January 2014 Savings Rates and Money Market Rate Lists

Heading into 2014, we are facing the prospect of waiting until 2015 for higher savings rates and money market rates. Average deposit rates on savings/money market accounts with balances of $10k is currently at 0.43 percent as reported by MonitorBankRates.com. The FDIC's national average savings rate this week is much lower at 0.06 percent and the average money market rate is also much lower at 0.09 percent.

These average rates have been hovering around these current levels for years now. Thankfully there are banks offering both savings rates and money market rates well above the averages. The best savings rates this week on our rate table are at 1.00 percent with an APY of 1.00 percent. The best money market account rates are also much higher at 0.90 percent.

Best Savings Rates January 2014

1. First Trade Union Bank 1.00%
2. GE Capital Retail Bank Optimizer Plus 0.90%
3. CIT Bank 0.90%
4. Barclays Bank 0.90%
5. The Palladian PrivateBank 0.90%
6. Ally Bank 0.85%
7. Discover Bank 0.85%
8. Colorado FSB 0.85%
9. Capital One 360 0.75%
10. Heartland Bank Direct 0.70%

Best Money Market Account Rates January 2014

1. Sallie Mae 0.90%
2. EverBank 0.86%
3. GE Capital Retail Bank Optimizer Plus 0.85%
4. Ally Bank 0.85%
5. First Internet Bank of Indiana 0.80%
6. ableBanking, a division of Northeast Bank 0.80%
7. Bank of Internet USA 0.75%
8. Discover Bank 0.70%
9. giantbank.com 0.60%
10. Lone Star Bank 0.55%