Ally Bank Savings Rate and Money Market Account Rate

I just heard the FDIC national average savings account rate is at 0.09 percent, how pathetic is that savings rate? The national average jumbo savings rate is also at 0.09 percent, even more pathetic.

About 5 years ago I was able get find savings rates between 3 to 5 percent, now the best savings rates are around 1.00 percent. Ally Bank is one bank offering their current online savings account rates around 1.00 percent at 0.89 percent. Almost 9 times the FDIC national average rate.

Current average money market account rates are not much higher. This week's FDIC national average money market rate is 0.13 percent and jumbo money market account rates are averaging .016 percent.

In fact the best money market account rates are also around 1.00 percent. Current Ally Bank money market rates are at 0.89 percent with an APY of 0.89 percent. More than 6 times the FDIC national average rate.

Besides offering some of the highest savings rates and money market rates Ally Bank's accounts also offer some very good benefits. There is no minimum opening deposit with either the online savings account or money market account.

There is also no minimum to earn the rate and yield on both accounts which is another good point. Most banks require you to have or maintain a minimum deposit in order to earn the interest rate they offer.

When you compare Ally Bank savings rates with other bank savings account rates on our rate tables you can see how competitive their rate is. The same is true for money market account rates.
Author: Lisa Graham
August 25th, 2012