Best Online Savings Rates at 1.05 Percent, 10 Times the FDIC National Average Savings Rates

The best online savings rates and money market rates are nothing to write home about but when you compare the best interest rates to the average rates things start to look a lot better. This week's savings account rates in the FDIC national average rate survey are at 0.09 percent for account balances of less than $100k. Jumbo savings rates are averaging the same pathetic rate of 0.09 percent.

The highest savings rates on our national rate list are at 1.04 percent with an APY of 1.05 percent. That rate is more than 10 times the FDIC's average. The bank offering that rate is CIT Bank. To earn that rate and yield you have to open a CIT Bank savings account with a minimum opening balance of $25k.

Money market rates are averaging in a little higher than savings account rates this week. In this week's FDIC survey the national average money market rate is at 0.13 percent. Jumbo money market rates are doing a little better at 0.19 percent. The best money market account rates on our national rate list are also paying 1.04 percent with an APY of 1.05 percent. The bank paying this rate and yield is Union Federal Savings Bank. The minimum opening deposit for a Union FSB money market account is $2,500.

The second highest savings rates on our rate list are also more than 10 times the FDIC national average. Today's Barclays Bank savings rates are at 1.00 percent with an APY of 1.00 percent. There is no minimum opening balance or balance to maintain to earn this rate and yield.

As for the second highest money market account rate our next entry is a promotional rate combined with an regular money market account rate. EverBank's money market is currently paying a 1.01 percent APY. The promo money market rate is 1.25 percent for six months and the regular rate is 0.76. Combined this works out to an APY of 1.01 percent for the first year. After the first year you get the regular rate of 0.76 percent.

Moving onto the third best savings rates we find Ally Bank savings rates at 0.95 percent with an APY of 0.95 percent. There is no minimum opening balance or balance to maintain on an Ally Bank online savings account to earn that rate and yield. By the way, Ally's savings rates are almost 10 times the national average savings rate.

The third best money market account rate is from the banking arm of the student loan company Sallie Mae. Sallie Mae Bank is offering a money market rate at 1.00 percent with an APY of 1.00 percent. There is no minimum opening deposit or balance to maintain to earn the rate and yield on Sallie Mae's money market account.

The fourth highest online savings account rate on our list is from the banking arm of the credit card company American Express Financial. Current American Express Bank savings rates are at 0.90 percent with an APY of 0.90 percent. There is no minimum opening deposit or balance to maintain to earn the rate and yield on American Express Bank's online savings account.

Ally Bank is also listed on our money market account rates list with the fourth highest money market rate. Current Ally Bank money market account rates are paying 0.95 percent with an APY of 0.95 percent, the same rate and yield as Ally's savings account. There is no minimum opening balance or balance to maintain on Ally Bank's money market account.

Discover Bank and a few other banks are tied with the fifth best savings account rates. Current Discover Bank savings rates are paying 0.90 percent with an APY of 0.90 percent. Discover Bank online savings accounts have a minimum opening deposit of $500.

The fifth highest money market rate is from Able Banking. Current Able Banking money market rates are also paying 0.90 percent with an APY of 0.90 percent. There is a $1,000 minimum opening balance on Able Banking's money market account.