Credit Union and Bank Savings Rates March 28, 2013
There we no big moves in available rates as credit union savings rates and bank savings rates remained stable this week. Credit union savings rates on average remain 0.10 percent higher than the average bank savings rate this week. Average CD union savings account rates remain unchanged at 0.22 percent and the average bank savings account rates remained changed at 0.12 percent.
The highest bank savings rate on our rate list also remained unchanged this week. The highest savings rate at 1.00 percent is offered by two different banks, CIT Bank and Barclays Bank. These banks are offering rates that are more than 8 times the average rate. The FDIC average savings rate is even lower this week at 0.07 percent.
Other banks on our rate list offering savings rates much higher than the average rates include FNBO Direct, Mutual of Omaha Bank, and Colorado Federal Savings Bank, all offering rates at 0.85 percent with an APY of 0.85 percent. Ally Bank has the third highest savings account rates in our database this week at 0.84 percent.
The fourth highest bank savings rate on our rate list this week are from two different banks. Discover Bank and Bank of Internet USA are both offering savings rates at 0.80 percent with an APY of 0.80 percent. There are many banks on our rate list also offering money market rates well above the average rates. The highest money market rate on our list is week is from EverBank at 1.01 percent APY.
Moving onto the best savings rates from credit unions, State Farm Federal Credit is offering share savings rates at 0.90 percent with an APY of 0.90 percent. Platinum Federal Credit Union is currently offering their share savings rates at 0.75 percent with an APY of 0.75 percent. Guadalupe Parish Credit Union is also offering share savings account rates at 0.75 percent with an APY of 0.75 percent.
Anyone can open a savings account at any bank but opening a savings account at a credit union is restricted. You have to join a credit union and you have to be eligible to join a credit union. Eligibility requirements are usually the following: You have to live, work, or worship near the credit union or have a family member that does, depending on the type of union it is.
If you are eligible to join a credit union, you have to first open a share savings account to be able to do any other transactions. All credit unions post eligibility requirements on their website so you can easily find out whether or not you can join.
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