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Tennessee 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!

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


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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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.