Bank Savings Rates and Bank Money Market Rates October 2012
The past couple days has seen big declines in equity prices and many major companies announced disappointing earrings. These companies are also warning about future earnings because of the recession in Europe and the slowing of the economies around the world. That being said now is probably a good time to lighten up on your exposure to stocks and place funds into a savings account or a money market account.
Current savings rates are extremely low right now so you won't get much of a return but at least you won't lose any of your principal and interest as long as you keep your savings account or money market account balance below the FDIC insured amount of $250,000. The current national average FDIC savings rate is at 0.08 percent but there are many bank savings rates well above the national average.
The best savings rates right now on our national savings rate list are many times the national average at 1.04 percent. The best money market rates on our rate list are also many times the national average also at 1.04 percent. The bank offering the highest savings rates right now on our national rate list is CIT Bank. Current CIT Bank savings account rates are at 1.04 percent with an APY of 1.05 percent for account balances of at least $25,000.
By the way, current jumbo savings rates are also averaging 0nly 0.08 percent in the FDIC national rate survey this week so CIT Bank's rate is an even better deal. You can get a jumbo savings account rate without having to place at least $100,000 into an account which is what most banks require to earn a jumbo rate.
The highest money market rates on our national rate list is from two different banks. Sallie Mae Bank and Union Federal Savings Bank are both offering money market account rates at 1.04 percent with an APY of 1.05 percent. Union Federal has a minimum opening deposit of $2,500 and there is no minimum opening deposit for a money market account at Sallie Mae Bank.
Granted a 1.04 percent money market rate doesn't sound that great but when you compare the best money market rate of 1.04 on our rate list with the FDIC national average money market rate of 0.12 percent things start to look a lot better. Our best rates on money market accounts are also higher than current jumbo money market rates which are averaging 0.18 percent in the FDIC survey this week.
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