South Dakota

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You are viewing savings rates from banks across South Dakota

 

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!

SD - October 4, 2024

Savings Account National Average Rate: 0.45% ?

Banks APY MIN

Rate requires download of bank app and recording of over 12,500 average daily steps (or 10,000 if over age of 65).
Rate History: 4.75% → 5.00%

| Oct 11, 2022

Glad to have found this one and thanks to bestcashcow for not hiding the best rates like bankrate does Read More

Rate History: 5.15% → 5.30% → 5.00%

| 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 ... Read More

Online Savings Account
Rate History: 5.25% → 5.00% → 4.90%

| Nov 18, 2023

bank delayed 1-2days to credit into your account, pay less interest. Read More

Rate History: 5.10% → 5.30% → 5.00% → 4.90%

| Feb 15, 2024

I have always had great experiences with short-term CDs from this bank. No delays. Read More

Rate History: 5.00% → 5.10% → 5.00% → 5.10% → 4.85%

| Apr 20, 2024

Save your tears for another day. Very frustrating. 1-star. Read More

Rate History: 1.35% → 5.25% → 4.75%

| Dec 27, 2022

They gave a hard time with their cashier's check. They returned my deposited check that was emitted by them. Could you believe? Read More

Rate History: 4.25% → 5.00% → 4.75% → 5.00% → 4.50%

| 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... Read More

| Mar 20, 2016

Good solid bank. Read More

| Feb 6, 2021

After purchasing more than 6 homes and going through more than a dozen refinancing processes, I must say that this is the worst company I have ever had the misfortune of dealing with. It took these clowns ... Read More

Rate History: 4.30% → 4.35% → 4.25%

| Jan 2, 2024

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

Rate History: 3.02% → 2.02% → 3.02% → 4.25%

| Nov 2, 2020

Got the account opened after weeks and finally got it funded and then they dropped the rate the next day and it is no longer competitive. Read More

| May 19, 2018

Experience Read More

Rate History: 4.50% → 4.25% → 4.16% → 4.25% → 3.75%

| Jun 12, 2023

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... Read More

3.50%

$25,000

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| Oct 11, 2020

You probably thought - as did I - that you were looking at a site that belongs to and was the responsibility of Gateway First. After all it includes their headings, selected financial statements, many pag... Read More

3.25%

$2,500

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3.00%

$250

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2.50%

$10

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| Oct 11, 2020

You probably thought - as did I - that you were looking at a site that belongs to and was the responsibility of Gateway First. After all it includes their headings, selected financial statements, many pag... Read More

| Jan 2, 2024

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

| Jul 1, 2022

Very easy opening process and wonderful staff. Read More

| Nov 28, 2022

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... Read More

| Dec 27, 2022

They gave a hard time with their cashier's check. They returned my deposited check that was emitted by them. Could you believe? Read More

Rate History: 1.01% → 1.02%

| Feb 6, 2023

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... Read More

0.50%

$2,500

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0.50%

$2,500

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0.50%

$25,000

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0.50%

$2,500

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0.50%

$2,500

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0.45%

$2,500

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0.40%

$2,500

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0.40%

$25,000

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0.40%

$10,000

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| Jun 28, 2017

showmefivethousanddollars Read More

Rate History: 1.00% → 0.35%

0.35%

$25,000

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0.35%

$25,000

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0.35%

$2,500

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0.30%

$2,500

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0.30%

$25,000

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0.30%

$10,000

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0.30%

$25,000

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| Jun 25, 2020

If you need a simple answer you will have to jump through hoops and talk to people that are not connected to your bank. Plus when you try to return the call the number they call from is not a working numb... Read More

| Mar 28, 2023

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

0.25%

$1

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0.25%

$2,500

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0.25%

$2,500

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0.25%

$10,000

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0.20%

$0

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0.20%

0.15%
0.10%
0.05%

$200,000

$75,000
$50
$2,500
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0.20%

$1

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0.20%

$10,000

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0.20%

$10,000

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0.20%

$10,000

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0.20%

$25,000

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0.20%

$2,500

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0.20%

$2,500

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0.20%

$25,000

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0.20%

$2,500

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0.20%

$10,000

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0.20%

$2,500

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| Jun 25, 2020

If you need a simple answer you will have to jump through hoops and talk to people that are not connected to your bank. Plus when you try to return the call the number they call from is not a working numb... Read More

