Best Savings Rates This Week Remain Unchanged Despite Federal Reserve

This past week brought more disappointing news that the best savings rates and money market account rates will remain very low for at least another three years thanks to the Federal Reserve. This week's highest savings account rates and money market rates remained unchanged at 1.04 percent with an APY of 1.05 percent. The FDIC's national average savings rate is at 0.08 percent. Jumbo savings rates in the weekly national average are also at 0.08 percent. Money market rates are averaging 0.12 percent and jumbo money market rates are averaging 0.18 percent this week.

The Federal Reserve has been keeping interest rates very low to lower the unemployment rate and promote growth. The Fed Funds rate which has been in a targeted range of zero percent to one quarter percent for the past three years was supposed to remain in the range until the end of 2014. This Fed announced that the end period will be extended until mid 2015. This will keep bank savings rates and money market rates low until 2015.

This policy hurts retirees but there is nothing that can be done. In the latest press conference by the Fed Chairman, Ben Bernanke, he admitted the policy hurts holders of interest bearing accounts but the policy also helps inflate the value of other assets.

The best savings account rates on our rate list this week are from CIT Bank at 1.04 percent with an APY of 1.05 percent. The best money market account rates are from Union Federal Savings Bank also at 1.04 percent with an APY of 1.05 percent. Both these rates are well above the national average rates. Here is a list of the top rates on both savings accounts and money market accounts this week:

Best Savings Rates

  1. CIT Bank Savings Account Rates 1.04% APY 1.05%
  2. Barclays Savings Account Rates 1.00% APY 1.00%
  3. Ally Bank Savings Account Rates 0.95% APY 0.95%
  4. American Express Savings Account Rates 0.90% APY 0.90%
  5. Colorado Federal Savings Bank Account Rates 0.85% APY 0.85%
  6. Discover Bank Savings Account Rates 0.80% APY 0.80%
  7. Bank of Internet Savings Account Rates 0.80% APY 0.80%
  8. ING Savings Account Rates 0.80% APY 0.80%
  9. First Internet Bank of Indiana Savings Account Rates 0.80% APY 0.80%
  10. Hartland Bank Direct Savings Account Account Rates 0.70% APY 0.70%

Best Money Market Rates

  1. Union Federal Savings Bank Money Market Account Rates 1.04% APY 1.05%
  2. EverBank Money Market Account Rates APY 1.01% 
  3. Sallie Mae Bank Money Market Account Rates 1.00% APY 1.00%
  4. Ally Bank Money Market Account Rates 0.95% APY 0.95%
  5. ableBanking Money Market Account Rates 0.90% APY 0.90%
  6. MetLife Bank Money Account Rates 0.85% APY 0.85%
  7. First Internet Bank of Indiana Money Account Rates 0.80% APY 0.80%
  8. Flagstar Bank Money Market Account Account Rates 0.70% APY 0.70%
  9. Virtual Bank Money Market Account Rates 0.70% APY 0.70%
  10. AIG Bank Money Market Account Rates 0.68% APY 0.68%

All the interest rates listed above are above the FDIC's national average rates.

