The average interest rate for savings accounts was 0.18 percent in the second quarter, a newly released survey shows, but some banks, particularly online institutions, paid significantly more overall.
In its second-quarter survey, MoneyRates.com found that most of the top payers were online banks, including Discover Bank, which paid 0.85 percent. Discover Bank is a unit of Riverwoods-based Discover Financial Services.
The top banks for savings account rates, along with their average annual percentage yields for the quarter, are Synchrony Bank, at 0.95 percent, and Doral Bank, 0.934 percent.
Three others were each paying 0.9 percent: Barclays Bank, CIT Bank and GE Capital Bank.
Ally Bank paid 0.87 percent.
Three paid 0.85 percent: Capital One Bank, Discover Bank and FNBO Direct.
American Express Bank and Sallie Mae Bank each paid 0.8 percent.
MoneyRates.com, based in Foster City, Calif., is an online source about bank rates, personal finance and savings accounts. It derives its numbers from an index of 100 banks, including the nation’s 50 biggest by deposits, plus 50 smaller banks.
The average savings account rate at online banks was 0.536 percent, compared with 0.096 percent at traditional banks, MoneyRates.com found.
byerak@tribune.com
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