U.S. Bond Yields Soar in June as Savings Rates and Money Market Rates Remain Low
During the month of June, long term bond yields soared as investors dumped bonds fearing an end to quantitative easing by the Federal Reserve. The funny thing is the Fed didn't say they were going to end quantitative easing so the bond market is getting ahead of itself. While bond yields moved higher, savings rates and money market rates haven't budged at all.
Average Savings Rates and Money Market Rates
The national average savings rate/money market rate on account balances of at least $10,000 remains at 0.47 percent. The FDIC national average bank savings rate also is unchanged at 0.07 percent. Average deposit rates on account balances of at least $25,000 remain unchanged at 0.63 percent and average rates on account balances of at least $50,000 are unchanged at 0.66 percent.
Long Term Bond Yields Soar in June
Long term bond yields moved considerably higher in June. Below is a chart of closing yields on June 3rd and closing yields on June 26th.
As you can see yields are moving sharply higher with intermediate bond term yields moving the most.
Best Deposit Rates in June
Below are lists of the best savings rates and best money market rates in the month of June. These rates are pretty much unchanged from the best rates available last month though we did have a new leader with the best savings rate in our database this month. The Palladian PrivateBank tops our savings list with a rate and APY of 1.00 percent.
Best Savings Rates in June
Best Money Market Rates in June
Whether you're comparing deposit rates or loan rates, you can always find the best rates by searching our database at MonitorBankRates.com.
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