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Savings Account Rates Averaging 0.51%: Best Savings Rates at 1.05%

Average savings account rates on account balances of at least $10,000 are averaging 0.51 percent this week. The FDIC's national average savings account rate is less at 0.9 percent for both regular savings accounts and jumbo savings accounts (balances of 100k or more).

The best savings rate on our list of national rates is from CIT Bank. The bank's current "CIT Savings" rate is at 1.04 percent with an APY of 1.05 for account balances of $10k or more. CIT Bank savings rates for account balances of less than $10k earn a rate and yield of 0.90 percent.

EverBank is second on our national savings rates list with a savings rate and APY of 1.01 percent. EverBank's money market account has a 6 month promotional APY of 1.25 percent and an ongoing APY of 0.76 percent. This makes the first year's APY 1.01 percent. After the first year the account's APY is the current ongoing APY of 0.76 percent.

Barclays Bank has the third highest savings rate on our list. Current Barclays Bank savings account rates are at 1.00 percent with an APY of 1.00 percent. All these rates are not high historically speaking but when compared to the FDIC's national average rate they look at lot better at more than 10 times the average.

Sallie Mae Bank and United Federal Savings Bank have the fourth best savings account rates on our list. The banking arm of the student loan company Sallie Mae and UFSB are offering their online savings account rate at 0.90 percent with an APY of 0.90 percent.

The fifth best savings account rate on our list is from Ally Bank. The bank's current online savings rate is 0.89 percent with an APY of 0.89 percent. Ally Bank's savings rate is more than 10 times the national average rate.

The sixth best rate on our list belongs to four different banks. American Express Bank savings rates, AbleBanking savings rates, MetLife Bank savings rates and Colorado Federal Savings Bank savings rates are all at 0.85 percent with an APY of 0.85 percent.

Moving onto the seventh highest savings account rate we also find four different bank's offering the same rate. Discover Bank savings account rates, Bank of Internet savings rates, ING Direct savings rates and First Internet Bank of Indiana savings rates are all at 0.80 percent with an APY of 0.80 percent.

You can search and compare the best savings rates and money market rates by searching our savings rates list below:
Author: Lisa Graham
July 25th, 2012