Although banks have continued to lower their savings rates, it still pays to know which are paying the most:
1.35% @ SmartyPig (was 1.75%) $1 Min. Deposit
1.31% @ SFGI Direct (was 1.41%) $500 Min. Deposit
1.30% @ EBSB Direct (was 1.55%) $5,000 Min. Deposit
1.15% @ American Express Savings (was 1.30%) $1 Min. Deposit
1.13% @ EverBank Money Market (was 1.30%) $1,500 Min. Deposit
Out of all of these my pick is SmartyPig and not just for the rate. SmartyPig has the ability to setup recurring deposits allocated to sub-accounts called goals. For example, one of my goals is “Taxes” another is “New Truck” and a third is “Vacations”.
Also SmartyPig is the only bank to offer a straight up no maintenance fee whatsoever prepaid debit card. There is a $4.95 initial card fee and $1.95 ATM Fee. As a bonus you can earn up to 10% cashback at over 9,000 retailers. Because it is a MasterCard, it is accepted almost everywhere.
Remember to check the money market rates chart for the latest money market accounts and savings rates.
