Money Market Account & Savings Accounts Rates: July 08, 2009

Money market account and savings account rates were down this past week. The decline in average interest rates was small. Savings account rates and money market account rates will stay low for the foreseeable future. We anticipate rates increasing by the end of 2009 or early into 2010 when the economy recovers and rates start going up.

The average money market and savings rate for account balances of $2,500 decreased to 0.421 percent this week, down from the prior week’s average rate of 0.427 percent. Average rates on a money market account and savings account for balances of $10,000 declined to 0.518 percent this week, down from the previous week’s average rate of 0.525 percent.

Average rates for savings account and money market account balances of $25,000 are at 0.599 percent this week, last week’s average rate was 0.606 percent. The average rate for account balances of $50,000 are at 0.666 percent this week, down from the prior week’s average rate of 0.674 percent.

Here are a couple of banks that are offering money market account rates and savings account rates that are higher than the national averages.

Bank of Internet - 2.50%

Tennessee Commerce Bank - 2.30%

Find the best savings rate and money market rate in your zip code by using our search engine.

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