Last week the Federal Reserve Bank raised the discount rate from 1/2 percent to 3/4 percent. A higher discount rate won’t translate into higher savings account rates and money market account rates. We’ll have to wait until the Fed funds rate is raised to drive those rates higher.

Right now the national average savings account rate/money market account rate for accounts with balances of $2,500 is only 0.347 percent. Of course there are banks and credit unions that offer rates higher than the national average rate.

We did a search for the highest savings account rates and money market account rates in Tampa, Florida. Right now, American Express Bank, Bancorp South and Bank of Internet are all offering a savings account rate of 1.49 percent with an annual percentage yield of 1.50 percent. Bankcorp South have some requirements (listed below) to recieve the rate and yield.

Here is a list of the best savings account rates and money market account rates above the national average in tampa Florida:

• American Express Bank FSB 1.50% APY Min $ 0
• Bank of Internet USA 1.50% APY Min $100      
• BancorpSouth 1.50% APY Min $ 1  Transfer at least $50 (total) into this account via ACH or Internet Banking, also combine Performance Savings and Performance Checking account statements into one statement. Balances over $30K get Non bonus Performance Savings rate 0.15% APY.
• Capital One Direct Banking 1.45% APY Min $2500 
• UFB Direct 1.45% APY Min $ 1     
• Nationwide Bank 1.40% APY Min $2000     
• Ally Bank 1.39% APY Min $ 1      
• Discover Bank 1.35% APY Min $500     
• Giantbank.com 1.31% APY Min $1000      
• EverBank 1.26% APY Min $ 1     
• FNBO DIRECT 1.25% APY Min $ 1      
• First Internet Bank of IN 1.25% APY Min $100      
• AmTrust Bank/Ohio Savings 1.25% APY Min $ 1 Must have 50 Plus or Titanium Checking account.
• Salem Five Direct 1.25% APY Min $ 1 Must have a checking account.
• Allstate Bank 1.20% APY Min $100      
• HSBC Direct 1.20% APY Min $ 1      
• Zions Bank 1.16% APY Min $2500 Internet Only. 
• ING DIRECT 1.15% APY Min $ 1      
• EmigrantDirect.com 1.10% APY Min $ 1     
• Citibank 1.01% APY Min $ 1 Must have EZ checking account and you must have on-line bill pay and make 2 payments each month.
  OneUnited Bank 1.01% APY Min $1000 Available to Internet customers only.
• AARP Financial Savings Center 1.00% APY Min $ 1     
• AIG Bank 0.90% APY Min $2500      
• E*TRADE Bank 0.50% APY Min $ 1     
• Coastline FCU 0.50% APY Min $2500      
• Third Federal 0.50% APY Min $ 50      
• Bank of America 0.40% APY Min $ 1 Must have an Advantage with Tiered Interest Checking account. Must have an automatic transfer of $250 or more from your Bank of America account, an automatic transfer of the monthly interest payment from your Bank of America CD or a direct deposit of $250