Bank Savings Rates and Money Market Rates August 24, 2012

Average bank savings rates in Bankrate's national survey are currently at 0.55 percent for account balances of at least $10,000. Bank savings account balances of at least $25,000 have an average savings account rate of 0.68 percent. Surprisingly account balances of $50,000 or more have an average savings rate of 0.64 percent.

The FDIC's national average savings rate is considerably less at 0.09 percent. Jumbo savings account rates are also averaging 0.09 percent in the FDIC's national rates survey.

Best Savings Rates and MMA Rates

The best savings rates and money market account rates on our rate list for August 24, 2012, are well above the averages. The highest savings account rates are CIT Bank. The banking arm of the largest small business and medium size loan company is offering savings rates at 1.04 percent with an APY of 1.05 percent.

CIT Banks savings rate is almost 11 times the FDIC national average rate. This rate and yield is on account balances of $25,000 or more. CIT Bank is also offering a savings rate and yield of 0.90 percent for account balances of less than $25k.

The best money market account rates are from Union Federal Savings Bank. Current money market rates at this bank are offerd at 1.04 percent with an APY of 1.05 percent.

The second highest interest rate this week is on EverBank's money market account. EverBank's current first year money market APY is 1.01 percent. This yield is calculated by combining the 6 month promotional money market rate of 1.25 percent along with the ongoing money market rate of 0.75 percent.

Moving onto the third top bank savings rate we find Barclays Bank. The British bank is offering their savings account rates at 1.00 percent with an APY of 1.00 percent. Barclays Bank savings rates have been in the top five of our rate list ever since the bank started offering U.S. savings accounts.

The fourth best savings rate and money market rate on our list is below 1.00 percent but still more than 10 times the FDIC national average. Three banks on our rate list are offering rates at 0.90 percent with an APY of 0.90 percent.

American Express savings account rates, ableBanking money market rates and Sallie Mae money market rates are all currently at 0.90 percent with an APY of 0.90 percent.

Ally Bank rounds out the top 5 savings rates and money market rates this week. In fact, Ally Bank's savings account rates and Ally Bank's money market rates are both at 0.89 percent with an APY of 0.89 percent.

All the banks listed on our savings interest rates and money market interest rates list are FDIC insured. There are many more bank rates listed on our rate tables, search for the highest rates today.
Author: Lisa Graham
August 24th, 2012