7 banks pay at least 1% savings account rates in October

Safe in shape of dollar sign

It's true, the number of banks that offer a savings rate of at least 1% is dwindling.

But, if you're looking for good news, the best nationally available savings account rate has remained unchanged for months. And it's a quarter of a percentage point better than the competition.

As of Oct. 20, UFB Direct pays the top rate of 1.30% APY.

Launched this summer, its Airline Rewards Savings Account also offers airline miles.

Ninety days after you open your account, you’ll earn 500 airline miles, which can be redeemed on American Airlines. You’ll earn 500 miles more if you keep your account open for a year.

It only takes $100 to open an Airline Rewards account at UFB Direct, which is a division of Bank of Internet USA, an established online bank that operates out of San Diego.

The next best nationally available rates on savings accounts are from:

CNBBankDirect, an online division of Citizens National Bank in Bluffton, Ohio, which pays 1.05% APY with a $1 minimum deposit. Citizens National Bank has seven branches in northwest and central Ohio.

Clear Sky Accounts, an online division of Chesapeake Bank of Williamsburg, which pays 1.04% APY with no minimum deposit requirement. Chesapeake Bank has 11 branches in Virginia.

Discover Bank, an online bank owned by the credit card company, which pays 1.00% APY with a $500 minimum deposit.

ING Direct, an online bank based in Wilmington, Del., which pays 1.00% APY and has no minimum deposit requirement.

Salem Five Direct, an online division of Salem, Mass.-based Salem Five Bank, which pays 1.00% APY and has no minimum deposit requirement. Salem Five has 22 branches north of Boston.

Sallie Mae Bank, an online bank run by the big student loan provider, which pays 1.00% APY and has no minimum deposit requirement.

Five banks we track dropped their rates below 1% this month as the mad scramble lower continues.

To qualify for this list, a bank must allow savers from all 50 states to open a savings account online or through the mail.

See how these deals compare to the best money market and savings account rates from scores of other banks in our database.

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