 -
Generations Bank 0.10% 0.83x $10,000 -
SussexBank 0.10% 0.83x $10,000 -
Peoples Security Bank and Trust Company 0.10% 0.83x $25,000 -
Citizens & Northern Bank 0.10% 0.83x $200 -
Orange County Trust Company 0.10% 0.83x $2,500 -
NBT Bank, National Association 0.10% 0.83x $5,000 -
BCB Community Bank 0.10% 0.83x $100 -
First Central Savings Bank 0.10% 0.83x $250 -
Sterling National Bank 0.10% 0.83x $2,500 -
Banco Popular North America 0.10% 0.83x $10,000 -
Investors Bank 0.10% 0.83x $15,000 -
The National Bank of Delaware County 0.10% 0.83x $1 -
Solvay Bank 0.08% 0.66x $1 -
Tompkins Trust Company 0.08% 0.66x $2,500 -
Tioga State Bank 0.08% 0.66x $25,000 -
Citibank, National Association 0.08% 0.66x $10,000 -
Berkshire Bank 0.08% 0.66x $25 -
Orange County Trust Company 0.07% 0.58x $20,000 -
Community Bank, National Association 0.07% 0.58x $25,000 -
City National Bank 0.07% 0.58x $25,000 -
Berkshire Bank 0.06% 0.50x $10 -
Webster Bank, National Association 0.05% 0.41x $1 -
Evans Bank, National Association 0.05% 0.41x $100 -
Chemung Canal Trust Company 0.05% 0.41x $250 -
Bank of Akron 0.05% 0.41x $1 -
Tompkins Trust Company 0.05% 0.41x $25,000 -
Generations Bank 0.05% 0.41x $100 -
Manufacturers and Traders Trust Company 0.05% 0.41x $25,000 -
PathFinder Bank 0.05% 0.41x $100 -
Industrial and Commercial Bank of China (USA), National Association 0.05% 0.41x $1,000 -
Champlain National Bank 0.05% 0.41x $1 -
Alden State Bank 0.05% 0.41x $100 -
The Bridgehampton National Bank 0.05% 0.41x $100 -
Seneca Federal Savings and Loan Association 0.05% 0.41x $50 -
Jeff Bank 0.05% 0.41x $2,500 -
Adirondack Bank 0.05% 0.41x $100 -
Fairport Savings Bank 0.05% 0.41x $50 -
First American International Bank 0.05% 0.41x $500 -
SussexBank 0.05% 0.41x $100 -
Sawyer Savings Bank 0.05% 0.41x $2,500 -
Orange County Trust Company 0.05% 0.41x $2,500 -
Rhinebeck Bank 0.05% 0.41x $1 -
Woodforest National Bank 0.05% 0.41x $1 -
Bank of Millbrook 0.05% 0.41x $150 -
Astoria Bank 0.05% 0.41x $1 -
East West Bank 0.05% 0.41x $1 -
NBT Bank, National Association 0.05% 0.41x $25 -
New York Community Bank 0.05% 0.41x $200 -
Investors Bank 0.05% 0.41x $1 -
New York Commercial Bank 0.05% 0.41x $25,000 -
TD Bank, National Association 0.05% 0.41x $1 -
Community Bank, National Association 0.05% 0.41x $1 -
The First National Bank of Dryden 0.05% 0.41x $50 -
Northfield Bank 0.05% 0.41x $2,500 -
Fulton Savings Bank 0.05% 0.41x $100 -
KeyBank National Association 0.05% 0.41x $2,500 -
Chinatown Federal Savings Bank 0.05% 0.41x $10,000 -
First National Bank of Scotia 0.05% 0.41x $50 -
First Niagara Bank, National Association 0.05% 0.41x $500 -
Ridgewood Savings Bank 0.05% 0.41x $1 -
Greater Hudson Bank 0.05% 0.41x $25 -
Israel Discount Bank of New York 0.05% 0.41x $5,000 -
Valley National Bank 0.05% 0.41x $1,000 -
First Citizens Community Bank 0.05% 0.41x $1 -
Modern Bank, National Association 0.05% 0.41x $5,000 -
Pioneer Savings Bank 0.05% 0.41x $50 -
Bank Leumi USA 0.05% 0.41x $5,000 -
City National Bank 0.05% 0.41x $25,000 -
CTBC Bank Corp. (USA) 0.05% 0.41x $1,000 -
BBCN Bank 0.05% 0.41x $1 -
Patriot National Bank 0.05% 0.41x $1 -
Peoples Security Bank and Trust Company 0.05% 0.41x $100 -
Citizens & Northern Bank 0.05% 0.41x $500 -
Lake Shore Savings Bank 0.05% 0.41x $10 -
People's United Bank, National Association 0.05% 0.41x $250 -
Abacus Federal Savings Bank 0.05% 0.41x $500 -
Glens Falls National Bank and Trust Company 0.05% 0.41x $1,000 -
Saratoga National Bank and Trust 0.05% 0.41x $100 -
Five Star Bank 0.04% 0.33x $300 -
Community Bank, National Association 0.03% 0.25x $1,000 -
Tompkins Trust Company 0.03% 0.25x $2,500 -
New York Commercial Bank 0.03% 0.25x $5,000 -
Elmira Savings Bank 0.03% 0.25x $200 -
Tioga State Bank 0.03% 0.25x $100 -
Santander Bank, N.A. 0.03% 0.25x $2,000 -
