Fiscal Cliff Savings Rates… Sell Stock and Save Now, Best Savings Account Rates at 1.05% APY

The Fiscal Cliff is coming our way, now is the time to lighten up on stock holdings and place the funds into an old fashioned interest bearing savings account. If you haven't looked at your savings account rate recently or opened a savings account, you probably have no idea how low savings rates are right now and are surprised to see the best savings rates at 1.05 percent.

That is the reality of where rates are right now, the best money market rates are also at 1.05 percent. I agree, both these interest rates are low but when you compare these rates to the FDIC average savings rate of 0.08 percent and average money market rate of 0.12 percent, things start to look a lot better.

Take the comparison one step further, just this morning Marc Faber said on CNBC that stocks will fall 20 percent from current levels regardless of the fiscal cliff or the problems in Europe. Those rates are starting to look even better now. Below are the highest savings account rates and money market account rates this week:

Highest Savings Account Rates

  • CIT Bank 1.04% APY 1.05%

  • Barclays 1.00% APY 1.00%

  • Ally 0.95% APY 0.95%

  • American Express 0.90% APY 0.90%

  • Colorado FSB0.85% APY 0.85%

  • Discover 0.80% APY 0.80%

Highest Money Market Account Rates

  • Sallie Mae 1.04% APY 1.05%

  • Union FSB 1.04% APY 1.05%

  • EverBank APY 1.01%

  • Able Banking 0.96% APY 0.96%

  • Ally 0.95% APY 0.95%

  • MetLife 0.85% APY 0.85%

Author: Lisa Graham
November 13th, 2012
Posted in: Savings Accounts