Top Savings Rates Steady at 2% APY - Average Dips to 1.41%

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Savings rates dipped slightly this week with the average dropping from 1.45% APY to 1.41% APY. Despite that, the top savings rate remained at 2% (ReadySaver.com from Southern Community Bank).

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.

SavingsRates-Distribution

The table below shows the trend with savings rates as well as select cd rates. For savings, the trend is generally down.

TrendofSavingsRatesandCDRates

Sol Nasisi
Sol Nasisi: Sol Nasisi is the co-founder and a past president of BestCashCow, an online resource for comprehensive bank rate information. In this capacity, he closely followed rate trends for all savings-related and loan products and the impact of rate fluctuations on the economy. He specifically focused on how rates impact consumers' ability to borrow and save. He also has authored a wee

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