Savings rates dipped very slightly this past week with the average dropping from 1.41% APY to 1.40% APY. Despite this drop, the top savings rate remained at 2% (ReadySaver.com from Southern Community Bank). Everbank also continued to offer their promo rate of 2.25% APY for the first three months on new money. After three months, the rate drops to 1.26% APY for a 1-year blended APY of 1.51%.
Other notable rates include Franklin Synergy Bank at 1.75% APY and EBSB at 1.67% APY.
For those of you looking to deposit your money into a larger bank, student lender Sallae Mae just opened an Internet bank and is offering a 1.25% APY savings account. It was 1.35% APY last week. American Express Federal Bank is offering a 1.30% APY.
The table below shows the trend with savings rates as well as select cd rates. For savings, the trend is generally down.
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