August's best savings account pays the top interest rate and airline miles

Plane with clouds

UFB Direct has the top-paying nationally available savings account this month – and it comes with an intriguing perk.

The recently launched Airline Rewards Savings Account not only pays 1.30% APY, but it offers airline miles.

Ninety days after you open your account, you’ll earn 500 airline miles. You’ll earn 500 miles more if you keep your account open for a year.

As of right now, points can only be redeemed on American Airlines, but the website (www.ufbdirect.com) hopes to bring other airlines on board.

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 rate on savings accounts is 1.10% APY from:

Discover Bank (www.discoverbank.com), an online bank owned by the credit card company and which has a $500 minimum deposit.

Clear Sky Accounts (clearskyaccounts.com), an online division of Chesapeake Bank of Williamsburg, which has 11 branches in Virginia. It has no minimum deposit requirement.

Sallie Mae Bank (www.salliemae.com), an online bank run by the big student loan provider, which also has no minimum deposit requirement.

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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