Average Savings Account Rates Lower While Highest Savings Rate Remains at 1.00 Percent
Average savings account rates are lower this week while the highest savings account rate remains stable at 1.00 percent. Interest rates have slowly drifted lower for over five years now and remain at current levels for at least another year. This will remain until the Federal Reserve increases the fed funds rate from the current range of zero percent to one quarter percent, which probably won't happen until mid 2014.
Average Savings Rates and Money Market Rates
The average savings rate/money market rate on account balances of at least $10,000 remains at 0.47 percent. The average rate in the Federal Deposit Insurance Corporation's (FDIC) National Average Rate Survey this week is much lower at 0.06 percent, which is also unchanged from the previous week's average.
The Nation Credit Union Administration's (NCUA) publishes average rates on deposit products and loan products taken from 23 credit unions and banks. The most recent average Credit Union savings rate in this report in March 2014, was 0.15 percent. Another report for the month of June due in the coming weeks. The average rate in the June report will probably be slightly lower, around 0.13 percent to 0.14 percent.
Highest Savings Rates in Our Database
The highest savings rates this week in our national rate database is from The Palladian PrivateBank at 1.00 percent with an APY of 1.00 percent. The Palladian PrivateBank's savings rate is more than double the national average rate published on MonitorBankRates.com. This bank's savings rate is also more than 16 times the FDIC average and more than 6 times the NCUA average rate.
Other savings rates in our database that are many times the national average rates include Barclays Bank's rate at 0.90 percent with an APY of 0.90 percent. FNBO Direct currently is offering their savings rate at 0.85 percent with an APY of 0.85 percent. Colorado Federal Savings Bank is also offering a rate of 0.85 percent. Ally Bank's savings account rate is just below at 0.84 percent.
The current national average money market account rate in the FDIC survey this week was at 0.09 percent and the NCUA's national average money market rate was at 0.18 percent. The best money market rate in our database of rates is many times these average rates.
Highest Money Market Account Rates in our Database
The best money market rate this week is from EverBank at 0.86% APY. Other bank money market rates in our database that are much higher than the average rates include Sallie Mae Bank's rate at 0.85 percent.
Other bank rates that are much better than the averages include Mutual of Omaha Bank and GE Capital Retail Bank, both are offering money market rates at 0.85 percent. Ally Bank's money market rate is just below these bank's rates at 0.84 percent. AbleBanking, a division of Northeast Bank, and First Internet Bank of Indiana are both offering rates at 0.80 percent.
The rates listed in our database are much higher than the average rates. Use our rate tables to find the best interest rates on all deposit products and loan products.
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