Your 2014 Guide to the Banks with the Best Interest Rates

Sifting through the thousands of interest rates offered by financial institutions across the country can be an exhausting endeavor. The latest study by GoBankingRates brings readers the best interest rates across various products, such as savings accounts, checking accounts, money market accounts and certificate of deposit products. Additionally, the report shows where borrowers can find the most competitive interest rates on a mortgage loan or auto loan being offered today.

Savings Interest Rates

Community and online bank dominated the savings account rates category with certain institutions offering more than 1.00% APY — quite high considering many big bank savings rates are closer to zero percent.

InstitutionProductRate
Community National BankHewlett Special Savings ($1+)1.40% APY
Westfield BankDream Big Savings w/Relationship ($1-$34,999)1.01% APY
My Savings DirectMySavings Account ($1+)1.00% APY
Doral BankStatement Savings ($1+)0.94% APY
People’s United BankSavings Promo ($1-$250,000)0.90% APY
Barclays BankOnline Savings ($1+)0.90% APY
GE Capital BankOnline Savings ($1-$1,000,000)0.90% APY
Ally BankHigh Yield Savings ($1+)1.85% APY
CIT BankCIT Savings ($1,000+)1.55% APY

CD Rates

Certificate of deposit accounts are timed accounts that pay a higher return for a fixed percentage. Again, despite the low rate climate of late, many financial institutions are choosing to offer competitive products for their customers.

GoBankingRates uncovered the top high-yield CD rates among three popular terms: six-month, 12-month and 24-month CDs.

Six-Month CD

InstitutionProductRate
Bankers Trust CompanyPick A Term 6 – 20 Mo. ($1,000+)1.00% APY
Bogota Savings BankSpecial 6 Mo. ($1,000+)1.00% APY
Doral Bank6 Mo. ($500+)1.00% APY
Industry State Bank6 Mo. ($500-$99,999)0.93% APY
CapitalSource BankInternet Special 6 Mo. ($10,000+)0.90% APY
Pacific Mercantile Bank180 – 269 Day ($1,000-$99,999)0.90% APY
Doral Direct6 Mo. ($500+)0.87% APY

12-Month CD

InstitutionProductRate
Liberty BankHigh & Hello 12 Mo. ($500-$10,000)1.75% APY
Centreville Savings BankRelationship Pick Your Term 12 – 18 Mo. ($2,500+)1.35% APY
Doral Bank12 Mo. ($500+)1.20% APY
Elkhorn Valley Bank & Trust12 Mo. ($500+)1.15% APY
Alma BankAlma Liquid 12 Mo. ($2,500-$250,000)1.11% APY

24-Month CD

InstitutionProductRate
Generations Bank of Seneca FallsRelationship Special 24 Mo. ($500+)2.00% APY
Doral Bank24 Mo. ($500+)1.45% APY
Regal BankSpecial New Branch Opening 24 Mo. ($500+)1.36% APY
Optima Bank and Trust24 Mo. ($1,000+)1.30% APY
Citizens National Bank of MeridianSpecial 25 Mo. ($10,000+)1.25% APY
Elkhorn Valley Bank & Trust24 Mo. $500+ CD1.25% APY
Centrix Bank24 Mo. $1,000+ CD/IRA P/SB1.25% APY
Gibraltar BankRed Carpet Special 25 Mo. ($2,500+)1.25% APY
Oritani BankLoyalty Statement 24 Mo. ($500+)1.25% APY
Union County Savings Bank24 Mo. ($2,500+)1.25% APY

Checking Account Rates

As more banks do away with rewards-based checking account products and increase maintenance fees on basic accounts, the study uncovered that some banks are still offering their customers the rare advantage of earned interest.

The best checking account rates came in with a more than 4.00% APY return that will help depositors toward their 2014 financial goals.

InstitutionProductRate
Pinnacle BankPinn High Interest Checking ($1-$14,999)4.01% APY
Home Federal BankSmart Rewards Checking ($1-$20,000)4.00% APY
Jeff Davis Bank & Trust CompanyKasasa Cash ($1-$10,000)3.25% APY
Frontier BankKasasa Cash Checking ($1-$20,000)3.05% APY
Community Financial Services BankKasasa Cash ($1-$20,000)3.05% APY

Money Market Rates

While many Americans will be working toward saving money as their primary financial resolution for the new year, some already have a good head start on their savings. These individuals can benefit from the high-yield money market rates that the study revealed.

InstitutionProductRate
Community First Banke-Savings ($1-$15,000)2.61% APY
Farmington BankRelationship Money Market Special ($500-$100,000)2.00% APY
American Trust & Savings BankREWARDSavings Account ($1-$15,000)1.51% APY
Berkshire BankPure Excitement MM (Intro) ($10,000+)1.30% APY
First NBC BankPremier Investment Money Market ($10,000-$249,999)1.26% APY

Mortgage Rates

Mortgage loan rates vary depending on a number of factors, including the homebuyer’s state, down payment amount and purchase price of the home in question. Based on a $400,000 purchase price with a 20 percent down payment and zero points, GoBankingRates uncovered the best 30-year fixed mortgage rates in states with major metropolitan areas across the nation.

