No Big Changes in Average Savings Rates or Best Savings Rates

This week didn't bring any major changes in average savings rates or the best savings rates available which isn't expected since the FOMC has kept the Fed Funds rate at zero percent since 2008.

The current national average savings rate/money market rate as reported by Bankrate is at 0.54 percent for account balances of $10,000 or more. The average national savings rate is actually up from last week's average of 0.51 percent.

Account balances of $25,000 more had an average rate of 0.56 percent and account balances of $50,000 had an average rate of 0.65 percent. These rate are only the averages, there are many banks and credit unions offering rates above the national averages.

The highest savings rates on our list right now is from CIT Bank and Union Federal Savings Bank at 1.04 percent with an annual percentage yield (APY) of 1.05 percent. To earn this rate and yield you have to open a CIT Savings Account with a minimum balance of $25,000. Union Federal Savings Bank's minmum is $2,500.

There is also a CIT Bank savings account with only a $100 minimum opening deposit. The current savings rate on this account is 0.90 percent with an APY of 0.90 percent.

The second best  rate on our list is a promotional money market account rate from EverBank. The bank is offering a 6 month promotional money market rate of 1.25% and an ongoing rate of 0.76 percent. This makes the first year APY 1.01 percent.

Current Savings Account Rates August 3, 2012

• CIT Bank Savings Rates 1.04% APY 1.05%
• Union Federal Savings Bank Savings Account Rates 1.04% APY 1.05%
• EverBank Money Market Rates 1.01% APY 1.01%
• Barclays Online Savings Rates 1.00% APY 1.00%
• Sallie Mae Bank MMA Rates 0.90% APY 0.90%
• Ally Bank Savings Rates 0.89% APY 0.89%
• American Express Bank Savings Rates 0.85% APY 0.85%
• MetLife Bank Savings Rates 0.85% APY 0.85%
• ableBanking MMA Rates 0.85% APY 0.85%
• Colorado Federal Savings Bank Savings Rates 0.85% APY 0.85%
• Discover Bank Savings Account Rates 0.80% APY 0.80%

All the rates listed above are above the national average rates from Bankrate. These rates are also well above the FDIC's national average savings rate of 0.09 percent.

All the banks listed on our rate tables are FDIC insured. You can search for and compare the highest savings account rates in your state by searching our rate tables