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Tennessee Savings Rates 2016

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!

TN - September 28, 2016

Savings Account National Average Rate: 0.12% ?

BANKS APY Vs. Nat'l Av. MIN MILES ?
First Jackson Bank, Inc. 0.88% 7.27x $25,000 -
Peoples State Bank of Commerce 0.83% 6.86x $2,500 -
Clayton Bank and Trust 0.75% 6.20x $1 -
Peoples State Bank of Commerce 0.50% 4.13x $1 -
Fifth Third Bank 0.50% 4.13x $25,000 -
Clayton Bank and Trust 0.45% 3.72x $3,000 -
Farmers Bank and Trust Company 0.45% 3.72x $10,000 -
Farmer's and Merchants Bank 0.40% 3.31x $2,500 -
American Patriot Bank 0.40% 3.31x $25,000 -
First Jackson Bank, Inc. 0.40% 3.31x $1 -
Farmers Bank and Trust Company 0.40% 3.31x $5,000 -
Citizens Bank 0.40% 3.31x $10,000 -
Bank of Halls 0.40% 3.31x $25,000 -
Bank of Crockett 0.40% 3.31x $50 -
People's Bank and Trust Company of Pickett County 0.40% 3.31x $10,000 -
SmartBank 0.40% 3.31x $50 -
Foothills Bank & Trust 0.40% 3.31x $100 -
The Lauderdale County Bank 0.37% 3.06x $10,000 -
American Patriot Bank 0.35% 2.89x $10,000 -
Legends Bank 0.35% 2.89x $1 -
Citizens Bank of Lafayette 0.35% 2.89x $25,000 -
Evolve Bank & Trust 0.35% 2.89x $10,000 -
Traditions First Bank 0.35% 2.89x $25,000 -
Reelfoot Bank 0.35% 2.89x $100 -
Bank of Ripley 0.35% 2.89x $25,000 -
The Farmers & Merchants Bank 0.35% 2.89x $1 -
Security Federal Bank 0.32% 2.64x $100 -
American Trust Bank of East Tennessee 0.31% 2.56x $1 -
Homeland Community Bank 0.30% 2.48x $1,000 -
Union Bank & Trust Company 0.30% 2.48x $10 -
First Commerce Bank 0.30% 2.48x $10,000 -
Civic Bank & Trust 0.30% 2.48x $25,000 -
Sevier County Bank 0.30% 2.48x $25,000 -
People's Bank and Trust Company of Pickett County 0.30% 2.48x $1,000 -
Citizens Bank 0.30% 2.48x $10,000 -
Farmers Bank and Trust Company 0.30% 2.48x $100 -
Southern Community Bank 0.30% 2.48x $25,000 -
First Freedom Bank 0.30% 2.48x $10,000 -
First South Bank 0.30% 2.48x $25,001 -
Security Federal Bank 0.30% 2.48x $2,500 -
First Peoples Bank of Tennessee 0.30% 2.48x $2,500 -
Bank of Lincoln County 0.30% 2.48x $25,000 -
Citizens Bank 0.30% 2.48x $1 -
The Farmers Bank 0.30% 2.48x $15,000 -
The First Bank and Trust Company 0.30% 2.48x $25,000 -
Bank of Halls 0.30% 2.48x $100 -
Wilson Bank and Trust 0.30% 2.48x $10,000 -
Community Bank 0.29% 2.40x $25,000 -
Franklin Synergy Bank 0.27% 2.23x $10,000 -
Security Federal Savings Bank of McMinnville 0.26% 2.15x $1 -
First Alliance Bank 0.26% 2.15x $25,000 -
Triumph Bank 0.26% 2.15x $25,000 -
The Lauderdale County Bank 0.25% 2.07x $1 -
Citizens National Bank 0.25% 2.07x $25,000 -
The Peoples Bank 0.25% 2.07x $1 -
First Advantage Bank 0.25% 2.07x $25,000 -
Carroll Bank and Trust 0.25% 2.07x $25,000 -
First Freedom Bank 0.25% 2.07x $1 -
Cumberland Bank and Trust 0.25% 2.07x $100 -
TriStar Bank 0.25% 2.07x $1 -
