Best Rates Available Still on Online Savings Accounts
Getting a decent rate on a savings account or money market account is still a challenge these days. Yes, the Fed did increase the fed funds rate in December, 2015, but banks overall haven't increased deposit rates. One way you can insure you're getting one of the best rate available is check for online savings rates.
Online savings accounts have historically had higher rates than traditional brick and mortar banks and that is still the case today. In our rate database, there are several online banks offering savings rates and money market rates at 1.10 percent. Some of the biggest traditional brick and mortar banks are offering rates much lower. The big banks basically don't want your deposit money.
Chase Bank's current Plus Savings rate for "Non-Relationship" customers is a paltry 0.01 percent. If you have a banking relationship with Chase and have $250,000 or more in a Plus Savings account, the interest rate is still only 0.08 percent.
Wells Fargo is offering the same dismal 0.01 percent rate on their Wells Fargo Way2Save Savings Account. Citibank Savings Plus rate is also at 0.01 percent. The highest rate on Citibank's Savings Plus is 0.08 percent but you'll have to deposit at least $1 million dollars to get that rate.
Savings rates at the largest regional banks are not much better than rates at the biggest banks. PNC Bank's Virtual Wallet Savings Rate is at 0.01 percent for a non-relationship account. US Bankcorp's Standard Savings Rate is also at 0.01 percent.
There is no comparison between online savings rates and traditional bank branch location rates. To see a list of the highest savings rates currently available for online savings accounts use rate table at MonitorBankRates.com.
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