Top savings account pulls further away from pack in January

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The best-paying nationally available savings account looks even better this month.

That's after yet another competing bank cut its interest rates.

UFB Direct has paid 1.30% APY since joining our list of top nationally available savings accounts in mid-August.

UFB Direct is an online bank owned by San Diego-based BofI Federal Bank, which also operates Bank of Internet USA. You need a minimum deposit of $100 to open an account.

Along with the best nationally available rate, you also earn airline miles with this savings account.

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.

Just one other bank pays more than 1% to savers in all 50 states.

That distinction belongs to SFGI Direct, an online division of Summit Community Bank in Moorefield, W.Va., which pays 1.01% APY with a $500 minimum deposit. Summit Community Bank has 15 branches in Virginia and West Virginia.

The next best nationally available rates on savings accounts are offered by:

Clear Sky Accounts, an online division of Chesapeake Bank of Williamsburg, which pays 1.00% APY with no minimum deposit requirement. Chesapeake Bank has 11 branches in Virginia. It cut its rate from 1.04% in early January.

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

Sallie Mae Bank, an online bank run by the big student loan provider, which pays 1.00% APY and 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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