First Vision Bank of Tennessee 0.25% 2.07x $100 -
Sevier County Bank 0.25% 2.07x $10,000 -
First Farmers & Commercial Bank 0.25% 2.07x $2,500 -
American Patriot Bank 0.25% 2.07x $1,000 -
Civic Bank & Trust 0.25% 2.07x $10,000 -
Security Federal Savings Bank of McMinnville 0.25% 2.07x $10 -
CedarStone Bank 0.25% 2.07x $100 -
The Bank of Fayette County 0.25% 2.07x $100 -
Newport Federal Bank 0.25% 2.07x $25 -
Community National Bank 0.25% 2.07x $100 -
Coffee County Bank 0.25% 2.07x $100 -
Peoples Bank & Trust Company 0.25% 2.07x $100 -
Citizens Tri-County Bank 0.25% 2.07x $1 -
Traditions First Bank 0.25% 2.07x $1 -
Southern Community Bank 0.25% 2.07x $100 -
Bank of Lincoln County 0.25% 2.07x $300 -
Triumph Bank 0.25% 2.07x $100 -
Patriot Bank 0.25% 2.07x $100 -
Clayton Bank and Trust 0.25% 2.07x $1 -
The First Bank and Trust Company 0.25% 2.07x $25 -
People's Bank and Trust Company of Pickett County 0.25% 2.07x $1 -
Volunteer State Bank 0.25% 2.07x $25,000 -
First Commerce Bank 0.25% 2.07x $1 -
Bank of Ripley 0.25% 2.07x $10,000 -
Tennessee State Bank 0.25% 2.07x $25,000 -
Foothills Bank & Trust 0.25% 2.07x $10,000 -
Brighton Bank 0.25% 2.07x $2,500 -
Apex Bank 0.25% 2.07x $20,000 -
Commercial Bank & Trust Co. 0.25% 2.07x $25,000 -
Citizens Bank of Blount County 0.25% 2.07x $2,500 -
First Bank of Tennessee 0.25% 2.07x $25,001 -
Citizens Savings Bank and Trust Company 0.25% 2.07x $25,000 -
Franklin Synergy Bank 0.25% 2.07x $500 -
Evolve Bank & Trust 0.25% 2.07x $2,500 -
First Community Bank of Bedford County 0.25% 2.07x $100 -
Citizens Bank 0.23% 1.90x $25,000 -
Franklin Synergy Bank 0.22% 1.82x $1 -
Legends Bank 0.22% 1.82x $10,000 -
First Community Bank of the Heartland, Inc. 0.22% 1.82x $1,500 -
American Trust Bank of East Tennessee 0.21% 1.74x $1 -
Triumph Bank 0.21% 1.74x $1 -
SOUTHERN BANK OF TENNESSEE 0.21% 1.74x $10,000 -
Bank of Tennessee 0.21% 1.74x $25,000 -
The Farmers Bank 0.20% 1.65x $100 -
The Lauderdale County Bank 0.20% 1.65x $1 -
Peoples Bank of East Tennessee 0.20% 1.65x $10,000 -
Citizens Bank of Lafayette 0.20% 1.65x $10 -
First South Bank 0.20% 1.65x $2,500 -
First Freedom Bank 0.20% 1.65x $10,000 -
Home Federal Bank of Tennessee 0.20% 1.65x $50 -
Highlands Union Bank 0.20% 1.65x $25,000 -
Civic Bank & Trust 0.20% 1.65x $1 -
Citizens Bank and Trust Company of Grainger County 0.20% 1.65x $100 -
Patriot Bank 0.20% 1.65x $25,000 -
Clayton Bank and Trust 0.20% 1.65x $2,500 -
TruPoint Bank 0.20% 1.65x $1 -
First Community Bank of Bedford County 0.20% 1.65x $25,001 -
Metropolitan Bank 0.20% 1.65x $10,000 -
Bank of Bartlett 0.20% 1.65x $25,000 -
Civis Bank 0.20% 1.65x $100 -
Elizabethton Federal Savings Bank 0.20% 1.65x $1 -
Carroll Bank and Trust 0.20% 1.65x $10,000 -
Sevier County Bank 0.20% 1.65x $2,500 -
Evolve Bank & Trust 0.20% 1.65x $1 -
Apex Bank 0.20% 1.65x $2,500 -
