BankShout is always trying to find ways to save you money or earn you more interest. Today, a look at the top U.S. savings account rates, as of March 23, 2010.
Among national and Internet banks, three banks are currently tied for the top spot in annual percentage yield. Discover Bank, Nationwide Bank, and Colorado Federal Savings Bank are all offering APYs of 1.35%, although each bank also has its own deposit criteria.
Discover’s online savings account requires $500 to open, but then has no minimum balance thereafter. Nationwide Bank’s money market account pays the 1.35% APY on opening balances of $1000; amounts less than a grand will incur a monthly fee of $8. Greenwood Village, CO, based Colorado Federal is offering the same annual percentage yield on minimum deposits of $2500 on the bank’s online savings account.
Among banks with no minimum deposit requirements, the savings account rate leaders are American Express Bank with 1.30% APY and Ally Bank at 1.29% APY. New York City-based Dollar Savings Direct has a 1.30% savings with a minimum deposit of $1000, while newdominionDirect.com is advertising the same yield for balances of at least $3000.
National savings rates have tumbled since February, when American Express Bank was offering 1.50% APY on its High Yield Savings Account. Savers hoping for better interest rates on savings products and certificates of deposit have seen no relief as banks continue to cut yields in search of better profits.
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.
