Best Savings Rates| Search for the Best Savings Rates from Banks and Credit Unions
Use our savings rates list below to search for and compare the best savings rates from banks and credit unions. Our list of savings account rates are the highest savings rates around from both local banks and credit unions. We also list the best savings rates from national banks. There is no need to search for savings rates elsewhere since we maintain the best list of rates.
Online savings rates, money market rates, and certificate of deposit rates from online banks continue to move higher in 2017. A few months ago we reported that the highest savings rate was at 1.30 percent. Now the top rate is 10 basis points higher, at 1.40 percent.
10 basis points might not sound like much of an increase over the summer, but rates have moved even higher since the beginning of the year. Back in January 2017, the best savings rate was at 1.15 percent, 25 basis points lower than the best rate now.
Again, the rates we are talking about are rates from online banks. Don’t expect to see the same rates from their brick-and-mortar counterparts. For example, DollarSavingsDirect is currently offering a savings rate of 1.40 percent while Chase Bank’s current savings rate is a measly 0.01 percent.
What does the future hold for online savings rates?
Even with the increase in rates in 2017, it’s no secret that deposit rates are still low historically speaking and probably should be higher. The good news is online savings rates are expected to continue to move higher. A lot depends upon the Federal Reserve increasing the fed funds rate in the coming years.
The Fed’s own projections are for a higher fed funds rate over the next three years. The Fed is expected to increase the rate once more in 2017. As a result, the rate will be in a targeted range of 1.25 percent to 1.50 percent. If this increase happens, we expect online savings rates to move above 1.50 percent, possibly as high as 1.65 percent.
Online Savings Rates 2018
Looking forward to 2018, the Fed has projected a fed funds rate between 1.90 percent and 2.60 percent. As a result, online savings rates would increase to a range of 2.00 percent to 2.75 percent, depending on where the fed funds rate actually ends up.
Online Savings Rates 2019
The fed funds rate is forecasted to be in a range of 2.60 percent to 3.10 percent and online savings rates will be in a range of 2.75 percent to 3.25 percent.
These forecasts are based on the Fed’s June projections for the fed funds rate and will change. The next time the fed is expected to release new projection materials will be in March 2018. In conclusion, savings rates are moving higher due to a higher fed funds rate in the coming years.
Savings rates, money market rates, and CD rates continue to march slowly higher as we head into the second quarter of 2017. The best savings account rate available this week is from PurePoint Financial at 1.24 percent with an APY of 1.25 percent. PurePoint’s current savings rate is more than double the current national average of 0.56 percent.
Last month, prior to the Federal Open Market Committee’s fed funds rate increase, the top savings rate was at 1.14 percent with an APY of 1.15 percent. The FOMC increased the fed funds rate 0.25 percent during the middle of March to a range of 0.75 percent to 1.00 percent.
The FOMC’s next meeting is scheduled for May 2nd and May 3rd. All though the FOMC has said they are looking to have two more rate increases in 2017, it’s unlikely a fed funds rate increase will come during the May meeting. The CME Group’s FedWatch Tool puts the chance of a rate increase at only 6.4 percent as of April 2nd.
The next fed funds rate increase is likely to come during the Fed’s June Meeting on June 14th and 15th. There is a 58.7 percent change the rate will be increased during the June meeting, according to the CME Group’s FedWatch Tool.
A fed funds rate in a range of 1.00 percent to 1.25 percent will likely push the highest savings rates towards 1.50 percent. The highest 1 year CD rates available right now are already at 1.50 percent. The next rate increase will likely put the top 1 year CD rates closer to 1.75 percent.
The good news is that deposit rates are finally headed higher and will continue to move higher in the coming years. As long as economic growth moves higher and the economy doesn’t fall into a recession, rates will move higher.
Variable deposit rates continue to inch slowly higher this week. The best savings rate available is at 1.25 percent with a yield of 1.26 percent. The best money market account rate available is slightly lower at 1.24 percent with a yield of 1.25 percent.
Listed below are the best savings rates and money market rates available in our database for November 27, 2016.
Best Savings Rates
Best Money Market Account Rates
Variable deposit rates have been slowly creeping up for the past several months. The interest rate increases have been small; in increments of less than 10 basis points for the most part. Even with the small increases, the best variable deposit rates are almost comparable to best the 1 year CD rates.
The best savings rate on our rate database is at 1.25 percent with an APY of 1.26 percent from Popular Direct. This savings rate is only 4 basis points lower than the top 1 year CD rate in our database at 1.29 percent with a yield of 1.30 percent. The highest money market yield on our list is 5 basis point lower at 1.24 percent with a yield of 1.25 percent.
Listed below are today’s current highest savings rates and money market rates
Highest Savings Rates
Highest Money Market Rates
To view a current list of savings account rates and money market account rates search our database at SavingsAccount.MonitorBankRates.com.
Popular Direct, the online banking arm of Banco Popular North America (BPNA), is currently offering the best savings rate in our database. Popular Direct’s savings rate is at 1.25 percent with an annual percentage yield of 1.26 percent. Popular Direct’s savings yield of 1.26 percent is 21 basis points higher than the second best savings rate in our database.
Popular Direct is also in a healthy financial position and gets a 5 out of 5 star rating.
These days, most online savings accounts have a bare minimum opening deposit of $1 or less. The minimum opening deposit for a savings account at Popular Direct is $5,000. Popular Direct’s savings rate is tiered based on the account balance but right now all tiers have the same rate and yield.
There is an ongoing minimum balance of $500 that has to be maintained for each statement period. If the balance falls below $500 for even a single day a fee of $4 is charged to the account.
Another popular feature with most online deposit accounts is the ability to deposit checks by just taking photos of the check with your mobile device. Popular Direct also has this feature called Mobile Deposit. Other mobile features include checking your account balance and transferring money between accounts.
Popular Direct’s Savings Account Fine Print
For more information on this savings account or to open an account go to Popular Direct Savings Account.
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