Best Savings Rate at 1.26% APY – Higher Deposit Rates in 2015

An online bank increased the rate they offer on their savings account and is now the leader on our savings rate table. The Palladian PrivateBank, a division of The PrivateBank and Trust Company, is now offering a savings rate of 1.25 percent with an APY of 1.26 percent. This online bank's rate is 31 basis points higher than our previous top savings account rate. The minimum opening deposit for an account at the bank is $10,000.

Prior to The Palladian PrivateBank increasing their rate, the top rate was stable for over a year at 0.95 percent. Whether or not other banks follow suit and increase their rates remains to be seen. This rate is also significantly above the current average savings rate of 0.47 percent for account balances of at least $10k.

Over the next year, we will start seeing banks increase rates on their variable rate deposit accounts and certificate of deposit products. The reason rates will finally be increasing is the Federal Open Market Committee will be increasing the federal funds rate. The current rate is near zero percent and has been at that level for almost six years.

Listed below are the highest savings rates and money market rates this week:

Highest Savings Rates

  • The Palladian PrivateBank 1.25% APY 1.26%

  • GE Capital Bank 0.95% APY 0.95%

  • Synchrony Bank 0.95% APY 0.95%

  • CIT Bank 0.90% APY 0.90%

  • Barclays Bank 0.90% APY 0.90%

  • Ally Bank 0.87% APY 0.87%

  • Colorado FSB 0.85% APY 0.85%

  • Ultima Bank Minnesota 0.85 APY 0.85%

  • Discover Bank 0.85% APY 0.85%

  • First Trade Union Bank 0.85% APY 0.85%

Highest Money Market Rates

  • EverBank 1.01% APY

  • Sallie Mae Bank 0.90% APY 0.90%

  • iGObanking.com 0.90% APY 0.90%

  • Synchrony Bank  0.85% APY 0.85%

  • Ally Bank 0.85% APY 0.85%

  • Mutual of Omaha Bank 0.85% APY 0.85%

  • Union Federal Savings Bank 0.85% APY 0.85%

 
Author: Brian McKay
August 23rd, 2014

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