If you are looking for more yield in your savings account, there is hope. According to Bankaholic, the best savings account in the country pays 2.00% APY. While that won’t make anyone rich overnight, it’s a lot better than the close-to-zero rates many consumers are currently seeing in their savings accounts.

The best savings rate in the country was posted by Southern Community Bank and Trust, which has 20 branches in North Carolina. The bank pays 2.00% through its Readysaver.com website with no minimum balance. That’s better than most 1 year CD rates, and better than what Southern Community offers on savings accounts opened at its branches.

Franklin Synergy Bank in Tennessee came in second with a savings account that pays 1.70% APY. But you must make a minimum deposit of $25,000 to open an account and maintain a $500 balance to get that rate.

Three other banks are paying 1.50% APY on savings accounts: Chesapeake Bank, newdominionDIRECT.com, and First Trade Union Bank.

The Bottom Line: If your bank isn’t paying you interest on your savings account it’s time to start shopping around for a new bank. You can find 2.00% APY elsewhere.

photo credit: AMagill