California

InstitutionProductRate
First Internet Bank30-Year Fixed Mortgage4.25% APR
One United Bank30-Year Fixed Mortgage4.25% APR
Bank of Internet30-Year Fixed Mortgage4.38% APR
Wells Fargo Bank30-Year Fixed Mortgage4.50% APR
Citizens Bank30-Year Fixed Mortgage4.50% APR

Texas

InstitutionProductRate
First Internet Bank30-Year Fixed Mortgage4.25% APR
Bank of Internet30-Year Fixed Mortgage4.38% APR
Wells Fargo Bank30-Year Fixed Mortgage4.50% APR
HSBC Bank USA30-Year Fixed Mortgage4.52% APR
Popular Community Bank30-Year Fixed Mortgage4.53% APR

Illinois

InstitutionProductRate
First Internet Bank30-Year Fixed Mortgage4.25% APR
Bank of Internet30-Year Fixed Mortgage4.38% APR
Commerce Bank30-Year Fixed Mortgage4.50% APR
Wells Fargo Bank30-Year Fixed Mortgage4.50% APR
Citizens Bank30-Year Fixed Mortgage4.50% APR

New York

InstitutionProductRate
Santander Bank30-Year Fixed Mortgage4.38% APR
Bank of Internet30-Year Fixed Mortgage4.38% APR
Wells Fargo Bank30-Year Fixed Mortgage4.50% APR
Citizens Bank30-Year Fixed Mortgage4.50% APR

Pennsylvania

InstitutionProductRate
First Internet Bank30-Year Fixed Mortgage4.25% APR
Santander Bank30-Year Fixed Mortgage4.38% APR
Bank of Internet30-Year Fixed Mortgage4.38% APR
Wells Fargo Bank30-Year Fixed Mortgage4.50% APR
Citizens Bank30-Year Fixed Mortgage4.50% APR

Florida

InstitutionProductRate
First Internet Bank30-Year Fixed Mortgage4.25% APR
One United Bank30-Year Fixed Mortgage4.25% APR
Bank of Internet30-Year Fixed Mortgage4.38% APR
Wells Fargo Bank30-Year Fixed Mortgage4.50% APR
Citizens Bank30-Year Fixed Mortgage4.50% APR

Auto Loan Rates

The rate study examined which financial institutions offered the lowest base auto loan rates, regardless of term duration. States used in the report are those with the largest metropolitan areas in the country by population.

California

InstitutionProductRate
Bank of Stockton4-Year New Auto Loan2.15% APR
Bank of America5-Year New Auto Loan2.44% APR
US Bank3-Year New Auto Loan2.50% APR
Chase Bank4-Year New Auto Loan2.98% APR
Umpqua Bank5-Year New Auto Loan3.20% APR

Texas

InstitutionProductRate
Bank of America5-Year New Auto Loan2.39% APR
Citizens National Bank5-Year New Auto Loan2.90% APR
Chase Bank4-Year New Auto Loan2.98% APR
Trustmark NB3-Year New Auto Loan2.98% APR
Woodforest National Bank3-Year New Auto Loan2.99% APR
Broadway Bank3-Year New Auto Loan3.24% APR

Illinois

InstitutionProductRate
Bank of America5-Year New Auto Loan2.24% APR
PNC3-Year New Auto Loan2.34% APR
US Bank3-Year New Auto Loan2.50% APR
Chase Bank4-Year New Auto Loan3.03% APR
Fifth Third Bank4-Year New Auto Loan3.08% APR

New York

InstitutionProductRate
Bank of America5-Year New Auto Loan2.29% APR
Berkshire Bank3-Year New Auto Loan2.30% APR
PNC3-Year New Auto Loan2.54% APR
Chase Bank4-Year New Auto Loan3.03% APR
Wells Fargo4-Year New Auto Loan3.24% APR

Pennsylvania

InstitutionProductRate
Bank of America5-Year New Auto Loan2.24% APR
PNC3-Year New Auto Loan2.54% APR
Dollar Bank2-Year New Auto Loan2.99% APR
Chase Bank4-Year New Auto Loan3.04% APR
Fifth Third Bank4-Year New Auto Loan3.08% APR

Florida

InstitutionProductRate
Bank of America5-Year New Auto Loan2.24% APR
Trustco Bank5-Year New Auto Loan2.99% APR
Chase Bank4-Year New Auto Loan3.03% APR
Wells Fargo Bank4-Year New Auto Loan3.24% APR
Prosperity Bank3-Year New Auto Loan3.40% APR

About This National Rates Study

Deposit and auto loan rates above are compiled from GoBankingRates’ database, powered by Informa Research Services, which contains interest rates for more than 4,000 local, national, and online banks and credit unions. Mortgage rates obtained through MyBankTracker.com.

All deposit rates are accurate as of Dec. 06, 2013, and are based on an opening deposit of $10,000. Restrictive accounts, such as senior, club and online-only accounts, were excluded from the report. Mortgage and auto loan rates are accurate as of Dec. 09, 2013. Please note rates are subject to change at any time at the discretion of individual institutions and rates may have changed since this date.

All rates are accurate as of Dec. 16, 2013, except for Ally Bank, which is accurate as of today.

Editorial Note: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.