CB&S Bank, Inc. 0.20% 1.65x $2,500 -
First National Bank of Pulaski 0.20% 1.65x $25,000 -
American Patriot Bank 0.20% 1.65x $2,500 -
First Jackson Bank, Inc. 0.20% 1.65x $25 -
Bank of Lincoln County 0.20% 1.65x $2,500 -
Coffee County Bank 0.20% 1.65x $1,000 -
American City Bank of Tullahoma 0.20% 1.65x $5,000 -
Southern Community Bank 0.20% 1.65x $10,000 -
Bank of Ripley 0.20% 1.65x $50 -
Security Bank 0.20% 1.65x $10,000 -
Citizens Bank 0.20% 1.65x $10,000 -
First State Financial, Inc. 0.20% 1.65x $2,500 -
The First Bank and Trust Company 0.20% 1.65x $2,500 -
Security Bank and Trust Company 0.20% 1.65x $5,000 -
Trustmark National Bank 0.20% 1.65x $25,000 -
InsBank 0.20% 1.65x $10,000 -
F&M Bank 0.20% 1.65x $25,000 -
SmartBank 0.20% 1.65x $25,000 -
Wilson Bank & Trust 0.20% 1.65x $10,000 -
Bank of Frankewing 0.20% 1.65x $25,000 -
Cadence Bank, N.A. 0.20% 1.65x $15,000 -
First Vision Bank of Tennessee 0.20% 1.65x $1 -
BankTennessee 0.20% 1.65x $1 -
FirstBank 0.20% 1.65x $10,001 -
Cumberland Bank and Trust 0.20% 1.65x $10,000 -
First Peoples Bank of Tennessee 0.20% 1.65x $2,500 -
INSOUTH Bank 0.20% 1.65x $25,000 -
Simmons First National Bank 0.20% 1.65x $100 -
Community Trust Bank, Inc. 0.19% 1.57x $25,000 -
Community First Bank & Trust 0.19% 1.57x $25,000 -
Community Bank 0.19% 1.57x $10,000 -
First Alliance Bank 0.18% 1.49x $10,000 -
CB&S Bank, Inc. 0.18% 1.49x $10,000 -
Bank of Tennessee 0.17% 1.40x $2,500 -
New Peoples Bank, Inc. 0.17% 1.40x $25,000 -
United Cumberland Bank 0.17% 1.40x $25,000 -
First National Bank of Pulaski 0.16% 1.32x $2,500 -
The Fort Sill National Bank 0.15% 1.24x $1 -
Cadence Bank, N.A. 0.15% 1.24x $15,000 -
CedarStone Bank 0.15% 1.24x $25,000 -
Trustmark National Bank 0.15% 1.24x $5,000 -
Community Bank & Trust 0.15% 1.24x $250 -
Union Bank 0.15% 1.24x $1 -
Miners Exchange Bank 0.15% 1.24x $1 -
InsBank 0.15% 1.24x $1 -
Commercial Bank 0.15% 1.24x $25 -
Bank of Bartlett 0.15% 1.24x $2,500 -
Wilson Bank and Trust 0.15% 1.24x $2,501 -
Mountain Valley Bank 0.15% 1.24x $2,500 -
FirstBank 0.15% 1.24x $25 -
Community National Bank 0.15% 1.24x $5,000 -
Citizens Savings Bank and Trust Company 0.15% 1.24x $100 -
TruPoint Bank 0.15% 1.24x $2,500 -
First Volunteer Bank 0.15% 1.24x $24,999 -
Community Trust & Banking Company 0.15% 1.24x $1 -
Metropolitan Bank 0.15% 1.24x $1,000 -
SOUTHERN BANK OF TENNESSEE 0.15% 1.24x $100 -
First Citizens National Bank 0.15% 1.24x $1 -
Heritage Community Bank 0.15% 1.24x $100 -
Citizens National Bank 0.15% 1.24x $2,500 -
Peoples Bank & Trust Company 0.15% 1.24x $10,000 -
Southern Community Bank 0.15% 1.24x $2,500 -
Community Bank 0.15% 1.24x $25 -
First Bank of Tennessee 0.15% 1.24x $100 -
New Peoples Bank, Inc. 0.15% 1.24x $1,000 -
UBank 0.15% 1.24x $2,500 -
Citizens First Bank 0.15% 1.24x $100 -
Volunteer State Bank 0.15% 1.24x $1 -
McKenzie Banking Company 0.15% 1.24x $25,000 -
