Best Savings Rates August 13, 2012: Highest Rates Above 1.00 Percent
I personally find it hard writing enthusiastically about savings rates these days. The FDIC's national average rates on both regular bank savings accounts and jumbo savings accounts are at 0.09 percent. With that rate you aren't even keeping up with the rate of inflation.
The best savings rates on our interest rates list are more than 10 times the FDIC's national averages which makes writing about rates a little easier. Right now the highest savings rate on our list is at 1.04 percent with an APY of 1.05 percent. That rate is available from Union Federal Savings Bank and CIT Bank.
CIT Bank at 1.04 percent with an APY of 1.05 percent for account balances of $10,000 or more. CIT Bank savings rates for account balances of $100 or more is still a respectable 0.90 percent both at least 10 times the FDIC average.
The second highest interest rate on our rate list is EverBank 's money market account rate. EverBank's current MMA rate is at 1.01 percent with an APY of 1.01 percent.
This bank's rate is a promotional rate that is calculated by combining the 6 month promotional savings rate of 1.25 percent APY along with the ongoing account APY of 0.76 percent. After the first year of 1.01 percent the account earns 0.76 percent annually.
Moving onto the third best savings rate on our list we find Barclays Bank. The current Barclays Bank savings account rate is at 1.00 percent with an APY of 1.00 percent.
Highest Savings Rates August 13, 2012
As you can see all these interest rates are well above the FDIC's national average savings rate. These rates are also above Bankrate's national savings rate of 0.51 percent for account balances of at least $10,000.
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