Top Bank Deposit Rates This Week: Top Savings Rate at 1.00%, Top MMA at 0.90%

Some banks and credit unions have been increasing long term CD rates but variable rate accounts like savings accounts rates and money market account rates haven't moved higher at all. Long-term fixed rate certificates of deposit are moving higher since long term bond yields are moving higher.

Banks and credit unions are eager to lock savers into long term low rate certificates of deposit. At this point I wouldn't recommend locking in interest rates since rates will be moving higher in 2014. You're better off parking your cash in variable rate accounts. By doing that, your deposits will earn higher rates when interest rates finally do move higher.

Another option is investing in short-term certificates of deposit of 1 year or less. The best rates on 1 year CD accounts are at 1.04 percent but you can also get a 1.00 percent rate on a 6 month certificate of deposit. Either variable rate accounts or short term CD accounts are the way to go right now.

Listed below are this week's best savings rates and money market rates:

Top Money Market Account Rates December 3, 2013

  • Sallie Mae Bank Money Market Rate 0.90%

  • EverBank Money Market Rate 0.86%

  • GE Retail Bank Optimizer Plus Money Market Rate 0.85%

  • Ally Bank Money Market Account Rate 0.85%

  • Mutual of Omaha Bank Money Market Rate 0.85%

  • First Internet Bank of Indiana MMA Rate 0.80%

  • ableBanking, a division of Northeast Bank MMA Rate 0.80%

  • Bank of Internet USA Money Market Rate 0.75%

Top Savings Rates December 3, 2013

  • The Palladian PrivateBank Savings Rate 1.00%

  • Barclays Bank Savings Account Rate 0.90%

  • CIT Bank Savings Rate 0.90%

  • GE Capital Retail Bank Optimizer Plus Rate 0.90%

  • Ally Bank Savings Rate 0.85%

  • American Express Bank Savings Rate 0.80%

  • FNBO Direct Savings Rate 0.80%

  • Discover Bank Savings Rate 0.80%

Author: Brian McKay
December 4th, 2013
Posted in: Savings Accounts