Bank of Frankewing 0.15% 1.24x $1 -
Citizens Bank 0.15% 1.24x $100 -
Carroll Bank and Trust 0.15% 1.24x $2,500 -
American City Bank of Tullahoma 0.15% 1.24x $1,000 -
Citizens Bank 0.15% 1.24x $50 -
Patriot Bank 0.15% 1.24x $5,000 -
Synovus Bank 0.15% 1.24x $25,000 -
Bank of Putnam County 0.15% 1.24x $10,000 -
F&M Bank 0.15% 1.24x $500 -
Paragon Bank 0.15% 1.24x $25,001 -
Citizens Bank 0.15% 1.24x $1,500 -
First Advantage Bank 0.15% 1.24x $10,000 -
Commerce Union Bank 0.15% 1.24x $10,000 -
Legends Bank 0.15% 1.24x $1 -
Athens Federal Community Bank 0.15% 1.24x $25,000 -
Brighton Bank 0.15% 1.24x $100 -
INSOUTH Bank 0.15% 1.24x $10,000 -
Simmons First National Bank 0.15% 1.24x $25,000 -
Tri-State Bank of Memphis 0.15% 1.24x $600 -
Andrew Johnson Bank 0.15% 1.24x $100 -
Community Trust Bank, Inc. 0.14% 1.16x $2,500 -
Elizabethton Federal Savings Bank 0.13% 1.07x $2,500 -
TNBANK 0.12% 0.99x $1 -
Citizens National Bank 0.12% 0.99x $50 -
Independent Bank 0.12% 0.99x $15,000 -
HomeTrust Bank, National Association 0.12% 0.99x $10,000 -
Community Trust Bank, Inc. 0.12% 0.99x $100 -
United Cumberland Bank 0.12% 0.99x $10,000 -
American Trust Bank of East Tennessee 0.11% 0.91x $2,500 -
American City Bank of Tullahoma 0.10% 0.83x $100 -
Athens Federal Community Bank 0.10% 0.83x $2,500 -
Greeneville Federal Bank, FSB 0.10% 0.83x $2,500 -
Sumner Bank & Trust 0.10% 0.83x $1 -
New Peoples Bank, Inc. 0.10% 0.83x $25 -
First Volunteer Bank 0.10% 0.83x $1,000 -
Andrew Johnson Bank 0.10% 0.83x $2,500 -
HomeTrust Bank, National Association 0.10% 0.83x $2,500 -
Cadence Bank, N.A. 0.10% 0.83x $100 -
Southern Heritage Bank 0.10% 0.83x $2,500 -
First Community Bank of East Tennessee 0.10% 0.83x $10,000 -
INSOUTH Bank 0.10% 0.83x $1 -
UBank 0.10% 0.83x $10 -
Highlands Union Bank 0.10% 0.83x $1 -
Mountain Valley Bank 0.10% 0.83x $1 -
First Bank of Tennessee 0.10% 0.83x $2,501 -
SouthEast Bank 0.10% 0.83x $1 -
First Farmers & Commercial Bank 0.10% 0.83x $100 -
United Community Bank 0.10% 0.83x $1 -
Community Trust & Banking Company 0.10% 0.83x $2,500 -
The First National Bank of Manchester 0.10% 0.83x $100 -
CB&S Bank, Inc. 0.10% 0.83x $1 -
First Citizens National Bank 0.10% 0.83x $1 -
McKenzie Banking Company 0.10% 0.83x $10,000 -
Citizens Bank 0.10% 0.83x $2,500 -
Citizens Bank 0.10% 0.83x $2,500 -
CedarStone Bank 0.10% 0.83x $1,000 -
Heritage Community Bank 0.10% 0.83x $1,000 -
First Century Bank 0.10% 0.83x $1 -
Citizens Bank 0.10% 0.83x $100 -
Paragon Bank 0.10% 0.83x $1,001 -
Citizens State Bank 0.10% 0.83x $100 -
First Community Bank of Bedford County 0.10% 0.83x $10,001 -
Iberiabank 0.10% 0.83x $10,000 -
Bank of Bartlett 0.10% 0.83x $2,500 -
Patriot Bank 0.10% 0.83x $100 -
Bank of Halls 0.10% 0.83x $2,500 -
Security Bank 0.10% 0.83x $2,500 -
Farmer's and Merchants Bank 0.10% 0.83x $1 -
First State Financial, Inc. 0.10% 0.83x $500 -