 
Author: Lisa Graham
September 23rd, 2012

Best Savings Rates and Money Market Rates April 19, 2024

Bank
Product
APY
Min Dep
SmartPlus Savings <-$500
7.00%
$0
Explorer Youth Savings <-$500
7.00%
$0
First Step (Youth) Savings <-$500
7.00%
$0
Primary Savings
6.17%
$5
Member Advantage Savings <-$500
6.17%
$5
Stash (Emergency) Savings<_$2,500
6.00%
$0
Online Savings Account special
5.75%
$0
High Yield Savings
5.55%
$500
Savings (Cash Reserve New Money) 3-Month Intro
5.50%
$10
Money Market Savings
5.48%
$1,000,000
Core Savings Promotional
5.40%
$100
High-Yield Savings
5.35%
$5,000
Cornerstone Money Market Savings Account
5.30%
$100
High Yield Savings Account
5.30%
$2,500
Savings Account
5.30%
$25,000
High Yield Savings
5.27%
$0
High-Yield Online Savings Account
5.25%
$100
Secure Savings
5.25%
$0
Savings Account High Yield
5.25%
$2,500
Savings Account
5.25%
$0
Personal High Yield Savings
5.25%
$0
Savings Account via Raisin
5.24%
$1
Premier Savings Account
5.21%
$1,000
Savings Account
5.15%
$100
Performance Savings
5.15%
$0
Max Interest Savings Account
5.15%
$10
Yield Shield Savings Account
5.14%
$25,000
Savings Account
5.13%
$0
Progressive Savings Tier 1
5.13%
$0
Health Savings Account
5.12%
$0
Money Market Savings
5.12%
$250,000
Online Savings Account
5.10%
$0
Savings Account
5.10%
$0
Soaring Savings
5.10%
$25,000
Jumbo Savings
5.10%
$25,000
RoundUp Savings
5.10%
$5
Smart Savings
5.10%
$0
Savings Account
5.07%
$1
Platinum Savings
5.05%
$5,000
eOne Savings Account
5.01%
$10
eRelationship Savings Account
5.01%
$25,000
Savings Account
5.01%
$0
Savings Account
5.00%
$1,000
Dollar Savings Account
5.00%
$0
Savings Account
5.00%
$100
Student Savings
5.00%
$0
Money Market Savings
5.00%
$50
Online Savings Account
5.00%
$5
Savings Account BLUE AXIS EDGE
5.00%
$0
Savings Account
5.00%
$0
Radiant Savings Account new money
5.00%
$100
Triple Rate Savings
5.00%
$500,000
Kasasa Saver Savings Account
5.00%
$100
Affinity Specialty Savings <-$25K
5.00%
$0
High-Yield Savings Account <-$5K
5.00%
$0
Statement Savings Advanced
5.00%
$0
Orange Saver Savings
5.00%
$0
Student Savings
5.00%
$500
Select III Savings
5.00%
$25,000
High Yield Rewards Savings
5.00%
$5
Primary Savings
5.00%
$0
IRA Savings
5.00%
$2,000
e-Savings <-$500
5.00%
$1
Online Savings Account
4.90%
$1,000
Premium Savings Account
4.80%
$100,000
Savings Account
4.75%
$0
High-Yield Online Savings Account
4.75%
$0
High Yield Savings
4.75%
$0
Savings (Cash Reserve)
4.75%
$0
Savings+
4.75%
$50,000
High Yield Savings
4.70%
$5,000
Business High Yield Savings
4.70%
$500,000
High Yield Savings
4.65%
$0
High Dividend Savings
4.65%
$500
Eagle Savings
4.65%
$100
Savings Account
4.60%
$0
Connection Plus Savings
4.60%
$2,500
High Yield Savings Account
4.60%
$100
Relationship savings
4.60%
$5,000
Eagle Premium Savings Account
4.59%
$100,000
High Yield Savings
4.50%
$100
Premier Relationship Savings
4.50%
$1
Personal Savings
4.50%
$0
High Yield Online Savings
4.50%
$0
Premier Relationship Savings account
4.50%
$1
Propel Preferred Savings
4.50%
$50
High Yield Savings
4.50%
$0
Advantage Savings
4.50%
$100
Preferred Savings
4.50%
$5
Premier Savings new customer
4.45%
$50,000
High Yield Savings
4.40%
$1
Online Savings Account
4.40%
$0
Business Savings
4.40%
$5,000,000
Personal Savings Account
4.40%
$0
360 Performance Savings
4.35%
$0
Online Savings Account
4.35%
$0
High Yield Savings Account
4.35%
$0
Savings Account
4.35%
$0
Companion Savings w/CD
4.33%
$10
Bank
Product
APY
Min Dep
Indexed Money Market (Tier 1) <-$2.5K
5.50%
$50
Business Money Market
5.50%
$2,500
Money Market Savings
5.48%
$1,000,000
Money Market Choice Personal
5.34%
$50,000
Max Money Market
5.33%
$1,000
Cornerstone Money Market Savings Account
5.30%
$100
Money Market
5.26%
$25,000
Secure Money Market
5.25%
$0
High Yield Money Market Account
5.25%
$1,000
Money Market
5.25%
$100,000
High-Rate Jumbo Money Market
5.22%
$100,000
