Weekly Savings Account Rates: Updated June 2, 2009
Savings account rates changed fractionally this past week. The interesting thing about this is, while savings rates are low, the U.S. savings rate as a percentage of disposable personal income has been increasing since the economy has taken a nose dive.
Folks are holding onto more of their disposable income just in case they need it. Everyone is scared they might be next to lose their job. Even though bank savings rates have been declining the U.S savings rate increased to 5.7 percent in April 2009, up from 4.5 percent in March. In actual dollar terms, the personal savings amounted to $620.02 billion in April, up from $488.7 billion in March 09.
Now for the national average savings rates. The average rate for a savings account with a balance up to $2,500 paid 0.442 percent, the rate was up to from 0.441 percent, Whoo-hoo.. (remember that bank?). The Average rate for savings accounts up to $10,000 is now 0.545 percent. For savings deposits up to $25,000 the rate this week is 0.631 percent. Savings account rates for balances up to $50,000 is 0.702 percent.
You can find online savings account (Internet savings account) rates higher than the national average savings rates. Monitorbankrates.com offers free savings rate tables to help you find the best savings rates in your zip code.
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