BankShout provides periodic surveys of the best savings rates that are available on a national basis. The following annual percentage yields (APY) are for U.S. national and Internet banks; banks listed are insured by the Federal Deposit Insurance Corporation. Yields are current as of Wednesday, May 12, 2010.
Continuing its surprising move to the top of consumer deposit yields, Sallie Mae is now the national leader in annual percentage yield for savings and money market accounts. Sallie Mae, the Murray, Utah-based company best known for its student loan business, forged ahead of competitors by offering a 1.40% APY online savings with no minimum balance.
Other banks were unwilling to raise yields. Capital One Direct Banking is still at 1.35% APY for their online savings account, with a minimum deposit of $2500. Discover Bank also has 1.35% APY, but with a minimum deposit of $500. Both of those banks dropped to second place behind Sallie after leaving yields unchanged from April.
Additional savings account yields that stayed pat were American Express Bank, FSB, which advertises no minimum balance requirement; Colorado Federal Savings Bank ($2500 minimum deposit); and newdominionDirect.com ($3000 minimum), all of which are offering 1.30% APY.
The biggest drop in savings yields this week comes courtesy of Dollar Savings Direct. The New York-based bank cut both its money market savings and its online savings account APYs to 1.19%, from 1.30% in April.
Kevin Fleming founded the CreditShout Network in 2008 to help people manage their credit and finances. Kevin wants to make it easy for anyone, regardless of their level of financial knowledge to understand banking and what may seem like the complex world of personal finance.