Valley National Bank 0.03% 0.25x $100 -
City National Bank 0.03% 0.25x $1 -
Chinatown Federal Savings Bank 0.03% 0.25x $100 -
Rhinebeck Bank 0.03% 0.25x $1 -
Manufacturers and Traders Trust Company 0.03% 0.25x $2,500 -
The Canandaigua National Bank and Trust Company 0.03% 0.25x $1 -
Bank of America, National Association 0.03% 0.25x $1 -
Mahopac Bank 0.03% 0.25x $2,500 -
Wells Fargo Bank, National Association 0.03% 0.25x $1 -
Lake Shore Savings Bank 0.03% 0.25x $2,500 -
NBT Bank, National Association 0.03% 0.25x $1,000 -
Solvay Bank 0.03% 0.25x $1 -
New York Community Bank 0.03% 0.25x $5,000 -
New York Commercial Bank 0.02% 0.17x $200 -
Steuben Trust Company 0.02% 0.17x $1 -
Manufacturers and Traders Trust Company 0.02% 0.17x $1 -
Gibraltar Private Bank & Trust Co. 0.02% 0.17x $10,000 -
Webster Bank, National Association 0.02% 0.17x $1 -
KeyBank National Association 0.02% 0.17x $2,500 -
New York Community Bank 0.02% 0.17x $200 -
People's United Bank, National Association 0.02% 0.17x $250 -
Community Bank, National Association 0.02% 0.17x $1,000 -
HSBC Bank USA, National Association 0.01% 0.08x $100 -
First Niagara Bank, National Association 0.01% 0.08x $200 -
JPMorgan Chase Bank, National Association 0.01% 0.08x $1 -
Steuben Trust Company 0.01% 0.08x $200 -
Wells Fargo Bank, National Association 0.01% 0.08x $2,500 -
Sterling National Bank 0.01% 0.08x $500 -
Banco Popular North America 0.01% 0.08x $1 -
Citizens Bank, National Association 0.01% 0.08x $2,500 -
Bank of America, National Association 0.01% 0.08x $1 -
Citibank, National Association 0.01% 0.08x $1 -
City National Bank 0.01% 0.08x $500 -
Patriot National Bank 0.01% 0.08x $1 -


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.

Local Savings Rates

Savings accounts offer depositors flexibility along with the stability of FDIC insurance (when deposit amounts are within FDIC limits). Savings accounts are a good place for money that is needed in the next 6-18 months and that the depositor wants to keep safe. Individuals often use savings accounts for a home downpayment, a vacation, a wedding, a car, an emergency fund, or other near-term expenditures.

While online savings account have grown in popularity over the past ten 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 and access to notaries and coffee and donuts.

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

Advantages:

· 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, good online banking functionality.

· 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.

BestCashCow strongly recommends that when depositing money, you stay within FDIC insured limits. If you are considering depositing over $250,000 at a single bank across products (share certificates, time deposits, etc.) or across types of ownership (individual, joint, etc.) you should visit the FDIC's website to determine your coverage limits based on your circumstances.

  • 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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Add Your Comment

 

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.

Online banks offer higher savings and CD rates because they have lower expenses from not having to maintain brick-and-mortar locations, but you should also check rates at local banks and credit unions using the tabs above.

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). Consumers who maximize their use of online savings and money market accounts access these accounts through ACH transfers that are easily set up on the online bank’s website so the additional ways to access deposits that money market accounts offer are rarely valuable.

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 CD, 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.