2013 Savings Rates and Money Market Rates
As we begin 2013 savings rates and money market rates are at record or near record lows. Average savings account rates in the FDIC's weekly rate survey are at a pathetic 0.07 percent. Average money market rates are just as pathetic at 0.11 percent. Jumbo savings rates are also at 0.07 percent and jumbo money market rates are only slightly higher at 0.17 percent.
We won't see higher savings rates or money market rates in 2013 as banks have already started lower rates. Currently, the best savings rates on our rate list are at 1.00 percent and the best money market rate is slightly higher at 1.04 percent (APY 1.05%). The rate declines in 2013 will be minimal since rates are already so low, they can't really move much lower.
Shopping around will get you a better rate. On our rate lists we have dozens of banks offering savings rates and money market rates above the FDIC average. Right now the highest savings rates are from CIT Bank and Barclays Bank at 1.00 percent with an APY of 1.00 percent. These two banks are offering rates almost 15 times the FDIC average rate.
The highest money market rates are from Union Federal Savings Bank at 1.04 percent with an APY of 1.05 percent. Union FSB's money market rate is almost 10 times the FDIC average rate. EverBank is another bank on our rate list that is offering money market rates above 1.00 percent. EverBank is offering a 6 month promo money market rate at 1.25 percent which makes the overall first year APY at 1.01 percent.
Feel free to use our rate list below to find the best savings account rates or best money market account rates. All the banks listed on our rate table have deposits insured by the FDIC for up to $250,000.
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