Average savings account rates continue to fall, with average online savings accounts yielding 0.85% APY and average local savings account rates at 0.23% APY. But there's no reason to settle for average savings rates. We looked through our database of over 6,000 banks and 6,000 credit unions to find the best rates across the country.

Best Savings Account Rates

Credit Unions in Georgia took the top three spots on the best of the best rate tables this week.

1. AFLAC Federal Credit Union of Columbus, GA takes the top spot for its 2.410% APY for deposits up to $100,000. The credit union serves employees and employee families of Aflac Incorporated. The credit union has $167 million in assets. Its Texas Ratio is 15.88%, higher than the national credit union average of 10.30%. The credit union is NCUA insured.
2. Floyd County Postal Employee Credit Union of Roma, GA is offering a 2.30% APY savings account with a $1 minimum deposit. The credit union serves postal employees of Floyd County and their families. The credit union is very small with $4.9 million in assets. Its Texas Ratio is 10.83% in line with the national average. The credit union is NCUA insured.
3. Genuine Parts Credit Union of Norcross, GA is offering a 2.02% APY savings account with a minimum deposit of $50. This is another small credit union with only $8 million in assets. The bank has a low Texas Ratio of 1.08%.

There are thousands of credit unions across the country offering excellent rates with low fees across the country. Find savings account rates from credit unions in your local area by clicking on the "Savings" tab above.

But if you don't want to join a credit union, there are many local banks offering rates well above the national average.

1. Reynolds State Bank in Reynolds, IL is offering a passbook savings account that pays 1.51% APY with a $100 minimum balance. The bank has $90 million in assets and was established in 1888. The bank's financials look excellent, with an extremely low Texas Ratio of 2.51%. The bank is FDIC insured.
2. People's Bank of Seneca in Seneca, MO is offering a 1.50% APY savings account rate. The bank has $90 million in assets and a low Texas Ratio of 7.75%. The bank was founded in 1996 and is FDIC insured.
3. The Victory Bank of Limerick, PA has a Fortress Savings Account that pays 1.35% APY with a $2,500 minimum balance. The bank has $100 million in assets and a low Texas Ratio of 4.19%. One factor beyind the low Texas Ratio may be the fact that the bank was founded in 2008 and most of its loans were give after the financial crisis.

Lastly, if you prefer to bank online, there are some very attractive online savings rates that are well above the national averages.

• CNB Bank Direct is offering the top online savings account rate at 1.05% APY. CNB Bank Direct is a division of The Citizens National Bank of Bluffton. The Citizens National Bank of Bluffton is an FDIC insured institution founded in 1920. It has approximately $0.56 billion in assets and a Texas Ratio of 19.9%.
• Personal Savings from American Express, the banking division of American Express is offering a 1.00% APY savings account. Personal Savings by American Express is a division of American Express Bank, FSB.. American Express Bank, FSB. is an FDIC insured institution founded in 2000. It has approximately $38.98 billion in assets and a Texas Ratio of 5.93%

Find the best savings account rates from local banks in your area or view all online savings account rates by clicking on the "Savings" tab above.

All of the banks and most of the credit unions on BestCashCow have deposited insured by either the FDIC or the NCUA. That means you can get a higher rate with no additional risk to your money. That's easy money. At a time when bank rates are at record lows, you might as well earn the most that you can.

Massachusetts residents looking to take advantage of a competitive CD rate should look at Patriot Community Bank. It is currently offering some of the best CD rates in the state according to BestCashCow rate data. Its competitive rates include:

• Top 12-month CD rate of 1.25% APY
• Top 18-month CD rate of 1.35% APY
• Top 24-month CD rate of 1.65% APY
• Top 36-month CD rate of 2.00% APY
• Competitive 60-month CD rate of 2.50% APY

The minimum balance to open a CD is a relatively low $1,000. The 12-month CD rate requires that the individual also have a checking account with the bank. It's odd that only that term requires a checking account but I spoke to the bank and confirmed the information.

Account can only be opened in-branch so you'll need to make a trip to Woburn if you are interested (click for location information).

The bank was founded in 2006 and has $100 million in assets, making it a relatively small bank. It is FDIC insured. The bank has one branch located in Woburn, MA, about 10 miles outside of Boston. The bank's assets have grown from $32 million in 2006 to $102 million today. The Texas ratio of the bank was not available.

Let’s face it: many of us are slowly losing money in this economy. Inflation hummed along at over 3.5% in August, and some of the very best secure deposit accounts out there are barely paying 1% APY. That means most people are losing about 2.5% on their investment, once you factor in inflation. It is possible to get more of a return for your investment than the standard APY, if you factor in bonuses and special offers. If you find two comparable accounts with (relatively) the same APY offer, which account bonus should you choose: cash or a different type of reward? That depends on you, your spending habits, your current needs, and what kind of things you value.

Generally, you should only take a merchandise bonus if you know for sure you will be using the merchandise (either for yourself, or as a gift). For example, if you’re already in the market for an IPod, a bank offering free IPods for new accounts may seem very enticing—and it could be a great deal for you. However, it’s important to keep in mind that if the type of bonus—cash or merchandise—exceeds $20 in value, it’s generally taxable. So, is it better to receive an IPod valued at $200 and pay tax on $200, or is it better to take a $200 cash bonus, find an IPod on sale for $150, and use the extra $50 to pay the tax (and pocket any extra)? The answer may not be as cut and dry as you think.

If the cash-bonus bank and the IPod-bonus bank are equal in all other ways (including fees, convenience, and so forth), you could clearly get more value for the $200 bonus if you can simply buy the IPod yourself on sale. However, if it takes you an hour (or more) to research IPod prices and drive to the store (or pay for shipping on something you ordered online), you could be losing money by doing it yourself. There is value in convenience. If you’re already pressed for time or just don’t want to deal with the hassle, the IPod merchandise bonus could be a great way to go.

The same reasoning applies to banks that offer airline miles as bonuses for opening deposit accounts. If the particular airline miles offered are something you are going to use for certain already (and the bank account, itself, meets your banking requirements with little or no fees), then it’s certainly a nice perk. However, it’s important to match the bank bonus to you and your lifestyle—not the other way around.

For the best information on savings accounts, click here.