Savings Account Rates

SmartyPig has a competitive savings rate. The free online piggy bank is paying 1.35 percent annual percentage yield on savings accounts. The APY is good on balances up to $50,000. When you open an account you can set up savings goals for things such as buying a car or taking a vacation.

The savings account is linked to your checking or savings account at another institution, which makes it easy to transfer funds to meet savings goals. Once you calculate how much you want to save it’s up to you to determine how often to add money to the account. You can also set up a gift registry so that friends and family can contribute to your goals.

The savings account allows you to earn 10 percent cash back with the SmartyPig Cash Rewards Card. You must opt-in to receive the card after signing up for a savings and it can be used at more than 9,000 local and regional retailers. The card is prepaid so it uses existing funds and you can avoid high credit card bills. Once savings goals are reached you can earn 14 percent cash back by redeeming some or all of your goal for gift cards at various retailers.

Funds in SmartyPig savings accounts are deposited with BBVA Compass and are insured by the Federal Deposit Insurance Corp.

With U.S. savings rates currently averaging just 0.15 percent it’s important to shop around for the best deals from banks that consistenly offer competitive rates. To find the banks with the best interest rates MoneyRates.com has done an analysis of what was offered for the first quarter of 2011 in its America’s Best Rates feature.

MoneyRates.com found 7 banks that had savings rates that were above 1 percent on average during the first quarter. American Express topped the list with an average savings rate of 1.269 percent. Discover Bank came in second with 1.224 percent, followed by Capital One Bank with 1.221 percent.

Banks that made the list consistently have more competitive rates. But overall they all saw savings account rates slip in the quarter, reflecting a national trend. Eight of the ten banks listed for the first quarter were also on the list in the previous period.

The analysis also found three money market rates that averaged over 1 percent during the quarter. OneWest had the highest money money market rate at 1.100 percent, followed by Discover Bank (1.079 percent) and Ally Bank (1.070 percent ).

If you live in Oklahoma you can open a checking account at Bank2 that earns 4.01 percent annual percentage yield (APY). The Great Rate Checking Account earns the high interest rate on balances up to $15,000. Other details of the account include:

• 1.01 percent APY on balances over $15,000
• 0.1 percent APY if account requirements are not met
• No monthly service fees
• No minimum balance is required
• Unlimited checking
• $100 to open account
• Free online banking and bill pay
• ATM fees refunded

If you also open a Great Rate Savings Account you can have the interest from the checking account deposited in it, as well as refunded ATM fees. The savings rate for the savings account is 2.01 percent APY on balances up to $35,000. Balances over $35,000 earn 1.01 percent APY and if account requirements are not met the savings rate is 0.1 percent.

Accounts at Bank2 are insured by the Federal Deposit Insurance Corp. (FDIC). Bank2 is a subsidiary of Chickasaw Banc Holding Company, which is 100 percent owned by the Chickasaw Nation. The bank is the number one source of Native American home loans in the state of Oklahoma.

FirstMerit Bank has a Reality Savings Account with a 1.25 percent annual percentage yield (APY). The savings rate is variable and current as of March 14, 2011. You must have a FirstMerit Bank checking account to qualify for the savings rate. Details of the checking account offer include:

• Minimum opening deposit of $1
• Earn competitive interest rates on all balances
• FirstMerit debit card
• Free online banking services
• Direct deposit available

The savings has a $10 monthly maintenance fee unless you also have a checking account with at least two debit or credit transactions during a statement cycle. FirstMerit Bank has several checking accounts available:

• Free checking, which offers rewards of 5 cents for all debit card purchase transactions, bill payments and direct deposits
• Gold Checking, which has tiered interest rates and free debit card transactions for PIN and signature transactions

FirstMerit Bank accounts are available to consumers and businesses in Northern and Central Ohio, Western Pennsylvania and the Chicago area.

CNBBankDirect has a high-yield savings account that earns interest on all balances above $1. The annual percentage yield (APY) on the savings account is 1.2 percent as of Jan. 11, 2011. The interest rate is variable and can change after an account is opened. Details of the high-yield savings account include:

• Minimum opening deposit of $1
• No monthly maintenance fee
• Open account online
• Insured by the Federal Deposit Insurance Corp.

You can also open a high-yield CD at CNBBankDirect. CD rates include 1.35 percent APY for 12 months, 1.5 percent APY for 18 months and 1.65 percent APY for 2 years. Certificate of deposit terms include:

• Must have a CNBBankDirect high-yield savings account
• Minimum opening deposit of $25,000
• Maximum of $250,000 per CD
• Interest can be compounded back to the CD account or transferred to an existing CNBBankDirect savings account

There is a penalty to for early withdrawal of funds from CDs. The penalty is 90 days interest on the amount withdrawn for CDs with terms of 1 year or less, and 180 days interest on the amount withdrawn for terms over 1 year.

CNBBankDirect is a division of Citizens National Bank of Bluffton, Ohio.