Current Savings Account Rates Stable as we Head Over the Cliff and Hit the Debt Ceiling
Current savings account rates are stable as the country starts to head over the fiscal cliff and hit the debt ceiling before the end of the year. Talk about throwing fuel on the fire the Treasury Secretary send a letter to both houses of Congress letting them know that the debt ceiling will be hit before the end of 2012. This news don't have a positive impact on savings rates and money market rates but if a deal isn't reached or if the country defaults on it's debt we might see a recession and if that happens rates on interest bearing assets will fall ever lower from the pathetic levels.
The best savings rates are still at 1.00 percent this week and the best money market rates are slightly above 1.00 percent at 1.04 percent. Average money market rates/savings rates on account balances of $10,000 are also unchanged at 0.51 percent. Larger account balances earn slightly higher interest rates, account balances of at least $25k earn an average rate of 0.58 percent and account balances of at least $50k earn a rate of 0.64 percent.
Interest rates won't be moving higher in 2013 but will drift slightly lower. That being said you might want to lock in a rate just above 1.00 percent by investing in a certificate of deposit. Right now the best CD rates on 12 month certificates of deposit are also just above 1.00 percet at 1.04 percent. Which ever deposit account you choose you can always find a list of the highest rates by searching our rate tables. I have put together a list of the top savings rates and money market rates below:
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As we close out 2012 and head into 2013 we don’t expect to see average rates or the best rates much higher from where rates are right now. What we probably will see is the continue slow declines on both average rates and the highest rates available. In fact, this pattern will continue for at least another two years as the Federal Open Market Committee holds the Fed funds rate at near zero percent to lower the unemployment rate and foster growth.
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