Savings account rates remain very low and will remain low until 2015 thanks to the Fed’s zero percent monetary policy. Current savings rates are averaging 0.53 percent for account balances of at least $10,000. There are banks offering savings interest rates higher than the average.

Right now on our savings rate table CIT Bank is offering their CIT Savings account at 1.04 percent with an annual percentage yield (APY) of 1.05 percent for account balances of $25,000 or more. Account balances of less than $25k earn a savings rate and APY of .90 percent.

The second best savings rate on our list is from Barclays Bank. The big British bank which just recently started offering deposit products in the U.S. is offering their Barclays Online Savings account rate at 1.00 percent with an APY of 1.00 percent.

EverBank has the third highest rate on our national list of rates. The bank is offering their Yield Pledge Money Market rate and APY at 0.91 percent for the first year the account is open.

The way the rate and yield  is calculated on EverBank’s MMA has an introductory rate of 1.05 percent and an ongoing rate of 0.76 percent. Making the rate 0.91 percent. After the first year the ongoing rate and yield is 0.76 percent as of today.

Union Federal Savings Bank is fourth on our list with a rate and yield of 0.90 percent. Coming in with the fifth best rate on our list are MetLife Bank and Colorado Federal Savings Bank at 0.85% with an APY of 0.85%.

Ally Bank has the sixth highest rate and yield at 0.84 percent. A slew of banks are offering rates at 0.80 percent and rounding out our top ten rates is American Express Bank with a savings rate an APY of 0.75 percent.

All types of bank product rates continue to make new lows. Savings rates, CD rates and mortgage rates have all made record lows this year with no end in sight to the declines.

Current average savings account rates are at 0.53% for account balances of $10,000 or more. The FDIC’s average savings rate is even lower at 0.10%. There are savings rates available that are higher than the averages but don’t expect much.

One of the best savings rates around these days is from CIT Bank. The bank’s current savings rate is 1.04% with an APY of 1.05%. A rate just above 1.00% isn’t much when you think back to 3 or 4 years ago when you could find a savings rate of 3 percent to 5 percent. When compared to the averages, 1.05% sounds a lot better.

Barclays Bank, the big British national bank, is another bank offering a savings rate almost 10 times the FDIC average and about double the average reported by monitorbankrates.com. Barclays’ current savings rate is 1.00% with an APY of 1.00%.

Unfortunately low interest rates are here to stay for 2 to 3 more years. The driving factor behind these low rates is the Federal Open Market Committee. The FOMC’s current monetary policy is to keep the Fed funds rate near zero percent to foster growth and lower unemployment, which is the Fed’s mandate.

In the last meeting in April, the FOMC decided that economic conditions, including low rates of resource utilization and a subdued outlook for inflation over the medium run are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014. This is Fed’s way of saying low interest rates are here to stay until at least 2015.

Barclays Bank is offering one of the best savings rates available right now for an online savings account. Barclays is offering a current savings account rate and APY at 1.00% which is 6 times the national average rate right now. The bank’s rate is also 10 times the FDIC’s national average rate of 0.10%.

Opening an online savings account at Barclays is quick and easy. If needed, the bank also provides a video tutorial on opening an account. Some of the savings account features include no minimum opening deposit, no minimum balance and no fees.

Other features with a Barclays account is 24/7 online access. You can easily transfer money into and out of the account to other banks. Federal law limits withdrawals to 6 per month which is the case with any savings account at any bank.

You can also set up automatic direct deposit transfers (ACH) into the account. This is a good way to save money and since Barclays’ rate is one of the highest savings rates available, it makes sense to save money in this account.

You can start “paying yourself” first by opening an account and setting up a direct deposit. Just put aside a certain percentage like 5% of your paycheck and you can always increase the percentage rate in the future. Some advise increasing the percentage rate by 1% each month for a gradual change.

For more information and to open an account go to the bank’s website here:  Barclays’ Online Savings Account.

As a teen you’re probably in one of the most difficult periods of your life. For the first time in your life you’re thinking about the future, where to go to college, where you want to live, what career path you want to choose the list is endless. One thing you’re probably not thinking about is saving money for the future. The sooner you start the better off you’ll be.

Like most teenagers you probably have spent any money given to you by family or any money you have earned. You need to start thinking about saving some of that money, more importantly you need to learn how to do so.

Start by deciding on putting a percentage of money away in a saving account when ever family gives you money or any money you earn. You might get several hundreds of dollars in cash from family on your birthday. You might work part time and earn money. Anyway you earn it always put some away.

You might already earn a paycheck and automatically have it deposited into a checking account. Did you know that you can open a savings account and automatically deposit some of your paycheck into a savings account as well? This is probably one of the easiest and guaranteed ways to save money is by having a portion of your check deposited into a savings account.

You basically are saving money before you see it and are tempted to spend it. This is what is known as paying yourself first! You can start out small and gradually increase the amount you save. You’d be surprised how much a little here and a little there ads up. The best part of this is your savings account earns a rate of interest.

The rate of interest is known as a savings rate. Right now all savings rates are very low but are still higher than most checking account rates. The best savings account rates are around 0.85%. Most banks and credit unions offer teen savings accounts that have higher savings rates than traditional savings account rates.

Another big aspect to saving is keeping track of what you spend. The best way to keep a lid on your spending is to set a budget each month and keep track of your spending. Just keeping track of your spending won’t help you. You need to decide how much you want to spend on each type of expense.

Once you have set a budget you might find out you’re spending a lot more than you budgeted for. That’s okay, just modify your budget or reduce your spending.

Coming up with a good plan is all about figure out a budget and setting savings goals for yourself. Make sure to set realistic savings goals and add a cushion for unexpected expenses like a concert, ball game or any other entertainment you like. That way you can still have fun and achieve your savings goal.

If you don’t have a job consider getting one. A part-time job, a summer job or even knocking on neighbor’s doors and asking to cut their lawn on a weekly basis. Most people are glad to help young people earn money.

Once you have a certain amount saved up you should consider opening a certificate of deposit which is a timed investment that usually earns a higher rate of interest than a savings account. Current 1 year CD rates are just above 1.00%. With a CD account your money is locked up which might help any temptation at withdrawing any money.

Though your money is locked up you still can have access to it but it will cost you. Taking money out of a CD account before the maturity date will cost you some of the interest the account earned. Sometimes the penalty can be all of the interest earned depending on the CD term.

Flagstar Bank is offering a savings rate of 1.15% on the bank’s Express Savings Account. That’s one of the best savings rates available right now. The rate is a promotional savings rate that only last for 4 months. This savings account rate is guaranteed for 4 months after opening the account.

Flagstar Bank’s 1.15% savings rate is guaranteed on balances up to and including $250,000. Savings account balances over $250,000 earn a 0.30% APY.

Once the promotional period has ended the savings account rate will revert to the current posted rate for the Express Savings account which is 0.75% as of today.  A 0.75% rate is on the higher end of savings account rates available right now and considerably higher than the FDIC’s most recent national average savings rate of 0.10% (as of March 19, 2012).

The minimum opening deposit on the Express Savings Account for this 4 month promo savings rate is limited to one account per person.

For more information on this savings promo go to Flagstarbank.com.