It’s a bummer that mortgage and other loan rates have been going up the past year, but did you know that means savings account rates are, too? For the first time in decades I have finally seen a legitimate 5.03% APY savings account without many catches. Primis Bank is showing they offer 5.03% APY on their fee-free checking account and 5.03% APY on their fee-free savings account. The next best runner-up is Marcus Bank with a 3.50% APY, but with this link, they give you a bonus 1.0% savings boost to 4.50%. 3.5% or higher is great when you consider the major banks are paying 0.01% to 1.24% as I write this! 5/3 Bank is showing 0.01% APY, Stock Yards Bank & Trust 0.15% APY and PNC gives a whopping 0.01% but they’ll boost that to 1.24% APY if you have a balance of $100,000 or more. (all of these rates were obtained directly from each respective bank’s website)

Now I am partial to Marcus Bank because, 1. I’ve had a savings account with them for four years and I can personally attest that within one week of the Federal Reserve raising or lowering the Fed Funds rates (the ones that affect bank savings accounts), they forward on an increase/ decrease in the saving rate. I’ve found many banks will ‘tease’ you with higher paying rates then quietly lower it without telling you. Primis Bank I’ve looked at and it seems legitimate, but you’ll need to be aware that I’m not sure how well they’ll retain this 5.03%.