23 Savings Accounts At Or Above 4% APY

Less than two months ago EmigrantDirect became the first major bank to raise its savings account to 4.00% APY. Emigrant decided to make a large rate hike of 0.5% and pleasantly shocked many savers. It was similar to what EmigrantDirect did when it started operation in January of this year with a rate of 3.0% which was way above the savings rates of other banks (refer to chart for rate history).

In the last two months, 22 other major banks have followed. Now 4% savings is no big deal. Fatwallet now lists 23 banks with savings, money market or checking accounts at or above 4% APY. The latest one to hit 4% is CapitalOne/Costco money market which is now yielding 4.02% APY. The highest is Superior Savings with a rate of 4.50% for deposits over $25K.

Besides EmigrantDirect, only two others have no real minimum deposit requirements (HSBC and Western Financial Bank). Three banks have relatively low deposit requirements of $1K or less. These include Assurance Partners Bank ($1K), Umbrellabank ($1K), and GMAC Bank ($500). There's also two banks with checking accounts with rates of 4% or higher. These includes City National Bank and Presidential Bank (both have some limits and requirements).