Best Interest Rates for September 2014

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 September 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 goes to Everbank, which currently pays 0.85% APY on balances up to $9,999. The rate goes even higher with larger balances. This offer is competitive and even beats most savings accounts. Other top paying checking accounts that we like include FNBO Direct, which currently pays 0.65% APY. For those with at least $15,000 in checking, you can earn 0.60% 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.

Bonus: For those looking for a cash bonus, try the Capital One 360 checking account. It currently offers a $50 new account bonus. Check out the Capital One 360 website for complete details.

Bonus #2: I also keep a running list of popular checking account promotions you can check out.

Savings Accounts: The top savings account rate with no minimum requirement goes to Synchrony Bank (formerly GE Capital Retail Bank), which pays 0.95% APY and GE Capital Bank, which also pays 95% APY. GE Capital Bank’s rate is up from 0.90% APY a few months ago. Another bank of note is Barclays, which pays 0.90% APY. Two other options that aren’t far behind are American Express Bank (0.80% APY) and Ally (0.90% APY). These rates are also unchanged from last month.

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 (1.10% APY), which is up five basis points 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 4.10% according to Freddie Mac (down from 4.12% last month). The average rate on a 15-year fixed mortgage is 3.25%, down two basis points from 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.

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 September 6, 2014. Rates are subject to change, so please confirm the rates directly with the financial institution.

Published or Updated: September 25, 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. Leonard says:

    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.

  8. Erika says:

    Hello everyone. I’m looking into transferring several credit card accounts into an overall better credit card and/or cards. 0% transfer rates and obviously low APR’s would be ideal. If anything comes to mind, please share. I’ll continue to research and Rob… I’m so happy that I stumbled on to Dough Roller!!!

  9. The Discover It card offers 0% introductory APR for 18 months on balance transfers, which like you said it’s the longest period among all credit card offers right now. There is a 3% balance transfer fee which is about standard in the industry.

  10. Times have changed on the percentages earned in savings accounts. Its not the best choice these days to grow money. But, its better than checking accounts! You definitely need to know what’s happening in order to make the best choice for your goals.

  11. Jamie says:

    I am not a saver in this form anymore because of the scarily low interest rates, I like my money active for me.
    Great news on the mortgage rates for anyone wanting to make their money work for them in that manner. I’d rather over pay on my mortgage than place extra money in savings at the moment.

  12. Sonja says:

    After researching customer service reviews for the top online banks for savings accounts, I am hesitant about opening an account with an unfamiliar bank (to me).

    I am thinking about opening up an account with American Express even though their rates are a bit lower. I have been an AMEX credit card holder since 1989 and have always received great customer service.

    Do you think there is much difference among the online banks regarding customer service?

  13. David Carson says:

    I opened an account with SFGI and have had ZERO problems. 1.01% and min is $500.
    Don’t waste your time with less than .9% at any bank.
    If you have a lot of money put it in your mortgage or pay off your car early. People make big mistakes by having tons of cash in a low interest account. This is a bad idea. If you really must have cash on the sideline, put it in a 5 year CD. There are one’s at 2.3 to 2.5%.

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