Citizens Bank, one of the largest banks in the USA, is headquartered in Providence and offers a … (+)
Rhode Island has some very large state banks, much larger than most of the state banks we find in our other Best Savings Account APYs reports. Some of the states we’ve covered include the best savings accounts in North Dakota, Oregon, and neighboring Connecticut. Home to the Vanderbilts’ famous home, The Breakers, Rhode Island still has a lot of influence in the financial world.
Using data from the FDIC, we analyzed all banks in Rhode Island not only for interest rates, but also for minimum deposit requirements, minimum balance requirements, and any related fees.
Read on to discover the best savings accounts in Rhode Island.
The 4 Best Savings Account Interest Rates in Rhode Island
To get a list of banks in Rhode Island, we used the FDIC to compile a list of banks in each state, sorted by the amount of their deposits. Then we began analyzing and evaluating each account. The largest Rhode Island-based bank, measured by customer deposits, is none other than Citizens Bank, with nearly $15 billion in Rhode Island and another $165.8 billion outside the state. The other banks on our best list, however, are very large by state banking standards: For example, Washington Trust holds well over $5.24 billion, and the smallest on our list, Centreville Bank, holds $1.3 billion.
Based in Westerly, Rhode Island, Washington Trust is the second largest bank on our list of best savings account rates in Rhode Island. This bank has 26 different locations in Rhode Island and one branch out of state. And in addition to the $5.24 billion in customer deposits in Rhode Island, Washington Trust holds $90.3 million in other states.
The best savings account they have here is the High Rate Savings account. The minimum deposit is low at $25. If your balance is less than $50,000, you’ll earn an excellent 3% APY. But if you have more than $50,000, you’ll earn an even higher interest rate of 4.25% APY.
Citizens Bank is the leading bank in Rhode Island and has 55 branches across the state, many more than Washington Trust’s 26 or Santander’s 20. They offer three savings accounts: Citizens’ One Deposit Savings, Citizens Private Client Savings, and Citizens Quest Savings. The latter account made our list of the best-yielding savings accounts in Rhode Island. There are no monthly service fees or minimum balance requirements with the Citizens Quest Savings account. Plus, you’ll earn 0.05% on all balances.
Headquartered in Providence, Banknewport is pretty significant for a bank that only operates in Rhode Island: It manages over $2 billion in customer deposits. The bank’s Statement Savings account is its standard personal savings account. The minimum deposit is $100 and a minimum balance of $100 is required to avoid the monthly account maintenance fee. You can earn 0.05% with this account.
Rounding out our list of the best savings accounts with APYs is Centreville Bank. This bank is headquartered in West Warick. They have several savings accounts to choose from: Personal Savings, Personal Premium Money Market, and IRA Savings. The account that made our list, however, is Personal Plus Savings. The minimum amount to open this account is $1,000. To have the $5 monthly service fee waived, you must have a minimum balance of $1,000. The minimum amount to earn interest is $2,500. The base interest rate on this account is 0.05% for balances between $2,500 and $100,000. Over $100,000, you’ll earn 0.10% APY.