Money Market High Yield
5.20%
$100,000
Shield Money Market
5.15%
$0
Money Market Savings
5.12%
$250,000
Money Market
5.10%
$250,000
Purley Money Market
5.05%
$25,000
eMoney Market
5.00%
$0
Money Market Savings
5.00%
$50
Coastline Money Market
5.00%
$75,000
High-Yield Money Market $10K new money
5.00%
$50,000
Win-Win Money Market
5.00%
$25,000
Personal Money Market
5.00%
$500,000
MonuMINT Business Emerald Money Market
5.00%
$500,000
ManageMINT Emerald Money Market
5.00%
$250,000
Hi-Rate Monthly Money Market
5.00%
$1
Commercial Money Market
5.00%
$1,000,000
Money Market
5.00%
$100
Money Market Saving
4.95%
$50,000
Elite Money Market Account
4.92%
$25,000
Online Money Market
4.90%
$1,000
Mega Money Market
4.90%
$0
Mega Money Market Checking
4.90%
$0
T Money Market Personal
4.90%
$100,000
T Money Market Commercial
4.90%
$100,000
Money Market
4.85%
$1,000,000
Maximize Money Market
4.85%
$1,000,000
SuperSaver Money Market Account Jumbo
4.81%
$100,000
Premier Money Market
4.80%
$250,000
Money Market
4.78%
$25,000
Money Market Checking
4.78%
$4,000,000
Money Market
4.75%
$0
Smart Move Money Market
4.75%
$10,000
Platinum Money Market
4.75%
$2,000,000
Prosper Money Market 90-Day Promo
4.75%
$25,000
Money Market (6-month intro new money)
4.72%
$25,000
Premium Money Market Account
4.70%
$25,000
Money Market (with Private Client Account)
4.70%
$25,000
1903 Money Market
4.70%
$50,000
High Yield Money Market
4.70%
$2,500,000
Business High Yield Money Market
4.70%
$2,500,000
Money Market Deposit
4.70%
$0
Money Market
4.65%
$1,000,000
High Yield Money Market
4.60%
$500,000
Premier Money Market
4.60%
$50,000
Money Market
4.60%
$1,000,000
Money Market relationship bonus
4.58%
$25,000
Super Saver Money Market
4.50%
$50,000
Money Market
4.50%
$100,000
Money Market HYMMIA (requirements)
4.50%
$15,000
Money Market Everett Elite (new money)
4.50%
$100,000
Sapphire Money Market
4.50%
$2,000,000
Business Sapphire Money Market
4.50%
$2,000,000
Your Hometown Money Market
4.50%
$25,000
Investment Money Market
4.50%
$500,000
Personal Money Market
4.50%
$0
High Yield Money Market
4.50%
$25,000
High Yield Money Market
4.50%
$1,000,000
Elite Money Market Account
4.50%
$25,000
Money Market (Non-Relationship)
4.49%
$25,000
High Yield Money Market
4.46%
$1,000,000
Money Market Platinum
4.40%
$100,000
Business Premium Money Market
4.40%
$5,000,000
Money Market Advantage Checking
4.37%
$25,000
Money Market special (new money only)
4.35%
$25,000
Money Market
4.33%
$1,500,000
Money Market
4.33%
$500,000
6-Month CD Money Market
4.33%
$1,000
Prosper Money Market
4.30%
$25,000
Money Market
4.30%
$25,000
Yield Pledge Money Market 12-month intro
4.30%
$100,000
Commercial Money Market
4.28%
$1,000,000
Advantage Money Market
4.25%
$25,000
High Yield Money Market
4.25%
$100,000
Platinum Money Market
4.25%
$2,500
Money Market Special
4.25%
$2,500
Money Market High Yield special
4.25%
$15,000
Money Market Account
4.25%
$250,000
Money Market Tier 9
4.25%
$5,000,000
Premier Money Market
4.25%
$500,000
Money Market
4.25%
$5,000,000
Business Money Market
4.25%
$5,000,000
Ultimate Plus Money Market
4.25%
$1,000,000
Money market
4.25%
$500,000
Money Market
4.25%
$0
Gold Money Market account
4.22%
$5,000,000
Premium Money Market
4.20%
$250,000
18-Month Money Market Certificate Special
4.20%
$500
Money Market
4.18%
$1,000,000
Money Market
4.18%
$1,000,000
Personal Money Market
4.15%
$300,000

The Annual Percentage Yields (APYs) displayed are based on the highest APY offered for the specified deposit amount or less. Rates may change without prior notice. The "Min. Balance" indicates the minimum amount required to earn the stated APY. Please note that some of the offers presented on this site are from advertisers, who provide compensation for their inclusion. However, these advertised offers do not encompass all available deposit accounts.

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