0.15%

$25,000

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0.15%

$25

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0.15%

$10,000

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0.15%

$25,000

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0.15%

$2,500

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0.15%

$2,500

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0.15%

$10,000

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0.15%

$10,000

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0.15%

$25,000

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0.15%

$2,500

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0.15%

$2,500

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0.15%

$25,000

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0.15%

$2,500

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0.15%

$2,500

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| Jun 28, 2017

showmefivethousanddollars Read More

0.15%

$2,500

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0.15%

$10,000

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0.15%

$2,500

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0.15%

$2,500

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0.15%

$2,500

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| Jun 25, 2020

If you need a simple answer you will have to jump through hoops and talk to people that are not connected to your bank. Plus when you try to return the call the number they call from is not a working numb... Read More

0.10%

$10,000

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0.10%

$1

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0.10%

$1

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0.10%

$2,500

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0.10%

$2,500

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0.10%

$2,500

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0.10%

$25,000

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0.10%

$2,500

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0.10%

$2,500

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0.10%

$2,500

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0.10%

$2,500

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| Jun 28, 2017

showmefivethousanddollars Read More

0.10%

$2,500

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0.10%

$2,500

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0.10%

$2,500

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0.10%

$25,000

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0.10%

$2,500

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0.10%

$2,500

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0.10%

$25,000

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0.10%

$10,000

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| Jun 28, 2017

showmethreethousanddollars Read More

0.08%

$2,500

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0.08%

$2,500

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0.07%

$1

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0.07%

$2,500

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Rate History: 1.00% → 0.05%

| May 18, 2019

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... Read More

0.05%

$100

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0.05%

$1

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0.05%

$10

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0.05%

$2,500

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0.05%

$2,500

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0.05%

$2,500

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0.05%

$2,500

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0.05%

$2,500

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0.05%

$2,500

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0.05%

$2,500

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0.05%

$2,500

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0.05%

$2,500

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0.05%

$2,500

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0.05%

$2,500

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| Jan 12, 2023

Everything will be fine until you have a problem with a charge. I have been disputing an unauthorized charge for nine months without any resolution. I haven't been presented any evidence in that time that ... Read More

0.05%

$2,500

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0.05%

$2,500

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0.05%

$2,500

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0.05%

$2,500

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0.05%

$2,500

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0.05%

$10,000

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0.05%

$2,500

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0.05%

$2,500

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0.05%

$2,500

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| Jun 28, 2017

showmethreethousanddollars Read More

0.04%

$2,500

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| Jul 24, 2023

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... Read More

0.04%

$2,500

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0.03%

$50

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0.03%

$2,500

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0.03%

$2,500

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0.03%

$2,500

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Rate History: 0.04% → 0.02%

| May 18, 2019

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... Read More

| Jan 2, 2023

Terrible customer service by investment side. Fees too high , too full of themselves Read More

0.02%

$10,000

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Rate History: 0.03% → 0.01%

| May 18, 2019

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... Read More

0.01%

$1

Learn More

| Mar 28, 2023

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

0.01%

$1

Learn More

| Jun 12, 2023

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... Read More

0.01%

$1

Learn More

0.01%

$2,500

Learn More

| Nov 15, 2019

If you have a choice don't use these people for an auto loan. I called and got the loan pay off which I submitted electronically. I hadn't gotten any lean clearance info so I called. They said they held... Read More

0.01%

$2,500

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0.01%

$2,500

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0.01%

$2,500

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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.

SOUTH-DAKOTA SAVINGS ACCOUNT ENVIRONMENT


The savings rate offered to consumers in South Dakota, as in most other places, is determined by several factors, including:

1. Market conditions: The overall economic conditions and interest rate environment, both at the national and local levels, play a significant role in determining the savings rate. If interest rates are high, financial institutions can offer higher savings rates to attract deposits. Conversely, if interest rates are low, savings rates tend to be lower as well.

2. Competition among financial institutions: Competition among banks and credit unions drives them to offer competitive savings rates to attract customers. Institutions may adjust their rates depending on the competitive landscape in South Dakota.

3. Federal Reserve Policy: The Federal Reserve, which is the central banking system of the United States, sets the monetary policy and has influence over interest rates. The decisions made by the Federal Reserve, such as changes in the federal funds rate, can impact the savings rates offered by financial institutions.

4. Regulatory environment: Regulations imposed by state and federal authorities can also impact the savings rates offered in Indiana. Any regulatory changes related to banking, lending, or interest rates may influence the rates provided to consumers.

5. Institutions' financial health and business strategy: The financial health and business strategies of individual banks and credit unions can also influence the savings rates they offer. Institutions with strong financial positions and a desire to attract deposits may offer higher rates to entice savers.

These factors can vary over time, and the savings rates offered by financial institutions may change accordingly.

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.