Highland Federal Savings and Loan Association 0.10% 0.83x $100 -
First National Bank of Tennessee 0.10% 0.83x $100 -
Traditions First Bank 0.10% 0.83x $1,000 -
TriStar Bank 0.10% 0.83x $1 -
Heritage Bank USA, Inc. 0.10% 0.83x $1 -
BancorpSouth Bank 0.10% 0.83x $25,000 -
Trustmark National Bank 0.10% 0.83x $100 -
Legends Bank 0.10% 0.83x $2,500 -
First National Bank of Pulaski 0.10% 0.83x $100 -
Cumberland Bank and Trust 0.10% 0.83x $2,500 -
TriSummit Bank 0.10% 0.83x $50 -
The Bank of Jackson 0.10% 0.83x $2,500 -
Synovus Bank 0.10% 0.83x $10,000 -
TNBANK 0.10% 0.83x $10,000 -
BankTennessee 0.10% 0.83x $2,500 -
Heritage Bank & Trust 0.10% 0.83x $1 -
Simmons First National Bank 0.10% 0.83x $10,000 -
F&M Bank 0.10% 0.83x $10,000 -
Community Bank & Trust 0.10% 0.83x $25,001 -
Commerce Union Bank 0.10% 0.83x $1,000 -
First Farmers and Merchants Bank 0.10% 0.83x $10,000 -
Bank of Tennessee 0.10% 0.83x $100 -
Community First Bank & Trust 0.10% 0.83x $100 -
United Cumberland Bank 0.10% 0.83x $25 -
Greenfield Banking Company 0.10% 0.83x $1 -
SmartBank 0.10% 0.83x $2,500 -
First Advantage Bank 0.10% 0.83x $1 -
Renasant Bank 0.09% 0.74x $1,000 -
Tennessee State Bank 0.08% 0.66x $1 -
First Farmers and Merchants Bank 0.08% 0.66x $2,500 -
Sevier County Bank 0.08% 0.62x $100 -
Citizens Bank 0.07% 0.58x $25,000 -
Heritage Bank USA, Inc. 0.07% 0.58x $10,000 -
Community Bank & Trust 0.07% 0.58x $2,500 -
First Community Bank of the Heartland, Inc. 0.07% 0.58x $1 -
United Cumberland Bank 0.07% 0.58x $1 -
First Volunteer Bank 0.06% 0.50x $100 -
First Alliance Bank 0.06% 0.50x $1,500 -
U.S. Bank National Association 0.06% 0.50x $10,000 -
First Community Bank 0.06% 0.50x $200 -
McKenzie Banking Company 0.05% 0.41x $2,500 -
First-Citizens Bank & Trust Company 0.05% 0.41x $1 -
Bank of Cleveland 0.05% 0.41x $500 -
Progressive Savings Bank 0.05% 0.41x $250 -
The Bank of Jackson 0.05% 0.41x $2,500 -
SouthEast Bank 0.05% 0.41x $100 -
Bank of Putnam County 0.05% 0.41x $50 -
First Federal Bank 0.05% 0.41x $100 -
Sumner Bank & Trust 0.05% 0.41x $2,500 -
Southern Heritage Bank 0.05% 0.41x $100 -
First Community Bank of East Tennessee 0.05% 0.41x $1 -
First Volunteer Bank 0.05% 0.41x $100 -
Volunteer Federal Savings Bank 0.05% 0.41x $50 -
First National Bank of Tennessee 0.05% 0.41x $2,500 -
Iberiabank 0.05% 0.41x $2,500 -
First Farmers and Merchants Bank 0.05% 0.41x $1 -
Independent Bank 0.05% 0.41x $1 -
Security Bank and Trust Company 0.05% 0.41x $25 -
Security Bank 0.05% 0.41x $100 -
BancorpSouth Bank 0.05% 0.41x $1 -
First Community Bank of Bedford County 0.05% 0.41x $2,500 -
Metropolitan Bank 0.05% 0.41x $100 -
Home Federal Bank Corporation 0.05% 0.41x $25,000 -
Citizens Bank of Blount County 0.05% 0.41x $100 -
Peoples Bank & Trust Company 0.05% 0.41x $2,500 -
Paragon Bank 0.05% 0.41x $100 -
Citizens Bank 0.05% 0.41x $100 -
