Average Savings Rates and Money Market Rates at 0.51% This Week, Best Rates at 1.05% APY
Average savings rates and money market account rates for account balance of at least $10,000 are averaging 0.51 percent this week in Bankrate's national rate survey. The Federal Deposit Insurance Corporation also releases a Weekly Average Rates and Rate Cap Survey and in this week's survey average savings account rates are at 0.08 percent and average money market rates are at 0.12 percent.
The FDIC's jumbo savings rates and jumbo money market rates are not much higher in this week's survey. Jumbo savings rates are also averaging 0.08 percent and jumbo money market rates are averaging 0.18 percent. Thankfully the best interest rates available on both types of deposit accounts are much higher than the averages.
The highest savings account rate on our rate survey this week is from CIT Bank at 1.04 percent with an APY of 1.05 percent. The highest money market rates are also at 1.04 percent with an APY of 1.05 percent. Two banks, Sallie Mae Bank and Union Federal Savings Bank are both offering money market rates at that level.
On our CD rates list this past week we saw two different banks increase the rate they pay on 12 month certificates of deposit but there were no increases in either savings or money market rates this week. Though that might change in the coming months and in 2013. Many economists feel an economic boom will occur if the President and House of Representatives can figure out the fiscal cliff problems.
A stronger growing economy usually leads to higher inflation which in turn forces the Federal Open Market Committee to increase the Fed fund's rate and the discount rate. Higher rates from the Fed will force banks and credit unions to increase deposit rates. After over 4 years of declining rates and pathetically low rates I can't wait to report on higher rates!
Speaking of higher rates you can use our rate tables below to find a list of the best savings rates and best money market rates.
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