Sallie Mae Bank also the lender of student loans is at the top for the best savings account at 1.40% APY. This is the same return that was offered to savers since last spring.

All other major banks and institutions have been cutting their rates and offering less than Sallie’s 1.40%. paid a nice 2.00% APY in March, down now to 1.35% APY. Bank of America only offers up to 0.35% on some of their savings accounts, much less than Sallie’s 1.40%.

Even Ally who offers some of the better rates for their 12 month CD, currently paying 1.34%, offers a decent 1.24% savings account, much higher than big banks.

Here are some of the nation’s best available returns on Savings Accounts:

  • 1.30% APY from Capital One Direct Bank. Requires a minimum deposit of $1,000 and has an added bonus of their InterestPlus Online Savings account which pays a 10% bonus on the interest you earn.
  • 1.30% APY from American Express Bank. A stable bank owned by the major credit card company.
  • 1.25% APY from Discover Bank. Requires a minimum of $500 and is also owned by the major credit card company, Discover Card.

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