Savings rates dipped slightly this week with the average dropping from 1.45% APY to 1.41% APY. Despite this drop, the top savings rate remained at 2% (ReadySaver.com from Southern Community Bank). Everbank also continued to offer their promo rate of 2.25% APY for the first three months on new money. After three months, the rate drops to 1.26% APY for a 1-year blended APY of 1.51%.
Other notable rates include Franklin Synergy Bank at 1.75% APY and EBSB at 1.67% APY.
For those of you looking to deposit your money into a larger bank, student lender Sallie Mae just opened an Internet bank and is offering a 1.35% APY savings account. American Express Federal Bank is offering a 1.30% APY.
The table below shows the distribution of savings rates on the BestCashCow rate table. Remember, these are already the most competitive savings rates in the country. The distribution shows that the best nationally available savings rates are distributed between 1.5% APY and 1.25% APY.
The table below shows the trend with savings rates as well as select cd rates. For savings, the trend is generally down.
Add your Comment
or use your BestCashCow account