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Ally Bank Savings Account Rates and Money Market Rate: Recent Increase in Rates to 0.95%

Week after week average savings account rates and money market rates move lower. The FDIC national average savings account rate is at 0.08 percent. Jumbo savings rates are just as low also averaging 0.08 percent. Money market account rates are faring only slightly better at 0.12 percent for regular money market account rates and 0.19 percent for jumbo money market rates. Thankfully some banks are offering rates many times these average rates.

Ally Bank is one bank that has both their money market account rates and savings rates many times the average rates. Another positive thing about Ally Bank rates is the bank recently increased rates the bank pays on both their online savings account and money market account. As you know both types of accounts are variable rate accounts which means the rates can go down or up at anytime having an account and actually getting an increase the rate is extremely rare right now.

Ally Bank current online savings rates are at 0.95 percent with an APY of 0.95 percent. The online savings rate was recently raised from 0.89 percent. The new savings rate is now almost 12 times the FDIC national average rate. There is no minimum opening balance or minimum amounts to maintain to earn this rate and yield.

Ally Bank money market rates were also increased from 0.89 percent to 0.95 percent. While this rate isn't as many times the national average savings rate it is about 9 times the FDIC average bank money market rate. This rate is also well above the FDIC's jumbo money market rate. Basically you enjoy a higher interest rate without having to deposit $100,000 or more to earn a jumbo rate. If you do have a $100,000 or more you'll earn a lot more interest.

While Ally Bank doesn't have the highest savings rates the rate they do offer are only 10 basis points below the highest savings rate on our national rate list. The same is true for Ally Bank's money market account rate, there are a couple banks offering higher rates but the best money market rates are only 10 basis points above Ally's rate.
Author: Jason P. Jones
September 10th, 2012