The Savings Account Interest Rate Scorecard highlights some of the leading accounts available online. If you just want to know where to find a decent rate, you're in the right place. However, if you insist on earning the absolute highest rates (at least where they stand today, but they're subject to change), you'll need to do more research.
To be included on the Scorecard, banks must be FDIC insured. Savings account interest rates quoted should be valid for deposits as low as $1. Rates quoted are quoted in APY. Some accounts are money market accounts - not just savings accounts
Leading Savings Account Interest Rates
- 0.50% APY - TAB Bank
- 1.15% APY - CIBC
See reviews of some of of the leading online bank accounts:
Note that you might be able to find even better savings account interest rates if you look hard enough. Check to see what the personal finance bloggers are talking about. They tend to find great deals, and you’ll find some offers that are only valid on larger minimum deposits. ConsumerSearch also ranks bank accounts by compiling reviews from various sources.
Whether it is an online checking account or one at your corner bank, it may be possible to earn more on the account. Reward checking accounts pay high interest rates as long as you meet a few criteria. You generally have to bank online, use your debit card frequently, and make automatic deposits into the account.
This scorecard is designed to inform you of competitive rates in the marketplace. Keep in mind that rates may change by the time you are able to open an account, and rates will most certainly change over time.
To earn these rates, you may have to open an account and transfer money. As you go through that process, you'll spend time completing forms and changing things. In addition, your money might be between banks for a few days, and it won't earn any interest during that time. Take all of that into consideration as you evaluate whether or not to switch banks. Your time is valuable, and you might not earn as much as you thought by making the switch.
In general, switching banks makes the most sense if:
- The difference between what you're earning and what you can earn is greater
- You have a large amount of money on deposit
For a checklist that helps make the move easier, see How to Switch Banks.