Savings Account Rates in California: Best Savings Rate at 1.10 Percent

The current California average money market/savings account rate is at 0.53 percent for savings account balances of $10,000. For account balances of $50,000 or more average savings rates are a little higher at 0.69 percent. The FDIC's national average savings rate is a pathetic 0.9 percent.

Thankfully you can find rates higher than the average rates. Right now on our money market rate/savings rate list the best savings rate/money market rate in the state of California is 1.25 percent APY. This rate is a 6 month promotional money market rate from EverBank. After the six month period the MMA rate drops to 0.76 percent.

The top savings rate on our list that isn't a promotional rate is from CIT Bank. The current CIT Savings Account rate is at 1.04 percent with an APY of 1.05 percent for account balances of $25,000 or more. Account balances of less than $25k still earn a decent rate of 0.90 percent with an APY of 0.90 percent. The minimum opening balance for a CIT Bank savings account is $100.

A credit union has the second best savings rate on our list of California rates. State Farm Federal Credit Union has a current share savings account rate of 1.00 percent with an APY of 1.01 percent. The minimum opening deposit for a share savings account at State Farm Federal Credit Union is $5.

The third best savings account rate in California is from a big British bank. Barclays Bank online savings rates are currently at 1.00 percent with an APY of 1.00 percent. There is no minimum opening deposit for a Barclays savings account.

The forth best California savings rate is from a credit card company American Express Bank. Online savings account rates Amex are currently at 0.85 percent with an APY of 0.85 percent. There is no minimum opening deposit for an Amex savings account.

The fifth highest savings rate in CA is from another national bank, Ally Bank. The current online savings rate at Ally Bank is at 0.84 percent with an APY of 0.84 percent. The minimum opening balance for an Ally Bank online savings account is $500.