Best Savings Rates This Week Remain Unchanged as Bond Yields Decline
10 year bond yields declined this past week on a weaker than expected 1st quarter Gross Domestic Product (GDP) report last week as the best savings rates remained unchanged. Analysts were expecting growth to come in at 3 percent for the 1st quarter but the actual number was 2.5 percent. On the GDP report released last Friday, 10 year bond yields declined from 1.71 percent to 1.66 percent.
In early March, 10 year bond yields were just over 2.00 percent and have declined to the lowest point this year. During the months of March and April, several economic reports that were released showed slowing growth, which in turn sent rates lower.
Weak retail sales were reported along with lower consumer sentiment, pointing to a slowing economy in the 2nd quarter. Continued slow growth will keep the Federal Reserve from ending policies that are designed to keep interest rates low.
This will keep interest rates low on all interest-bearing securities. Bond yields, savings rates, money market rates, and CD rates will all remain low until the economy grows faster and the unemployment rate is lowered.
The current national average bank rates rate on savings/money market account balances of at least $10,000 is at 0.50 percent. Account balances of at least $25,000 are averaging a rate of 0.66 percent and account balances of at least $50,000 are averaging a rate of 0.68 percent. These average rates are considerably higher than the FDIC national average savings rate of 0.06 percent.
The best savings account rates this week on our national rate list are from CIT Bank at 1.00 percent with an APY of 1.01 percent. CIT Bank's savings rate is much higher than the average rates as reported by MonitorBankRates.com and more than 13 times the FDIC national average rate.
The best money market rates this week on our database are also higher than the averages and many times the FDIC national average rate. The FDIC's average money market rate this week is at 0.10 percent on regular accounts and 0.16 percent on jumbo accounts. The highest money market rates this week in our database are ten times the national average at 1.01% APY.
The savings rates and money market account rates listed in our database are all from FDIC insured banks. You can find regular, jumbo, and IRA account rates in our database here: Savings Rates
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