All posts by BioStatMatt

Current checking interest rates in Nashville area

In the last few days, I have reviewed the interest rates available in checking accounts for a few dozen banks in the Nashville, and some national and online banks. The following banks offer the best interest rates on checking in the Nashville area, in the order of my preference. Simmons Bank recently acquired First State Bank, and since then has significantly lowered the checking interest rate.

Bank Link Best rate*
Civic Bank & Trust 1.250% (amonts below $30k) 0.400% (amounts above $30k)
Reliant Bank 1.000% (amoutns below $20k) 0.050% (amounts above $20k)
Renasant Bank 0.753% (amounts  below $25k) 0.095% (amounts above $25k)
Capital Bank 0.740% ($10k min., not sure customer service undersood my request)
Simmons Bank (purchased First State Bank) 0.250%

The rates in the following table are typical but pathetic. They are in no particular order.

Bank Link Best rate*
The Bank of Nashville - Synovus 0.050%
Regions Could not reach customer service (waited 5 minutes on hold starting at 9:30am).
 Pinnacle (purchased Avenue Bank) 0.025%
Fifth Third Bank 0.010% ($20k min.) 0.100% ($100k min.)
The Tennessee Credit Union 2.500% (amounts below $5k) 0.250% (amounts above $5k)
First Tennessee 0.010%
 Bank of America  0.010% ($0 min.) 0.020% ($50k min.)
Wells Fargo 0.010% ($0 min.) 0.05% ($5k min.)
Cornerstone Financial Credit Union 0.050% ($1000 min.)
US Bank 0.010% ($0 min.) 0.020% ($10k min.)
Ally (Online) 0.100% ($0 min.) 0.600% ($15k min.)
Suntrust 0.010% ($0 min.) 0.03% ($10k min.) 0.05 ($25k min.)
Southeast Financial Credit Union 0.050%
Vanderbilt University Credit Union 0.050%
Nashville Post Office Credit Union 0.050%
 BB&T 0.010%
First Citizens Bank 0.010%
Republic Bank 0.050% ($0 min.) 0.080% ($15k min.)
United Community Bank 0.020%

* The best rate may be listed as APR or APY. However, these are usually very similar for checking accounts.