Savings Accounts: Finding The Best Savings Account Rates

Finding the best savings account rate is becoming harder and harder as rates decline every week. Several banks have lowered savings account rates, CD rates and money market account rates. 

Last week American Express Bank lowered the annual percentage yield they are paying for a savings account to 1.70 percent, that was down from an APY of 1.85 percent.

Ally Bank is another major bank that has lowered the rate they are paying for an online savings account, their current online savings account rate was recently lowered to 1.70 percent. This month DollarSavingsDirect.com lowered the APY on their savings account to 1.60 percent from 1.70 percent.

Although bank savings account rates are going down relentlessly you can find promotional savings account rates and deals. SFGI Direct is still offering one of the best deposit rates around, the current annual percentage yield for their Direct Savings Account is 2.25 percent.

ShoreBank is also offering an online savings account that still has an APY over 2.00 percent. ShoreBank’s Direct Online Savings Account has an APY of 2.15 percent.