First Century Bank 0.05% 0.41x $1,000 -
Truxton Trust Company 0.05% 0.41x $1 -
Heritage Bank USA, Inc. 0.05% 0.41x $2,500 -
Commercial Bank & Trust Co. 0.05% 0.41x $1 -
Highlands Union Bank 0.05% 0.41x $1 -
Commercial Bank 0.05% 0.41x $2,500 -
Citizens Bank 0.05% 0.41x $1 -
TriSummit Bank 0.05% 0.41x $2,000 -
F&M Bank 0.05% 0.41x $1 -
Athens Federal Community Bank 0.05% 0.41x $50 -
First Freedom Bank 0.05% 0.41x $2,500 -
Peoples Bank of East Tennessee 0.05% 0.41x $1 -
Greeneville Federal Bank, FSB 0.05% 0.41x $1 -
Simmons First National Bank 0.05% 0.41x $2,500 -
TNBANK 0.05% 0.41x $2,500 -
First Advantage Bank 0.05% 0.41x $2,500 -
Cadence Bank, N.A. 0.05% 0.41x $1,000 -
U.S. Bank National Association 0.05% 0.41x $10,000 -
First South Bank 0.05% 0.41x $100 -
First Citizens National Bank 0.05% 0.41x $1 -
Renasant Bank 0.05% 0.41x $10,000 -
Commerce Union Bank 0.05% 0.41x $1 -
U.S. Bank National Association 0.04% 0.33x $1,000 -
Citizens Bank 0.04% 0.33x $1 -
Branch Banking and Trust Company 0.04% 0.33x $10,000 -
Tri-State Bank of Memphis 0.04% 0.33x $10,000 -
Heritage Bank & Trust 0.04% 0.33x $25,000 -
First Community Bank 0.04% 0.33x $25,000 -
The Citizens National Bank of Athens 0.04% 0.33x $100 -
Synovus Bank 0.03% 0.25x $1,000 -
BancorpSouth Bank 0.03% 0.25x $1 -
Wells Fargo Bank, National Association 0.03% 0.25x $1 -
Community First Bank & Trust 0.03% 0.25x $2,500 -
Home Federal Bank Corporation 0.03% 0.25x $500 -
First Alliance Bank 0.03% 0.25x $100 -
Pinnacle Bank 0.03% 0.25x $1 -
Bank of America, National Association 0.03% 0.25x $1 -
Renasant Bank 0.03% 0.25x $50 -
Progressive Savings Bank 0.03% 0.25x $10,000 -
Heritage Bank & Trust 0.02% 0.17x $10,000 -
Branch Banking and Trust Company 0.02% 0.17x $1,000 -
Fifth Third Bank 0.02% 0.17x $10,000 -
Synovus Bank 0.02% 0.17x $1,000 -
Home Federal Bank Corporation 0.02% 0.17x $10,000 -
Republic Bank & Trust Company 0.02% 0.17x $1 -
United Community Bank 0.02% 0.17x $2,500 -
First Tennessee Bank, National Association 0.02% 0.17x $25,000 -
Planters Bank, Inc. 0.01% 0.08x $25 -
SunTrust Bank 0.01% 0.08x $1 -
Regions Bank 0.01% 0.08x $2,500 -
Fifth Third Bank 0.01% 0.08x $1 -
First Tennessee Bank, National Association 0.01% 0.08x $1 -
Bank of America, National Association 0.01% 0.08x $1 -
U.S. Bank National Association 0.01% 0.08x $1 -
Progressive Savings Bank 0.01% 0.08x $2,500 -
First Community Bank 0.01% 0.08x $1 -
Wells Fargo Bank, National Association 0.01% 0.08x $1 -
Tri-State Bank of Memphis 0.01% 0.08x $2,500 -
First Freedom Bank 0.01% 0.08x $1 -
Heritage Bank & Trust 0.01% 0.08x $1,000 -
Branch Banking and Trust Company 0.01% 0.08x $1 -


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PRODUCT INFORMATION


Local Savings Accounts 2016

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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