Best Interest Rates for April 2014

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Bank FeesFinding the best interest rate is a lot easier today than it was even a few years ago. Here at Dough Roller we track rates on everything from checking and savings accounts to mortgages to CDs. It occurred to me, however, that there was no one single page on the site where you could find the top rate for each type of account. So we created this page, updated monthly, to track the highest (or lowest) rates available.

We focus on those financial institutions that have low fees, great rates, and are typically available anywhere in the U.S. You can find local banks and credit unions that offer comparable rates, but their availability is limited geographically. With that said, here are the best interest rates we’ve found for April 2014:

Checking Accounts: Most checking accounts do not pay interest. For online banks, however, you’ll find plenty of options where you can earn some interest on your funds. There are two things to keep in mind. First, many banks offer higher interest rates only if you keep a lot of money in your checking account. Second, the rates are lower than a savings account or CD.

With that, This month the top rate with no minimum balance requirement belongs to FNBO Direct, which currently pays 0.65% APY. For those with at least $15,000 in checking, you can earn 0.65% APY from Ally Bank. I list Ally second because most people don’t keep that much cash in checking, but it’s an option for those who do. The FNBO rate is unchanged from previous months.

Savings Accounts: The top savings account rate with no minimum requirement goes to two banks: GE Capital and Barclays, both of whom pay 0.90% APY. Two other options that aren’t far behind are American Express Bank (0.80% APR) and Ally (0.87% APR). These rates are also unchanged from last month, with the exception of Ally Bank, which added two basis points.

Best CD Rates: The rates on certificates of deposit vary based on the term. The longer the term, the higher the rate. Keep in mind that penalties may apply if you close the CD before the end of the term. For a 12-month CD, the best rate we could find is at GE Capital (1.05% APY), which is a slight uptick of 0.05% from our last report.

Mortgages: Listing the “best” mortgage rate is really impossible. Rates change throughout the day, vary by state, and are highly dependent on a number of factors including credit score, debt-to-income ratio, and down payment. That being said, the average rate for a 30-year fixed rate mortgage is 4.34% according to Freddie Mac (down from 4.37% last month). The average rate on a 15-year fixed mortgage is 3.38%, down from 3.39% last month. You can check out our mortgage rate page, which is updated throughout the day.

Credit Cards: The longest 0% introductory period stands at 18 months on both purchases and balance transfers. You can find 0% for 18 months on balance transfers with the Discover it card. Several Citi cards offer 0% on BOTH balance transfers and purchases (Citi Simplicity® Visa Card and Citi® Diamond Preferred® Card).

If you find better rates on any of the above financial products, please let us know in the comments below.

Note that the above rates were as of April 19, 2014. Rates are subject to change, so please confirm the rates directly with the financial institution.

Published or Updated: April 21, 2014
About Rob Berger

Rob founded the Dough Roller in 2007. A litigation attorney in the securities industry, he lives in Northern Virginia with his wife, their two teenagers, and the family mascot, a shih tzu named Sophie.

Comments

  1. Brian Collins says:

    Good info. Thank you.

    One other thing that I would find very helpful, if it exists, would be a list of credit cards that offer 0% interest and 0% balance transfer fee for any period of time…even just 6 to 9 months would be helpful.

  2. Jon says:

    SmartyPig has had their interest rates at 1% for quite some time now, no minimum required…

  3. Thanks for collecting all this information! Interest rates are one of the important things to factor in when determining where to keep your money. I would put it out there that interest rates are not the only factor to consider, but having as much information as possible about these rates is great!

  4. isabelle says:

    Hi,

    I just open a sfgi direct account at http://www.sfgidirect.com/ while reading your newsletter. Easy to set up and give 1% APY. Thank you so much for your valuable advices!

    • Rob Berger says:

      Isabelle, thanks for letting us know about this option.

  5. Kevin says:

    Hi Rob, For people in Michigan, Lake Michigan Credit Union pays 3% on a checking account up to $15,000 You must set up a direct deposit and due 10 transitions a month with your debit card. So for me it is worth using your debit card for 10 small transitions to get the 3% and I use it more for a savings account.

    • Rob Berger says:

      Kevin, thanks for the tip.

  6. This is a great list to have, thanks!

  7. Penny says:

    One thing I noticed when I (recently) took out a HELOC, was that a local credit union offered the lowest overall plan because there were no closing/origination fees. They even waived the appraisal fee. The rate was .25% higher than an online rate I found, but by doing the math (mine is a short term), using the local guys turned out to be the best deal.

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