This editorial content is not provided or commissioned by any of the referenced financial institutions or companies. Opinions, analysis, reviews or recommendations expressed here are the author’s alone, not those of any financial institutions or companies, and have not been reviewed, approved or otherwise endorsed by any such entity. All products or services are presented without warranty.

The top savings account rates for October 2016 are remaining steady, with at least 8 banks paying 1.05% or better.

It’s anyone’s guess when banks might start boosting savings account interest rates, as the Fed recently put off an interest rate hike once again.

But while the average savings account currently pays just 0.11%, some banks are offering well over a full basis point more.

Top savings account rates: Banks paying 1.26% or better 

The Palladian PrivateBank takes the top spot in our rankings, paying 1.30% APY on your entire balance for a guaranteed 6 months. After the 6-month period ends, you’ll earn the variable non-promotional rate, which is currently 0.9% APY.

You need to deposit at least $1,000 to open an account with The Palladian PrivateBank, but you don’t need to keep a certain amount in your account to earn interest.

The Chicago-based bank is a division of PrivateBank and Trust Co., which has 34 offices, primarily in the Midwest.

CALCULATE: Use our savings account calculator to estimate your investment growth.

Popular Direct, which launched this summer, holds 2nd place in our rankings, paying 1.26% APY.

You need to deposit at least $5,000 to open a savings account with Popular Direct, but a minimum balance to earn interest isn’t required. However, if you don’t keep at least $500 in your account, you’ll pay a $4 monthly service fee.

Popular Direct is the new online division of Banco Popular North America, based in New York. It is a subsidiary of Popular Inc., a financial services firm serving the United States, Puerto Rico and the Caribbean.

Top Savings Account Rates for October 2016
Bank APY Min. Deposit Min. Balance
Palladian Private Bank 1.3%* $1,000 $1
Popular Direct 1.26% $5,000 $500
Incredible Bank 1.11% $2,500 $2,500
Salem Five Direct 1.1% $100 None
SFGI Direct 1.06% $None None
Alostar Bank of Commerce 1.05% None None
Synchrony Bank 1.05% $30 $30
GS Bank 1.05% None $None
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*Palladian Private Bank guarantees this rate for 6 months. After the 6-month promotional period, the rate returns the non-promotional variable rate, which is currently 0.9%.

Banks paying at least 1.05% APY on savings accounts

Incredible Bank recently dropped its rate from 1.17% APY to 1.11% APY, but continues to hold on to 3rd place in our rankings.

You need to deposit at least $2,500 to open an account. While you don’t need to keep that much in your account to earn interest, you’ll pay a steep $15 monthly service fee if your balance drops below $2,500.

Incredible Bank is the online division of River Valley Bank, which has 16 branches in Wisconsin and Michigan.

Salem Five Direct is paying 1.10% APY, with the rate guaranteed through January 1, 2017. You’ll earn 1.10% APY on your entire balance.

You only need to deposit $100 to open an eOneSavings account and you don’t pay any monthly fees. You’re eligible to open an account if you don’t already have a savings account with Salem Five Direct or a checking or savings account with its parent, Salem Five Cent Saving Bank in Salem, Massachusetts. The brick-and-mortar bank has about 30 locations around Boston.

SFGI Direct continues to pay 1.06% APY on your entire balance, but you no longer need to deposit a certain amount to open an account. There’s no minimum balance required to earn interest, and you pay no monthly fees. SFGI Direct is the online division of Summit Community Bank in Moorefield, West Virginia.

Synchrony Bank is paying 1.05% APY on your entire balance. You don’t need to deposit a certain amount to open an account, and there’s no minimum balance required to earn interest. And you don’t pay any monthly service fees. The predominantly online bank has a single branch in Bridgewater, New Jersey.

GS Bank also pays 1.05% APY. This is the former GE Capital Bank, which was purchased by Goldman Sachs. You don’t need to deposit a certain amount to open an account, and you earn interest on your entire balance. There are no monthly fees. The bank is based in New York.

Alostar Bank of Commerce is also paying 1.05% APY. You only need to deposit $50 to open an account with AloStar. The rate is paid on your entire balance, and you pay no monthly fees. AloStar is an online bank based in Birmingham, Alabama.

These are all nationally available deals, open to all savers regardless of where they live.

But you must remember that, unless your rate is guaranteed for a certain period of time, banks can raise or lower savings account rates anytime they wish.

RATE Search: Compare savings account rates on Bankrate.

The rates above were gathered September 30, 2016. Quoted savings account rates are based on a weekly survey of banks.



This editorial content is not provided or commissioned by any of the referenced financial institutions or companies. Opinions, analysis, reviews or recommendations expressed here are the author’s alone, not those of any financial institutions or companies, and have not been reviewed, approved or otherwise endorsed by any such entity. All products or services are presented without warranty.

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