Best savings account still paying 2.0%
Southern Community Bank and Trust leads our rankings of the best nationally available savings accounts for the third straight month.
It continues to pay 2.00% APY, with no minimum balance, through its Readysaver.com Web site.
That's more than the 1.80% APY you can earn with the best, nationally available 12-month CD.
But be careful. You'll find Southern Community is only offering 0.15% APY if you open a savings account through its own Web site or one of the bank's 20 North Carolina branches.
Franklin Synergy Bank, with two offices in Franklin, Tenn., lowered its rate to 1.65% APY to 1.70% APY this week.
Although that's still good enough to hold onto second place, although you'll need a hefty $25,000 minimum deposit to buy a certificate of deposit there.
The next best deals as of May 4 all pay 1.50% APY. They're from:
Chesapeake Bank, which has 11 locations in eastern Virginia and requires a $1 minimum deposit.
newdominionDIRECT.com, an online bank based in Charlotte, N.C., that requires a $1,500 minimum deposit and a $1,000 average balance to avoid a $10 monthly service fee.
First Trade Union Bank, which has four branches in the Boston area, requires a $2,500 minimum deposit and a minimum daily balance of $250 to avoid a monthly $2.50 service charge.
Compare these rates with the best savings rates from scores of other banks in our extensive database.
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